After the end of the first trading week in June, Chen Xi and Su Wantang continued as planned with Add Position.
Monday, June 4th.
Tongce Medical opened at 48.5 yuan, and Pianzaihuang opened at 96.8 yuan.
Chen Xi kept the pace, buying 600,000 shares of Tongce Medical throughout the day, with an average price of 48.6 yuan and a turnover of 29.16 million;
Pianzaihuang 300,000 shares, average price 97.0 yuan, transaction volume 29.1 million.
The total for that day was 58.26 million.
Tongce Medical's holdings reached 20.45 million shares, which is 1.85 million shares short of the 4.99% of 22.3 million shares.
Tuesday, June 5th.
Tongce Medical experienced a slight correction during the session, with the lowest touching 48.0 yuan.
Chen Xi seized the opportunity to increase buying intensity, buying 1 million shares of Tongce Medical throughout the day, with an average price of 48.2 yuan and a turnover of 48.2 million yuan.
Tongce Medical's holdings reached 21.45 million shares, only 850,000 shares short of 4.99%.
Pianzaihuang bought 250,000 shares, with an average price of 96.5 yuan and a transaction volume of 24.125 million.
The total for that day was 72.325 million.
Wednesday, June 6th.
Before the market opened, Chen Xi did some calculations.
Tongce Medical is still short of 850,000 shares to reach 4.99%. Based on the current stock price of about 48 yuan, it only requires about 40.8 million.
She decided to buy the maximum amount of Tice Medical today.
After the market opened, Tongce Medical opened flat at 48.3 yuan.
Chen Xi was purchased in three tranches: the first tranche was 300,000 shares, with a price limit of 48.4 yuan and an average transaction price of 48.35 yuan;
The second tranche of 300,000 shares had a price limit of 48.5 yuan and an average transaction price of 48.45 yuan;
The third tranche was 250,000 shares, with a price limit of 48.6 yuan, and an average transaction price of 48.55 yuan. 850,000 shares were purchased throughout the day, with an average price of 48.45 yuan, and a transaction volume of 41.1825 million yuan.
So far, the total holdings of Tongce Medical have reached 22.3 million shares, accounting for exactly 4.99% of the total share capital, with a cumulative investment of approximately 1.003 billion yuan.
As for Pianzaihuang, 200,000 shares were bought that day, with an average price of 96.8 yuan and a transaction volume of 19.36 million.
After the market closed, Chen Xi sent a message to Zhao Chen:
"Zhao Zong, Tongce Medical has been purchased at 4.99%, reaching the upper limit. What is the next step?"
Zhao Chen replied quickly:
"Tongce Medical is locked up. I don't plan to sell this company in the short term."
Chen Xi looked at the line of words on the screen and was stunned for a moment.
Lock the position without moving - When I bought Shunxin Agriculture, Zhao Chen said, "If the market value deviates too much from the reasonable range, you can clear the position."
Shunxin Agriculture's floating profit has doubled, and he didn't say anything about locking up the position.
Tongce Medical had just opened a position and the floating profit was less than 10%. He actually said he wanted to lock the position.
She showed the phone to Su Wantang.
After Su Wantang finished reading, he was silent for a few seconds, and then said, "Xiao Chen has more confidence in Tongce Medical than Shunxin Agriculture."
Chen Xi nodded.
"Shunxin Agriculture is a staged opportunity to earn money for valuation restoration. Tongce Medical He may want to hold it for a long time and earn money for business growth."
Su Wantang didn't say anything more, and marked Tongce Medical's position as "locked position" on the capital schedule.
Thursday, June 7th.
Zhao Chen came to the office early in the morning and called Chen Xi over.
"Tongce Medical has reached 4.99%, there is no need to move anymore. Pianzaihuang, you continue to buy."
Zhao Chen picked up the tea cup and took a sip.
"The price is controlled below 100 yuan. If it exceeds 100 yuan, I won't buy it. I won't chase the price higher."
Chen Xi wrote down "Pien Tze Huang, less than 100 yuan" in his notebook.
"How much funds are left?" Zhao Chen asked.
Chen Xi Open the ledger.
"The total funds are 2.5 billion, Tongce Medical has used 1.003 billion, and the remaining amount is about 1.497 billion.
Pianzaihuang previously had 5.63 million shares, costing about 500 million yuan.
I recently bought more than one million shares, and now I still have less than 800 million."
Zhao Chen nodded.
"Then buy. Buy a little every day, don't rush. If it's under 100 yuan, buy as much as you can until you run out of funds."
Chen Xi Close the notebook. "I understand."
On June 7th, Pianzaihuang Opening Price 97.2 yuan.
Chen Xi bought 300,000 shares as planned, with an average price of 97.3 yuan and a transaction volume of 29.19 million.
June 8, Friday.
Pianzaihuang rose slightly to 98.5 yuan. Chen Xi bought 350,000 shares, with an average price of 98.6 yuan and a transaction volume of 34.51 million.
Monday, June 11th.
Pianzaihuang hit 99.2 yuan during the session. Chen Xi bought 400,000 shares, with an average price of 99.1 yuan and a transaction volume of 39.64 million.
Tuesday, June 12th.
Pianzaihuang jumped to 99.8 yuan at the opening and once touched 100.2 yuan during the session.
Chen Xi saw the stock price exceeded 100 yuan and immediately stopped buying.
She wrote down in her notebook, "The stock price exceeds 100 yuan, buying is suspended and waiting for a correction."
At the close of the day, Pianzaihuang closed at 100.5 yuan, reaching the 100-yuan mark for the first time.
At this time, Add Position has approximately 1.05 million shares.
Chen Xi sent a message to Zhao Chen: "Zhao Zong, Pien Tze Huang exceeded 100 yuan today. According to your instructions, buying is suspended."
Zhao Chen replied, "Wait for a correction. If it falls below 100 yuan, continue to buy. If it does not fall back, don't buy. Don't chase highs."
Chen Xi replied with one word, "Okay."
Wednesday, June 13th.
Pianzaihuang opened at 100.3 yuan and fluctuated above 100 yuan throughout the day, with a minimum of 100.1 yuan, a maximum of 101.2 yuan, and a closing of 100.8 yuan.
Chen Xi has no operation.
Thursday, June 14th.
Pien Tze Huang opened as low as 99.8 yuan. Chen Xi saw the stock price fell back below 100 yuan and immediately placed a buy order.
500,000 shares were bought throughout the day, with an average price of 99.9 yuan and a transaction volume of 49.95 million.
Since then, Pien Tze Huang's stock price has fluctuated repeatedly between 99 and 101 yuan. Chen Xi followed the strategy of "buying in batches below 100 yuan" and successively Add Position in mid-to-late June.
By June 25, the remaining funds were basically exhausted, and the total holdings of Pien Tze Huang reached approximately 21 million shares.
After the market closed, Chen Xi compiled the final position data into a table.
Tongce Medical: The total holdings are 22.3 million shares, accounting for 4.99% of the total share capital, which has reached the upper limit.
The holding cost is 44.97 yuan, and the total investment is approximately 1.003 billion yuan.
Pianzaihuang: The original position is 5.63 million shares, the cost is 88.68 yuan, and the investment is about 500 million yuan.
Subsequently, approximately 10.37 million shares of Add Position were sold, with a weighted average price of approximately 96.14 yuan, and an investment of approximately 997 million yuan.
The total holdings are 16 million shares, accounting for approximately 2.65% of the total equity (total equity 603 million shares), the comprehensive holding cost is approximately 93.56 yuan, and the total investment is approximately 1.47 billion yuan.
Henglong Capital Total investment:
Tongce Medical 1.003 billion + Pianzaihuang 1.497 billion = 2.5 billion yuan.
Chen Xi took a long breath, printed out the organized form, and took it to Zhao Chen.
Zhao Chen took the form, read it over, and then leaned back on the chair.
"Tongce Medical lock position, Pianzaihuang and other opportunities. If you encounter better investment opportunities, you can prioritize reducing your position Pianzaihuang.
If it keeps fluctuating at this position, there will be no good opportunities, so just hold on."
Chen Xi asked, "Zhao Zong, why did you originally say that Tongce Medical would lock up the position?"
Zhao Chen thought for a while, picked up the tea cup, took a sip, and then put it down.
"Tongce Medical, this company's business model is not 'a hospital', but 'a platform'.
Hangzhou Stomatological Hospital is its base area. Dandelion Plan within the province is copying the base area model, and mergers and acquisitions outside the province are laying out new base areas.
When its hospital network spreads across the country, its moat will no longer be a cost advantage, but a network effect.
At that time, no one else could get in if they wanted to."
He paused and his voice slowed down a bit.
"Shunxin Agriculture is a staged opportunity, and you earn money for valuation restoration. Tongce Medical is a long-term opportunity, and you earn money for business growth.
The two logics are different."
Chen Xi After listening, he was silent for a while, and then nodded.
"I understand. Shunxin Agriculture will be sold when it reaches 40 yuan or more, and Tongce Medical will always be held on to it."
Zhao Chen smiled. "Yes. That's what it means."
Chen Xi closed the notebook, turned around and walked out.
When she reached the door, she suddenly stopped and turned around. "Zhao Zong, what about Pianzaihuang?"
Zhao Chen thought for a while.
"Pianzaihuang is somewhere in between. It has the ability to raise prices and has a brand moat, but its growth path is different from Tongce.
Tongce is copying hospitals, Pianzaihuang is raising prices and increasing volume. There is a ceiling for raising prices, and there are bottlenecks for increasing volume.
So Pianzaihuang I won't lock up the position like Tongce did, but I won't clear the position when the target price reaches the target price like Shunxin Agriculture."
He is not a rigid person. If there is a better choice, there is no need to stick to Pianzaihuang.