Friday, February 26th.
morning.
Henglong Capital Research Institute In Meeting Room, there is a document with only two pages on the table.
No title.
Only the top row of time:
On February 26, 2021, the core consumer asset Phase Three implemented the plan.
Chen Xi Open the first page.
The first column is the record of completed position reduction.
The second column is the positions that are still retained.
The third column is the last batch of liquidity windows that need to be processed today.
She raised her head.
"All done today?"
Zhao Chen did not answer directly.
He put the pen on the document.
"Whatever can be handled will be handled today."
"What if the market doesn't have enough liquidity?"
"Then stay."
Chen Xi nodded.
This is the biggest difference between Zhao Chen and ordinary clearance.
The so-called final exit does not mean that all stocks must be forcibly sold on a certain trading day.
But when the market is still willing to take it, there is no need to delay the remaining risk until the liquidity disappears.
The lightening of positions over the past few days has done most of the work.
What we need to do today is to turn the last chips into cash that can actually be returned to the parent account.
Nine fifteen.
Call Auction.
The market did not continue yesterday's unilateral rebound.
Several Core Assetss started to fluctuate after opening higher, and the market began to diverge significantly.
There are still enough transactions for the Wuliangye market.
Shanxi Fenjiu also maintains good liquidity.
Chen Xi took a look at the real-time transaction.
"Can be executed."
Zhao Chen nodded.
"Start."
The trading system starts.
There are no huge sell orders popping up out of the blue.
The last batch of orders for Henglong will still be split according to the previous method.
different times.
Different prices.
Different Trading Volume.
Try to let the market naturally absorb every transaction.
Chen Mo synchronously monitors transaction execution from the New York side.
"The handicap acceptance is normal."
"Continue."
"Understood."
10:06.
Wuliangye experienced a rapid rise.
Buying Pressure increases instantly.
Traders didn't wait.
The first batch of remaining positions were completed during this wave of increased liquidity.
Chen Xi stares at the transaction return.
"This batch is complete."
Zhao Chen just nodded.
Subsequently, a similar situation occurred with Shanxi Fenjiu.
Prices rose briefly.
Active buying orders increased.
The second batch of orders enters the market.
The transaction speed was significantly faster than the previous two days.
Because the market has formed a very delicate state.
Investors still believe in Core Assets.
But they began to accept the fact:
Core Assets also needs to go through fluctuations.
This psychological change makes high-level transactions more active.
Zhao Chen did not attempt to predict the day's high.
He only needs to confirm one thing.
Someone is willing to take it.
That's enough.
Eleven forty-three.
In Research Institute's trading system, the remaining positions fell again.
Chen Qiming Synchronize the latest data to the financial system.
"All the funds that have been returned will be kept in the parent account according to the previous arrangement."
"Do not reconfigure."
"Understood."
Zhao Chen took a look at the account balance.
No further buy orders were placed.
Starting from Silver, to A-share, and then to the new opportunities that may arise next, he became more and more aware of one thing.
Making money and keeping profits are two completely different systems.
The former requires judgment.
The latter requires restraint.
If you have just finished reducing your position and invest your funds again because short-term opportunities arise in the market, then all the risk control done in the previous few days may be meaningless.
So this time, he didn't look for new targets.
Just let the cash settle down.
12:58 pm.
The market began to fluctuate significantly.
Part of Core Assets continues to explore.
Others have risen again.
The title on News Terminal starts to change.
"Core Assets is oscillating at a high level."
"Institutional unity appears to be divided."
"Volatilities in some highly valued stocks have intensified."
But there was no so-called total collapse.
Nor did all institutions withdraw at the same time.
This is more in line with Zhao Chen's previous judgment.
True valuation regression never takes one day to complete.
As long as the market begins to re-discuss whether the price is reasonable, the original unilateral consensus has changed.
Zhao Chen looks at the handicap of Wuliangye and Shanxi Fenjiu.
"Continue processing remaining liquidity."
"Understood."
2:09 p. m.
Wuliangye The last batch of orders that can be successfully completed enters the market.
Transaction returns jump out continuously.
One stroke.
Two strokes.
Three strokes.
Then, traders stopped trading.
Chen Xi Confirm data.
"This part is complete."
She didn't say "all".
Because there are still a small number of positions that need to wait for a more suitable transaction window.
Zhao Chen didn't urge me either.
"Wait."
The market doesn't have to give a price just because they want to sell.
Real execution is to adapt your plan to the market, rather than forcing the market to adapt to your plan.
2:46 pm.
Shanxi Fenjiu experienced a rapid rebound.
Trading Volume suddenly zooms in.
Chen Xi looked at Zhao Chen.
Zhao Chen only said two words.
"Execute."
The remaining orders were split again.
A few minutes later.
Transaction returns are being completed one after another.
This time, Chen Xi did not continue to wait.
She opens the final position checklist.
Several numbers that had been present over the past few weeks began to drop to zero one by one.
Wuliangye.
Shanxi Fenjiu.
Other core consumer assets to be dealt with according to this round of plans.
Exit when one item is completed.
Chen Xi Final confirmation:
"This round of consumption Core Assets reduction plan has been completed."
No one in Meeting Room is talking.
No celebration.
There was no applause.
Only Chen Qiming lowered his head to confirm the withdrawal of the last funds.
Three o'clock sharp.
A-share closes.
Henglong Capital Research Institute's trading system officially closed the execution module of this round.
Chen Qiming submits the fund collection results to Zhao Chen.
"All withdrawn funds will go into the parent account as planned."
Zhao Chen took a look.
"Confirm."
"Confirm."
"A-share will no longer be automatically reinvested in the future."
Chen Qiming nodded.
"Already locked."
Zhao Chen Close the file.
At this moment, the so-called "falling into the pocket" is truly completed.
It's not because the market is down.
Nor is it because they have judged the highest point.
It's because the assets that were originally exposed to valuations and sentiment have been turned into cash again.
The risk disappears from the market account.
The income has truly become funds that can be deployed.
3:40 pm.
Shen Zhiyi came to Research Institute.
What she held in her hand was another document.
"All transaction records have been synchronized."
She sat down.
"Including order splitting, transaction time, price, and fund flow between accounts, all are kept on file."
Zhao Chen nodded.
"Is there anything unusual?"
"Nothing found so far."
Shen Zhiyi turned a page.
"This round of transactions did not involve any undisclosed material information, and no matters requiring additional disclosure were found."
She paused.
"Cross-account execution records have also been verified."
Zhang Qingxue then added:
"The transaction records of New York and Shan City have been aligned."
"Execution time, instruction source, and transaction returns can all be matched."
Zhao Chen said:
"Archive."
Shen Zhiyi nodded.
"It's already started."
Evening.
Research Institute is quiet again.
Chen Xi stood alone in front of the asset summary table.
This table has changed a lot compared to two weeks ago.
The positions of Wuliangye and Shanxi Fenjiu have been cleared.
The core consumer assets handled in this round of plans have also been withdrawn.
But on the other side, several names still remain firmly there.
Bidiya.
Yunnan Agriculture Group.
Bubble Mary.
Nvidia.
Green Energy Technology.
These assets were not sold together due to the collapse of the A-share group.
They belong to different logics from the beginning.
Especially Bidiya.
Zhao Chen has always regarded it as a long-term industrial asset and not part of this round of valuation transactions.
Yunnan Agriculture Group's 18% equity will remain unchanged after its listing.
After the listing of Bubble Mary, 28.1% of the shares will remain unchanged.
Nvidia is about 5 million shares, cost is 120 US Dollar, does not move.
Green Energy Technology's 20% long-term equity remains unchanged.
Chen Xi looked at this table and finally understood why Zhao Chen kept emphasizing:
Don't put all assets into the same Model.
Some assets earn from valuation fluctuations.
Some assets earn from industrial growth.
There are also some assets that you really need to wait for many years in the future.
7pm.
Zhao Chen leaves Research Institute.
There are no new trading instructions in the mobile phone.
This time, he did not hold a review meeting immediately like Silver did after the end.
There is no rush to find the next deal.
Just let Chen Xi send the final report into the Research Institute database.
On the last page of the report, there is only one sentence:
This round of position reduction is completed.
There is also a line of notes below.
It's not because the company has gotten worse, but because prices have gone too far from expectations.
Zhao Chen watched it for a long time.
Then close the file.
This time, he didn't look back.
Because the chips in the market have completed the last exchange.
The part of the income belonging to Henglong Capital has actually left the Market Open market and entered the account.
The city lights outside the window light up one after another.
For the vast majority of investors, group holding is still the most important topic in the market.
But for Henglong, this round is over.
What they sell is never the business itself.
It's the price the market is willing to pay for that expectation.
As for where the next tranche of funds should go--
That's already a problem on another map.