Chapter 517 [A convertible bond brings the market down]
Thursday, November 8, Tiansheng Capital Headquarters.
"Please come in!"
Lu Ming answered when he heard the knock on the door in the office, and Han Qiulin walked in slowly, "The procedures for transferring to Tiansheng 2 have been completed, and I'm just waiting for your signature."
After saying that, Han Qiulin handed a document to the table. Lu Ming glanced at it and signed and sealed it without much hesitation. By the way, he asked: "Has the Tiansheng convertible bond been closed?"
Han Qiulin took over the signed and sealed document and nodded: "Yesterday, all investors completed the debt-for-equity swap, and Tiansheng Convertible Bonds were officially suspended. Tiansheng Transfer 2 is basically seamlessly connected to the market."
Lu Ming returned to Ningzhou, and the first thing he dealt with when he returned to the company headquarters was the issuance approval of "Tiansheng Zhuan 2". The issuance scale of the second convertible bond was still 30 billion yuan. He had already warned the market a few months ago.
It has been disclosed and many investors are waiting to subscribe.
Although Lu Ming did not say it clearly and did not actively admit it, he has now conveyed his wishes to the market through other voice channels. Now even the majority of retail investors know that Tiansheng Capital’s issuance of convertible bonds is not for lack of money, but for ordinary retail investors.
A channel for indirect investment in Tiansheng Holdings.
Many people are powerless against the astronomical price of the underlying stock. Now, the further they delay, the more outrageously high the stock price becomes, and the less likely they can afford to buy one lot. The highest price once soared to 41,000 yuan per share, and it cost 400 yuan to buy one lot.
It is no exaggeration at all that 99.9% of investors in the A-share market cannot afford to buy more than 10,000 yuan.
In the past, only retail investors could not afford it, but now, as the stock price continues to rise, more and more public funds and private equity funds cannot even afford to buy it.
A lot of more than 4 million yuan means that if a public fund wants to allocate Tiansheng Holdings, the total size of the fund must be at least 41 million yuan, because according to relevant regulations, the proportion of funds in a single stock must not be higher than that of the fund
10% of the total scale, there are a lot of domestic public funds, but there are a lot of funds with about 20 million.
In other words, public funds with a scale of less than 40 million cannot allocate Tiansheng Holdings.
Now Tiansheng Holdings has 4,000 institutions allocating and proper institutional votes, and there are nearly 1,200 institutions that have allocated 100 shares, which is one lot. Even though there is only one lot, these public funds have
The scale is generally around 100 million.
The scale of private equity funds is relatively loose, because there is no hard and fast rule that a single stock allocation must account for the total amount of the fund. In theory, the scale of a private equity fund is more than 4 million yuan, and it can be allocated to the minimum standard of buying one lot.
.
When many retail investors saw the more than 1,000 institutions behind Tiansheng Holdings that allocate 100 shares, they kept making fun of them, thinking they were following the trend.
The current trend gives people the impression that public funds are embarrassed to talk to their peers if they don’t allocate Tiansheng Holdings. Especially blue-chip funds must allocate Tiansheng Holdings.
…
At about 17:00 p.m., Tiansheng Capital issued an announcement, officially disclosing the relevant information about the issuance and listing of "Tianshengzhuan 2". The time will be Friday, November 9, which is tomorrow, and the online subscription will be officially opened on Thursday, November 29.
The official listing can be traded in the secondary market, and this time the entire 30 billion fund raised was purchased online.
In this way, even large funds have to invest online like ordinary retail investors. However, large funds definitely have advantages over ordinary retail investors, but generally speaking, compared with the past, large funds have been designated to be obtained offline.
The allocation method is much more fair.
After all, the purpose of Tiansheng Capital's issuance of convertible bonds is to indirectly provide retail investors with an investment channel, but large funds can also participate in accordance with the rules.
The underwriter is still Cai Lian Securities, which is the securities firm that Lu Ming used when he first entered the Big A market as a "retail investor". The two parties have been cooperating for a long time and are considered old friends. The cooperation is also very harmonious and they can talk about it without too many problems.
Let an old friend run it.
It is worth mentioning that the new subscription of Tianshengzhuan 2 has been adjusted. Because the stock price is too high, the traditional 1 lot of 10 lots of 1,000 yuan cannot be converted into debt for equity. You can only wait for the bond to mature.
to the interest income from bonds.
After the adjustment, for Tianshengzhuan 2, the minimum subscription unit for a single account is 50 lots, or 500 lots, worth 50,000 yuan, and the upper limit of subscriptions for a single account is 1,000 lots, or 10,000 lots, worth 1 million yuan, which remains unchanged.
The conversion price of Tiansheng Zhuan 2 is 38,735 yuan.
Such an adjustment also means that as long as the investor who wins the lottery does not need to rush to the secondary market to buy as long as he firmly holds it and does not change hands, the amount he already holds can guarantee that he will at least buy it during the open conversion period half a year later.
It can convert 1 share of Tiansheng Holdings' underlying shares, and it is more than enough.
As for the extra part, it is up to the investors whether they choose to hold it until it rises, sell it and change hands, or buy some more from the secondary market to get the second share.
The news that Tianshengzhuan 2 was to be issued and listed attracted huge attention as soon as it was announced. Many financial media also quoted and reported the news. Many investors also learned about it through the news pushed by their commonly used market software. Of course,
Some stock trading influencers also forwarded the news.
The news spread overnight and attracted much attention, with many investors looking forward to it.
"The news was released a few months ago, and I am finally looking forward to the listing of the second Tiansheng convertible bond. My sword is already thirsty!"
"I missed the era when the stock price was 5,000 yuan and the stock price was 5,000 yuan. I also missed the era when the first convertible bond was the king. I can't miss the second convertible bond again."
“In order to be able to play Xin Tian Sheng Zhuan 2, I specifically canceled a securities firm and registered a trading account with Cai Lian Securities!”
"I just cut some meat today. I don't know what to buy. It costs about 100,000 yuan, so I can buy new stocks like Wangzhuan 2."
"By the way, is the winning rate of Stock King Zhuan 2 high?"
"It should be pretty big. After all, with a scale of 30 billion, the probability of winning the new lottery is definitely much higher than that of other convertible bonds. Moreover, this time the new lottery is in full amount online."
"Based on the new lottery draw of Tiansheng Convertible Bonds, the winning rate is very high. I won every time I played."
"It's not necessarily possible for Tiansheng Zhuan 2. This time the subscription limit has been raised to 50,000, and judging from the popularity, there may be a lot of people rushing to buy it."
"It is true that the winning rate should be much lower than the first one. Assuming that each household wins the lottery for 50,000 and 30 billion, that is 600,000 households. But in fact, some people may win the lottery for 1 million, so the actual number of households
It must be less than 600,000, there is more forest and less meat!”
…
The last trading day of this week ushered in a lot of heated discussions.
On Friday, November 9th, Big A opened as scheduled. At the same time, when investors opened their own market software, a new window for today popped up. All major market software has a "one-click new" function, as long as investors do not close it.
Today's new reminder, as long as there are new stocks and new bonds on the day, a pop-up window will pop up when new listings are opened.
Investors basically click one button to buy new shares. Whether they win the lottery depends on their reputation. Anyway, it is easy to do, but as long as they win, they will basically make a sure profit without losing money. In the domestic A-share market, new stocks and new bonds are almost broken when they are listed.
It rarely happens, and new stocks are generally listed first before being doubled, which is why everyone is keen on launching new stocks.
As for convertible bonds, usually after winning the lottery, they will choose to sell them on the first day of listing on the secondary market. You can earn 300 yuan for 1,000 yuan, which is enough for a late-night snack.
Early this morning, many investors saw "Tianshengzhuan 2" on the new notification, so they clicked to subscribe without hesitation.
But today, the Big A call auction jumped short and opened low. This low opening was not a flight of large funds. In fact, the main players were confused.
It turns out that many retail investors have created a scene that made the main funds laugh bitterly in order to play the new "Tian Sheng Zhuan 2". It can be called magic. A group of retail investors did not understand the rules of the new game in detail, thinking that they were playing the new game.
It is necessary to free up liquidity. It can be seen that the group of novices in the stock market is quite large, and new novices are constantly entering the market.
These retail investors sold their stocks one after another to free up funds to play in the new Tianshengzhuan 2. Because a considerable number of novices gathered in the early trading call auction to sell stocks, which triggered a domino chain.
effect……
When other funds saw this handicap information, they shouted with questions on their faces: Damn it, so much money is running away, what happened? I don’t know at all! But don’t care, let’s run away first.
After the market opened at 9:30, it continued to fall. Some funds held on during the collective bidding stage, but now they no longer dare to hold on. Anyone who is dissatisfied with Big A will eventually be taught to obey, so in this case, run away quickly.
, maybe it’s wrong to run away, but it certainly can’t be too wrong!
This caused funds to flee following the trend, and then triggered a stampede effect, and the market collapsed today.
