"yes."
After saying that, Wangcai waved his hand, telling the analyst to go check the market first.
Chen Dong's move was intended to buy time, giving the Hong Kong Monetary Authority (HKMA) time to receive the central government's market stabilization funds.
With HK$3 billion, plus the existing HK$5 billion, they can only absorb a maximum of 400,000 sell orders.
With the Hong Kong dollar depreciating, global financial oligarchs, with their vast funds and powerful influence, have attracted countless international speculators and speculative capital to rush into the currency market.
In those 30 minutes, Chen Dong had to face not only the Soros Group, but also international speculative capital and global financial oligarchs.
At 3:30 p.m. that day, the brokerage firm's traders spent all of Longteng's reserves to buy 50,000 of Soros's sell orders.
The financial markets officially closed at 4 PM.
This move by DragonPay to support the market bought time for the Hong Kong dollar to fall and halted its downward trend.
After the market closed, Soros Group still had 500,000 sell orders in its accounts.
The newly established securities company in China frightened Soros.
Within just one hour, he absorbed at least 400,000 sell orders, not only from Yellow River Capital but also from other sellers.
“They’re going to great lengths to oppose us!” Cyber gritted his teeth and said to Soros, “I don’t know who this person is, but his desperate attitude is certainly creating a significant obstacle for us.”
“If such strength were maintained throughout the period we were shorting the Hong Kong dollar,” Soros admitted, “we don’t have the power to fight against such desperate people.”
"Let's observe further. Even if we're going to confront them, we need to have leverage. In terms of leverage, besides us and the Hong Kong Monetary Authority, who can compare to us?"
"All 400,000 sell orders are gone?" Du Xingzhi asked the analyst with disbelief.
“There really isn’t any left,” the analyst said, as the market had closed and the analyst was finishing up for the day. “The person who handled this money was a small securities firm in Hong Kong.”
"Currently, there is evidence suggesting that this money likely came from China, perhaps from a large corporation."
Du Xingzhi nodded. "Yes, swallowing 400,000 sell orders at once, even a small company probably wouldn't have that kind of guts."
"From China?" Du Xingzhi suddenly remembered the Longteng Group that Li Ka-shing had mentioned before.
However, the boss of Longcheng Group announced his leave more than half a year ago, and during this period, several senior executives of Longteng have been in charge of the overall situation.
"This man is truly a savior. He took so many sell orders from the Soros Group, and although it only lasted for an afternoon, it bought us a trading day."
Several analysts nearby echoed, "This mysterious fund absorbed 400,000 sell orders in the Hong Kong dollar market and directly pushed the Hang Seng Index above 100 points."
"The Hang Seng Index closed with a fairly good result."
"Has the central bank's allocated funds for market stabilization arrived?" Du Xingzhi turned his attention back to the main topic.
The CBIRC official quickly replied, "That money arrived in the account before the market closed this afternoon."
"However, the funds arrived right at the market close, so it's too late to start building a position now," said the CBIRC official.
"It's good that the money has arrived." Du Xingzhi finally felt relieved. With this money to support the market, he could slowly wear down the Soros Group.
At Longteng headquarters, Chen Dong's wallet has just suffered a major blow, and everyone at Longteng is heartbroken over the loss.
“40 billion Hong Kong dollars, plus the later added 3 billion Hong Kong dollars, left only 200,000 US dollars,” Wangcai said regretfully.
Anne sighed and said, "Old Lin just called. The central bank's market stabilization funds have been transferred to the Hong Kong Monetary Authority's account."
......
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