“Soros’s short selling is so large that we can accumulate shares at low prices, which will save us the trouble of shorting in September,” Lin Zhiyuan said with a face full of regret. “It’s just that the plan has been brought forward. All the decisions we are making now are too hasty and have not been well thought out.”
"Chen Dong, international hedge funds are all seasoned veterans, so don't let your guard down."
Chen Dong didn't think much of it at first, but after hearing his brother-in-law's words, he felt the pressure instead. "I just feel sorry for our offshore company. We've been carrying them for a month. The handover is coming up at the end of the month, and we can finish perfectly in August."
"I didn't expect Soros to have such a trick up his sleeve."
Most importantly, there are rumors circulating that the Monetary Authority of Singapore (MAS) is interfering in the free market, but the authorities have never officially acknowledged this.
In other words, it was offshore companies that bailed out the market, but the bulls were actually thanking the Hong Kong government.
Now, after some probing, the Soros Group must have realized that they have been the ones manipulating the stock market all this time, and that it has nothing to do with the Hong Kong Monetary Authority.
"I wonder if Soros will expose us after he finds out about this," Lin Zhiyuan said slowly. "After he exposes us, how will the world's financial community evaluate this blunder?"
Chen Dong and Lin Zhiyuan looked up and saw that all the traders and analysts in the trading hall were very focused on digesting the sell orders in the market.
Not long after, Yang Fugui personally called the trading hall. Chen Dong, who answered the phone, explained the unexpected situation and thanked them for being prepared, telling the people from the Finance Department not to be too nervous.
"The Hang Seng Index in Hong Kong dropped by more than 300 points in just three or four minutes. How can I not be nervous?" Yang Fugui said in a panic, his words becoming incoherent. "Chen Sheng, you need to think of a solution quickly."
Chen Dong rolled his eyes. "There's no other way but to act quickly. I've already ordered all my traders to buy up their sell orders with all their might."
Remembering Lin Zhiyuan's previous concerns, Chen Dong added, "Director Yang, this time international speculators are frantically selling off their shares, so we have no choice but to face the challenge head-on, regardless of the consequences."
"At such a crucial moment, you're not going to stab us in the back, are you?"
Although Yang Fugui coveted power, he was an upright gentleman. "What are you saying? The common goal of the Financial Secretary of Hong Kong and Longteng is the Soros Group!"
"Don't worry, as long as you stabilize the Hang Seng Index, Hong Kong will fully cooperate with you."
That being said, Yang Fugui himself was worried about becoming Soros's target. After thinking for a moment, he carefully chose his tone and asked Chen Dong:
"After this test, Soros must have realized that the bailout this time was not carried out by the Hong Kong Monetary Authority, but by private capital. I am worried that he will make this public and cause bullish investors to back down."
“Don’t worry,” Chen Dong reassured him, “Soros’s actions against our offshore company this time are both a test and a provocation. They will definitely not clarify for the HKMA that you have not intervened in the market at this time.”
After all, the reason why the authorities are willing to take the blame is that their intervention will boost investor confidence.
For the short sellers, revealing that the Hong Kong Monetary Authority was not involved in the market rescue was tantamount to handing their enemies a boost.
After hanging up the phone, Chen Dong returned to the trading hall, where the downward trend of the Hang Seng Index had been brought under control.
However, a few constituent stocks were still showing gains, which stood out conspicuously amidst a sea of green.
"They reacted so quickly." Soros gritted his teeth, a fierce glint in his eyes.
Memphis walked into the office and said somewhat impatiently, "The bailout is being done by private capital, an offshore company in Hong Kong, and the four major families of Hong Kong. The Hong Kong Monetary Authority has absolutely nothing to do with it."
"We were scammed by the Hong Kong Monetary Authority."
Upon hearing this news, Soros's expression turned grave, while Robertson, standing beside him, was furious.
“I never imagined that the capital that attacked our entire international hedge fund alliance had absolutely no government backing.” Cyber couldn’t understand. “Then why didn’t they come forward to clarify their position when we accused the Hong Kong Monetary Authority of interfering in the free market?”
Upon hearing Cyber's words, Soros felt as if a nail had been driven into his heart. "It's very simple," he said. "The most direct impact of official intervention is that it boosts the confidence of investors who are bullish."
“While we are using media and public opinion to attack the Hong Kong Monetary Authority and the Financial Secretary, they are also using us to boost the economy.”
Soros never imagined that one day he would be pecked in the eye by an eagle.
It's worth recalling that they had previously enlisted financial heavyweights, including the Federal Reserve, the president of S&P, and analysts, to boycott the Hong Kong authorities.
They had previously assumed the Hong Kong Monetary Authority's silence on the matter was an admission of guilt, but they were surprised...
"I'm afraid the Financial Supervisory Authority wasn't involved in the market rescue at all from beginning to end." Soros was somewhat desperate, feeling that all his previous efforts had been stepping stones for the enemy and handing him a knife.
Cyber disagreed with his view, saying, "Hong Kong financial channel has released positive news several times before private capital makes any moves. This should be something that the Hong Kong Monetary Authority and private capital have agreed upon."
"It's not that they didn't participate in the market rescue, it's just that they didn't directly participate with their own hands. In other words, they must have made an agreement with hedge funds, which is why they cooperated so well."
Robertson was so angry he was dizzy. "Why don't we switch positions now? Their private capital investment is so strong, there's definitely no chance in August."
As soon as he finished speaking, Cyber glared at him fiercely, "Since the start of the operation today, we've spent at least 300 million Hong Kong dollars. Right now, the other side is definitely frantically accumulating chips at low prices. Are you willing to leave now?"
Robertson shook his head; he was naturally unwilling to accept this.
Then Cyber looked at Soros and said firmly, "I think we should press on now and use the decline in the index to attract more securities firms and third-party institutions to enter the market."
"Anyway, now that we know who is involved in the market rescue, as long as it's not official power, the clash between capital is nothing more than a contest of who has the most capital."
Faced with differing opinions from Robertson and Cyber, Soros frowned and pondered for a moment before finally making his decision: "Continue to sell."
Upon receiving the instructions, several traders quickly went into action.
The Hang Seng Index fluctuated around 8700 points before quickly entering its second wave of decline.
Shortly after the plunge, the main force supporting the market reappeared, and nearly 30,000 sell orders from HSBC Holdings, MTR Corporation, and other companies were all absorbed.
Chen Dong's traders bought in regardless of cost, finally forcing the international hedge funds to back down.
Before the close, the index rose by nearly 2.7% from the opening level, reaching 8746 points. In other words, the Hang Seng Index experienced a large swing throughout the day, ultimately gaining 146 points.
Chen Dong narrowly won this round.
......
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