On Tuesday, June 30th, driven by a surge in positive factors, the main board initiated a counter-attack. After a brief rebound in early trading, it experienced another downturn, dipping below 3900 points. However, approaching the close of early trading, heavyweight stocks rallied collectively, leading to a strong reversal in the broader market.
The main board eventually soared by +5%, reaching 4200 points. The GEM exhibited relatively strong performance, rising by more than +6%. Across both markets, 268 stocks hit the daily limit, attracting many high-net-worth investors.
The updated net value of Tiansheng Pioneer Hybrid Fund is:
[RMB 8.0554 (+1.29%)]
Regarding major news for the day, the Fund Industry Association advised against blind investment, the Securities Industry Association stated that the impact of forced liquidation on the OTC capital allocation situation was minimal, and the initial investment ratio of pension funds in the market was set at 30%, among other updates.
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On Wednesday, July 1st, contrary to investors' expectations, there was no sustained upward surge. The main board closed at 4,053.70 points, down -5.23%. Only 44 stocks in the two markets rose by the limit, with about 1,300 stocks hitting new closing lows since the recent adjustment.
The updated net value of Tiansheng Pioneer Hybrid Fund is:
[8.9625 yuan (+11.26%)]
In terms of news, Zhong Jin Exchange responded that rumors of shorting QFII and RQFII were untrue; the China Securities Regulatory Commission stated it would further expand financing channels for securities companies.
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On Thursday, July 2nd, during the afternoon, the main board index experienced continuous declines, falling below the 3800-point mark. However, driven by major stocks such as the "Petrochemical Twin Heroes," the main board index reported 3912.77 points, a decrease of -3.48%. Over a thousand stocks fell by the limit.
The updated net value of Tiansheng Pioneer Hybrid Fund is:
[RMB 10.1473 (+13.22%)]
Since the reorganization and resumption of trading on March 16 in the first half of the year, the net value of Tiansheng Pioneer Mixed Fund, normalized after restructuring, exceeded the 10-yuan mark for the first time, with a cumulative net value increase of +914.73%. Since Lu Ming took over as Tiansheng Pioneer's hybrid fund manager on June 11, its net value has increased by +279.77%.
Despite an 800 million drop in Tiansheng Pioneer Hybrid Fund's capital on June 11, subscriptions were suspended, redemptions were opened, yet none of the investors chose to redeem. Instead, they all opted to reinvest with dividends. As of today, the fund's scale has exceeded 3.835 billion, with profits surpassing 3 billion. Currently, the fund has not paid dividends, and it has no plans to do so in the future.
This remarkable profitability creates a stark contrast with the current extreme flash crash environment. While many are losing in the market turmoil, profits are swelling elsewhere.
The market was buzzing.
Since the mid-June market crash, almost no one had emerged unscathed, including professional institutions. The only exception was Tiansheng Fund Company. Tiansheng Pioneer Mixed Fund had concluded nine consecutive days of losses since Lu Ming resumed control, then embarked on a runaway surge, increasing its net value daily against the trend like a rocket.
Not only was the myth not shattered, but it also grew more audacious. Tiansheng Fund Company garnered unprecedented attention from the capital market and the industry, leading to a growing number of related reports.
Tiansheng Pioneer Hybrid Fund stood out as an anomaly, attracting considerable attention in the current capital market and irking many.
When you make money for yourself, not everyone is pleased.
Such a robust track record led to industry skepticism about Tiansheng Pioneer Mixed Fund's holding of short positions, and this doubt grew louder.
As soon as doubts surfaced, news of the China Securities Regulatory Commission conducting special inspections on suspected market manipulation spread. This announcement caused external scrutiny of Tiansheng Fund Company to skyrocket.
At 8 p.m. that night, Tiansheng Fund Company responded positively to market doubts:
[Currently, only Tiansheng Pioneer Hybrid Fund of Tiansheng Fund Company is operating in the market. Simultaneously, 15 passive index funds have just completed fundraising and entered the closed period of opening positions. Therefore, there is no short-selling mechanism, and the outside world's doubts about Tiansheng Fund holding short positions are obviously baseless and irresponsible remarks.]
On Friday, July 3, the morning session concluded at 11:30 a.m. Lu Ming had completed approximately 15% of the position adjustment and stock exchange for the day's operation. The remaining positions—about 40 options—would remain untouched until the afternoon for further adjustments.
Exiting the trading room, An Yirou approached with a phone in hand, "The leader of the China Securities Regulatory Commission has called the company. They want to schedule a phone appointment with you. After the morning call, they've already tried reaching you again. The office is waiting for you."
Li Mingyang, who also emerged from the trading room, was visibly stunned by this revelation. The pressure was mounting, and it seemed the village chief couldn't endure it any longer.
Lu Ming nodded without offering an immediate response. Some matters were best handled with discretion, keeping certain details hidden.
Returning to the office, Lu Ming picked up the phone on his desk and answered, "Leader."
"Is that Mr. Lu?"
"Yes, it is. What instructions does the leader have for me?"
"Mr. Lu, your remarkable abilities are evident to the market, and we recognize that. However, as the head of a public offering institution and the fund manager of a star-level public offering fund company, you should bear the responsibility of maintaining the health of the market and fostering its long-term stability and growth."
"What the leader said is very true."
"Mr. Lu, due to your exceptional profitability, the entire market's attention is on you. Yet, your profitability is derived from speculative practices that have potential repercussions for the entire capital market. Your success in speculation is indirectly promoting and encouraging speculative behavior in the market, which will undoubtedly have adverse effects in the long run. The CSRC encourages funds to increase their holdings of blue-chip stocks. You are currently under the scrutiny of the entire capital market. The CSRC hopes that you can lead by example and bear the responsibility for maintaining a healthy market development."
Lu Ming received criticism, but he was secretly pleased. The moment to "sneak attack" on the Anshi Group had arrived. Encouraging increased holdings of big blue-chip stocks was precisely what he had been waiting for.
It was an inevitable move. Urging domestic capital to swiftly acquire real blue-chip high-quality assets was crucial to preventing them from falling into the hands of foreign investors. Unfortunately, too few domestic investors comprehended this strategy. Many were unaware that they needed to band together to protect their city.
This urgency needed to be demonstrated, and it needed to be demonstrated decisively! A fierce response was required.
Lu Ming promptly replied, "The leadership's guidance has truly awakened me from the pleasure of indulging in market transactions, akin to an enlightenment."
The leader on the other end of the phone was left speechless, developing a figurative toothache. Was this young trader addicted to the market to the point of being unable to extricate himself? The leadership was contemplating finding an opportunity to shuffle this kid off to the broader market, sparing him from the turmoil of the A-share market. A talent like him would be better utilized making waves in the U.S. stock market.
Concluding the call, Lu Ming put the phone back in its place.
The directive to encourage funds in the market to increase holdings of big blue-chip stocks was an opportune moment for Tiansheng Capital—a convergence of perfect timing, favorable conditions, and prepared individuals.
Seated in the boss's chair, Lu Ming took a moment, drew a deep breath, and muttered to himself:
"The Whale Tun Ans Group plan can now be set into motion!"
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