December 29 is the last trading day of 2023 for A-shares, and the three major stock indexes all closed in the red.
In 2023, shareholders are very hurt, the middle of the year predicted that this year is a good day, but it was "slapped in the face", this year, less money is to make money, it has become the consensus of the vast majority of retail investors, the only good news is to close a good end, in addition to the 29th, December 27th and 28th also closed out of the positive line, rising to hold 2900 points.
Although the market for the last transaction before the New Year was not shocked, individual stocks were surging, especially the Industrial Bank.
Before the close, it only rose slightly by 0.27% (0.04 yuan), and the last order of the call auction was 133,000 lots, with a turnover of 216 million yuan, and the stock price of IB was directly capped. In addition, there are 48,000 buy orders waiting to be completed on the daily limit board.
Put a time-sharing chart, and everyone can feel how magnificent the last minute of 2023 is.
Industrial Bank is not a small bank, it is one of the major joint-stock banks in China, and it belongs to the third group of systemically important banks in China, along with the Bank of Communications and China Merchants Bank, and there are only four banks in the fourth group, namely the four major state-owned banks of the Workers' and Peasants' China Construction Association, and the fifth group does not have it for the time being. From the perspective of systemic importance, IB's position in the mainland is second only to the four major banks, and more important than the Postal Savings Bank and China CITIC Bank.
The market value of IB rose by 30 billion yuan, from 300 billion yuan on the previous trading day to 330 billion yuan, which was only lower than the four major banks, China Merchants, Communications and Postal Savings Bank.
The limit of financial giants is a new thing, and the last minute limit of the year before the year is extremely rare.
This speculation is not unfounded.
At the beginning of each year, the return rate of the fund will be ranked, which is related to the reputation of the fund and the bonus of the trading team. The last-minute pull limit on the last trading day leaves competitors (other funds) without any chance to fight back, which is equivalent to a lore.
The market value has risen, the net value of the fund has risen, and the performance has improved, killing three birds with one stone.
However, this method of operation is risky, and there is a suspicion of manipulating the market, and once it is determined by the regulatory authorities, it will be subject to administrative punishment at the least, and at worst it will be committed to the crime of manipulating the securities and futures markets.
Therefore, theoretically, there is the possibility of rushing performance, but in practice it is not so simple, and the vast majority of fund managers do not have the courage to do so, otherwise everyone will frantically buy heavy stocks at the last moment to pull the limit.
The Shanghai Stock Exchange later reported on the abnormal situation of the stock price of the operating bank.
After preliminary verification, it was caused by an investor's large declaration of transaction at a price that significantly deviated from the latest trading price of the stock.
The circular did not give whether "an investor" is an ordinary retail shareholder or an institution, and it can be determined that if it is a retail investor, it must be a bull, after all, the hundreds of millions of yuan in the account are not likely to be owned by ordinary people.
For example, I only wanted to buy tens of thousands of shares at the last moment, but when I was nervous and shook my hand, I clicked on the whole position or took the "hand" as a "stock", and the result was a huge number of transactions.
Similar misoperations are not without precedent in the history of A-shares. Old shareholders should remember the 2013 Everbright Securities proprietary market "oolong finger" incident, right?
At 11:05 on August 16, 2013, the Shanghai Composite Index suddenly rose by more than 5%, and more than 50 heavyweight stocks, including PetroChina, Sinopec, Industrial and Commercial Bank of China and Bank of China, instantly rose to the limit.
Many people thought that there was a major positive suddenly, but they did not expect it to be caused by the operational mistakes of the proprietary department of Everbright Securities.
At that time, the trader placed an order for 180 ETF arbitrage, which was originally only a few million yuan transaction. During the order placement process, 24 ETFs failed to declare their constituent stocks, and the programmers in the team were on hand to guide the operation, preparing to re-declare and use the newly developed "re-filing" function.
Unexpectedly, this function has not been verified by the real market before, and the program writes the purchase of 24 constituent stocks as the purchase of 24 groups of 180 ETF constituent stocks, resulting in a huge number of orders.
The trader saw that the situation was not right, and quickly withdrew the order, although some were withdrawn, but the order of more than 23 billion yuan was finally traded 7.2 billion yuan.
180ETF contains a large number of heavyweight stocks, these stocks are usually not easy to rise by 1%, and the Shanghai Composite Index has changed from green to red after a huge amount of buying in the short term, soaring 5.96%.
The occurrence of the oolong finger also triggered a series of subsequent incidents, including administrative penalties and civil compensation lawsuits. In order to recover losses, Everbright Securities made a lot of hedging transactions in the afternoon and made a lot of money, but it was later confiscated by the China Securities Regulatory Commission and fined 5 times the illegal gains.
Some people may not understand why Everbright Securities can still make money, and the logic is not complicated.
On the same day, the Shanghai Composite Index suddenly rose by nearly 6%, not to mention retail investors, institutions could not figure out the situation, mistakenly thought that there was a major favorable policy, so they rushed to get on the bus; Everbright Securities knew that there was no good at all, it was their own misoperation that made the heavyweight stocks soar, and after the afternoon market opened, they did the opposite hedging transaction, and after the market returned to rationality, all the long ones lost money, and the short ones made money.
The essence of this is that Everbright Securities did the opposite operation with the help of inside information (no benefit, it was a misoperation, only Everbright itself knew before the disclosure), and Everbright Securities, which knew the real reason for the rise of the index, made money from other investors who were kept in the dark.
Back to the matter of the last minute limit of Industrial Bank.
The premise of the establishment of the Oolong Finger is that it is not subjective, there is an operational error, a system problem, etc., and the time of occurrence is unlikely to occur during a special period, just as the Everbright Oolong Finger occurs during a continuous auction on an ordinary trading day. This time, the stock price of IB suddenly encountered a sudden attack on the stock price of a large order, and the price limit occurred in the last three minutes of the last trading day of the year, which made people feel deliberate, not that there was no possibility of oolong finger at all, but the possibility was definitely to be greatly discounted.
Of course, there is a reason for the power in the last three minutes. After the implementation of the registration system, there is a "price cage" restriction on continuous bidding, and the declared price cannot be higher or lower than 2% of the benchmark price, otherwise it will be a scrapped order. There is no bidding limit in the call auction (14:57-15:00), and high-priced sweepers can play freely during these three minutes.
Is it the institution or the main force manipulating the stock price to achieve the purpose of achieving performance and increasing market value, or is it the misoperation of a certain bigwig that caused the stock price of IB to suddenly rise and fall at the last trading moment of 2023? What do you think is the reason?