Just as Xia Ziyu feared Xia Xiaolan would close positions to recover losses, Xia Xiaolan similarly worried that Xia Ziyu would flee midway.
Either way, she had to pressure Xia Ziyu to hold out through today—
The two sides exchanged verbal jabs in the trading hall before heading in different directions after leaving.
Xia Xiaolan was genuinely treating her people to a feast for lunch, while Xia Ziyu and Lu Yunshi, having not yet incurred losses, still had the mood for lunch.
The teahouses and restaurants in Central were still packed as usual.
Among the diners were brokers, ordinary investors, and traders.
Everyone chatted boisterously like normal days, attempting to maintain a facade of peace, yet there was an unmistakable tension in the air!
In the morning, the Hang Seng Index had dropped over 200 points. What would happen after the lunch break?
The stock market’s fluctuations naturally caught the attention of TV and radio stations. The 258-point morning drop was being broadcast everywhere during lunch break, causing widespread panic.
Zhang Bailun was delighted:
“Some investors didn’t know about this news before, but now all of Hong Kong knows!”
Not every investor had time to stay in the trading hall during the day.
Some were long-term holders.
But now these people had also heard about the Hang Seng Index dropping 258 points in the morning, and they would surely panic.
Panic would lead to selling.
More sellers meant steeper price drops!
Director Xia was right not to close positions this morning. After covering the losses in the morning, they would turn losses into profits in the afternoon.
Zhang Bailun was so happy he ate an extra bowl of rice.
Though Lu Yunshi appeared calm on the surface, she was quite worried about He Zhitong’s invested money. Lu Yunshi had only put a few million Hong Kong dollars into the account; He Zhitong had contributed the bulk of the stock purchases.
While Xia Ziyu was touching up her makeup in the restroom, Lu Yunshi used the restaurant’s phone to call He Zhitong:
“TV stations are all saying Hong Kong stocks will fall. Should we sell our shares?”
He Zhitong sighed, “Abby if everyone else is selling and we sell too, do you know what will happen to your family company’s stock price when we dump our 7 million shares?”
Even as a stock market novice, Lu Yunshi understood this logic.
Investors were already lacking confidence and selling off shares. If they joined the selling… the stock price would fall even more severely!
The more the stock price fell, the more Xia Xiaolan would profit.
Moreover, this would ultimately affect Lu Family Media.
He Zhitong consoled her:
“Your family must be watching too. If it falls too severely, they’ll surely step in. I’ve asked around – today’s Hong Kong stock market was affected by last week’s U.S. stock decline. If it continues falling in the afternoon, the Hong Kong government and major companies will find solutions. We just need to hold out through today!”
Lu Yunshi’s chaotic thoughts calmed somewhat.
“Zhitong, don’t laugh at me. This is my first time watching stock prices fluctuate on the trading floor in person. My emotions are rising and falling with the prices. No wonder some people jump off buildings when they lose – those who can’t handle the pressure really shouldn’t touch this thing!”
Since Lu Yunshi could still joke, He Zhitong wasn’t too stressed either:
“After this time, we won’t touch it again. Stock prices going up and down makes people worry too much – women will age quickly like this! Besides, you’re with Du family’s Fifth Madam – if we sell our shares, will she sell too?”
Though these two had bought 7 million shares of Lu Family Media, their move wasn’t as bold as Fifth Madam’s.
CR Investment bought 6 million shares on the 16th and another 3 million today, totaling 9 million shares.
If everyone sold, that would be 16 million shares.
This wave of operations would continue to drive Lu Family Media’s stock price down.
When Lu Family Media’s stock price fell, only Xia Xiaolan would profit — He Zhitong didn’t want to see this situation. Knowing her husband had liked Xia Xiaolan, and probably still did, He Zhitong couldn’t help but compare herself to Xia Xiaolan.
This woman was already accomplished in architectural design, and now she was this skilled at stocks too?
Was this what Tang Yueyue liked…
Lu Yunshi was touched. He Zhitong’s refusal to sell Lu Family Media shares showed she wanted to compete with Xia Xiaolan and was also helping protect Lu Family’s company stock price.
Seeing Xia Ziyu return from the restroom, Lu Yunshi quickly hung up:
“I know what to do!”
They had to hold on and must get through today.
If He Zhitong’s funds weren’t enough, the Lu family would step in to protect the stock price – Lu Yunshi was confident.
Unfortunately, just one hour after the afternoon session began, the Hang Seng Index plunged another 185 points!
The decline was even more urgent than the morning.
Throughout the stock market, there were only sellers, no buyers.
Not just Lu Yunshi, but Xia Ziyu also lost her mood for tea and snacks in the VIP room.
Lu Family Media shares bought at 22.1 dollars had fallen to 20.2 dollars, dropping 1.9 dollars per share… Calculating from the opening price, in the first hour of afternoon trading, Lu Family Media had fallen a full 2.1 dollars.
If Xia Xiaolan chose to close positions now on the 5 million shares she sold this morning, she would profit 2.1 dollars per share, making 10.5 million!
Just from Lu Family Media sold today, and the 4 million shares sold at 21.7 dollars on the 16th, she could now profit 1.5 dollars per share, another 6 million.
What losses were there to speak of?
All of Xia Xiaolan’s previous short positions had turned from losses to profits within the first hour of afternoon trading!
Xia Ziyu felt a tightness in her chest.
Conversely, she had started losing money.
On the 16th, she bought 6 million shares at 20.2 dollars each. Closing positions now would mean breaking even on those 6 million shares.
But the 3 million shares bought today were losing 1.9 dollars each, meaning a loss of 5.9 million on those 3 million shares.
Back and forth, not only had the 12 million paper profit from the 16th vanished, but they were now facing nearly 6 million in losses!
Xia Ziyu’s assistant couldn’t help reminding her, “Director Xia, today’s market direction isn’t right. Should we close our positions?”
Losing 6 million was just losing 6 million – hasn’t everyone lost money in the stock market at some point?
Xia Ziyu knew closing positions now was the most rational choice, but thinking of Xia Xiaolan next door starting to count money and celebrate, she couldn’t swallow that pride.
Lu Yunshi advised at the opportune moment:
“If we sell, the stock price will fall even further, and the short sellers will make a killing!”
She was very afraid Xia Ziyu would close positions.
Little did she know, Xia Ziyu was equally afraid Lu Yunshi would close positions.
If Lu Yunshi closed positions and quit, wouldn’t that mean the Lu family wasn’t planning to protect the stock price?
Then the stock price would crash.
Even if she pulled out in time and lost a few million, thinking about Xia Xiaolan making twenty or thirty million just on Lu Family Media stock, Xia Ziyu couldn’t release her frustration.
On the 16th, when she deliberately waited downstairs at Qihang Building to say “thank you” to Xia Xiaolan, what did Xia Xiaolan say? That she could afford to lose tens of millions — who didn’t have tens of millions? This was just 6 million!
“Abby, I’m thinking of buying more Lu Family Media shares at these low prices. Are you in?”
Lu Yunshi looked at Xia Ziyu in surprise.
This Du family’s Fifth Madam had no particular relationship with the Lu family, yet at this time, she wanted to use her own money to protect the Lu Family’s stock price.
In a moment, Lu Yunshi understood the reason.
Fifth Madam was opposing Du Zhaohui.
Although Qihang Capital was managed by Xia Xiaolan, who was also nominally the largest shareholder, Du Zhaohui had contributed the bulk of the company’s money.
Du Zhaohui had even borrowed tens of millions from Tang Yueyue, repaying it after the wedding.
Lu Yunshi hesitated, “…Let me make a call outside.”
Xia Ziyu thought she was calling the Lu family and naturally agreed.
Lu Yunshi came back after two minutes, “I’m in. I can buy another 3 million shares on my end.”
Five million shares on the 16th, 2 million this morning, and now another 3 million – that made 10 million shares.
Xia Ziyu nodded: “Good, then I’ll buy another 3 million shares too.”
Xia Ziyu had more than Lu Yunshi’s side; buying another 3 million shares would make it 12 million shares.
“Director Xia, you’re betting against the market—”
Her assistant tried to advise her, but Xia Ziyu shot him a look, making him swallow the rest of his words as she countered:
“We’ve only lost 6 million now. Even if we temporarily lose 12 million or 24 million, can’t CR afford it? Lu Family Media’s stock price is about to fall below 20 dollars. If we buy now and it returns to last Friday’s price, how much can CR make!”
With Du Chengrong in a coma, Xia Ziyu was CR Investment’s boss.
When she said to buy another 3 million shares, no one could stop her.
“Still buying?”
In the neighboring VIP room, Xia Xiaolan couldn’t help but smile.
“In a market full of sellers, these two large buy orders must be from CR and Miss Lu.”
Zhang Bailun was ninety percent certain.
CR Investment and Lu Yunshi had each bought another 3 million shares.
Lu Family Media’s stock price had previously been 20.2 dollars. With buyers entering for 6 million shares, the decline temporarily slowed, even rising 20 cents to briefly reach 20.4 dollars.
Xia Xiaolan laughed: “Let them buy.”
Like a mantis trying to stop a chariot – they couldn’t stop the overall trend.
The emergency market closure that even the Hong Kong Stock Exchange couldn’t trigger – how could Xia Ziyu and Lu Yunshi’s mere millions of shares stop it?
Sure enough, after Lu Family Media’s weak rebound, it fell again.
At market close, the Hang Seng Index had fallen to 3,362 points, down 420 points – a single day’s drop exceeding 11%!
As for Lu Family Media, opening at 22.3 dollars per share, it closed at 19.7 dollars. A 2.6-dollar drop in one day!
Unlike the future mainland market, Hong Kong stocks had no 10% limit up or down restrictions, and no protection mechanism to halt trading when daily drops exceeded 10%… When falling, there was no bottom!
Ji Jiangyuan joked, “Manager Zhang, why didn’t you suggest Director Xia close positions again this afternoon?”