After the stock market opened in the afternoon, Jiuding Securities Company went all out.
The more than 7 million shares it still held were smashed directly at a price of 200 yen per share.
The dumping of such a large amount of shares at such a low price left all investors and institutions dumbfounded.
At the same time, a rumor was spreading like wildfire on the stock exchange that the financial report of Taiyo Fisheries last year was not true, and that the actual loss was far more than 700 million yen. Some institutions had already learned about the situation, which was why they were dumping their shares.
There was more than one such rumor, and it was not known where it had come from, but it was all spread with such panache that people subconsciously wanted to believe it.
If there had been no institutional dumping or scrambling to flee today, it would have been fine.
However, Jiuding Securities, Nomura Securities, one of the top ten securities companies in the island country, and some other institutions, all scrambled to sell their stocks, which seemed to corroborate the authenticity of these news.
Panic quickly formed, and then quickly spread like a ripple.
As long as one person believed it, then a second and third person would believe it.
As long as one person took action, naturally the others would blindly follow suit...
In no time, the stock market participants scrambled to flee.
Although these stock market participants did not hold large amounts of shares, they had the advantage of being in large numbers. Everyone rushed to sell, and the price dropped lower and lower. The trading of the stock of Dayang Fisheries Company was in complete chaos.
The phones of many investment institutions rang one after the other.
However, Matsumoto Yu and the others were not satisfied with the chaos, and seized the opportunity to withdraw their orders and immediately place all of them again, driving the price down another notch.
The huge amount of shares listed by Jiuding Securities Company was like a ballast, and as long as it was not eliminated, it would keep the stock price of Taiyo Suisan Kaisha from rising.
Other shareholders and institutions that wanted to escape unscathed had to match the bid price as soon as possible, and so they could only list their shares at a lower selling price.
192.25 yen per share!
190.18 yen per share!
...
186.45 yen per share!
...
The share price of Taiyo Gyogyo Co. continued to plummet, quite rapidly.
The phones in many departments at the island branch of Kudo Securities never stopped ringing, but no one answered because there had been an order.
At this time, you didn't need to answer the phone to know the purpose.
Not answering is the best option. Just ignore it and dump the stock!
That afternoon, I don't know how many heads of institutions were cursing, especially Junpei Hirata and Yutaka Yamakita of Nomura Securities.
They still had tens of millions of shares that they hadn't sold, but the stock price had fallen to such a degree.
'President, should we wait?'
Yutaka Yamakita asked Junpei Hirata anxiously from the Nomura Securities operations room.
Junpei Hinata snorted, decisively ordering, 'Don't wait any longer. It's impossible to make any money on this stock, so just dump it all and crash the market, driving the stock price as low as possible!'
Now it's a case of selling as much as possible, even if it's just a few yen more per share than the lowest price.
Any profit is better than holding onto it and making no money at all.
What's more, the main thing now is not to count on how much money can be made from these tens of millions of shares, but to maximise the profit from the 60 million shares that have already been sold.
The lower Taiyo Suisan Kaisha's share price falls, the lower the cost of the bargain-basement purchase, and the greater the profit!
Therefore, it is the wisest choice to follow the lead and dump the shares at this time!
'Yes!'
Yamakita Yutaka immediately responded, and then gave the order with great determination.
Soon, Nomura Securities also sold all of its millions of shares at 180 yen per share without reservation.
The effect of selling these millions of shares at a low price was like an earthquake, even more powerful than Jiuding Securities's.
The stock price of Dayang Fishery Company suddenly plummeted like a dam bursting!
The stock price of Dayang Fishery Company completely collapsed and could not be stopped!
In an emergency, no institution dares to take over the shares.
Ocean Fisheries Company, too, immediately denied the rumours, and then held an internal board meeting and a meeting of senior management in the hope of mobilising funds to repurchase shares to stabilise the stock price.
However, Ocean Fisheries Company has had low profits or even losses for three consecutive years, and the company does not have much liquid capital. The existing funds are basically all in use, and it is impossible to mobilise much capital for repurchase in a short period of time.
Therefore, they could only watch helplessly as the company's stock price plummeted.
By the time the market closed that afternoon, the stock price of Taiyo Gyogyo had settled at 152.41 yen per share, a drop of more than 38 points that day, ranking first in terms of decline on the entire exchange!
This artificially created disaster of crashing the market, although simple and crude, was extremely effective in successfully creating panic in the public!
That evening, Matsumoto Yu received a call from Junpei Hinata, and the two temporarily abandoned their differences and decided to continue to work together to crash the market the next day.
The next morning, after the market opened, although some institutions, after analysing the situation overnight, decided that the price was a good entry point, they began to buy the bottom after the opening.
However, when two large sell orders from Nomura Securities and Jiuding Securities were placed again, the sporadic buy orders were immediately swept away, and the panic of yesterday struck again.
The large and small sell orders were dizzying, and in the blink of an eye, the sell orders just looked at were pushed aside.
If someone were to do the math, they would find that there were more than 60 million shares of sell orders listed on the market, accounting for more than 10% of the total share capital of Dayang Fisheries!
Under these circumstances, if Taiyo Suisan Kaisha's stock price doesn't collapse, which other company's stock price can collapse?
By the morning closing, the stock price had dropped to 122.45 yen per share. Compared to the initial short selling price of 323.46 yen per share by Nomura Securities a while ago, in less than a month, the market value had evaporated by more than six times, which was truly terrifying!
After the afternoon opening, the stock price continued to fall.
When it fell below 110 yen per share, Jiuding Securities Co. began to take action.
First, the millions of shares it owned were still hanging on the market, but the price at which they were listed for sale was not the highest.
At the same time, many anonymous accounts began to place buy orders for the shares, also avoiding the huge sell order from Nomura Securities.
At this time, the share price of Taiyo Suisan Kaisha was still falling, and the vast majority of individual investors and institutions believed that in the face of this market panic, the share price would fall below 100 yen per share by the close of trading in the afternoon.
Therefore, the sell orders on the market were chaotic and mixed, and no one knew when they would be absorbed.
Almost everyone's attention was drawn to the sell orders posted by Nomura Securities and Jiuding Securities, and no one noticed that many shares had already been bought in the chaos.
By the time the afternoon session ended, in addition to the remaining 5.23 million shares held by Jiuding Securities on the open market, all the anonymous accounts secretly bought 36.24 million shares, accounting for 6.7% of Taiyo Suisan Kaisha's total share capital!
And the market close did not mean the end. For Jiuding Securities, it was just the beginning!
Small teams went out separately, keeping a low profile, to visit the various shareholders of Taiyo Suisan Kaisha, with the aim of acquiring the large stakes they still held!
This afternoon, the closing price of Taiyo Suisan Kaisha was 104.25 yen per share.
The purchase price of Jiuding Securities, however, reached an average of 120 yen per share, not only not suppressing the price, but also buying at a premium.
Some shareholders and institutions readily agreed, while some more level-headed shareholders did not agree at first, but after repeated price increases, many shareholders chose to take advantage of the situation and get out of the quagmire.
When they counted the shares the next morning, they found that they, including the 5.23 million shares they originally held, held a total of 202.5 million shares in Taiyo Suisan Kaisha, accounting for a whopping 37.5% of the company's total share capital!
News transmission was not efficient in the evening, and there was little time before the morning market opened.
Therefore, when the market opened in the morning, Nomura Securities once again sold off the market in an attempt to continue depressing the stock price, and other investors also followed suit.
Ocean Fisheries Company had already mobilised some funds, and after internal discussions, it was decided that some stocks would be repurchased after the market opened this morning.
However, after the stock market opened, seeing the large sell orders, Jiuding Securities Company completely let go and swept up all the sell orders.
A buy order was placed at 105 yen per share, with a quantity of up to 80 million shares, constantly eliminating the sell orders on the market. The first sell order to be filled was the largest sell order from Nomura Securities.
When everyone reacted, the sell orders on the market had already been cleared, leaving only the buy order from Jiuding Securities, which had more than 50 million shares left, hanging there alone!
One second!
Two seconds!
Three seconds...
Everyone was frozen, looking at the huge buy order hanging there. Occasionally, a sell order would appear, only to disappear in an instant. The only thing that proved that a sell order had appeared was the slight twitch of the huge buy order...