The current floating shares were already few. After deducting the roughly 36% held by controlling shareholders and a small portion owned by public funds and institutions, only just over 50% remained.
Then there was Lao Xu, holding a significant portion that he wouldn't be releasing anytime soon.
As a result, Han Lie's aggressive market entry directly fueled a surge in market sentiment. Those who hadn't followed suit the previous day were eager to try their luck today, and Lao Xu casually pushed the stock price to its daily limit.
In fact, Lao Xu hadn't even sealed it himself; he merely initiated it. He placed orders for a few thousand shares to cap the price, and tens of thousands more immediately followed.
By the time he withdrew his capping orders, the actual transaction volume was less than a thousand shares.
