As Baisheng Securities began buying massive amounts of Cangjiang Industries stock, its share price immediately soared. Within moments, traders saw the price jump from just over a 1% gain to 3%, then 5%, and soon it was trading above HK$17.
The sudden surge naturally drew the attention of many investors. But because the rise was too fast, most retail traders didn't have time to react—only those who already held shares before the jump managed to catch the wave.
Once the price exceeded HK$17, it stopped climbing sharply. Baisheng Securities halted its buying spree, letting the market take over. Without the firm's heavy purchases to support it, the price began to pull back slightly for adjustment.
Baisheng's goal wasn't to pump the stock but to accumulate it. So, after pausing for five minutes—just long enough for some investors to sell when the price dipped below HK$17—they resumed buying in bulk, sweeping up the new supply.
Again, the stock price surged upward.
After two strong rallies, Cangjiang Industries had drawn the attention of both retail investors and institutional players. Most institutions, however, chose not to jump in immediately—only a few, sensing opportunity, bought small amounts.
Their hesitation was understandable. The stock was nearing a 10% daily gain, trading around HK$18, a psychologically heavy resistance level. Many expected profit-taking to start soon. If the big buyer couldn't sustain the price, anyone buying now might end up trapped at the top.
Baisheng Securities deliberately avoided pushing the price past HK$18. Since their purpose was accumulation, not speculation, they stopped just short of that threshold, letting the market cool off again.
As the stock began to decline from its peak, plenty of small investors decided to cash out. A 10% rise was already impressive—Hong Kong stocks had no official daily limit like mainland markets, but seeing a stock double in one day was practically unheard of. Even a 30% gain was considered an extraordinary move.
With the upside appearing limited, locking in profits was the wise choice.
As the price corrected downward, Baisheng Securities quietly began buying the dips, taking in shares slowly to avoid sparking another rebound. This steady absorption kept the price from crashing, instead forming a gentle, oscillating downtrend—making it easy for retail investors to sell at decent prices.
Watching the steady decline, most retail traders—already sitting on profits—chose to sell. Only a few stubborn ones held on, hoping for another rally.
Institutions, however, saw through the pattern. The controlled decline and steady buying meant there was strong accumulation happening beneath the surface. Without deep-pocketed buyers absorbing the sales, the earlier surge would have crashed into a rollercoaster of volatility.
So while the retail crowd exited, institutions began quietly stepping in. Some were bold and bought immediately; others waited for a slightly lower entry.
"Mr. Lin, Manager," a staff member from the trading floor entered the VIP room. "Large orders are starting to come in from other institutions."
"How much have we bought so far?" asked An Yuan.
"Roughly 1.1 million shares," the staffer replied. "Our average price is about HK$17.2, totaling around HK$19 million. Most of our purchases were above HK$17, which pushed up the average."
An Yuan looked to Lin Baicheng for instructions.
Lin nodded. "We already hold about 14.5% of the company. Our target is 20%, so we need roughly another 1 million shares. Since institutions are starting to enter, follow our plan—buy aggressively at HK$18. Sweep up everything below that. Let the others chase above HK$18."
"Yes, Mr. Lin."
Orders were dispatched across the four trading halls, and Baisheng Securities' traders began aggressively buying at HK$18. Within moments, Cangjiang Industries' price shot above the HK$18 mark.
Then Baisheng stopped pushing higher and instead placed massive buy orders right at HK$18, absorbing any shares offered at that level but refusing to chase higher.
"Mr. Lin, Manager," the staffer reported minutes later, "we've just bought about 800,000 shares around HK$18. There's still a heavy wall of sell orders at this level—around HK$7 million worth."
"So that's roughly 1.9 million shares total," Lin said, satisfied. "We're close to our goal. Keep buying at HK$18, but don't waste capital driving it higher. If we can hit 20% ownership, great; if not, being close is good enough."
He paused, then added, "However, don't let the price fall below HK$18. Keep HK$50 million ready for support. If sell orders exceed that, don't intervene—let it drop. Just report to me immediately."
In Lin's previous life, Cangjiang Industries had grown into a company worth more than HK$200 billion, but that didn't mean it was a top-tier firm right now. The company still lacked significant land holdings, so its real value wasn't that high yet.
And now that Lin himself had re-entered this world, it was uncertain whether Li Jiacheng could still acquire Hutchison Whampoa or enjoy the same smooth rise as before.
Given that, Lin refused to overvalue Cangjiang. Paying a 10–20% premium was fine—but 50% or double? That would be foolish.