Today I was forced to liquidate my positions, and even my initial margin wasn't preserved. I truly have no ammunition left. I hesitated for a long time before writing this, and I had stopped updating for a while because the losses had drained my energy. My stock holdings are now zero, and I gave everything I had to hold the line.

Seeing all the rumors and everyone's messages, from those offering crowdfunding, to those wanting to send money, to those burning incense and praying for me, I suddenly realized just how many people genuinely care about me. I had never truly noticed this before, and it's humbling. I always felt I had many enemies, which reflects my clear conscience throughout this journey. Many industry chain players contacted me, and various companies sought to monetize my platform, yet I held fast to my integrity. Now that kindness has become the fuel for me to persevere and reignite my fighting spirit. First and foremost, I thank you all for your support.

This short-selling campaign cost me three sleepless nights, carrying a pressure I've never experienced before. I was supposed to have a joyful National Day wedding, but facing this ordeal beforehand has been indescribably painful. Even now, typing this in an air-conditioned room, my palms sweat at the thought of it.

For those worried I might do something drastic, rest assured, I will never give up. He who would wear the crown must bear its weight. Before deciding to go all-in, I had already accepted the possibility of total ruin in pursuit of a breakthrough. To achieve something, you must bear its cost. This is what I often tell confused students and friends: the distribution of societal wealth follows a law akin to the conservation of energy. Your income will always correspond to your efforts, and society has hidden rules to uphold this principle. If someone escapes this law, they're usually blocked by legal constraints. The efforts you make now may not yield immediate returns, but if your path is right and serves society's needs, success will eventually come. During major setbacks, I calm myself with books, especially biographies, to see how those more accomplished than me overcame their trials. My difficulties pale in comparison to theirs, and through books, it's as if I converse with them face-to-face, drawing on their strength.

I have much to say about the structural flaws in this system. The delivery mechanism allows capital to corner the market without restraint, which feels utterly unjust. I consulted many people this time, including major players and private equity funds, and everyone was short. So who could be the counterparty? That explains how such an independent market move could occur so recklessly.

This failure has dealt my confidence a heavy blow, yet it's only in facing such hardship that I've come to realize what is truly precious in life. In this profession, I carry the awareness of death at all times, so I had set aside some money with my girlfriend as a safety net for total ruin. This time, she's hurting too, but she hasn't once blamed me and even offered to give me that money for support. However, I won't touch it. No matter how extreme things get, there are lines I won't cross, and family is my bottom line. In those sleepless nights, watching her sleep beside me, I felt extraordinarily lucky and blessed in certain ways. My parents too, they make me feel fortunate and happy. Though I'm reeling from this setback, thinking of my girlfriend and parents, isn't that what life is all about? I know exactly what needs protecting and what is dispensable.

I won't be defeated by this hardship. As long as I draw breath, I'll rise again! Twenty years from now, my industrial company will be renowned in the industry, and along the way, I believe my trading career will see new highs. By then, you'll tell your children to read the story of the Board King. The rumors about my liquidation or debts are false. Anyone familiar with futures knows that if you don't add margin, the broker will close your position. Even in the worst case without action, you only lose your margin. The only way to owe money is if limit-up locks prevent liquidation, then a gap up sends the account negative. SC never hit limit-up throughout this. With the sudden overnight rally, replenishing margin or trimming positions the next day would have sufficed.

About the rumors of being hunted, as I mentioned above, everyone I asked was shorting, making most of us prey. You can guess who the hunter is. As for claims of thousands of contracts, the rumors are getting absurd. For the October contract, retail traders like me are only allowed 500 contracts, possibly due to broker restrictions anyway, so I couldn't exceed 500. At my peak, I had just over 490 contracts in October, and I was extremely cautious. When the basis widened from 30 to 40, I sensed the squeeze and switched to earlier contracts in advance. Those trapped in the October contract are probably not in my position.

I don't believe I've lost this battle. As long as I'm still at the table, there's a chance to turn things around. When prices rise, I've been adding margin; when they fall, I'll dare to pyramid my floating profits. I won't leave the table until my target price is hit. Though the pain is real, my fighting spirit remains undimmed. If you're reading this and feeling overwhelmed, trust yourself like I do, grit your teeth, and take a breath. Most things aren't as daunting as they seem. I hope my resilience can inspire you.

In the coming days, I'm heading home to prepare for my wedding as planned. On a brighter note, my grandmother has recovered, so the next half month won't be too hectic. If the chance arises, I'll take time to chat with you all properly. I've been writing this column for years without ever truly engaging with you.

In closing, I sincerely thank everyone for your care and affection. This blow has deepened my understanding of life. I will not be beaten. As the saying goes, when autumn arrives on the eighth day of September, I will bloom and all other flowers will wither. Even if my autumn comes late, I'll hold on until it arrives. I, the Board King, am still a rising sun. My brightest moment hasn't come yet. I can be destroyed, but I will never be defeated.