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shanghai car plate quota bidding round 1 - failed

the bidding starts at 10am on sat. may 16. it has two stages.

the first stage is from 10am to 11am. on first stage, you are free to offer your ideal bid, from 100 yuan to any amount above. you got one chance only. if you place your bid, you are in this bidding and need pay 100 yuan fee, no matter you won or not. you can do the math, around 16K bidders, add up 1.6 millions. it is a gold business. for the first 50 minutes, the low offer stays at 100 yuan, but jumps sharply afterward. when the first stage ends, the lowest bid is 27000 yuan.

the second stage is from 11am to 11:30am. now you can proceed only if you place your bid on the first stage. the system tells you the current lowest bidding price. you can adjust your bid within the range (+/-300 yuan on lowest system bidding price), and you have 2 chances to adjust and bid. for the first 29 minutes, it stays very stable around 27500. if you place your bids now, you will lose for sure. again, the price jumps quickly in the last minute, and ends up by 28500 yuan.

I placed 28500 yuan in last seconds, but lost because I was beat by others. for this may, the lowest bid is 28500, placed at 11:29:34. the average is 29100 yuan. total 16471 bidders for 7200 car plate quotas.

sounds crazy? while you can buy a car at 100K, you need pay 30K for a car plate.

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