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No Plagiarism!XENP0tamjY0cQwD8LnnVposted on PENANA 《黑武士》Ch-068964 copyright protection299PENANAWdn4faix3P 維尼
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吕易按兵不動。8964 copyright protection299PENANABME31o9OzT 維尼
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徐天澤對於《斯坦利法》不可能視而不見,只不過他採取了更為徹底的辦法8964 copyright protection299PENANAOlwHrFgtEZ 維尼
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就是直接向國際法庭起訴,指控《斯坦利法》違反了國際《反壟斷法》!8964 copyright protection299PENANAL3lXVGPa4H 維尼
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8964 copyright protection299PENANAvWIetyqESu 維尼
這招兒可說是釜底抽薪之計,8964 copyright protection299PENANAyOVg7FvWxV 維尼
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8964 copyright protection299PENANAb36uoE7Zr7 維尼
因為所謂的《反壟斷法》(也有國家叫《反托拉斯法》、《反不正當競爭法》、《公平交易法》),號稱是「經濟領域的憲法」,它高於其它與經濟相關的法律。8964 copyright protection299PENANAfuj78vW9gR 維尼
303Please respect copyright.PENANAhOYdQyoBe4
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如果《斯坦利法》真的違反了國際《反壟斷法》,就會被判無效。8964 copyright protection299PENANAGkWRkYI2dG 維尼
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經過了漫長訴訟,8964 copyright protection299PENANAxwzUvgBDhW 維尼
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國際法庭最終支持了天澤化工,正式判決《斯坦利法》無效。8964 copyright protection299PENANA0iCZ2LyDxE 維尼
303Please respect copyright.PENANAEzvSUV5Xx6
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從此以後,《斯坦利法》將不復存在,斯坦利集團也將適用當地的《公司法》。8964 copyright protection299PENANAoIwEiKGqYt 維尼
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這樣的話,8964 copyright protection299PENANAs7G22xOyKx 維尼
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只要持股比例達到75%,就能控股斯坦利集團,官股便不再是障礙。8964 copyright protection299PENANArOih7m0Kfs 維尼
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這時大家才明白,8964 copyright protection299PENANAMD8UQL5B4C 維尼
303Please respect copyright.PENANAPK1AJWqUHl
8964 copyright protection299PENANAU5IfMTTDgC 維尼
徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection299PENANAG0wM0qtduC 維尼
303Please respect copyright.PENANA7cRwxRiXfN
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原來是打一開始就鐵了心要給官股來個釜底抽薪,8964 copyright protection299PENANAKTgkzOYIXR 維尼
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而且還真給它「抽」成了,這超出了市場所有人的預期。8964 copyright protection299PENANA6eZyCec1fs 維尼
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誰都知道,《反壟斷法》官司超不好打,訴訟難度高,又曠日費時,因為它動輒涉及一個法條甚至整部法律的存廢,茲事體大,非同小可。8964 copyright protection299PENANApVgpzre6yS 維尼
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所以此前沒人認為國際法院會為一家企業槓上當地政府和立法機構,市場幾乎一邊倒地看衰天澤化工這場官司,否則,也就不會引來那麼多空頭了。8964 copyright protection299PENANAcL42zA7ga7 維尼
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很顯然,徐天澤對法律的理解和對規則的運用,8964 copyright protection299PENANAyUKLw8ME57 維尼
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比市場的一般認知要高出一籌。8964 copyright protection299PENANAUg399JK7Sh 維尼
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照理說,這應該引起空方的警惕了,可接下來市場空頭們的行為卻令人感到奇怪,他們不僅沒有就此收手,反而繼續加碼做空大眾。8964 copyright protection299PENANAfquNWVEJa0 維尼
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空頭們之所以會這麼做,則是因為當地的另一部法律——《證交法》。8964 copyright protection299PENANAyxupCqHsqW 維尼
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該法規定,通過買入股票對一家上市公司持股超過30%之後,如再增持便屬要約收購,必須公告。8964 copyright protection299PENANAdRnbdNvWtt 維尼
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8964 copyright protection299PENANA2t8gvQlVk0 維尼
天澤化工雖然通過打官司廢了《斯坦利法》,但卻躲不過《證交法》,它恰恰符合了要約收購的條件。就在打贏官司的時候,天澤化工對斯坦利集團的持股剛好是31%,這意味著今後它每走一步都得攤在陽光下,處在空方的注視下。8964 copyright protection299PENANAqKvdehUa63 維尼
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而對於空方來說,天澤化工此時距離控股斯坦利集團所要求的75%還路途遙遠,空方尚有足夠的時間,完全可以靜觀其變、相機離場。8964 copyright protection299PENANABhQhMXVB8G 維尼
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他們心裏非常有底: 反正你在明處我在暗處,誰怕誰呀?8964 copyright protection299PENANAH3xmd6uiBv 維尼
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吕易依然按兵不動。8964 copyright protection299PENANA8qeKiIrUzq 維尼
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空方之所以有恃無恐,是因為他們認為有雙保險,就算天澤化工贏了反壟斷官司,也只是第一步,要達到最終目標還得靠買股票。8964 copyright protection299PENANAYqObP4MLNe 維尼
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要知道,通過在公開市場上買股票來收購一家上市公司,那可是件特別複雜的事,過程中充滿了變數,隨時都可能功虧一簣。8964 copyright protection299PENANA11I2wlMGVx 維尼
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只要天澤化工稍有閃失,就可能導致收購失敗,屆時空方大賺其錢的機會不就來了嗎?8964 copyright protection299PENANA4pDpojVuZc 維尼
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當然,如果市場對於天澤化工會成功收購的看法佔了上風,斯坦利集團股價就會快速上漲,空方也有被軋空的風險。8964 copyright protection299PENANAQCUfIER7Zk 維尼
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但空方此時顯然非常自信,他們覺得,比起自己被軋到,天澤化工收購不成的風險可要大得多。8964 copyright protection299PENANAgs66vniIfr 維尼
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果不其然,當天澤化工持有斯坦利集團的倉位增加到42.6%之後,這個數字就再也不往上漲了。8964 copyright protection299PENANAXFFuT3tlvO 維尼
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市場上便紛紛傳言天澤化工的收購行動碰到了障礙,於是,放空斯坦利集團的融券餘額便開始大幅飆升,8964 copyright protection299PENANAz4wyMMqZvH 維尼
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達到最高峰時,放空斯坦利集團的空單總量竟然是流通盤的13%,8964 copyright protection299PENANAfuWysf5Peu 維尼
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這在當地DAX30指標股中,可是從來沒有過的(斯坦利集團股價記入DAX30指數)。8964 copyright protection299PENANAhC7EnoC9dn 維尼
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做空大眾的各大對沖基金已經開始瘋狂起來。8964 copyright protection299PENANAQrCjeurwrN 維尼
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當地的股票交易所也像大部分發達國家的股市一樣,都有期權交易(即option right,也有譯為「選擇權」的),它分為買權和賣權。8964 copyright protection299PENANAgPXu51Nwc7 維尼
303Please respect copyright.PENANAAs1zmW75i0
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就買權而言,買入買權的一方向賣出買權的一方支付權利金,他就有權在到期日按雙方約定的價格買入股票,而賣出買權的一方則收到權利金,他就有義務在到期日按雙方約定的價格賣出股票。8964 copyright protection299PENANAstXvqXwr6m 維尼
303Please respect copyright.PENANAx49b56hq0J
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如果屆時市場股價低於雙方約定的價格,買方可以選擇不行權,賣方就沒收權利金。8964 copyright protection299PENANAnsstyCbUWA 維尼
303Please respect copyright.PENANAE1cIuVWebJ
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反之,如果屆時市場股價高於雙方約定的價格,買方一定會選擇行權(因為有錢賺嘛),賣方就必須履約。8964 copyright protection299PENANA1z3fP9W5Vy 維尼
303Please respect copyright.PENANAhpNND0DBc3
8964 copyright protection299PENANA6Sdx0NxGnr 維尼
由於權利金只相當於股票全部價款很小的一部分,所以期權交易實質上是一種槓桿交易,也就是一種融資行為。8964 copyright protection299PENANAgV9iaJox4j 維尼
303Please respect copyright.PENANAyOeLk1puHA
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*重點:8964 copyright protection299PENANAYjyT3jaesW 維尼
303Please respect copyright.PENANAenY7PoyD9p
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當地的股票交易市場在期權交易上有一項極特殊的規定,即如果買入買權的一方是按全額價款支付權利金,也就是說不使用融資槓桿,便可自行決定何時公佈期權倉位,而不管其已經持有了該公司多少股份。8964 copyright protection299PENANAjNA5UNYE4J 維尼
303Please respect copyright.PENANAdD4JYXY1fa
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303Please respect copyright.PENANAtULemAUfiL
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303Please respect copyright.PENANAeo2LTCF8Rc
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303Please respect copyright.PENANAAJGDWM8D5T
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303Please respect copyright.PENANAcwfqo8ZZpK
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天澤化工在持有斯坦利集團的股份比例達到42.6%之後,便不再買入現股,改為持有斯坦利集團期權的買權,而且是支付全額現金,不使用融資槓桿。8964 copyright protection299PENANAvJeVYsE5Uj 維尼
303Please respect copyright.PENANAxwsMFeqN2Y
8964 copyright protection299PENANANLnc0oNJTE 維尼
*根據上述交易規則,天澤化工可以不公佈這部分倉位,當然它也的確沒公佈。於是,空方便一直以為天澤化工的斯坦利集團倉位仍然只有42.6%,這距離控股所要求的75%還遠著呢。8964 copyright protection299PENANALQ9uKDAcIM 維尼
303Please respect copyright.PENANAGvmSr67pEH
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303Please respect copyright.PENANA6sHNAhmSwG
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303Please respect copyright.PENANALXSlvU4lK5
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303Please respect copyright.PENANA1lajnFyMEi
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303Please respect copyright.PENANAqHzQdzoRko
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303Please respect copyright.PENANAC78mbiFMvT
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303Please respect copyright.PENANA8Dw0UKq0Uo
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*徐天澤正是利用了這項規則8964 copyright protection299PENANAK9EaTzrhOi 維尼
303Please respect copyright.PENANAwGVibnk4nd
8964 copyright protection299PENANALW3u6w5AwN 維尼
殊不知,天澤化工早已悄悄鎖定了31.5%的斯坦利集團流通股買權,加上已持有42.6%的現股,天澤化工持有斯坦利集團的總倉位已達到了總股本的74.1%,再算上那不能流通的20.1%的官股,理論上,未來可交易的斯坦利集團股票已經只剩總股本的5.8%了。8964 copyright protection299PENANAkQFnFXfP7g 維尼
303Please respect copyright.PENANAjB1KYRIyyf
8964 copyright protection299PENANAHqfcUsFIrL 維尼
這種狀況只有天澤化工自己知道,外界,尤其是那些放空斯坦利集團的人,是不知道的。如前所述,此時斯坦利集團的空單總量已經高達流通盤的13%,這相當於總股本的10.4%,也就是說,未來可交易的股票數量已經少於空單總量,即便這些股票全部讓空頭們買走,他們也軋不平帳戶,因為還有4.6%的股票不知該上哪淘換去呢。8964 copyright protection299PENANAfXFBooqBM2 維尼
303Please respect copyright.PENANAa6I5QsL6zU
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至此,軋空局面已完全成形,而空頭們還蒙在鼓裏。8964 copyright protection299PENANAEuMBeTl1uH 維尼
303Please respect copyright.PENANAhhBdqSYPYD
8964 copyright protection299PENANA1ZJs4GV7le 維尼
軋空(英語:short squeeze),又稱逼空、空頭擠壓,是股市術語之一,主要因市場供求關係,而非公司基本面變化而發生。 當做空者被迫平倉(清空頭寸)而不斷買入標的股票時,市場上出現股票的需求量遠超過市面流通量情況,因供應不足而導致價格陡升現象發生時,可能出現軋空。8964 copyright protection299PENANApddmChGIdZ 維尼
303Please respect copyright.PENANAR7r6GrVVSb
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303Please respect copyright.PENANAIy6E5EKtYI
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303Please respect copyright.PENANAb0pFpltT4E
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303Please respect copyright.PENANAu50LnRKqfR
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303Please respect copyright.PENANARnuuQosCok
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303Please respect copyright.PENANA0LSGgOSLTq
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303Please respect copyright.PENANAU6lf6kbnml
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303Please respect copyright.PENANAly34vK5opd
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這是一種極端狀態的軋空。由於當地的股票交易市場不可以無券放空,一旦股價高於空方成本,而空方手中又無券追加,就只能回補空單、認賠離場。這時,如果可交易的股票少於空單總量,理論上股價便可以飆到無限高。因為空頭下單之後,不像多頭可以選擇行權或不行權,空頭只有履約交割的義務,一旦被軋,即使股價再高也要虧錢買股、全數繳回。8964 copyright protection299PENANA2J2m9cSAaf 維尼
303Please respect copyright.PENANAMWtQWuCGAB
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*所以,在類似這樣不能無券放空的市場,期權空頭的風險可以是無限大的。8964 copyright protection299PENANAkRfJZ4Q1rj 維尼
303Please respect copyright.PENANAWcCkQfPVNb
8964 copyright protection299PENANApr5nDuC4rh 維尼
*此時,那些放空斯坦利集團的對沖基金就被置於這巨大的風險之中而不自知。8964 copyright protection299PENANAhZI2JudMnq 維尼
303Please respect copyright.PENANAkagujrqcJJ
8964 copyright protection299PENANAj3OJaNN4m8 維尼
*徐天澤巧妙地利用了期權交易的特殊規則,成功地把自己從明處轉到了暗處,在只有他自己才知道市面上未來可交易的斯坦利集團股票還剩多少的情況下,它只需根據每天都會公佈的空單餘額數據,就能知道軋空在哪一天形成。8964 copyright protection299PENANAkwdQJ8TNUc 維尼
303Please respect copyright.PENANAX8tW1JMpFS
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*這時主動權已經完全掌握在徐天澤手中,他可以任意選擇出手的時機。8964 copyright protection299PENANA6jpqkw2Yhe 維尼
303Please respect copyright.PENANAh42x1ienHz
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303Please respect copyright.PENANAgD7SPlPeG4
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303Please respect copyright.PENANA9XaABka0dI
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303Please respect copyright.PENANAyxy7jD5R2X
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吕易依然按兵不動?8964 copyright protection299PENANAjETAknzAVZ 維尼
303Please respect copyright.PENANAYzGeGgkHgj
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303Please respect copyright.PENANArDJU7XnpZs
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303Please respect copyright.PENANAC6pqGsHYnk
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303Please respect copyright.PENANApL3sMZntED
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斯坦利集團的空單餘額達到了最高峰——流通盤的13%。8964 copyright protection299PENANA077sUaaM2G 維尼
303Please respect copyright.PENANAGQwCwOeXRW
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徐天澤把出手的時機選在了三天後的星期天,股市不交易,誰也無法搶先採取行動。8964 copyright protection299PENANAAa2a9IvqSo 維尼
303Please respect copyright.PENANAOLZaRu9gYJ
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當徐天澤對外公佈持有斯坦利集團的總倉位(包括買權倉位),8964 copyright protection299PENANA0RK2T9Wl0u 維尼
303Please respect copyright.PENANAZQhm0hb1CM
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所有參與「空眾」的基金經理們都覺得這是他們一生中最難過的一個周末,8964 copyright protection299PENANA7hVScf5GiL 維尼
303Please respect copyright.PENANA9cdvbHob5v
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每個人都徹夜難眠,8964 copyright protection299PENANApNB8WiMdP9 維尼
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因為他們完全可以想像得到第二天開盤後會是怎樣一種景象。8964 copyright protection299PENANAFMYbTXrDKj 維尼
303Please respect copyright.PENANAQo0Cz6xcOo
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第二天一開盤,8964 copyright protection299PENANAMWh9V8oPUA 維尼
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當地的股票交易市場便爆發史上最大的一波軋空!8964 copyright protection299PENANA05aA9m40RI 維尼
303Please respect copyright.PENANAEel0vmyodd
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凡是放空斯坦利集團的機構,誰也不想被甩在那即將無券可補的4.6%里。8964 copyright protection299PENANABwuTBK1cqi 維尼
303Please respect copyright.PENANA6aAntuwXx1
8964 copyright protection299PENANAzv45CpDCEg 維尼
空頭們為了搶先平倉,只好瘋搶股票,即使是比當初放空時高幾倍的股價,也在所不惜、忍痛回補。8964 copyright protection299PENANAD5EvyA8xV4 維尼
303Please respect copyright.PENANAqXNVlG85ZB
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這就是股市上的「奪門而出、互相踩踏」,只不過這種「踩踏」不是把股價往下砸,而是向上頂。8964 copyright protection299PENANA5TLdv6W35p 維尼
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拜其所賜,斯坦利集團股價兩天內就飆漲了500%!8964 copyright protection299PENANA6SXYBSwVZ7 維尼
303Please respect copyright.PENANA2Eb5lMHwqs
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從1722.36元飆到8654.85元!!!!!8964 copyright protection299PENANA8By3yGBVYk 維尼
303Please respect copyright.PENANAwPpoGWP1Nx
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在這短短的兩天,8964 copyright protection299PENANAyQcQ11V3D4 維尼
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斯坦利集團成為了全球市值最大的公司,算是創造了歷史奇蹟。8964 copyright protection299PENANApVsuZIJW70 維尼
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「空眾」的避險基金們卻至少虧損了幾百億,真是冰火兩重天啊。8964 copyright protection299PENANABc1TL9m5TA 維尼
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