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吕易按兵不動。8964 copyright protection247PENANAYBA1mcrXAe 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 protection247PENANAlCiMT3RX7F 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 protection247PENANAX82aV4E3Ga 維尼
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這招兒可說是釜底抽薪之計,8964 copyright protection247PENANAnwN7jLPv61 維尼
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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 protection247PENANANZMquTTXwN 維尼
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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 protection247PENANADbmijoFnaC 維尼
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經過了漫長訴訟,8964 copyright protection247PENANAXhJUUnkWBp 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 protection247PENANAXayh9qY1lD 維尼
251Please respect copyright.PENANA1Anx1RIsY5
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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 protection247PENANA9VSa6JRYwK 維尼
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這樣的話,8964 copyright protection247PENANAaozAhWeGFs 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 protection247PENANAM0kD0vijQ0 維尼
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這時大家才明白,8964 copyright protection247PENANALPoGfqo5sG 維尼
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徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection247PENANAoZjWyH4ekr 維尼
251Please respect copyright.PENANA5PXRPY4GfK
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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 protection247PENANArmgXSGKtqI 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 protection247PENANABcXZT1p21K 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 protection247PENANARn3R8gRgEy 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 protection247PENANAIQDnucUO00 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 protection247PENANATCQu1Gs87d 維尼
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比市場的一般認知要高出一籌。8964 copyright protection247PENANAoEP1JZKVzt 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 protection247PENANAfwtGOMIIYn 維尼
251Please respect copyright.PENANAWpCsKBLlcZ
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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 protection247PENANARMhfgYeMxY 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 protection247PENANA32rgVOug63 維尼
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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 protection247PENANAAT3HNRDzpz 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 protection247PENANAHMORgg8poS 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 protection247PENANAdYJmsUQRPv 維尼
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吕易依然按兵不動。8964 copyright protection247PENANA1XCuxLfNgd 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 protection247PENANAdqPlRVYhou 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 protection247PENANAntBlDzWZPZ 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 protection247PENANAmxzkhLiYqg 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 protection247PENANA8nr7ekBB4U 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 protection247PENANAgymWXpbBCl 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 protection247PENANAzidxkzIRmC 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 protection247PENANACdeReUryHu 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 protection247PENANAx8SoyfolEB 維尼
251Please respect copyright.PENANAsLKpKx2WS6
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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 protection247PENANA08Sm7orT6L 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 protection247PENANAYs6DSiDx78 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 protection247PENANAci9j8K4bsu 維尼
251Please respect copyright.PENANALTanTJVvqC
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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 protection247PENANAzbirpkBcq8 維尼
251Please respect copyright.PENANAexiaDO0seL
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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 protection247PENANArM7qvrqZNp 維尼
251Please respect copyright.PENANAggmSSi4DjX
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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 protection247PENANAylE8E9HJhO 維尼
251Please respect copyright.PENANA4y21SgqF3c
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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 protection247PENANArCkyLxuumN 維尼
251Please respect copyright.PENANAzpvSV4XUY2
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*重點:8964 copyright protection247PENANADOOwSa6qfr 維尼
251Please respect copyright.PENANAqvqNWOUSiN
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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 protection247PENANA7kJf6vuQyl 維尼
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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 protection247PENANAHmAFaN3t6v 維尼
251Please respect copyright.PENANAEJDixgaXyJ
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*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 protection247PENANAan2moecEju 維尼
251Please respect copyright.PENANAlBiPs9AQzV
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251Please respect copyright.PENANArvyDJVssdp
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*徐天澤正是利用了這項規則8964 copyright protection247PENANA2NdfCIQZap 維尼
251Please respect copyright.PENANAkgKVM8zjXe
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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 protection247PENANAA1TRg5Ppzw 維尼
251Please respect copyright.PENANAzUjnJWmWsX
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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 protection247PENANAuezf79HgR7 維尼
251Please respect copyright.PENANA36Z35HnuVv
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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 protection247PENANALNGKK9VFg6 維尼
251Please respect copyright.PENANA6YiCZtr7e6
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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 protection247PENANAhnf2poc0Br 維尼
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251Please respect copyright.PENANAFJllH2SgF2
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251Please respect copyright.PENANAq9zCCbbfpl
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251Please respect copyright.PENANA99yhVyeMLz
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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 protection247PENANApB5oy3OPvZ 維尼
251Please respect copyright.PENANA3mYt67JBYk
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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 protection247PENANAa5RjoTzDUA 維尼
251Please respect copyright.PENANAl792G7VLPd
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*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 protection247PENANAD266xEMZKM 維尼
251Please respect copyright.PENANAZnZaiiJqyY
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*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 protection247PENANASwbCFgn49v 維尼
251Please respect copyright.PENANACpTerBKGnC
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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 protection247PENANAyda0tRecX9 維尼
251Please respect copyright.PENANAmCa18jOY7V
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吕易依然按兵不動?8964 copyright protection247PENANAoCK6cV6FUa 維尼
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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 protection247PENANAHiLC6KxJsC 維尼
251Please respect copyright.PENANAeWTnOCcaSZ
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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 protection247PENANAAhz2YMJo1j 維尼
251Please respect copyright.PENANASCKpgI4FeX
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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 protection247PENANApw9tFl7jQs 維尼
251Please respect copyright.PENANALc0Rk7dIux
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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 protection247PENANAMqojCm4ayS 維尼
251Please respect copyright.PENANA7mLmsYTXNe
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每個人都徹夜難眠,8964 copyright protection247PENANA7pgDy6a6IS 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 protection247PENANAC2cJ8NnNLU 維尼
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第二天一開盤,8964 copyright protection247PENANAISlVyAckks 維尼
251Please respect copyright.PENANAZLGIXs97bN
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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 protection247PENANAT0LqZyNnXM 維尼
251Please respect copyright.PENANASt6gSoeb9v
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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 protection247PENANAIYZtR2yNdG 維尼
251Please respect copyright.PENANAvcyuZyJbyq
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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 protection247PENANAxBAI8pnwzA 維尼
251Please respect copyright.PENANA5XrWihtrp4
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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 protection247PENANA6eXZmdDh8A 維尼
251Please respect copyright.PENANArCMtCvHBmr
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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 protection247PENANA2rLLgzsnEJ 維尼
251Please respect copyright.PENANA59qxu6Q3Ow
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從1722.36元飆到8654.85元!!!!!8964 copyright protection247PENANA0hKt7svse8 維尼
251Please respect copyright.PENANAeyTOMfuFWx
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在這短短的兩天,8964 copyright protection247PENANAEo4HUXiXzA 維尼
251Please respect copyright.PENANAC43OU4Wfy8
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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 protection247PENANADBtEGQTaVv 維尼
251Please respect copyright.PENANAQ2xsXUQtjK
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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 protection247PENANA3pEcnwtlhW 維尼
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