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No Plagiarism!2LwXJZbo0Dr9BNOYDH5Zposted on PENANA 《黑武士》Ch-068964 copyright protection191PENANA2MDtF4IIvo 維尼
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吕易按兵不動。8964 copyright protection191PENANAMVf0tvyF9S 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 protection191PENANAkVDAEN1Pyz 維尼
195Please respect copyright.PENANACTjxNPiEUI
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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 protection191PENANARtS7iIWEVw 維尼
195Please respect copyright.PENANA2wH56LLF5h
8964 copyright protection191PENANAFEula0nQGr 維尼
這招兒可說是釜底抽薪之計,8964 copyright protection191PENANARJZwY6H8eB 維尼
195Please respect copyright.PENANAMogM01ZRHF
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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 protection191PENANA1ZZIcGQIzf 維尼
195Please respect copyright.PENANAKESYfU7RnO
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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 protection191PENANAXFisJIPqdB 維尼
195Please respect copyright.PENANAJb8ZTzDqfz
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195Please respect copyright.PENANAXiOHQa9ZY2
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195Please respect copyright.PENANAuCHvCsd1KJ
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195Please respect copyright.PENANACneQRSAx8v
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195Please respect copyright.PENANAxANVKAfVZR
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195Please respect copyright.PENANAlOVPgT5wYO
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經過了漫長訴訟,8964 copyright protection191PENANAybuAuNSnL1 維尼
195Please respect copyright.PENANASW4KBTrlO7
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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 protection191PENANAZq0jg9MhQv 維尼
195Please respect copyright.PENANAHrpARZjV9c
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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 protection191PENANAWdb6UcGEzs 維尼
195Please respect copyright.PENANAg4BIyD0Vah
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這樣的話,8964 copyright protection191PENANAFHdLxooaDu 維尼
195Please respect copyright.PENANAjNM8zXnmsQ
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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 protection191PENANARSmQCGvGgu 維尼
195Please respect copyright.PENANAVAFc1ayL2T
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195Please respect copyright.PENANAtilVnZXHOB
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195Please respect copyright.PENANA2fk5Zr7fwa
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195Please respect copyright.PENANAl9bcbZVhBf
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195Please respect copyright.PENANA0R5r7klFUf
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195Please respect copyright.PENANAYg40M5mv4u
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這時大家才明白,8964 copyright protection191PENANAPZKUH3rZG4 維尼
195Please respect copyright.PENANAboPiXHdxol
8964 copyright protection191PENANAsPamaDjp4N 維尼
徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection191PENANAZwhmdtEqL2 維尼
195Please respect copyright.PENANAlIpT3NTZ1b
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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 protection191PENANAQ1iJ9adJDS 維尼
195Please respect copyright.PENANA3nH9JhQGol
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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 protection191PENANA7do3elBHE3 維尼
195Please respect copyright.PENANAv2dAm8gq9c
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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 protection191PENANAsVES92rDGi 維尼
195Please respect copyright.PENANAEOJ3ihvo4S
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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 protection191PENANADBhqfygQGx 維尼
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195Please respect copyright.PENANA4oknELWQ5A
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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 protection191PENANAe8sBcCN4hM 維尼
195Please respect copyright.PENANAWoGdMM3gBk
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比市場的一般認知要高出一籌。8964 copyright protection191PENANArVuasdl752 維尼
195Please respect copyright.PENANASUago47ZXa
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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 protection191PENANAsUQXdS7oIG 維尼
195Please respect copyright.PENANAokrvkJ9ILt
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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 protection191PENANALMSLPS8vXt 維尼
195Please respect copyright.PENANAoLZFFCg3bE
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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 protection191PENANAn7mU5LRtyb 維尼
195Please respect copyright.PENANA9O8pmC5dbp
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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 protection191PENANA3qmdUs3V76 維尼
195Please respect copyright.PENANAEF3zo9oRqg
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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 protection191PENANA7RK2JhCMCQ 維尼
195Please respect copyright.PENANAmYnjuBMgic
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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 protection191PENANAJekIDN4tGz 維尼
195Please respect copyright.PENANAzTh9dkL5fo
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195Please respect copyright.PENANAf8nkfx07Hw
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吕易依然按兵不動。8964 copyright protection191PENANAZonnR9N6mU 維尼
195Please respect copyright.PENANAKaARuisAon
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195Please respect copyright.PENANABCjeKfx5Mn
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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 protection191PENANAKMDsN3kGh3 維尼
195Please respect copyright.PENANAmoXPbqqoIC
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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 protection191PENANAFdooEmXe9C 維尼
195Please respect copyright.PENANAhEcJaj6Gy9
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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 protection191PENANAM2gUlHV76B 維尼
195Please respect copyright.PENANAC0FW0UFtEL
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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 protection191PENANA4iXDIDj6zM 維尼
195Please respect copyright.PENANARrTXYsdg7f
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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 protection191PENANAac9MoUCWSD 維尼
195Please respect copyright.PENANAuCfEQwCVia
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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 protection191PENANAnbjrb4yT0e 維尼
195Please respect copyright.PENANAjRZUIuPkUw
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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 protection191PENANAqjAHyE7mYG 維尼
195Please respect copyright.PENANA8CIqcNdbAD
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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 protection191PENANAMA0ZQAIDY3 維尼
195Please respect copyright.PENANAofQcPxIUUT
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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 protection191PENANAuG5FdMp1dj 維尼
195Please respect copyright.PENANAukzYfqADNm
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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 protection191PENANAJzTqIaxpJ0 維尼
195Please respect copyright.PENANAuCkitNfXc1
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195Please respect copyright.PENANAH0nPftDdXz
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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 protection191PENANAAuGEW8hdrN 維尼
195Please respect copyright.PENANA1l2ERPbpIp
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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 protection191PENANAWRogKR2Al6 維尼
195Please respect copyright.PENANAUlrsgMo74F
8964 copyright protection191PENANAFrTTk0GJU4 維尼
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 protection191PENANAOMiWOhnID7 維尼
195Please respect copyright.PENANAzewO7lLIfz
8964 copyright protection191PENANA6xWumuBFXQ 維尼
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 protection191PENANAzEKeHLCwWu 維尼
195Please respect copyright.PENANA4iwa7glneK
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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 protection191PENANAD4SE8ZRyNB 維尼
195Please respect copyright.PENANAvkAjrPHgXz
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*重點:8964 copyright protection191PENANABT7i7IuarD 維尼
195Please respect copyright.PENANAE2nM1H8wfI
8964 copyright protection191PENANARPXSY9SPaw 維尼
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 protection191PENANAfhPT7AKvIh 維尼
195Please respect copyright.PENANA6zm1TGjJRk
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195Please respect copyright.PENANAnxnqO5vSu7
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195Please respect copyright.PENANAdGHvz1RGgD
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195Please respect copyright.PENANAo41cNVcQES
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195Please respect copyright.PENANANMGYydvKJG
8964 copyright protection191PENANAtHKL7KPYfe 維尼
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195Please respect copyright.PENANAvaVYBqQMXF
8964 copyright protection191PENANAr5a5NEzx2e 維尼
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195Please respect copyright.PENANAeFdlWCsvP8
8964 copyright protection191PENANAdt3KMdagTV 維尼
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195Please respect copyright.PENANAnpiH9vnQ62
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195Please respect copyright.PENANAttd3tPikuu
8964 copyright protection191PENANAlq8vpsqjWB 維尼
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195Please respect copyright.PENANAmfBHNeUl5D
8964 copyright protection191PENANAT5ZTU7fXdF 維尼
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 protection191PENANAVuAemPRG9j 維尼
195Please respect copyright.PENANAqLrgJUlhvI
8964 copyright protection191PENANARkR0Yag25q 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 protection191PENANAdyMca3wxxS 維尼
195Please respect copyright.PENANAyfR19zHzRc
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195Please respect copyright.PENANATK2KfvazlD
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195Please respect copyright.PENANA8dXgvsEgOr
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195Please respect copyright.PENANAIbQkXVN9sS
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195Please respect copyright.PENANAaVqfYSuW1w
8964 copyright protection191PENANApnK4UUVk9I 維尼
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195Please respect copyright.PENANAh1dnhzcLW1
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195Please respect copyright.PENANA8zCoDN4ibq
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195Please respect copyright.PENANAZttyUrAVdV
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195Please respect copyright.PENANAS0Mm9RJTKn
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195Please respect copyright.PENANA3F6cnVbBIz
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*徐天澤正是利用了這項規則8964 copyright protection191PENANAqjNvQ2BclG 維尼
195Please respect copyright.PENANAvfzU9O4SAj
8964 copyright protection191PENANAnu8okZ6JnC 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 protection191PENANAA8obkn5nvR 維尼
195Please respect copyright.PENANAkxg12aPUZX
8964 copyright protection191PENANA3mHZ6RqA0A 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 protection191PENANAnwKcC7FDN7 維尼
195Please respect copyright.PENANAWJzsIqWpEK
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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 protection191PENANA6u34gqgrL4 維尼
195Please respect copyright.PENANA2jRUOnqCEU
8964 copyright protection191PENANAPeqqBsmUYA 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 protection191PENANA2U2bCNJ4pb 維尼
195Please respect copyright.PENANAa6ZCc9hsoy
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195Please respect copyright.PENANApK9VuMhQd6
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195Please respect copyright.PENANAMAzSzzOf2j
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195Please respect copyright.PENANAn9aoQDeA2Z
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195Please respect copyright.PENANAtYrpwH0sl6
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195Please respect copyright.PENANAJxiLqjWd9O
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195Please respect copyright.PENANAZxsN6uFBvS
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195Please respect copyright.PENANA0vEiG1vbzv
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195Please respect copyright.PENANAwRLslkTUSR
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195Please respect copyright.PENANA3IZ46g2le4
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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 protection191PENANAoHa58onYx5 維尼
195Please respect copyright.PENANAmxeuyLqj9u
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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 protection191PENANAmsDwyzmAcC 維尼
195Please respect copyright.PENANApI34rApcxs
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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 protection191PENANAF0ddvdT5m8 維尼
195Please respect copyright.PENANAKZVnyYKFvA
8964 copyright protection191PENANA63ljfglo51 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 protection191PENANAsFyeQB4ub1 維尼
195Please respect copyright.PENANA429PREmuGP
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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 protection191PENANAgSWoeu6mhn 維尼
195Please respect copyright.PENANAHBEdJB1cGQ
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195Please respect copyright.PENANA1GEk5ul4By
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195Please respect copyright.PENANAVZDlepYzlW
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195Please respect copyright.PENANABecosA3Bon
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吕易依然按兵不動?8964 copyright protection191PENANAELNdRzVPa1 維尼
195Please respect copyright.PENANAZ5IYVIF35F
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195Please respect copyright.PENANAIS79b2BOKL
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195Please respect copyright.PENANAQLJ8Xb3EWz
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195Please respect copyright.PENANAjmNhGbNapC
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195Please respect copyright.PENANAAKqVdbecMW
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195Please respect copyright.PENANArnVkEbPrBA
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195Please respect copyright.PENANAOG8NbJ8yqV
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195Please respect copyright.PENANAXsTyxfOxwh
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195Please respect copyright.PENANA8Fbti95AJ2
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195Please respect copyright.PENANAW94Z7FQiwb
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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 protection191PENANAodL3t4iqOX 維尼
195Please respect copyright.PENANAtZ7JCZTlU8
8964 copyright protection191PENANAQ0nttBAATv 維尼
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 protection191PENANAvKHKMFdkDj 維尼
195Please respect copyright.PENANAHhZoZw5PR7
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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 protection191PENANAe8euzseRTF 維尼
195Please respect copyright.PENANAbtDKFPDF8q
8964 copyright protection191PENANAxZaGSdgDsh 維尼
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 protection191PENANAva41KLkHq8 維尼
195Please respect copyright.PENANADdhRsnxsRS
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每個人都徹夜難眠,8964 copyright protection191PENANAyuSwbqPmB4 維尼
195Please respect copyright.PENANAILUscvL4o0
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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 protection191PENANAiJJ9xeuCF8 維尼
195Please respect copyright.PENANAUCy5jB4CSF
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195Please respect copyright.PENANAjCAMy8faZu
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195Please respect copyright.PENANACue0Vk7qfy
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195Please respect copyright.PENANABt8E4GD3CB
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195Please respect copyright.PENANANRhVtDFXDq
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195Please respect copyright.PENANA0iDoVMemWU
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195Please respect copyright.PENANApSVeZHsG9i
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195Please respect copyright.PENANAiclysRCMmW
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195Please respect copyright.PENANAo1lylwRRbq
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195Please respect copyright.PENANAsrhgSBkjr8
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第二天一開盤,8964 copyright protection191PENANAgDzhRqwC0I 維尼
195Please respect copyright.PENANARbmgC7Yuvc
8964 copyright protection191PENANA3GvPR9KGXv 維尼
當地的股票交易市場便爆發史上最大的一波軋空!8964 copyright protection191PENANAucVFgDRafp 維尼
195Please respect copyright.PENANAkeS9dVQB4P
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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 protection191PENANALcMvo6EESH 維尼
195Please respect copyright.PENANAOOclTMzNcW
8964 copyright protection191PENANAia1LxI9KKb 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 protection191PENANA3HC8JNaSRw 維尼
195Please respect copyright.PENANAdP1oDV1k9f
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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 protection191PENANAOjjLVMLBde 維尼
195Please respect copyright.PENANALuE8QT15G0
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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 protection191PENANAn1H9sT0kt0 維尼
195Please respect copyright.PENANAq4nGB9nSFM
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從1722.36元飆到8654.85元!!!!!8964 copyright protection191PENANAdCxj5TEQf9 維尼
195Please respect copyright.PENANANLLlKhoGFc
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在這短短的兩天,8964 copyright protection191PENANAVrrtw9utpp 維尼
195Please respect copyright.PENANADI4kK2POoU
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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 protection191PENANA8M9tkbnGBE 維尼
195Please respect copyright.PENANAGR8vN7WJA2
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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 protection191PENANAvoZFI4UUpo 維尼
195Please respect copyright.PENANAitNDblrS3q
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195Please respect copyright.PENANAjxPKQhYJg9
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195Please respect copyright.PENANASXXG4TS9SP
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