No Plagiarism!SThGCy9vNvWa54No6Uztposted on PENANA 《黑武士》Ch-068964 copyright protection238PENANATzeJ9XwUmz 維尼
242Please respect copyright.PENANAeI5Bdy4jGB
8964 copyright protection238PENANArZf2Gm12Ri 維尼
……8964 copyright protection238PENANAcbinNv4hKD 維尼
242Please respect copyright.PENANA0s9SPGE2Ld
8964 copyright protection238PENANA9WWGFq9tGW 維尼
……8964 copyright protection238PENANA4UDWOeuqeG 維尼
242Please respect copyright.PENANAGCYEvAU8un
8964 copyright protection238PENANAOkNhMcxCSb 維尼
……8964 copyright protection238PENANAmrGyQFhsqv 維尼
242Please respect copyright.PENANASPCaYCvRFU
8964 copyright protection238PENANAxWGT7dc42j 維尼
吕易按兵不動。8964 copyright protection238PENANAR5vxbXRawY 維尼
242Please respect copyright.PENANAExmEw0q8YF
8964 copyright protection238PENANAVHs9C1KSST 維尼
……8964 copyright protection238PENANAAPBhoKGyd1 維尼
242Please respect copyright.PENANAzvkBQyFeL6
8964 copyright protection238PENANAc6dx0ojQWP 維尼
……8964 copyright protection238PENANAqvvQbx0wev 維尼
242Please respect copyright.PENANAH7Wvbdelz0
8964 copyright protection238PENANARjBKQcToXi 維尼
……8964 copyright protection238PENANAEGNZzLpOTD 維尼
242Please respect copyright.PENANAdjo30oHzYD
8964 copyright protection238PENANA5VIHFLQD1B 維尼
……8964 copyright protection238PENANAhWRBY6iSRx 維尼
242Please respect copyright.PENANAN2UDJ8XfP5
8964 copyright protection238PENANAYzHmEbKoiW 維尼
……8964 copyright protection238PENANAJbfIRKuuin 維尼
242Please respect copyright.PENANAUr2jH17oFE
8964 copyright protection238PENANABWVDKAmwvu 維尼
……8964 copyright protection238PENANAnDYjvuaVVT 維尼
242Please respect copyright.PENANAMzZ37pbX0l
8964 copyright protection238PENANAJfTtJYmwhQ 維尼
……8964 copyright protection238PENANA94dC3E23Il 維尼
242Please respect copyright.PENANAxPhWemMGXR
8964 copyright protection238PENANAbkaou1E4m3 維尼
……8964 copyright protection238PENANAttaxTSfXco 維尼
242Please respect copyright.PENANABCpDcqDUYw
8964 copyright protection238PENANAtiIPupweVH 維尼
……8964 copyright protection238PENANAYSlRYlGFrA 維尼
242Please respect copyright.PENANA2STVd7hUtR
8964 copyright protection238PENANAecqTnAm0ZU 維尼
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 protection238PENANAbnBDeBguI5 維尼
242Please respect copyright.PENANAudRhNz1deT
8964 copyright protection238PENANAZ3ooQINCjL 維尼
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 protection238PENANAsR4peCLNCG 維尼
242Please respect copyright.PENANA0rHiWDgqcc
8964 copyright protection238PENANA5tnuGZCV8h 維尼
這招兒可說是釜底抽薪之計,8964 copyright protection238PENANAdDAXTH4RH2 維尼
242Please respect copyright.PENANAgg3ASsLN9z
8964 copyright protection238PENANAD242yon8Hc 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 protection238PENANAjKF9cTGf18 維尼
242Please respect copyright.PENANARmACLRr67E
8964 copyright protection238PENANA4WPdh5Oate 維尼
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 protection238PENANAGTQdoihsPl 維尼
242Please respect copyright.PENANAATIdGXjQQq
8964 copyright protection238PENANAHLihZKjSP5 維尼
……8964 copyright protection238PENANAaA0OJIZBfS 維尼
242Please respect copyright.PENANA2EQuac3h6Z
8964 copyright protection238PENANAX2xiEVInVk 維尼
……8964 copyright protection238PENANANYQyGfU1bX 維尼
242Please respect copyright.PENANASwedGtSSdh
8964 copyright protection238PENANAfw8CIn5Uj5 維尼
……8964 copyright protection238PENANAZvwgQffo8K 維尼
242Please respect copyright.PENANAFZbDpSoS0G
8964 copyright protection238PENANAWbdhlg5sQD 維尼
……8964 copyright protection238PENANASf9bMoxZok 維尼
242Please respect copyright.PENANATTq1BQ6O8b
8964 copyright protection238PENANAiUy6ypCqwF 維尼
……8964 copyright protection238PENANAbARv1VEFYD 維尼
242Please respect copyright.PENANAmDqdrlPA8y
8964 copyright protection238PENANAhIOmpG9oYK 維尼
……8964 copyright protection238PENANA382B5xAFzN 維尼
242Please respect copyright.PENANAfJqnKFz1EB
8964 copyright protection238PENANAr7KUNuZht8 維尼
……8964 copyright protection238PENANAZLcn0Ibn8S 維尼
242Please respect copyright.PENANAvP1hi6iXBp
8964 copyright protection238PENANAw7tkwicUTE 維尼
……8964 copyright protection238PENANA8I81oS69qz 維尼
242Please respect copyright.PENANA0dwMqfq5V1
8964 copyright protection238PENANAHIQHzERWEw 維尼
……8964 copyright protection238PENANAPfoI7Uigi1 維尼
242Please respect copyright.PENANA5JVdyIGlwY
8964 copyright protection238PENANA3oOuDUJVkg 維尼
經過了漫長訴訟,8964 copyright protection238PENANAO4zBMx9UsG 維尼
242Please respect copyright.PENANAxE2MMg8Trt
8964 copyright protection238PENANAmGygA3Zxdn 維尼
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 protection238PENANAyEjjot8nUn 維尼
242Please respect copyright.PENANAY9vaNCiiod
8964 copyright protection238PENANAXGsBXcPsWo 維尼
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 protection238PENANA9xShTajF9U 維尼
242Please respect copyright.PENANAP34TeC6N8o
8964 copyright protection238PENANA7aNqYzZUeh 維尼
這樣的話,8964 copyright protection238PENANA574wItzcIs 維尼
242Please respect copyright.PENANAvt9QtX4TyY
8964 copyright protection238PENANAgKCMmCmj71 維尼
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 protection238PENANABu8wpFEEZz 維尼
242Please respect copyright.PENANAnK4lfHfAmd
8964 copyright protection238PENANAfew3aeExy9 維尼
……8964 copyright protection238PENANAOHPyRoU8nL 維尼
242Please respect copyright.PENANAsPktDvV8d3
8964 copyright protection238PENANANDjWGr2lfd 維尼
……8964 copyright protection238PENANAGgxoC8FNvF 維尼
242Please respect copyright.PENANAqh7oUrT19g
8964 copyright protection238PENANAW6GFaSYpQo 維尼
……8964 copyright protection238PENANA22JfS09k2o 維尼
242Please respect copyright.PENANAT9NgrXGDPe
8964 copyright protection238PENANAgVAaGUw8XY 維尼
……8964 copyright protection238PENANAV8vscuyQtc 維尼
242Please respect copyright.PENANAZpnZEorJJK
8964 copyright protection238PENANACMZh9yYhgB 維尼
……8964 copyright protection238PENANA1IDFFSKRBK 維尼
242Please respect copyright.PENANAf873RfwZ9i
8964 copyright protection238PENANAjNEQ6Ol97Y 維尼
……8964 copyright protection238PENANAhJvFXYIy2z 維尼
242Please respect copyright.PENANAcebaX7jZTz
8964 copyright protection238PENANAMfBAuZvYhL 維尼
……8964 copyright protection238PENANACEzYl3a9Nd 維尼
242Please respect copyright.PENANApWNwMQhSlW
8964 copyright protection238PENANA1MVDg3chr4 維尼
……8964 copyright protection238PENANACgzBaUEbzi 維尼
242Please respect copyright.PENANAepDGRbEa3f
8964 copyright protection238PENANAD7lBCc1Onb 維尼
……8964 copyright protection238PENANAVMvmHLzI9P 維尼
242Please respect copyright.PENANALXB58mb5Z9
8964 copyright protection238PENANAr4EEswz38C 維尼
這時大家才明白,8964 copyright protection238PENANAc5pUsFnI3n 維尼
242Please respect copyright.PENANAQepC5aMADF
8964 copyright protection238PENANAA8Akuhlfsi 維尼
徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection238PENANAkELqeeZkAQ 維尼
242Please respect copyright.PENANAvARkJwTY4n
8964 copyright protection238PENANAUXDibJwIPc 維尼
原來是打一開始就鐵了心要給官股來個釜底抽薪,8964 copyright protection238PENANAbVaJ39BY3n 維尼
242Please respect copyright.PENANAUyGFKHssFh
8964 copyright protection238PENANAawZfPkU0IC 維尼
而且還真給它「抽」成了,這超出了市場所有人的預期。8964 copyright protection238PENANAprzqpJV7x2 維尼
242Please respect copyright.PENANAJSyAiFOiF3
8964 copyright protection238PENANAzM64LiR153 維尼
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 protection238PENANAYIxQitClA4 維尼
242Please respect copyright.PENANAtTEjhOwsQX
8964 copyright protection238PENANAsIoNaRyaxW 維尼
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 protection238PENANAYCd61d9bfa 維尼
242Please respect copyright.PENANAnlv7IWghBz
8964 copyright protection238PENANAnTXKnop8fm 維尼
……8964 copyright protection238PENANAYqmU2tMAY2 維尼
242Please respect copyright.PENANAZxNiz1dla6
8964 copyright protection238PENANABhwQ73JHW8 維尼
……8964 copyright protection238PENANA4ZNxJURXkA 維尼
242Please respect copyright.PENANAftis7S4kLO
8964 copyright protection238PENANAzrFckdWn0N 維尼
……8964 copyright protection238PENANAhnxV3oGf58 維尼
242Please respect copyright.PENANA9YFkCLzYne
8964 copyright protection238PENANAl1M7S9Lm52 維尼
……8964 copyright protection238PENANAWyqEJj03j4 維尼
242Please respect copyright.PENANAx5CEx2MjD9
8964 copyright protection238PENANA8XuNoDUFf5 維尼
……8964 copyright protection238PENANAhRmCA66re7 維尼
242Please respect copyright.PENANARUcOLrxHcd
8964 copyright protection238PENANAc9m93QPG9x 維尼
……8964 copyright protection238PENANAOCVAR40VHZ 維尼
242Please respect copyright.PENANAsOvMRLO4Xm
8964 copyright protection238PENANAGiIWAni38W 維尼
……8964 copyright protection238PENANArQYCzx3lXs 維尼
242Please respect copyright.PENANAAWeo2BzegI
8964 copyright protection238PENANACVlmyIy636 維尼
……8964 copyright protection238PENANAx9ubBYO6wP 維尼
242Please respect copyright.PENANAwWJLtbiVZI
8964 copyright protection238PENANA7pWbG1AGH6 維尼
……8964 copyright protection238PENANAKZ3DvR1usi 維尼
242Please respect copyright.PENANAWUAYIKqFmb
8964 copyright protection238PENANAECPsc5vhwa 維尼
很顯然,徐天澤對法律的理解和對規則的運用,8964 copyright protection238PENANAs0DO5VBkwg 維尼
242Please respect copyright.PENANAjethiLDMjk
8964 copyright protection238PENANAumSl7nPbEL 維尼
比市場的一般認知要高出一籌。8964 copyright protection238PENANAAfYgGJSmLK 維尼
242Please respect copyright.PENANAmEFaHukUhc
8964 copyright protection238PENANABKwnPCdplC 維尼
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 protection238PENANAJhOoAH2htg 維尼
242Please respect copyright.PENANAlQifIHJJ90
8964 copyright protection238PENANACxSjHQzMy9 維尼
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 protection238PENANA8SWw5amHFy 維尼
242Please respect copyright.PENANAfQdyq9kbFY
8964 copyright protection238PENANAnB54IVLnX4 維尼
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 protection238PENANADXCMZ08l5e 維尼
242Please respect copyright.PENANAg22nig5Exh
8964 copyright protection238PENANAexygOJ7yqU 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 protection238PENANAWZV4OzyExP 維尼
242Please respect copyright.PENANAm5WqqB1xnu
8964 copyright protection238PENANAVnveA5W84D 維尼
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 protection238PENANAMyFpKxVhCK 維尼
242Please respect copyright.PENANAJ9EQ0oq0O9
8964 copyright protection238PENANAPWGDRvLkxs 維尼
他們心裏非常有底: 反正你在明處我在暗處,誰怕誰呀?8964 copyright protection238PENANAuHPn4MZEsY 維尼
242Please respect copyright.PENANAB5t9qqAA9q
8964 copyright protection238PENANAjYIjyCIvhD 維尼
……8964 copyright protection238PENANAuvqIXw0hXY 維尼
242Please respect copyright.PENANA8Q1w3rJSOY
8964 copyright protection238PENANAA7Zuo8VKyI 維尼
……8964 copyright protection238PENANAh7tEerrnjR 維尼
242Please respect copyright.PENANAKKfPH4Nepl
8964 copyright protection238PENANALP3mcT2cYJ 維尼
……8964 copyright protection238PENANAsDIcot6Jkp 維尼
242Please respect copyright.PENANALvboo8YvCA
8964 copyright protection238PENANAaOL4vSwWQ4 維尼
吕易依然按兵不動。8964 copyright protection238PENANAraLKavTume 維尼
242Please respect copyright.PENANA1bcj3QEsIK
8964 copyright protection238PENANA8Xqp81BU0k 維尼
……8964 copyright protection238PENANA1ZL09P5292 維尼
242Please respect copyright.PENANAKpgkRn3DaF
8964 copyright protection238PENANAkYaUzJl9z8 維尼
……8964 copyright protection238PENANAMkvz9qQc05 維尼
242Please respect copyright.PENANALxAKcpR1Mt
8964 copyright protection238PENANA94fY7z7n3s 維尼
……8964 copyright protection238PENANAdPeeCbt39V 維尼
242Please respect copyright.PENANAU1959JB1FY
8964 copyright protection238PENANAhd8QuJBRKo 維尼
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 protection238PENANAcPIWmAynlO 維尼
242Please respect copyright.PENANAgv7WzEWjR2
8964 copyright protection238PENANALNhI6Rsomk 維尼
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 protection238PENANAFR0EnOmRHc 維尼
242Please respect copyright.PENANAud0tK5JjXy
8964 copyright protection238PENANAVbeYIg9nDA 維尼
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 protection238PENANApFRDOPvUQz 維尼
242Please respect copyright.PENANAStsdALQ22A
8964 copyright protection238PENANASDxwT7iQX2 維尼
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 protection238PENANAIuRnbL2jRp 維尼
242Please respect copyright.PENANAeuFw1uQ10y
8964 copyright protection238PENANApjA6oNOB65 維尼
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 protection238PENANA4Fzgx8UROB 維尼
242Please respect copyright.PENANAvLJUaZdOnv
8964 copyright protection238PENANA3vJYz0R7w3 維尼
……8964 copyright protection238PENANAZLsTbzzFQT 維尼
242Please respect copyright.PENANAG8azy00ora
8964 copyright protection238PENANA9k6c5pWrmL 維尼
……8964 copyright protection238PENANArcNMpH2ee2 維尼
242Please respect copyright.PENANAl1AUT7friO
8964 copyright protection238PENANAwGYRCJzXvb 維尼
……8964 copyright protection238PENANAL61lQcb9lI 維尼
242Please respect copyright.PENANAaIsCuszzR8
8964 copyright protection238PENANAANNj2dnst1 維尼
……8964 copyright protection238PENANA7reLkcLW3u 維尼
242Please respect copyright.PENANA6KMk3d681m
8964 copyright protection238PENANAjiwiYIiYSe 維尼
……8964 copyright protection238PENANAImCXLTDEhA 維尼
242Please respect copyright.PENANAOlqS0BmTvV
8964 copyright protection238PENANAwua3JCnVdf 維尼
……8964 copyright protection238PENANAH2AXwSjx1O 維尼
242Please respect copyright.PENANA7U8fd7tvsK
8964 copyright protection238PENANAPd8n3T154I 維尼
……8964 copyright protection238PENANAVl4mozdzr0 維尼
242Please respect copyright.PENANAyYLbuB9yaO
8964 copyright protection238PENANARI1om0B952 維尼
……8964 copyright protection238PENANAlriue3xBl5 維尼
242Please respect copyright.PENANAZQ6EwbtJ0j
8964 copyright protection238PENANAm92zREr0iO 維尼
……8964 copyright protection238PENANAe6VfB49zUB 維尼
242Please respect copyright.PENANA8tVhWBG3b7
8964 copyright protection238PENANAeqevA4P6RM 維尼
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 protection238PENANAAYEvTuHjTt 維尼
242Please respect copyright.PENANAHcYypsomrU
8964 copyright protection238PENANAfm1y7utFsb 維尼
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 protection238PENANAoEmgEcDizK 維尼
242Please respect copyright.PENANAaxEEl1K3Y0
8964 copyright protection238PENANACb6vEZMjPo 維尼
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 protection238PENANALizVBhdAwl 維尼
242Please respect copyright.PENANAIjvNvE3IzH
8964 copyright protection238PENANAIBlbVjVAS2 維尼
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 protection238PENANAhKs46QAur4 維尼
242Please respect copyright.PENANAJiWTdy5aRv
8964 copyright protection238PENANAKtZOZb7ioi 維尼
做空大眾的各大對沖基金已經開始瘋狂起來。8964 copyright protection238PENANALAtGRDLVTb 維尼
242Please respect copyright.PENANAcUyiNuWN6G
8964 copyright protection238PENANAiQ7BazL9Er 維尼
……8964 copyright protection238PENANAK3ca8GIXxR 維尼
242Please respect copyright.PENANAhO0A8N0FDc
8964 copyright protection238PENANAm8b5MtbFb0 維尼
……8964 copyright protection238PENANATmqFWVGFqz 維尼
242Please respect copyright.PENANAoGOurJzao2
8964 copyright protection238PENANA9oebmsjl9j 維尼
……8964 copyright protection238PENANAbGtYXB13E9 維尼
242Please respect copyright.PENANAMtAU9Eg3To
8964 copyright protection238PENANATzHz45elIi 維尼
……8964 copyright protection238PENANAoBHNHbxyTK 維尼
242Please respect copyright.PENANAE13geGQyHA
8964 copyright protection238PENANA2Xun2lVyWk 維尼
……8964 copyright protection238PENANAX1CKVedYYg 維尼
242Please respect copyright.PENANAVy7yT0jpyc
8964 copyright protection238PENANAhe3UID1HIq 維尼
……8964 copyright protection238PENANAvDnpdhL1gw 維尼
242Please respect copyright.PENANAv3ruK5W9Uu
8964 copyright protection238PENANAfSaBrmNz3D 維尼
……8964 copyright protection238PENANAODP3pNbcA1 維尼
242Please respect copyright.PENANAKWKAYxtgBN
8964 copyright protection238PENANAcdMgmGvJT2 維尼
……8964 copyright protection238PENANAV4CH1huR9y 維尼
242Please respect copyright.PENANAvic161lfYY
8964 copyright protection238PENANAvAWKmp9ETP 維尼
……8964 copyright protection238PENANAfh5URmn5qa 維尼
242Please respect copyright.PENANAWq50m6tgz8
8964 copyright protection238PENANAAVCB7FZUnm 維尼
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 protection238PENANABFmZBFMusJ 維尼
242Please respect copyright.PENANAGy3QrjH3QW
8964 copyright protection238PENANAqSE8CqoRnI 維尼
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 protection238PENANA2MhLXclPfl 維尼
242Please respect copyright.PENANA1jqbuPiOZb
8964 copyright protection238PENANAVMLYBpmWey 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 protection238PENANA2UN6KI56vJ 維尼
242Please respect copyright.PENANAQI2PdOIpld
8964 copyright protection238PENANAVtf2YV5tgd 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 protection238PENANAmnYjVXqFoP 維尼
242Please respect copyright.PENANAZpdeSLocn9
8964 copyright protection238PENANAaOqj6g6zOF 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 protection238PENANAFNnlh19hvH 維尼
242Please respect copyright.PENANAoodYjzPURI
8964 copyright protection238PENANAjEBXhOgQFK 維尼
*重點:8964 copyright protection238PENANAx3o0qy0vb7 維尼
242Please respect copyright.PENANAgYdwm8ssxX
8964 copyright protection238PENANA7FCN6qaCYe 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 protection238PENANAvzU5WyCHOl 維尼
242Please respect copyright.PENANAB1KnueRKNf
8964 copyright protection238PENANAR7dMdlbTW8 維尼
……8964 copyright protection238PENANATjiwLPYDSm 維尼
242Please respect copyright.PENANAC5swXgck9i
8964 copyright protection238PENANAP5Zk8V5tf2 維尼
……8964 copyright protection238PENANAEJqJXuvyPY 維尼
242Please respect copyright.PENANANFO0YYdeAS
8964 copyright protection238PENANAT81TqstWol 維尼
……8964 copyright protection238PENANAwX8qHYrW1s 維尼
242Please respect copyright.PENANAJrpWyDj3TO
8964 copyright protection238PENANAznvEoNPrrm 維尼
……8964 copyright protection238PENANAgxYAM7JtW0 維尼
242Please respect copyright.PENANAG44ZSgUlT2
8964 copyright protection238PENANAssoLCgZhZV 維尼
……8964 copyright protection238PENANAHy7ai0rUk2 維尼
242Please respect copyright.PENANAqBZ8P1NSXf
8964 copyright protection238PENANAdj54EWDLPf 維尼
……8964 copyright protection238PENANAQayhTbcSRm 維尼
242Please respect copyright.PENANA8RxsrBPxtv
8964 copyright protection238PENANACR1EUqQfgj 維尼
……8964 copyright protection238PENANA8w5K6Q4JkE 維尼
242Please respect copyright.PENANAFwpKqf25ez
8964 copyright protection238PENANAhJ2DJat1dt 維尼
……8964 copyright protection238PENANAL7zzrw4gGx 維尼
242Please respect copyright.PENANAlrTQiU3xu4
8964 copyright protection238PENANA7IyEw6dtli 維尼
……8964 copyright protection238PENANA1E3CEi3pJ6 維尼
242Please respect copyright.PENANAua5YwzbdiS
8964 copyright protection238PENANAQuVZDQyThJ 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 protection238PENANAf2ubUJW5rB 維尼
242Please respect copyright.PENANAzqxGRDGhxG
8964 copyright protection238PENANAvfULVVHaP4 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 protection238PENANAtlZuz2DsMj 維尼
242Please respect copyright.PENANA9Pg6iPDHGH
8964 copyright protection238PENANAUZsVb9hXQQ 維尼
……8964 copyright protection238PENANA6RZfSUVMMI 維尼
242Please respect copyright.PENANAkojyTZQH1B
8964 copyright protection238PENANAgrih8ByFgO 維尼
……8964 copyright protection238PENANAFGqT1bGZyx 維尼
242Please respect copyright.PENANA2arTZ9VE96
8964 copyright protection238PENANApReADtDAAo 維尼
……8964 copyright protection238PENANAiYfr0UVZJP 維尼
242Please respect copyright.PENANAkv2q8TPIzS
8964 copyright protection238PENANA3P9llnlq19 維尼
……8964 copyright protection238PENANAXMQdSY4oLH 維尼
242Please respect copyright.PENANAJsssN56Fle
8964 copyright protection238PENANAPmr5sQhEb5 維尼
……8964 copyright protection238PENANAz8RXLnjZm4 維尼
242Please respect copyright.PENANAq8w1Sf06rx
8964 copyright protection238PENANAdkpl3KL7n4 維尼
……8964 copyright protection238PENANA95q18Z9buz 維尼
242Please respect copyright.PENANAWwfPEbcIzw
8964 copyright protection238PENANAyPimu7yNAa 維尼
……8964 copyright protection238PENANA4dPGGVhAiI 維尼
242Please respect copyright.PENANAfd1WmSLPkJ
8964 copyright protection238PENANADaE9CBjlfp 維尼
……8964 copyright protection238PENANAyiLEaHD4GI 維尼
242Please respect copyright.PENANAUq2woLrgTt
8964 copyright protection238PENANAstx3S1SE4d 維尼
……8964 copyright protection238PENANAgnhNg3M63f 維尼
242Please respect copyright.PENANANNY03yrqiC
8964 copyright protection238PENANADDMBGsSTWN 維尼
*徐天澤正是利用了這項規則8964 copyright protection238PENANAIR3dSXUfoE 維尼
242Please respect copyright.PENANAiG6K9lfphT
8964 copyright protection238PENANAd4flNiUBiP 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 protection238PENANACDiqL5bbM0 維尼
242Please respect copyright.PENANAweOqwM9UtM
8964 copyright protection238PENANAnTsMfvg2LT 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 protection238PENANAr8lnhMxLgf 維尼
242Please respect copyright.PENANAFeON0pcDJ8
8964 copyright protection238PENANAmbGqcqANXf 維尼
至此,軋空局面已完全成形,而空頭們還蒙在鼓裏。8964 copyright protection238PENANA3i9Kpl2wLt 維尼
242Please respect copyright.PENANAT6HRF00vMs
8964 copyright protection238PENANAlvhkwHAUaI 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 protection238PENANA7ss9d3gT5A 維尼
242Please respect copyright.PENANAY5W1tCRNBk
8964 copyright protection238PENANAbyEMGbafku 維尼
……8964 copyright protection238PENANA6rb40kXr2q 維尼
242Please respect copyright.PENANAkbssfXOWxJ
8964 copyright protection238PENANArXX8RYrDdX 維尼
……8964 copyright protection238PENANAcSZnXTn9zT 維尼
242Please respect copyright.PENANAiVm2ajGm6k
8964 copyright protection238PENANAka5IMlgwlQ 維尼
……8964 copyright protection238PENANAFY3afMARLS 維尼
242Please respect copyright.PENANA6eVsx6TFnz
8964 copyright protection238PENANAdFhHkFPfRY 維尼
……8964 copyright protection238PENANADkaW97t3Yy 維尼
242Please respect copyright.PENANAjOoNFFzi8M
8964 copyright protection238PENANABr6nngdRod 維尼
……8964 copyright protection238PENANApnvpHYPTJ4 維尼
242Please respect copyright.PENANAZ7ncrouqsh
8964 copyright protection238PENANACsahKiojih 維尼
……8964 copyright protection238PENANAadGBqBJBaG 維尼
242Please respect copyright.PENANADmBWzj0RKD
8964 copyright protection238PENANAY0sDyNocwS 維尼
……8964 copyright protection238PENANAIkBbtKp1ZW 維尼
242Please respect copyright.PENANAOFpYLCfpOm
8964 copyright protection238PENANAfI80semxZ6 維尼
……8964 copyright protection238PENANAv0DBFOrShk 維尼
242Please respect copyright.PENANAQ6IlD3LMuk
8964 copyright protection238PENANAWjZ2nOls38 維尼
……8964 copyright protection238PENANAKkfvurzA19 維尼
242Please respect copyright.PENANAjjfqfKRGDu
8964 copyright protection238PENANAcvT3iMzL7s 維尼
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 protection238PENANAkW9IYceexS 維尼
242Please respect copyright.PENANATHNPGPawUr
8964 copyright protection238PENANA1IqUpftcIx 維尼
*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 protection238PENANAXhDzCD9V3v 維尼
242Please respect copyright.PENANAg3SfxmDAaN
8964 copyright protection238PENANAb3X2OBSVw7 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 protection238PENANAocFir3RTl5 維尼
242Please respect copyright.PENANAnEFxNGQ40L
8964 copyright protection238PENANAmBH0BpK0pU 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 protection238PENANAJXdqAVkU9x 維尼
242Please respect copyright.PENANAdoviw1U8Ia
8964 copyright protection238PENANArRdMqh0yGl 維尼
*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 protection238PENANASAWmCIQWct 維尼
242Please respect copyright.PENANATwWFte1q62
8964 copyright protection238PENANARI2pwWDdSs 維尼
……8964 copyright protection238PENANAVgYAh2QhgO 維尼
242Please respect copyright.PENANA4FN3FzUv3G
8964 copyright protection238PENANAwWhZzYuvxX 維尼
……8964 copyright protection238PENANAjNGqMn4DmZ 維尼
242Please respect copyright.PENANASOQ6AfAxFC
8964 copyright protection238PENANA72yz9J73h6 維尼
……8964 copyright protection238PENANA8hCmgWUGTe 維尼
242Please respect copyright.PENANAUsgfyLK7PC
8964 copyright protection238PENANANiRpiUPlzT 維尼
吕易依然按兵不動?8964 copyright protection238PENANAQLKRDWkRQx 維尼
242Please respect copyright.PENANAGcjHwyDGbi
8964 copyright protection238PENANAYmapfUtatF 維尼
……8964 copyright protection238PENANAZJRIjr0ts6 維尼
242Please respect copyright.PENANA7hpbQHBgfX
8964 copyright protection238PENANAx9INno9jYp 維尼
……8964 copyright protection238PENANAzuXTp564rB 維尼
242Please respect copyright.PENANAHwEWjCFTmR
8964 copyright protection238PENANALtXwTx3yTn 維尼
……8964 copyright protection238PENANA8vai9JkGcp 維尼
242Please respect copyright.PENANAtAQhUIHtJJ
8964 copyright protection238PENANA78dKprjn7z 維尼
……8964 copyright protection238PENANAILIgZ3mzAS 維尼
242Please respect copyright.PENANAZsjAUCIzy8
8964 copyright protection238PENANAswxMfm8m3U 維尼
……8964 copyright protection238PENANAMMmbLTr9Vs 維尼
242Please respect copyright.PENANACEjhBerLVX
8964 copyright protection238PENANAZGAHYdXk2E 維尼
……8964 copyright protection238PENANAZACDO4WoNx 維尼
242Please respect copyright.PENANAzRCxZ8its0
8964 copyright protection238PENANA93ZITzGypD 維尼
……8964 copyright protection238PENANACo8c6qoIwo 維尼
242Please respect copyright.PENANAMqWOSmewMY
8964 copyright protection238PENANA8XWTGNOhWD 維尼
……8964 copyright protection238PENANAt9XoW0Eqqg 維尼
242Please respect copyright.PENANAquIlFSHhfn
8964 copyright protection238PENANAqUxYFXTlB2 維尼
……8964 copyright protection238PENANA0i20kHvP13 維尼
242Please respect copyright.PENANAYdk8ou1S65
8964 copyright protection238PENANAKUST7cUcQc 維尼
斯坦利集團的空單餘額達到了最高峰——流通盤的13%。8964 copyright protection238PENANAHV6FA2gTkg 維尼
242Please respect copyright.PENANAcnrWNR1vRi
8964 copyright protection238PENANAd7BBMtZshU 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 protection238PENANAuAWJK4LuXa 維尼
242Please respect copyright.PENANAcaFOLwVB6k
8964 copyright protection238PENANAsoBZ8fFgP1 維尼
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 protection238PENANAQ4vJ3Q07VO 維尼
242Please respect copyright.PENANAMI2NQIYZJW
8964 copyright protection238PENANAyHOtXxznzI 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 protection238PENANAEDf4JVHi3h 維尼
242Please respect copyright.PENANAjN2aw9FYUX
8964 copyright protection238PENANAV6SlCCATmW 維尼
每個人都徹夜難眠,8964 copyright protection238PENANAyU1nEFo5Nv 維尼
242Please respect copyright.PENANAB0yWmaIL0Q
8964 copyright protection238PENANAu5Uyhthjmo 維尼
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 protection238PENANAl6R8rNimET 維尼
242Please respect copyright.PENANAq2W88U2Nkl
8964 copyright protection238PENANAExHw3xx2Au 維尼
……8964 copyright protection238PENANAJxv9l43Dr9 維尼
242Please respect copyright.PENANAWisqPSTiWi
8964 copyright protection238PENANApm2icDXJct 維尼
……8964 copyright protection238PENANAswJ8V1BYJy 維尼
242Please respect copyright.PENANAJC48iCWwU0
8964 copyright protection238PENANAT7SkJC76Fo 維尼
……8964 copyright protection238PENANASSesYUzPvU 維尼
242Please respect copyright.PENANAqv1R7I3uwD
8964 copyright protection238PENANAeGQXFZz5Co 維尼
……8964 copyright protection238PENANAdkKJbCRmJV 維尼
242Please respect copyright.PENANAQpDvQacXCA
8964 copyright protection238PENANA6imEGBu05i 維尼
……8964 copyright protection238PENANAMfrwHZSwEA 維尼
242Please respect copyright.PENANAJQhLqpTnGR
8964 copyright protection238PENANA9LBlHe6R2p 維尼
……8964 copyright protection238PENANAppohPQuDdJ 維尼
242Please respect copyright.PENANAlcO0cDvodp
8964 copyright protection238PENANA2FSDFgViVt 維尼
……8964 copyright protection238PENANAfvrwvVnPWW 維尼
242Please respect copyright.PENANA5pvOTmXVv9
8964 copyright protection238PENANAVUs3hiEJNR 維尼
……8964 copyright protection238PENANAMAX66X2xgK 維尼
242Please respect copyright.PENANAw4vhmpaL69
8964 copyright protection238PENANARgs9ZL2gAF 維尼
……8964 copyright protection238PENANAOW8aHWESwY 維尼
242Please respect copyright.PENANAa89LMnKzBe
8964 copyright protection238PENANAJb9eNHZHjI 維尼
第二天一開盤,8964 copyright protection238PENANAsNwXKXYT2S 維尼
242Please respect copyright.PENANA1swjUr4tIT
8964 copyright protection238PENANAP3wbIj9chq 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 protection238PENANACejCzF4zdw 維尼
242Please respect copyright.PENANAq0CNy4nRw4
8964 copyright protection238PENANAR28gUdsR8e 維尼
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 protection238PENANAVCYCTb9cdw 維尼
242Please respect copyright.PENANAtCfMmSUJn5
8964 copyright protection238PENANAVD5P9Xdr3J 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 protection238PENANATs2dPpkVzs 維尼
242Please respect copyright.PENANAo6hmsIVKlY
8964 copyright protection238PENANAxlwoFOPV8g 維尼
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 protection238PENANA4Hk90233IY 維尼
242Please respect copyright.PENANArpe5dTfmAD
8964 copyright protection238PENANAB4w7s1dFWU 維尼
拜其所賜,斯坦利集團股價兩天內就飆漲了500%!8964 copyright protection238PENANAEybYAbQr2K 維尼
242Please respect copyright.PENANAhECLq16GET
8964 copyright protection238PENANAlHFE63xAtX 維尼
從1722.36元飆到8654.85元!!!!!8964 copyright protection238PENANAWq4IeJhHcF 維尼
242Please respect copyright.PENANAMBdLiVAXwK
8964 copyright protection238PENANAwBpTwdU86N 維尼
在這短短的兩天,8964 copyright protection238PENANA95iryKnCab 維尼
242Please respect copyright.PENANASSwLO4WrvE
8964 copyright protection238PENANAOrdZKY2J9S 維尼
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 protection238PENANAPsiYOrJJUd 維尼
242Please respect copyright.PENANAyCOpdejnfS
8964 copyright protection238PENANA1fj62aTwir 維尼
「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 protection238PENANA2OrVEyx2DF 維尼
242Please respect copyright.PENANA8mxI2tm7ji
8964 copyright protection238PENANAJcmFxubosJ 維尼
……8964 copyright protection238PENANAemhaorjDMP 維尼
242Please respect copyright.PENANAQqUXvCunju
8964 copyright protection238PENANA5rVYk11UGw 維尼
……8964 copyright protection238PENANAaiqhRx49f7 維尼
242Please respect copyright.PENANA6niI3tjRNC
8964 copyright protection238PENANAhZd0DitorP 維尼
……8964 copyright protection238PENANARu60cKHJku 維尼
18.222.194.128
ns18.222.194.128da2