No Plagiarism!vCM7ZpJy9EqSmbPi3EsTposted on PENANA 《黑武士》Ch-068964 copyright protection194PENANA0i2HRr7QHL 維尼
198Please respect copyright.PENANAEoFTStYQaq
8964 copyright protection194PENANAPloJMAkMOl 維尼
……8964 copyright protection194PENANAxZJ3eqWWuY 維尼
198Please respect copyright.PENANAEDqUTUsBV1
8964 copyright protection194PENANAQ5v07rznMt 維尼
……8964 copyright protection194PENANA8hFKYTeLz5 維尼
198Please respect copyright.PENANAfk3aF6UvIP
8964 copyright protection194PENANAP3RZZyVBDM 維尼
……8964 copyright protection194PENANANkQqYPG5Wn 維尼
198Please respect copyright.PENANAmdoGfPyowP
8964 copyright protection194PENANARcMihGd0g7 維尼
吕易按兵不動。8964 copyright protection194PENANAE7Ygd0RWze 維尼
198Please respect copyright.PENANA3r24unv6Le
8964 copyright protection194PENANAlfSAupOx53 維尼
……8964 copyright protection194PENANATSe9AOyDlZ 維尼
198Please respect copyright.PENANAyAaI1l8H0J
8964 copyright protection194PENANAWd6dOZ8wOY 維尼
……8964 copyright protection194PENANA16aPOwIR0w 維尼
198Please respect copyright.PENANA1D7tPHg25o
8964 copyright protection194PENANAE3BDjSi4uZ 維尼
……8964 copyright protection194PENANAvyfwWG5b0O 維尼
198Please respect copyright.PENANAzTO0DhSpDE
8964 copyright protection194PENANAruMvfIyEMP 維尼
……8964 copyright protection194PENANAPqL452oPN8 維尼
198Please respect copyright.PENANAD2jVx6qyqD
8964 copyright protection194PENANAdquqQXMXgh 維尼
……8964 copyright protection194PENANA3rH1eOygom 維尼
198Please respect copyright.PENANAs7G24TcYa4
8964 copyright protection194PENANAmGkH9jYvud 維尼
……8964 copyright protection194PENANAMha8f2tjMC 維尼
198Please respect copyright.PENANAAairJ1X9wT
8964 copyright protection194PENANAnjdtAwn8ge 維尼
……8964 copyright protection194PENANALoF0e1HtPy 維尼
198Please respect copyright.PENANA9MK3wb7O56
8964 copyright protection194PENANAB5T2dMsqJu 維尼
……8964 copyright protection194PENANAJDgrwcxjqP 維尼
198Please respect copyright.PENANAl4LH1PQKzk
8964 copyright protection194PENANAYT0szCJyQl 維尼
……8964 copyright protection194PENANAJWbZrAB9BH 維尼
198Please respect copyright.PENANAKVyTjZ0PoX
8964 copyright protection194PENANARQSQKMfSov 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 protection194PENANA3zkSm9WIXl 維尼
198Please respect copyright.PENANA8QIktpn2Gd
8964 copyright protection194PENANAKH0PSJGDPX 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 protection194PENANA5XjkinYgkx 維尼
198Please respect copyright.PENANAcNGVMyaC11
8964 copyright protection194PENANAr0cn3QuyiQ 維尼
這招兒可說是釜底抽薪之計,8964 copyright protection194PENANAzasRI0m1cd 維尼
198Please respect copyright.PENANAnNKcNYSBBV
8964 copyright protection194PENANAfJh9rNVzJk 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 protection194PENANAOB8v8ofyKK 維尼
198Please respect copyright.PENANAoP0KFOh6IA
8964 copyright protection194PENANAWbaUPOp8eV 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 protection194PENANAudwuymIIkR 維尼
198Please respect copyright.PENANAMxVW8s7NPW
8964 copyright protection194PENANAdAmhX2p4Rq 維尼
……8964 copyright protection194PENANA37qAL4bMzY 維尼
198Please respect copyright.PENANAM3YJoiq5KA
8964 copyright protection194PENANAFrPH1WW4Q0 維尼
……8964 copyright protection194PENANAs4950FhrkV 維尼
198Please respect copyright.PENANAi7fOgQiyrW
8964 copyright protection194PENANAw4rtdOGTL8 維尼
……8964 copyright protection194PENANA1DUJzt8dqe 維尼
198Please respect copyright.PENANAN1D0ORBvFe
8964 copyright protection194PENANAWqKMfa3DqX 維尼
……8964 copyright protection194PENANAZSO4RyFtQJ 維尼
198Please respect copyright.PENANAYiwgvAhQqr
8964 copyright protection194PENANAyZeheK4ayl 維尼
……8964 copyright protection194PENANAoMzGSmOTIv 維尼
198Please respect copyright.PENANAWqBLyVkQUy
8964 copyright protection194PENANAuSCLrP4SxY 維尼
……8964 copyright protection194PENANAv95CQracde 維尼
198Please respect copyright.PENANAMvbAoCcP1A
8964 copyright protection194PENANAF2O0M85Wsu 維尼
……8964 copyright protection194PENANA4jE9m4vBjE 維尼
198Please respect copyright.PENANAzwxXzuoRvw
8964 copyright protection194PENANAaF5yIqGklK 維尼
……8964 copyright protection194PENANANCrySSd99J 維尼
198Please respect copyright.PENANAZd5t1335D6
8964 copyright protection194PENANA4M2iSQCG6Y 維尼
……8964 copyright protection194PENANANGbXWNNVSr 維尼
198Please respect copyright.PENANAIA9pd94y1n
8964 copyright protection194PENANAk4iQkRlm0X 維尼
經過了漫長訴訟,8964 copyright protection194PENANAVZmHZleUdh 維尼
198Please respect copyright.PENANASPSyvkuw8Q
8964 copyright protection194PENANA0VhQAEnrvi 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 protection194PENANAWQrtNfYGXt 維尼
198Please respect copyright.PENANAfPXuAQWjtM
8964 copyright protection194PENANA1hMhMGoL3C 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 protection194PENANAxwqmfGqwDZ 維尼
198Please respect copyright.PENANA7AgLW9592L
8964 copyright protection194PENANAIuXuggixXy 維尼
這樣的話,8964 copyright protection194PENANAfqzCpb7T0d 維尼
198Please respect copyright.PENANA87Ybtmyfpm
8964 copyright protection194PENANAiB07zhqntz 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 protection194PENANAIsLB4x0QTx 維尼
198Please respect copyright.PENANAAhtFdcqM2p
8964 copyright protection194PENANAEhuQNs4vU7 維尼
……8964 copyright protection194PENANAHEt0a4JwQD 維尼
198Please respect copyright.PENANA0kp3fXXiGv
8964 copyright protection194PENANA0MzZvIsFRF 維尼
……8964 copyright protection194PENANALbQxNvOyNO 維尼
198Please respect copyright.PENANAaaCMCrccLx
8964 copyright protection194PENANAdYMgTW3KQw 維尼
……8964 copyright protection194PENANAjKflnpJiRD 維尼
198Please respect copyright.PENANAA9qGgZe59v
8964 copyright protection194PENANAUgHNr1LBcX 維尼
……8964 copyright protection194PENANAInTIWtIfc1 維尼
198Please respect copyright.PENANAsKBXmMfnKi
8964 copyright protection194PENANAXSGB1sgDde 維尼
……8964 copyright protection194PENANAL37T6AjZnY 維尼
198Please respect copyright.PENANAbW95vtZMTh
8964 copyright protection194PENANAtMAr4ldw6g 維尼
……8964 copyright protection194PENANAYzR4eqfxjc 維尼
198Please respect copyright.PENANAeDhOD7j9Y7
8964 copyright protection194PENANAQt10STzlG9 維尼
……8964 copyright protection194PENANAZmpi5gE6Hn 維尼
198Please respect copyright.PENANA4JKrGYYL6p
8964 copyright protection194PENANA2rBERE0OzH 維尼
……8964 copyright protection194PENANATJei0sVUiP 維尼
198Please respect copyright.PENANARyIFLOZjv9
8964 copyright protection194PENANAaj58Mxz0HN 維尼
……8964 copyright protection194PENANAMmywCKS69q 維尼
198Please respect copyright.PENANAnoirLQNIDR
8964 copyright protection194PENANAJZyGL1zOOX 維尼
這時大家才明白,8964 copyright protection194PENANAIzxtHC8lfW 維尼
198Please respect copyright.PENANAKEQyRBXExT
8964 copyright protection194PENANAsMNxMDCgny 維尼
徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection194PENANAo1aPDigFFy 維尼
198Please respect copyright.PENANAn6ewAfayui
8964 copyright protection194PENANAfcj07cwTFb 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 protection194PENANAUgXYg06SJg 維尼
198Please respect copyright.PENANApkPs7skZ5w
8964 copyright protection194PENANAmgWRQtvZgk 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 protection194PENANAfh1m8lPxY4 維尼
198Please respect copyright.PENANABhIGxgRO9C
8964 copyright protection194PENANAaeixc1LqjL 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 protection194PENANAvxBA2nRtO4 維尼
198Please respect copyright.PENANAPdWwrTS1O4
8964 copyright protection194PENANAqaskxQksWm 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 protection194PENANArJNz7HbpfW 維尼
198Please respect copyright.PENANAqtbnllhXAr
8964 copyright protection194PENANA5SMAmRNB70 維尼
……8964 copyright protection194PENANAWazKvjcKUH 維尼
198Please respect copyright.PENANADZ9a9DzePZ
8964 copyright protection194PENANAfALNUEgnOC 維尼
……8964 copyright protection194PENANAfWVzhhG0hk 維尼
198Please respect copyright.PENANAfI3w6acacy
8964 copyright protection194PENANAmft18Qk2OZ 維尼
……8964 copyright protection194PENANApMBrKsdzAr 維尼
198Please respect copyright.PENANAAHCgndiaXO
8964 copyright protection194PENANARI48NJWrlR 維尼
……8964 copyright protection194PENANApDgOo6uOKJ 維尼
198Please respect copyright.PENANA52sQjgVaNn
8964 copyright protection194PENANA5dmx33sstX 維尼
……8964 copyright protection194PENANAtWx5euycH2 維尼
198Please respect copyright.PENANAeRDTEY9hAX
8964 copyright protection194PENANA7Cg5tlWsJo 維尼
……8964 copyright protection194PENANAiQ2ScSxaQp 維尼
198Please respect copyright.PENANA4TmzBaPU6k
8964 copyright protection194PENANAKoLhcXkeYa 維尼
……8964 copyright protection194PENANAJA7EiLNDY7 維尼
198Please respect copyright.PENANAYTgWdAzDea
8964 copyright protection194PENANAaxDuoWzVb4 維尼
……8964 copyright protection194PENANAedweul8Wvd 維尼
198Please respect copyright.PENANAWKPPEqHlBg
8964 copyright protection194PENANAwVay4pBktO 維尼
……8964 copyright protection194PENANAEn2DMIylnw 維尼
198Please respect copyright.PENANAsOmRH0hHoQ
8964 copyright protection194PENANAoO3wdLMj4r 維尼
很顯然,徐天澤對法律的理解和對規則的運用,8964 copyright protection194PENANAwgeeQ3Hu32 維尼
198Please respect copyright.PENANAgOg6xTYi1v
8964 copyright protection194PENANALd6LUcVgws 維尼
比市場的一般認知要高出一籌。8964 copyright protection194PENANAPXlcK4Roq1 維尼
198Please respect copyright.PENANAfGIxuWzCnG
8964 copyright protection194PENANAuCFNXrr6FV 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 protection194PENANAfrCAdRZVRR 維尼
198Please respect copyright.PENANAKWNl7ZHnot
8964 copyright protection194PENANAx2uyDybfYK 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 protection194PENANA2wYnXDxOH9 維尼
198Please respect copyright.PENANAqmqIGPrGzO
8964 copyright protection194PENANAGK61eZISaO 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 protection194PENANAYq3z5i3sOj 維尼
198Please respect copyright.PENANAtnUchXJ0tR
8964 copyright protection194PENANAsslHsbhxWw 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 protection194PENANACHc3kqqXQm 維尼
198Please respect copyright.PENANAXBQzQy6u8k
8964 copyright protection194PENANApA4u3ZMJHx 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 protection194PENANAIhoH4blRas 維尼
198Please respect copyright.PENANAwx0IovslqU
8964 copyright protection194PENANAUAyiiH9QIl 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 protection194PENANAScZaL5AtOu 維尼
198Please respect copyright.PENANAVTe2d9ARBw
8964 copyright protection194PENANA6JBv32CoFF 維尼
……8964 copyright protection194PENANAQul3XuBtlY 維尼
198Please respect copyright.PENANA5lCWHT6JMn
8964 copyright protection194PENANAQXPa5MSsY0 維尼
……8964 copyright protection194PENANA3m72Y1t6nx 維尼
198Please respect copyright.PENANA6xTWZFEhqy
8964 copyright protection194PENANAIvwa7FwTvN 維尼
……8964 copyright protection194PENANAAd5XDFaTcm 維尼
198Please respect copyright.PENANA9OFthDZAOx
8964 copyright protection194PENANAHSsRk6QaGL 維尼
吕易依然按兵不動。8964 copyright protection194PENANAFzqIgUQS4g 維尼
198Please respect copyright.PENANAApzFoO8iEa
8964 copyright protection194PENANAAi2QBqTEJZ 維尼
……8964 copyright protection194PENANA3zPam2EkGN 維尼
198Please respect copyright.PENANAFvOlKzL5Zl
8964 copyright protection194PENANA7OJqJJahJH 維尼
……8964 copyright protection194PENANAEBKTTd867x 維尼
198Please respect copyright.PENANAUtk3FF22pK
8964 copyright protection194PENANAat5iRTlwVD 維尼
……8964 copyright protection194PENANAYb7RvleVmd 維尼
198Please respect copyright.PENANAXp2lutKjAS
8964 copyright protection194PENANARkgEPrdNit 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 protection194PENANAX0UFgvmhaw 維尼
198Please respect copyright.PENANA74kY7bqzgH
8964 copyright protection194PENANAML8d8xY0f6 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 protection194PENANAU3yxlsUbKE 維尼
198Please respect copyright.PENANATV6rMuwTkF
8964 copyright protection194PENANAUG79UuE1VB 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 protection194PENANAsfO4TFLpWZ 維尼
198Please respect copyright.PENANArihhavxMMr
8964 copyright protection194PENANAtxmaz4URa5 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 protection194PENANAOs6npSr30r 維尼
198Please respect copyright.PENANACRA0tDrf9q
8964 copyright protection194PENANAje3jjSRiOm 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 protection194PENANA7Do8LTGWgt 維尼
198Please respect copyright.PENANAd7IY3xIjOV
8964 copyright protection194PENANA3qikYtV7mR 維尼
……8964 copyright protection194PENANAKhOYaESfPd 維尼
198Please respect copyright.PENANAjT2O7aMrYG
8964 copyright protection194PENANA5ZzpytV5OR 維尼
……8964 copyright protection194PENANA5e22PUApWD 維尼
198Please respect copyright.PENANAnPb2HoMvEy
8964 copyright protection194PENANA88CZRUxJ0V 維尼
……8964 copyright protection194PENANAZTfqDkoxlU 維尼
198Please respect copyright.PENANAl7pNPZO4od
8964 copyright protection194PENANAsdAqvHqguY 維尼
……8964 copyright protection194PENANA1dnQd3WfsF 維尼
198Please respect copyright.PENANANryMpFpGsh
8964 copyright protection194PENANA0dO6ifzzCi 維尼
……8964 copyright protection194PENANAGiuOrRZsMb 維尼
198Please respect copyright.PENANAk4DYYa0acJ
8964 copyright protection194PENANAS0K7dTQSoX 維尼
……8964 copyright protection194PENANAYTcrreIu56 維尼
198Please respect copyright.PENANA0J0kI3pmiz
8964 copyright protection194PENANAUExjYJlxpE 維尼
……8964 copyright protection194PENANAjkCnLHrFUn 維尼
198Please respect copyright.PENANAM7w1wuEAaG
8964 copyright protection194PENANArXsYqBZVX4 維尼
……8964 copyright protection194PENANAqVL7x7AOmf 維尼
198Please respect copyright.PENANA2ldZlVV8VP
8964 copyright protection194PENANAkHeRodNP6F 維尼
……8964 copyright protection194PENANAQ28aGYiTXm 維尼
198Please respect copyright.PENANAqnAJpikTYP
8964 copyright protection194PENANAwX0aTV9H3A 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 protection194PENANAnCdmzLPoBJ 維尼
198Please respect copyright.PENANAG2Ab7AHyxr
8964 copyright protection194PENANAdaf4H4tu2g 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 protection194PENANA2G04v0430r 維尼
198Please respect copyright.PENANAe1KRLl8Zl7
8964 copyright protection194PENANAnoNfGTVubJ 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 protection194PENANAhSg93eirwc 維尼
198Please respect copyright.PENANAKOmEVstCKC
8964 copyright protection194PENANA4a4pmalLY8 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 protection194PENANAM3gvM1qHLC 維尼
198Please respect copyright.PENANAbgyXEJIkGM
8964 copyright protection194PENANAYSpPO5kfaj 維尼
做空大眾的各大對沖基金已經開始瘋狂起來。8964 copyright protection194PENANAJyqwIetRmr 維尼
198Please respect copyright.PENANAExr2QYqmsP
8964 copyright protection194PENANACLvVuuk52z 維尼
……8964 copyright protection194PENANAPg7oszcNgb 維尼
198Please respect copyright.PENANAnsFb5zCo1q
8964 copyright protection194PENANA7a5vJgIwwZ 維尼
……8964 copyright protection194PENANAXq0DLg0gPm 維尼
198Please respect copyright.PENANA5iGnrvPP4R
8964 copyright protection194PENANAn4TE4WRG0U 維尼
……8964 copyright protection194PENANAhXm9Dr1CcP 維尼
198Please respect copyright.PENANA5RpjfPK5AO
8964 copyright protection194PENANAFCCIn0IeGC 維尼
……8964 copyright protection194PENANAICcwSyuvdn 維尼
198Please respect copyright.PENANA6b3WXDKMPQ
8964 copyright protection194PENANAWrMevBSidn 維尼
……8964 copyright protection194PENANA4YTLMkQjLI 維尼
198Please respect copyright.PENANA3k8OOKrdrW
8964 copyright protection194PENANACwyqUmlE25 維尼
……8964 copyright protection194PENANA8RwH3p6GW5 維尼
198Please respect copyright.PENANAufetv2EyWc
8964 copyright protection194PENANAnjYT1eiVhS 維尼
……8964 copyright protection194PENANAlsQz3JOPKY 維尼
198Please respect copyright.PENANAP8vIMc5dct
8964 copyright protection194PENANAccxSjFw23b 維尼
……8964 copyright protection194PENANAwT8iLKN3md 維尼
198Please respect copyright.PENANACUPJW5WlOd
8964 copyright protection194PENANAYfu0q9gFa3 維尼
……8964 copyright protection194PENANAXydvMN7pzg 維尼
198Please respect copyright.PENANAKcKy0MCwA9
8964 copyright protection194PENANAe9MtKMKKNC 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 protection194PENANAkF9W5tJAqv 維尼
198Please respect copyright.PENANAnLCsUjVKfp
8964 copyright protection194PENANA1BHt70mPUS 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 protection194PENANAQmogn5DhwT 維尼
198Please respect copyright.PENANAomc02FScIm
8964 copyright protection194PENANA1JGzwhu20o 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 protection194PENANAZWZrHgdIgm 維尼
198Please respect copyright.PENANAY959eaiOv4
8964 copyright protection194PENANATguMVfetzu 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 protection194PENANAXMNgHhtSKE 維尼
198Please respect copyright.PENANAsezVUZF2AC
8964 copyright protection194PENANAma1iOZFnpq 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 protection194PENANAZMbgOE9R57 維尼
198Please respect copyright.PENANAWsV1DbDIas
8964 copyright protection194PENANAxzFcODQeUZ 維尼
*重點:8964 copyright protection194PENANAcwTF8r1SSk 維尼
198Please respect copyright.PENANARo1vDDlP7e
8964 copyright protection194PENANAwKPacrAJHD 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 protection194PENANAPr6IscfQzm 維尼
198Please respect copyright.PENANA8de97dyXC6
8964 copyright protection194PENANA4QiC1pAAn3 維尼
……8964 copyright protection194PENANAapfs19pmJh 維尼
198Please respect copyright.PENANAjdanEfZYzX
8964 copyright protection194PENANA7bLDUZ8pys 維尼
……8964 copyright protection194PENANAKxjC4dtRXS 維尼
198Please respect copyright.PENANAPKMsm9Dl4A
8964 copyright protection194PENANANCCdKlKIx5 維尼
……8964 copyright protection194PENANAhr2d531v3C 維尼
198Please respect copyright.PENANANNiLaCBqQj
8964 copyright protection194PENANAFTFXNFVzxA 維尼
……8964 copyright protection194PENANA5gsyQfUSIh 維尼
198Please respect copyright.PENANAf1Wq15nTsw
8964 copyright protection194PENANAJnCZyvuY9s 維尼
……8964 copyright protection194PENANAR6vWk10vNB 維尼
198Please respect copyright.PENANAa95PGZ5PXK
8964 copyright protection194PENANAtkaWc3e4bU 維尼
……8964 copyright protection194PENANAP2czWcxVx8 維尼
198Please respect copyright.PENANAcKNeuXtrk3
8964 copyright protection194PENANAzuFCRGXkYd 維尼
……8964 copyright protection194PENANAH5aDWIT5Ez 維尼
198Please respect copyright.PENANAEn5mvgflhd
8964 copyright protection194PENANAvOvuoQ5xLh 維尼
……8964 copyright protection194PENANAGkR4TgCGUl 維尼
198Please respect copyright.PENANAHUCVohLAOf
8964 copyright protection194PENANAY6InTNfWsZ 維尼
……8964 copyright protection194PENANA1M7Y7NRftU 維尼
198Please respect copyright.PENANATHX1v7CNx5
8964 copyright protection194PENANAqaR9cgohfJ 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 protection194PENANA781PGuIrQh 維尼
198Please respect copyright.PENANAIRXcPEh4Ug
8964 copyright protection194PENANA3yRP3NF0JU 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 protection194PENANA10GmWGtUyU 維尼
198Please respect copyright.PENANAiA8YDAd2nj
8964 copyright protection194PENANAEpqtU5iVsu 維尼
……8964 copyright protection194PENANAl0bIAWhxVX 維尼
198Please respect copyright.PENANAyyV9pSqLSA
8964 copyright protection194PENANAlqc3bSpDQU 維尼
……8964 copyright protection194PENANAzupOwfR90R 維尼
198Please respect copyright.PENANApXpu8Nf3Gw
8964 copyright protection194PENANADLyVQkksiQ 維尼
……8964 copyright protection194PENANA7kGIVidJ7u 維尼
198Please respect copyright.PENANAV5B5hcJ6F5
8964 copyright protection194PENANAFVspoS5CUL 維尼
……8964 copyright protection194PENANAqCmx3UYJHK 維尼
198Please respect copyright.PENANAGR14ZFVimV
8964 copyright protection194PENANAUGLIU5H81I 維尼
……8964 copyright protection194PENANAmnRXn9o69e 維尼
198Please respect copyright.PENANAuWuSLClBnN
8964 copyright protection194PENANAN8ali6HV9g 維尼
……8964 copyright protection194PENANAKN38XMvVxj 維尼
198Please respect copyright.PENANAIDGaYVFGzi
8964 copyright protection194PENANAz3y2M8sNZg 維尼
……8964 copyright protection194PENANATAm7eck1NU 維尼
198Please respect copyright.PENANAHhRp11abRV
8964 copyright protection194PENANAGiiSvvbqKi 維尼
……8964 copyright protection194PENANA9A2D5XU6Dy 維尼
198Please respect copyright.PENANAAV8uYGW8sE
8964 copyright protection194PENANAG0L6QJ8lyf 維尼
……8964 copyright protection194PENANANrpJy13D8O 維尼
198Please respect copyright.PENANAxMNIar2JnK
8964 copyright protection194PENANA8uQGoSGOmQ 維尼
*徐天澤正是利用了這項規則8964 copyright protection194PENANA5KCJQ4cAhS 維尼
198Please respect copyright.PENANAlcgSZxlfA5
8964 copyright protection194PENANAYlnPGpUehj 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 protection194PENANAlFyAKyVmqC 維尼
198Please respect copyright.PENANANcSd8IwfIh
8964 copyright protection194PENANAbKHj5FrsK2 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 protection194PENANAo8uDXkmFB8 維尼
198Please respect copyright.PENANA94qdou5zHF
8964 copyright protection194PENANAomQNHHjXpZ 維尼
至此,軋空局面已完全成形,而空頭們還蒙在鼓裏。8964 copyright protection194PENANA0l9CFkQDeE 維尼
198Please respect copyright.PENANAgqDtvB8QSR
8964 copyright protection194PENANADMpjSgY9Jt 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 protection194PENANABNtcMNrrnX 維尼
198Please respect copyright.PENANAytsDc30064
8964 copyright protection194PENANAkztNv2CkXM 維尼
……8964 copyright protection194PENANAs3QGuslLc4 維尼
198Please respect copyright.PENANACGIlu67DSH
8964 copyright protection194PENANAyzyKCQWbcx 維尼
……8964 copyright protection194PENANAs0Zr7rcZ3b 維尼
198Please respect copyright.PENANAiIr97VptAm
8964 copyright protection194PENANA043fzIYBPY 維尼
……8964 copyright protection194PENANAMwiSSvlCM3 維尼
198Please respect copyright.PENANAQbViENcVCd
8964 copyright protection194PENANAUUmAu8w8xO 維尼
……8964 copyright protection194PENANAkXR4tgDz93 維尼
198Please respect copyright.PENANAttbZa5diJF
8964 copyright protection194PENANAFIRh2IJhgQ 維尼
……8964 copyright protection194PENANA1AIYOt1YW1 維尼
198Please respect copyright.PENANAXUdNt7YjTf
8964 copyright protection194PENANAh0LOLu0SEx 維尼
……8964 copyright protection194PENANAGEZE8rZglq 維尼
198Please respect copyright.PENANAuhUdDPPEIv
8964 copyright protection194PENANA8JhQz3SnIZ 維尼
……8964 copyright protection194PENANAciSUkbBQYz 維尼
198Please respect copyright.PENANA8rV6FGlUdv
8964 copyright protection194PENANAQnvfN0iRwV 維尼
……8964 copyright protection194PENANAkPXsNSIn3S 維尼
198Please respect copyright.PENANANSY7XUXg1s
8964 copyright protection194PENANAJcxn70xAQ3 維尼
……8964 copyright protection194PENANAYxAkeT16rC 維尼
198Please respect copyright.PENANA6ejDcCZsVp
8964 copyright protection194PENANAZfBRijHCMw 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 protection194PENANA0SfDZ4Mgz4 維尼
198Please respect copyright.PENANAvNeSxi7e5C
8964 copyright protection194PENANAakOGBD5LLT 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 protection194PENANAYcNOYOhV52 維尼
198Please respect copyright.PENANAwzk2SF9e9f
8964 copyright protection194PENANAVpOsnmYTKF 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 protection194PENANAI5nROyTAPb 維尼
198Please respect copyright.PENANAvmHRGhLlvT
8964 copyright protection194PENANAZuHmzHwsip 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 protection194PENANAefqf5b8BgR 維尼
198Please respect copyright.PENANAxEvYGy660T
8964 copyright protection194PENANAGzb0KKFgUV 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 protection194PENANAQmsGXraa3d 維尼
198Please respect copyright.PENANAy5j8gBtbdw
8964 copyright protection194PENANAxaKZEoY47h 維尼
……8964 copyright protection194PENANARwBTAygEty 維尼
198Please respect copyright.PENANAdpZOE114dw
8964 copyright protection194PENANAz4xwZvkKO4 維尼
……8964 copyright protection194PENANAxJiU0nN8PD 維尼
198Please respect copyright.PENANAmXY3fk4mCd
8964 copyright protection194PENANAMcZi4SU2g1 維尼
……8964 copyright protection194PENANA0M1f4bYlp5 維尼
198Please respect copyright.PENANAczGYEaQccG
8964 copyright protection194PENANAlJL0OsZkYQ 維尼
吕易依然按兵不動?8964 copyright protection194PENANALbgUSoonHq 維尼
198Please respect copyright.PENANAIfXUF7ddMQ
8964 copyright protection194PENANAuJDm6AHHsj 維尼
……8964 copyright protection194PENANAofTBPfctD0 維尼
198Please respect copyright.PENANAHTGTCiOjp3
8964 copyright protection194PENANAdmLYbAELZo 維尼
……8964 copyright protection194PENANAOmoZdVwyqL 維尼
198Please respect copyright.PENANArbCY5BdR6p
8964 copyright protection194PENANAdsw55aunz6 維尼
……8964 copyright protection194PENANAog7GPe8tPW 維尼
198Please respect copyright.PENANAVxugcwPJOp
8964 copyright protection194PENANAW7ZNd2Vn2G 維尼
……8964 copyright protection194PENANAfYTDeCt7XM 維尼
198Please respect copyright.PENANAwDvKznpIcn
8964 copyright protection194PENANAjpF879rpur 維尼
……8964 copyright protection194PENANAOjz0c0uIga 維尼
198Please respect copyright.PENANAkryRYOc2oP
8964 copyright protection194PENANASv1Wh5PsSZ 維尼
……8964 copyright protection194PENANARMaVsAdW3J 維尼
198Please respect copyright.PENANAtMbzpt6fQr
8964 copyright protection194PENANANa1yzZ0hAI 維尼
……8964 copyright protection194PENANARbgWCbJiUa 維尼
198Please respect copyright.PENANAFS5M78pNaE
8964 copyright protection194PENANAr4o3zWsu9Z 維尼
……8964 copyright protection194PENANAPxli4ldelR 維尼
198Please respect copyright.PENANAEafTPYaRnU
8964 copyright protection194PENANAdqzjvL5lsC 維尼
……8964 copyright protection194PENANAjTKHJphk63 維尼
198Please respect copyright.PENANAIAJoTaEcII
8964 copyright protection194PENANA3U2QNCdnEQ 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 protection194PENANA67KJz1qNv2 維尼
198Please respect copyright.PENANAEeRqWFdYuL
8964 copyright protection194PENANAVSxgNg1HPO 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 protection194PENANAwuIDetNgJZ 維尼
198Please respect copyright.PENANAPKUHJApX3j
8964 copyright protection194PENANAVT7o2UwQaj 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 protection194PENANAv1XpTAkZWG 維尼
198Please respect copyright.PENANAkIpl9vfzjI
8964 copyright protection194PENANAd5QBtiUp8q 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 protection194PENANAn4fDiRfUWN 維尼
198Please respect copyright.PENANA9t2Z35l8RN
8964 copyright protection194PENANAtJoILHZqjS 維尼
每個人都徹夜難眠,8964 copyright protection194PENANAE1b9vgsTnB 維尼
198Please respect copyright.PENANA0NXGyxzcci
8964 copyright protection194PENANAgmZZ1pMdob 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 protection194PENANAeGuLU5m8gP 維尼
198Please respect copyright.PENANAoRamxhPwB6
8964 copyright protection194PENANAvlcMFifrI7 維尼
……8964 copyright protection194PENANA3ate2fMOax 維尼
198Please respect copyright.PENANA8wJP31vmDH
8964 copyright protection194PENANAhEEt34axP0 維尼
……8964 copyright protection194PENANAu5BwPnqrcb 維尼
198Please respect copyright.PENANAYquOp7hGHY
8964 copyright protection194PENANAn3TREjFGWZ 維尼
……8964 copyright protection194PENANArNMIFWYrH6 維尼
198Please respect copyright.PENANAxI0uiZwkB7
8964 copyright protection194PENANAx7NxiwflJy 維尼
……8964 copyright protection194PENANAXtii8KB28a 維尼
198Please respect copyright.PENANAmM5bUtQvsM
8964 copyright protection194PENANAaJAwYkorRW 維尼
……8964 copyright protection194PENANAhPhF6eaSlp 維尼
198Please respect copyright.PENANA9StHApoK53
8964 copyright protection194PENANAEjpgG9bFJK 維尼
……8964 copyright protection194PENANAYJlozXuZP5 維尼
198Please respect copyright.PENANAoCY4tROLuR
8964 copyright protection194PENANAhDDFD9v2kY 維尼
……8964 copyright protection194PENANAHG2dK4zh4M 維尼
198Please respect copyright.PENANASXskfITZaE
8964 copyright protection194PENANAS0ZaR06PKi 維尼
……8964 copyright protection194PENANATPlIogVo1b 維尼
198Please respect copyright.PENANAXtaWTXSAVa
8964 copyright protection194PENANAOpUQJxfiRb 維尼
……8964 copyright protection194PENANALoPJEHrtup 維尼
198Please respect copyright.PENANAj0Ejbex6HY
8964 copyright protection194PENANA9c4KpeQ7wl 維尼
第二天一開盤,8964 copyright protection194PENANAeaEUo28UxE 維尼
198Please respect copyright.PENANAu2Rs70UwR6
8964 copyright protection194PENANAvpjGUFswnj 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 protection194PENANAkk7IWZpSoP 維尼
198Please respect copyright.PENANAi6XXnQXpch
8964 copyright protection194PENANAdLJ6LUpsRZ 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 protection194PENANA5OyPkgtBJe 維尼
198Please respect copyright.PENANA5rVHcbKhbz
8964 copyright protection194PENANA6VA2ILZR6K 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 protection194PENANARFbp104dFa 維尼
198Please respect copyright.PENANAa0vzOCpZHh
8964 copyright protection194PENANAolyp1ImrEv 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 protection194PENANAZVNEgx8pUX 維尼
198Please respect copyright.PENANAe8skZ9cvp4
8964 copyright protection194PENANAR4sBBr3Owo 維尼
拜其所賜,斯坦利集團股價兩天內就飆漲了500%!8964 copyright protection194PENANAhccALNcX5L 維尼
198Please respect copyright.PENANAyQvkKICj7v
8964 copyright protection194PENANAPkOefWwGUw 維尼
從1722.36元飆到8654.85元!!!!!8964 copyright protection194PENANAsvjJGnDY0r 維尼
198Please respect copyright.PENANA47f7dnlChA
8964 copyright protection194PENANAahSpYjlgiX 維尼
在這短短的兩天,8964 copyright protection194PENANAGExM9YSjIX 維尼
198Please respect copyright.PENANAsTKdq8iaLw
8964 copyright protection194PENANAhvCXKZz8Jy 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 protection194PENANAoiNMPh6GUy 維尼
198Please respect copyright.PENANA0CaDgPEFtT
8964 copyright protection194PENANA85IW6Qvx4D 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 protection194PENANAd2mNtSAx94 維尼
198Please respect copyright.PENANA9R6wyjqPQx
8964 copyright protection194PENANA7x8eS84AMv 維尼
……8964 copyright protection194PENANA1JOEC5a0yX 維尼
198Please respect copyright.PENANAczrpP4Kn2I
8964 copyright protection194PENANApKk0zH8a5V 維尼
……8964 copyright protection194PENANAszQZBt2OAa 維尼
198Please respect copyright.PENANAQkZT4Q1M8Q
8964 copyright protection194PENANA0f2iNBdQb8 維尼
……8964 copyright protection194PENANAtWi2tmYeS5 維尼
3.17.173.69
ns3.17.173.69da2