x
No Plagiarism!Id9DM47jkHV9M63oy7t1posted on PENANA 《黑武士》Ch-068964 copyright protection86PENANAHdi5JDCnt9 維尼
90Please respect copyright.PENANA9VOLycE9Km
8964 copyright protection86PENANAoxC5fqKcv5 維尼
……8964 copyright protection86PENANAzPSO1rCKB7 維尼
90Please respect copyright.PENANAjOBPQpDFUM
8964 copyright protection86PENANAVTJJ8pkVz7 維尼
……8964 copyright protection86PENANAvCZUWCRTMw 維尼
90Please respect copyright.PENANA5FqNckl1AI
8964 copyright protection86PENANA0YXPK2djdt 維尼
……8964 copyright protection86PENANA794jIMwdVJ 維尼
90Please respect copyright.PENANA9xFs6Mv34W
8964 copyright protection86PENANAwr7UUvk1rI 維尼
吕易按兵不動。8964 copyright protection86PENANAEWl5jLZ5K5 維尼
90Please respect copyright.PENANArr1L5RZ05G
8964 copyright protection86PENANAHdM2aHS9wD 維尼
……8964 copyright protection86PENANA6yKxBPg5qW 維尼
90Please respect copyright.PENANAJpvd2Usiw5
8964 copyright protection86PENANAL6TtGQjSg3 維尼
……8964 copyright protection86PENANAJUDFaVgrNm 維尼
90Please respect copyright.PENANAciNFutWrhw
8964 copyright protection86PENANADi5d3MoTRq 維尼
……8964 copyright protection86PENANAji0R42Bleb 維尼
90Please respect copyright.PENANAT6uamzQlk7
8964 copyright protection86PENANAlo8XaZ4ELy 維尼
……8964 copyright protection86PENANAranW8D6JJ4 維尼
90Please respect copyright.PENANA1Ou9wDOCI0
8964 copyright protection86PENANAUpLcosmzsC 維尼
……8964 copyright protection86PENANATvYwcLUt1i 維尼
90Please respect copyright.PENANAxlvOhWDwgo
8964 copyright protection86PENANAD84WV6os5P 維尼
……8964 copyright protection86PENANAs7uGydjeHr 維尼
90Please respect copyright.PENANAt9moRifLmJ
8964 copyright protection86PENANAOtnfPlTm9y 維尼
……8964 copyright protection86PENANAOPjIzru1mX 維尼
90Please respect copyright.PENANA23vMEAunml
8964 copyright protection86PENANALLqXCsVM1N 維尼
……8964 copyright protection86PENANAPQBPcPRzgr 維尼
90Please respect copyright.PENANAjUnMTe7W2i
8964 copyright protection86PENANA3EwyHWF3nL 維尼
……8964 copyright protection86PENANAnrH6C15Nxc 維尼
90Please respect copyright.PENANA7kNQ2VBtQK
8964 copyright protection86PENANANdkC0dzE3y 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 protection86PENANAZcutpvraFt 維尼
90Please respect copyright.PENANAdw6Mbr75Hi
8964 copyright protection86PENANABYZcvRRNbG 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 protection86PENANAkh6xoCKyQ3 維尼
90Please respect copyright.PENANA4HgDaADKqU
8964 copyright protection86PENANAUqanWZVk3O 維尼
這招兒可說是釜底抽薪之計,8964 copyright protection86PENANA5eIJjK3DO2 維尼
90Please respect copyright.PENANAI2wfoDuzMr
8964 copyright protection86PENANAfTMtH8CHfq 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 protection86PENANA7PmDaHUiFN 維尼
90Please respect copyright.PENANArrgEq8BfLw
8964 copyright protection86PENANAirKcAysZD6 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 protection86PENANAvDhkE1HS56 維尼
90Please respect copyright.PENANAGvjqLi2UnE
8964 copyright protection86PENANAWqfwPdUiao 維尼
……8964 copyright protection86PENANAbWK627dMnL 維尼
90Please respect copyright.PENANABhFa4EHAYS
8964 copyright protection86PENANARQgr8wslFT 維尼
……8964 copyright protection86PENANAtI2Fz7QVKR 維尼
90Please respect copyright.PENANATjIkGSng15
8964 copyright protection86PENANAljZY1v4quS 維尼
……8964 copyright protection86PENANA84LQlurYBe 維尼
90Please respect copyright.PENANAhLZr9Ua0PD
8964 copyright protection86PENANA2FVV0F6Gfp 維尼
……8964 copyright protection86PENANA0SeyJJqqDU 維尼
90Please respect copyright.PENANApVYz3jQMOH
8964 copyright protection86PENANAFJaq5mWbQH 維尼
……8964 copyright protection86PENANA7jEQ7BKdVf 維尼
90Please respect copyright.PENANASirWnfaj3x
8964 copyright protection86PENANAiAFEiSA3Mo 維尼
……8964 copyright protection86PENANAWzZlhKqP6W 維尼
90Please respect copyright.PENANACRM7Ii0tQH
8964 copyright protection86PENANAUzd4dsyUKk 維尼
……8964 copyright protection86PENANAqQQyvF5dEk 維尼
90Please respect copyright.PENANA5oSke0Ytaz
8964 copyright protection86PENANAQBkJp02EcX 維尼
……8964 copyright protection86PENANA1qHdd66zjc 維尼
90Please respect copyright.PENANAksAEEK7Q9G
8964 copyright protection86PENANAuSH5YYOjep 維尼
……8964 copyright protection86PENANANUUAKu9GC7 維尼
90Please respect copyright.PENANAKFdmCixWYo
8964 copyright protection86PENANAMINuwPv79y 維尼
經過了漫長訴訟,8964 copyright protection86PENANAslBGwokWag 維尼
90Please respect copyright.PENANAH3TnlXzDyb
8964 copyright protection86PENANAtr5cFVOHns 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 protection86PENANAryJAu3qHRx 維尼
90Please respect copyright.PENANAzlItvchtJ6
8964 copyright protection86PENANAgATwfTA1ZW 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 protection86PENANAuGRjzKK3LD 維尼
90Please respect copyright.PENANAeH6Uu0RT8U
8964 copyright protection86PENANAOvM0tPavRX 維尼
這樣的話,8964 copyright protection86PENANAKvAQPh3O4r 維尼
90Please respect copyright.PENANA8bz2gGXqSa
8964 copyright protection86PENANAEaCkx5J3Rf 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 protection86PENANACQ4mSO90b6 維尼
90Please respect copyright.PENANAPXd2hjDIV4
8964 copyright protection86PENANAvZIqi5ohib 維尼
……8964 copyright protection86PENANAU2CjaHaSnD 維尼
90Please respect copyright.PENANA9C7HSyy6CF
8964 copyright protection86PENANAk8roAIveYh 維尼
……8964 copyright protection86PENANAWahYVOnUCr 維尼
90Please respect copyright.PENANAD6YDXfJFJD
8964 copyright protection86PENANAVEESpgPxRd 維尼
……8964 copyright protection86PENANASwCng3tUVH 維尼
90Please respect copyright.PENANAyd8Zkd6XV9
8964 copyright protection86PENANA6WKu0VlovN 維尼
……8964 copyright protection86PENANA9shtxxP33R 維尼
90Please respect copyright.PENANAbs2EOmiLBX
8964 copyright protection86PENANA5UMMPPCr2H 維尼
……8964 copyright protection86PENANAYsXMaKWDkU 維尼
90Please respect copyright.PENANANlRh6WkEBS
8964 copyright protection86PENANAI3b19eo7jP 維尼
……8964 copyright protection86PENANAvdEWBUtbKs 維尼
90Please respect copyright.PENANAKC6KRIuW7U
8964 copyright protection86PENANAp3xvCXktuL 維尼
……8964 copyright protection86PENANAhgRViNrPoR 維尼
90Please respect copyright.PENANAfSi6Zewr2q
8964 copyright protection86PENANAAYToyKuz2r 維尼
……8964 copyright protection86PENANACPJMtg9Jmz 維尼
90Please respect copyright.PENANAgrCtB7a758
8964 copyright protection86PENANAUxM8OoPR0E 維尼
……8964 copyright protection86PENANAID14tOt4Lk 維尼
90Please respect copyright.PENANAACXJYkHE1b
8964 copyright protection86PENANAyhU1wwQjxc 維尼
這時大家才明白,8964 copyright protection86PENANA9bV7U2iJcM 維尼
90Please respect copyright.PENANA7k4zBJfNDs
8964 copyright protection86PENANAmx3BKSSvJh 維尼
徐天澤一路走來堅定做多,視官股如無物,8964 copyright protection86PENANAvOe9w0TLdn 維尼
90Please respect copyright.PENANA3zzBjtRdod
8964 copyright protection86PENANA65b0MI5Dk5 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 protection86PENANAtMMqfrfmuA 維尼
90Please respect copyright.PENANAdcAH2iolRO
8964 copyright protection86PENANA3rHyGlJcN5 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 protection86PENANAD35CPEfEw8 維尼
90Please respect copyright.PENANAymygSPzqhf
8964 copyright protection86PENANA6uhYS5upFJ 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 protection86PENANALxPKcpvmYd 維尼
90Please respect copyright.PENANAlRnj7j7RJI
8964 copyright protection86PENANATharfLZJFN 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 protection86PENANAPim7HpEgt6 維尼
90Please respect copyright.PENANAhi1mJsoCbw
8964 copyright protection86PENANAPjDSoI78pi 維尼
……8964 copyright protection86PENANA523KJ8a8d8 維尼
90Please respect copyright.PENANAi1ehqyGNXS
8964 copyright protection86PENANAJaIQho22qd 維尼
……8964 copyright protection86PENANAw7GMO7JBJf 維尼
90Please respect copyright.PENANAPd24OF6mCN
8964 copyright protection86PENANAqZeuNpRA3S 維尼
……8964 copyright protection86PENANAIwnefIKU1a 維尼
90Please respect copyright.PENANA7JEj8qE6h8
8964 copyright protection86PENANAoIAhIs5Bk7 維尼
……8964 copyright protection86PENANAwZQj5MQJIl 維尼
90Please respect copyright.PENANA0FQ9WqHJt8
8964 copyright protection86PENANAbkFbVqJVjB 維尼
……8964 copyright protection86PENANA7tFEwFEW44 維尼
90Please respect copyright.PENANA8Bs51UBCkL
8964 copyright protection86PENANAdLQ17vjWnZ 維尼
……8964 copyright protection86PENANAhHZ1njwFBC 維尼
90Please respect copyright.PENANAyCccK1zEN3
8964 copyright protection86PENANAlIlScz4Zut 維尼
……8964 copyright protection86PENANAZmIB62saUi 維尼
90Please respect copyright.PENANAr0sIVxc2la
8964 copyright protection86PENANADY9s3UvaLf 維尼
……8964 copyright protection86PENANAtgdwakPOQs 維尼
90Please respect copyright.PENANAg0ZnUCQ0cp
8964 copyright protection86PENANAX2hwmpc8wS 維尼
……8964 copyright protection86PENANADt8quHST5S 維尼
90Please respect copyright.PENANA5X4AFgOZRq
8964 copyright protection86PENANAJZoyHNVuyl 維尼
很顯然,徐天澤對法律的理解和對規則的運用,8964 copyright protection86PENANAXltvdd5JlK 維尼
90Please respect copyright.PENANA1KXEWhqaNf
8964 copyright protection86PENANAlUDd7xIrXt 維尼
比市場的一般認知要高出一籌。8964 copyright protection86PENANA1aCkUKVdRD 維尼
90Please respect copyright.PENANAjl3FYeHHH2
8964 copyright protection86PENANAoC6NWPa1ES 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 protection86PENANAUwORZPxSC3 維尼
90Please respect copyright.PENANAhI4Kf5vrbK
8964 copyright protection86PENANA6OvNFdMOME 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 protection86PENANAzz4iEHzCa6 維尼
90Please respect copyright.PENANABQ3JCseTZh
8964 copyright protection86PENANAJFTBbzCVsl 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 protection86PENANAtZi1RpJXHf 維尼
90Please respect copyright.PENANATHSg9SnsZ0
8964 copyright protection86PENANA8wcae9jqmB 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 protection86PENANAc4n7ubEY66 維尼
90Please respect copyright.PENANAFtGVIfgX3U
8964 copyright protection86PENANArx5wUswJbP 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 protection86PENANAxwutoKmw99 維尼
90Please respect copyright.PENANA3ISWbsComZ
8964 copyright protection86PENANAiKVPQZVGz0 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 protection86PENANAxs0IFY1CwS 維尼
90Please respect copyright.PENANAVyF6iHRd9w
8964 copyright protection86PENANAkiNqYag7LV 維尼
……8964 copyright protection86PENANAtWI9LbMAi8 維尼
90Please respect copyright.PENANAIJ5mYXCwAT
8964 copyright protection86PENANACU8DfCBQ6h 維尼
……8964 copyright protection86PENANAiNAbo0bAfs 維尼
90Please respect copyright.PENANAE0DvsIpipW
8964 copyright protection86PENANAwWWYqadBVv 維尼
……8964 copyright protection86PENANAMFZFbBPqC6 維尼
90Please respect copyright.PENANApI2xRKekS0
8964 copyright protection86PENANAMU3ELaaoz8 維尼
吕易依然按兵不動。8964 copyright protection86PENANAfj9orRCUnz 維尼
90Please respect copyright.PENANA3AQL67PpRT
8964 copyright protection86PENANApj57FM74YJ 維尼
……8964 copyright protection86PENANAnuF2M86gQy 維尼
90Please respect copyright.PENANAsOMkwyjmo7
8964 copyright protection86PENANAeXID0yyXT0 維尼
……8964 copyright protection86PENANAYkrYjgoxvg 維尼
90Please respect copyright.PENANAnalgoM8RbC
8964 copyright protection86PENANA7hSeny6oea 維尼
……8964 copyright protection86PENANAt3Rpbijqjv 維尼
90Please respect copyright.PENANAwcjqY6B9WN
8964 copyright protection86PENANALWwCOYRAzX 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 protection86PENANAbRnMZ1OXtv 維尼
90Please respect copyright.PENANAI3Pbmmbb5I
8964 copyright protection86PENANAVfVaKZDhin 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 protection86PENANAOKJ74fI1Jb 維尼
90Please respect copyright.PENANA229jgKRcJe
8964 copyright protection86PENANAwMRjeTiUjX 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 protection86PENANAOwTUuBdmkh 維尼
90Please respect copyright.PENANAyJlGvqETDW
8964 copyright protection86PENANAnj3zB5aIUQ 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 protection86PENANAavxJwQ5aTm 維尼
90Please respect copyright.PENANALMwoqOBwUd
8964 copyright protection86PENANAK0m9NB8aGl 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 protection86PENANA7DlfCt6FN9 維尼
90Please respect copyright.PENANAi8GP50lgLh
8964 copyright protection86PENANAU7N1S5Y0Ey 維尼
……8964 copyright protection86PENANAJETKMc6qGZ 維尼
90Please respect copyright.PENANAB45HphBb9s
8964 copyright protection86PENANAXsmJdxWEsn 維尼
……8964 copyright protection86PENANATpNpwsAKRw 維尼
90Please respect copyright.PENANANTpNatDGvb
8964 copyright protection86PENANAnrP6QnRwop 維尼
……8964 copyright protection86PENANAU9rKXc6pXj 維尼
90Please respect copyright.PENANAXKRMHTnztI
8964 copyright protection86PENANAqobVrw7smq 維尼
……8964 copyright protection86PENANAKLlxTgjuWq 維尼
90Please respect copyright.PENANAqjLOxlsGg4
8964 copyright protection86PENANAzKmUrLtY0e 維尼
……8964 copyright protection86PENANACBSMJy1stG 維尼
90Please respect copyright.PENANAaVxTo12lDN
8964 copyright protection86PENANA5bl5Xz3FKO 維尼
……8964 copyright protection86PENANA7CAO7f96eH 維尼
90Please respect copyright.PENANAJRZyxm2Lka
8964 copyright protection86PENANA32kaoIz2zL 維尼
……8964 copyright protection86PENANAZbf0ovdfgm 維尼
90Please respect copyright.PENANAjveqZWPgBh
8964 copyright protection86PENANAn0bRNksKfd 維尼
……8964 copyright protection86PENANAFeG7LBarox 維尼
90Please respect copyright.PENANAopJBrt4PXP
8964 copyright protection86PENANAZxWzswhGIl 維尼
……8964 copyright protection86PENANAHKj6KCatAv 維尼
90Please respect copyright.PENANA3CT7pXU776
8964 copyright protection86PENANAdDpodAPQ8M 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 protection86PENANAgE82ybxXXC 維尼
90Please respect copyright.PENANADsH0AD932c
8964 copyright protection86PENANAf3fdpxzhlS 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 protection86PENANA0usWrFEGU9 維尼
90Please respect copyright.PENANAjl8GrhreQr
8964 copyright protection86PENANAa8uExYMDCe 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 protection86PENANAFilCXdKE3E 維尼
90Please respect copyright.PENANAcFlHkgae1v
8964 copyright protection86PENANAeh6ZbWsRHK 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 protection86PENANAvhUhxrvbfz 維尼
90Please respect copyright.PENANAiVTFe3JHeV
8964 copyright protection86PENANApbja9S3e4h 維尼
做空大眾的各大對沖基金已經開始瘋狂起來。8964 copyright protection86PENANABjxmikoBSi 維尼
90Please respect copyright.PENANA3jm9QnO4wU
8964 copyright protection86PENANA6Stb89wFe4 維尼
……8964 copyright protection86PENANAnyxLO2fY6L 維尼
90Please respect copyright.PENANAvoHYgFBeho
8964 copyright protection86PENANANeegQ5CSQe 維尼
……8964 copyright protection86PENANASjNhpMmSGf 維尼
90Please respect copyright.PENANAFkbHIMRrdx
8964 copyright protection86PENANAiCkxVrGXRq 維尼
……8964 copyright protection86PENANAHmzNAWwyoi 維尼
90Please respect copyright.PENANACgV1WgDXn1
8964 copyright protection86PENANAi1MzUEM27r 維尼
……8964 copyright protection86PENANAbA0HQbsLRD 維尼
90Please respect copyright.PENANAjyft9G62ZW
8964 copyright protection86PENANAanbnDla6s8 維尼
……8964 copyright protection86PENANAyhHco872S7 維尼
90Please respect copyright.PENANATrA9vAiYAp
8964 copyright protection86PENANAmSMgMFUtD0 維尼
……8964 copyright protection86PENANAMVqDYjjvPk 維尼
90Please respect copyright.PENANAAkBiDlHJ8w
8964 copyright protection86PENANAiH5oOdriaL 維尼
……8964 copyright protection86PENANA71WBB9iuWq 維尼
90Please respect copyright.PENANACNQuLMVuRk
8964 copyright protection86PENANAelFyuZ1Wir 維尼
……8964 copyright protection86PENANA0Ujkl3mtGL 維尼
90Please respect copyright.PENANAszOFspgZCB
8964 copyright protection86PENANALAragtrnOi 維尼
……8964 copyright protection86PENANASRcj5PdT7d 維尼
90Please respect copyright.PENANAwMbSv7kTAU
8964 copyright protection86PENANAmBfvAKNhMZ 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 protection86PENANAfv9hs42Pjf 維尼
90Please respect copyright.PENANACYbb3qpVlm
8964 copyright protection86PENANAFEjgjfB6Mm 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 protection86PENANAfzUJ16CDHb 維尼
90Please respect copyright.PENANAD4xAlW4Zdz
8964 copyright protection86PENANAN0EuMwKVvF 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 protection86PENANAEFbF67iNkT 維尼
90Please respect copyright.PENANA4cpztPM9kk
8964 copyright protection86PENANATNrwX5GZrR 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 protection86PENANACBI0ANORzD 維尼
90Please respect copyright.PENANAEZFE8LE3oR
8964 copyright protection86PENANArudT4icvcz 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 protection86PENANA11NbZLeinU 維尼
90Please respect copyright.PENANA8EQWMgRStr
8964 copyright protection86PENANAZdoaLKS7oN 維尼
*重點:8964 copyright protection86PENANAqasMcYeOqg 維尼
90Please respect copyright.PENANAzT3lALsRGQ
8964 copyright protection86PENANAERvcAUTrmT 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 protection86PENANA5pTv7TKY6r 維尼
90Please respect copyright.PENANArccZTUZfMw
8964 copyright protection86PENANAJyFfWZ7l0N 維尼
……8964 copyright protection86PENANAraygHdXToh 維尼
90Please respect copyright.PENANALeJE0tV64H
8964 copyright protection86PENANAAg7zdlV8p8 維尼
……8964 copyright protection86PENANA8aulymAE0r 維尼
90Please respect copyright.PENANAinJyO5JdzL
8964 copyright protection86PENANAFejbx6KU44 維尼
……8964 copyright protection86PENANAUte4VKC6pW 維尼
90Please respect copyright.PENANAm91ZOFQEyC
8964 copyright protection86PENANAsghg89xZq8 維尼
……8964 copyright protection86PENANARmZNAtmn9U 維尼
90Please respect copyright.PENANAMra8S08oVO
8964 copyright protection86PENANAUDBCMU4clj 維尼
……8964 copyright protection86PENANA1Ww6BpmSz9 維尼
90Please respect copyright.PENANA7LpMFQ1jmE
8964 copyright protection86PENANAMoqnQxSYYI 維尼
……8964 copyright protection86PENANAvl7GAd45tJ 維尼
90Please respect copyright.PENANAAfU9GjvFC8
8964 copyright protection86PENANAoWdNn88tmH 維尼
……8964 copyright protection86PENANAOA42ipg1Iu 維尼
90Please respect copyright.PENANACTGajKCiz6
8964 copyright protection86PENANAvR82pSfycm 維尼
……8964 copyright protection86PENANAbrDSVXp6jm 維尼
90Please respect copyright.PENANAFDS4hlsOY3
8964 copyright protection86PENANAmySmoRHBDC 維尼
……8964 copyright protection86PENANA4Z11G9nIrr 維尼
90Please respect copyright.PENANATcfpju2znP
8964 copyright protection86PENANAlTjrYsHqCi 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 protection86PENANAf66UV0uhQh 維尼
90Please respect copyright.PENANAE7xL7ZkZmA
8964 copyright protection86PENANAHoJo0zZPhN 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 protection86PENANAFhGFPWIaYu 維尼
90Please respect copyright.PENANA5UrUyv8XzF
8964 copyright protection86PENANAvtMUJaFZrx 維尼
……8964 copyright protection86PENANAyWqNLXULAO 維尼
90Please respect copyright.PENANActiXVaQLqB
8964 copyright protection86PENANAmny2HFMZj6 維尼
……8964 copyright protection86PENANAqzFFGpXtxS 維尼
90Please respect copyright.PENANAXXzghjJmUi
8964 copyright protection86PENANAMgHxSOyjy3 維尼
……8964 copyright protection86PENANAjpClzEYEPK 維尼
90Please respect copyright.PENANAILYbZ5tOR4
8964 copyright protection86PENANAUasO7ruLnt 維尼
……8964 copyright protection86PENANAx5iljPjUdM 維尼
90Please respect copyright.PENANAEJNeNc14jo
8964 copyright protection86PENANAmnF9YUaYPl 維尼
……8964 copyright protection86PENANAYT6IoRFQup 維尼
90Please respect copyright.PENANAY987OFxPzO
8964 copyright protection86PENANAHMkbwJQIXO 維尼
……8964 copyright protection86PENANAuASLn1FjqP 維尼
90Please respect copyright.PENANAM7weEnZV3U
8964 copyright protection86PENANAs3UbJbVx19 維尼
……8964 copyright protection86PENANA4pC3fk2jMh 維尼
90Please respect copyright.PENANAkC1zyE4WYd
8964 copyright protection86PENANAMm3GMKK4AW 維尼
……8964 copyright protection86PENANAXY4pXaBbJi 維尼
90Please respect copyright.PENANAfojycgOl8Y
8964 copyright protection86PENANAetyMRxXkOM 維尼
……8964 copyright protection86PENANAY4ENrGBq3D 維尼
90Please respect copyright.PENANAW6dF2bEUr2
8964 copyright protection86PENANA6luHciBTsE 維尼
*徐天澤正是利用了這項規則8964 copyright protection86PENANArReJmrSky7 維尼
90Please respect copyright.PENANAgXdo8Ze2WY
8964 copyright protection86PENANAT0WyLnDLn8 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 protection86PENANANU7ohrEtsj 維尼
90Please respect copyright.PENANAwQPCCn5zZW
8964 copyright protection86PENANAUi2qC8Qgj9 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 protection86PENANAGOJxFsewwE 維尼
90Please respect copyright.PENANAI4ll7ypHmo
8964 copyright protection86PENANALI92HPk3qE 維尼
至此,軋空局面已完全成形,而空頭們還蒙在鼓裏。8964 copyright protection86PENANAeuQ0cfMoN4 維尼
90Please respect copyright.PENANAGUOl9bthRA
8964 copyright protection86PENANAq8hOcAwwEO 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 protection86PENANAUCSAsHRyvS 維尼
90Please respect copyright.PENANAyCGd0QZscG
8964 copyright protection86PENANA0zaeb1DP6P 維尼
……8964 copyright protection86PENANArZGxHqYgKe 維尼
90Please respect copyright.PENANAbxf6Mtd8Km
8964 copyright protection86PENANAbR1gcqfW1x 維尼
……8964 copyright protection86PENANAdpSDG3rzz6 維尼
90Please respect copyright.PENANAjhJHnSvxZn
8964 copyright protection86PENANAxNqck4VXHj 維尼
……8964 copyright protection86PENANAcnVUuDFYH0 維尼
90Please respect copyright.PENANArzsCxGILAf
8964 copyright protection86PENANAMsSH8Eswq0 維尼
……8964 copyright protection86PENANArZcIGpFsHd 維尼
90Please respect copyright.PENANAE7MW6Ef6Cx
8964 copyright protection86PENANAzAWpvHxsDR 維尼
……8964 copyright protection86PENANA8zJ89DWgns 維尼
90Please respect copyright.PENANAxlqzSQ78sI
8964 copyright protection86PENANAJnwMDyMMkL 維尼
……8964 copyright protection86PENANAJKviRnM5sq 維尼
90Please respect copyright.PENANAnuvBlDbL4K
8964 copyright protection86PENANAH80dkCOlPQ 維尼
……8964 copyright protection86PENANAPcjOvkW4TZ 維尼
90Please respect copyright.PENANAEehZl7fnZv
8964 copyright protection86PENANAobcQ9r7s4Z 維尼
……8964 copyright protection86PENANAOfhEGpyJIr 維尼
90Please respect copyright.PENANAYvZ0u9KtDp
8964 copyright protection86PENANAsQbkUbhCiV 維尼
……8964 copyright protection86PENANAVnI9jJwhmd 維尼
90Please respect copyright.PENANAwTBR1xm9zy
8964 copyright protection86PENANAOSKxcdIRiZ 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 protection86PENANAoo8YjnIB8B 維尼
90Please respect copyright.PENANA273efBiWWZ
8964 copyright protection86PENANA5mDwcssI2f 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 protection86PENANAjE5OVlLALZ 維尼
90Please respect copyright.PENANAWQZw54Ausw
8964 copyright protection86PENANAjzWFzlN8Qa 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 protection86PENANAlPArveu72y 維尼
90Please respect copyright.PENANAfCz59grliO
8964 copyright protection86PENANAYxBfhg6isF 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 protection86PENANAMbdw8zdrfa 維尼
90Please respect copyright.PENANAlGBWKA55Px
8964 copyright protection86PENANALGbY9FdJYu 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 protection86PENANATXYXWtvI7n 維尼
90Please respect copyright.PENANAPv9CicwcHO
8964 copyright protection86PENANAwkenJFWKvz 維尼
……8964 copyright protection86PENANANSNphSKi94 維尼
90Please respect copyright.PENANAIbm0Dbq7bN
8964 copyright protection86PENANAi9Nuu34ZM9 維尼
……8964 copyright protection86PENANA0feEKYYOdM 維尼
90Please respect copyright.PENANAodcT42RU0f
8964 copyright protection86PENANAaaM5fBmLGe 維尼
……8964 copyright protection86PENANACs7p9TPtTN 維尼
90Please respect copyright.PENANASvKZLHqBOF
8964 copyright protection86PENANAOcPdfdlF7r 維尼
吕易依然按兵不動?8964 copyright protection86PENANAVurdhgCJDZ 維尼
90Please respect copyright.PENANANGTVpY2a1n
8964 copyright protection86PENANA5HJjbgJY8l 維尼
……8964 copyright protection86PENANAQfkYucHUHE 維尼
90Please respect copyright.PENANAuCfQAcvyX2
8964 copyright protection86PENANAV6ZUKA0OdK 維尼
……8964 copyright protection86PENANAvxxdf3UMpB 維尼
90Please respect copyright.PENANAyKGAt5BByf
8964 copyright protection86PENANAPGZIfkvRBG 維尼
……8964 copyright protection86PENANAJ4FxbGiYTy 維尼
90Please respect copyright.PENANAqLAmfpYTOy
8964 copyright protection86PENANAXq0bCNjx22 維尼
……8964 copyright protection86PENANAP8bu7fIbjl 維尼
90Please respect copyright.PENANAAljsx4Uvs8
8964 copyright protection86PENANAOXoUyZnb07 維尼
……8964 copyright protection86PENANAQNMd5eKQHi 維尼
90Please respect copyright.PENANA2dSr3l2xgV
8964 copyright protection86PENANAjv1ojHyXJB 維尼
……8964 copyright protection86PENANA2E755GLYLn 維尼
90Please respect copyright.PENANAwpppncju5r
8964 copyright protection86PENANAxJQKShdRQb 維尼
……8964 copyright protection86PENANA0tbVTq4WMJ 維尼
90Please respect copyright.PENANASjHdVnOQac
8964 copyright protection86PENANAmLVtQ7j837 維尼
……8964 copyright protection86PENANA5FzoZ2c9iC 維尼
90Please respect copyright.PENANARkrD6tlQ24
8964 copyright protection86PENANAab7iiu0VlQ 維尼
……8964 copyright protection86PENANAHBZPrks4ni 維尼
90Please respect copyright.PENANA9SBRb5p133
8964 copyright protection86PENANA98SMaNZw2U 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 protection86PENANAKi1vxZA6NU 維尼
90Please respect copyright.PENANAuFgwR9Aajo
8964 copyright protection86PENANAFSgZEmwvfV 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 protection86PENANASueleBsOfX 維尼
90Please respect copyright.PENANAVpikkuv7zR
8964 copyright protection86PENANADdFPj1Z5IX 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 protection86PENANA9F2Wkeid9q 維尼
90Please respect copyright.PENANA3rgqf1Xogy
8964 copyright protection86PENANAM7e2nGYjTR 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 protection86PENANAMuCWZ2iwXN 維尼
90Please respect copyright.PENANA9iIfvrXL7R
8964 copyright protection86PENANAtfpCD5Kuhz 維尼
每個人都徹夜難眠,8964 copyright protection86PENANACHa19Sskb2 維尼
90Please respect copyright.PENANAO5DUvNzsTH
8964 copyright protection86PENANASORHfLgTqm 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 protection86PENANAkCu5yU1xW0 維尼
90Please respect copyright.PENANAUzwQgcEsJX
8964 copyright protection86PENANAI5BkOqUl4e 維尼
……8964 copyright protection86PENANAaa3ruCeHGq 維尼
90Please respect copyright.PENANACieMqWqQUf
8964 copyright protection86PENANAQcBfuKcqFG 維尼
……8964 copyright protection86PENANAoLCHjhJzT2 維尼
90Please respect copyright.PENANAORqRIjThtg
8964 copyright protection86PENANA4o3WwqIp9w 維尼
……8964 copyright protection86PENANAHbcVE7DGsc 維尼
90Please respect copyright.PENANAqp2Erk2AyS
8964 copyright protection86PENANA6MaRCVEOxM 維尼
……8964 copyright protection86PENANAdBi1KDl0N5 維尼
90Please respect copyright.PENANAShsXejDMZW
8964 copyright protection86PENANAj3SuB2IiIU 維尼
……8964 copyright protection86PENANAa37qiylRn0 維尼
90Please respect copyright.PENANAhRZUsJXe3D
8964 copyright protection86PENANARl8b7Z1IiD 維尼
……8964 copyright protection86PENANA6GkZJvJWSA 維尼
90Please respect copyright.PENANAl2p6a3gYX3
8964 copyright protection86PENANAFDk5tOczFu 維尼
……8964 copyright protection86PENANADIZM37naMn 維尼
90Please respect copyright.PENANAlEWIt5mrmy
8964 copyright protection86PENANAepHcfcuj3S 維尼
……8964 copyright protection86PENANAVD2aLfgLEb 維尼
90Please respect copyright.PENANAichFcW8knF
8964 copyright protection86PENANAoUTrrd9Yit 維尼
……8964 copyright protection86PENANAkacZoos1PV 維尼
90Please respect copyright.PENANAdYIZUSYmqV
8964 copyright protection86PENANAT6KK7ZlCM2 維尼
第二天一開盤,8964 copyright protection86PENANAEWeK3sFjP9 維尼
90Please respect copyright.PENANAPLeJnFkiMI
8964 copyright protection86PENANAtHhn9bxLLH 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 protection86PENANAkJFV2qexIZ 維尼
90Please respect copyright.PENANAQez1rgx50s
8964 copyright protection86PENANAXymAqWlzL8 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 protection86PENANArWmQlAFzXc 維尼
90Please respect copyright.PENANAqZbovbexEe
8964 copyright protection86PENANAtSFWabloTv 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 protection86PENANAlSIvGAea1B 維尼
90Please respect copyright.PENANAYCnnUmvwcL
8964 copyright protection86PENANAbTrWIgfFvF 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 protection86PENANAHAZ3FfXhA4 維尼
90Please respect copyright.PENANAd4gSB3Kbyo
8964 copyright protection86PENANA0Gac5l8k0V 維尼
拜其所賜,斯坦利集團股價兩天內就飆漲了500%!8964 copyright protection86PENANAjePKP3gVN4 維尼
90Please respect copyright.PENANACKZRSlgfoy
8964 copyright protection86PENANAQjt7bAI08m 維尼
從1722.36元飆到8654.85元!!!!!8964 copyright protection86PENANAKAucsqbiyW 維尼
90Please respect copyright.PENANADPnynCLpdg
8964 copyright protection86PENANAor0rFVyqY2 維尼
在這短短的兩天,8964 copyright protection86PENANA8KrdmrOUxS 維尼
90Please respect copyright.PENANA0zcY5LNhMG
8964 copyright protection86PENANAalx7w0Ik2k 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 protection86PENANAzklUTNZvYr 維尼
90Please respect copyright.PENANAk9pEP6Uvgk
8964 copyright protection86PENANAwlTtcQYwsm 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 protection86PENANA9NhAe67hCI 維尼
90Please respect copyright.PENANAiHSCaLB5Wv
8964 copyright protection86PENANAoMWvAc7HS2 維尼
……8964 copyright protection86PENANA9HyU8bdvny 維尼
90Please respect copyright.PENANAhZ60jgKEl1
8964 copyright protection86PENANA4CODCsXWTV 維尼
……8964 copyright protection86PENANAjygTsHmQIb 維尼
90Please respect copyright.PENANACw6NuywOvZ
8964 copyright protection86PENANApvoruk4HJZ 維尼
……8964 copyright protection86PENANAVEnJeuY3rG 維尼
172.71.254.205
ns 172.71.254.205da2