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The Big Apple City,
Han and Tang Dynasties,
North America Division,
The trading floor is crowded with people,
There are almost 800 people in the North American branch and the Han and Tang headquarters, and almost half of them are traders.
They all gathered in the trading floor. No matter how big the place was, it became a little small.
Fortunately, the trading floor is large enough, otherwise it would be too crowded.
Dong Li and the others did not occupy other people¡¯s offices and moved them all to the conference room.
"How are the preparations going?"
"The investment in ETFs has exceeded 110 billion, and the stock index futures have invested 140 billion, all targeting the Nasdaq market as you said. Options have not been fully sorted out because there are too many types and are complicated. The same goes for stocks"
Yi Xiaohai looked at the thick pile in front of him. He had no desire to see it himself, so he might as well ask directly.
"Is there any unexpected situation in the stocks I highlighted?"
During the Internet bubble, Yi Xiaohai not only wanted to make money, but also took advantage of the shrinkage of the stocks of many technology companies to acquire the stocks of these companies and take control of them.
Most of the funds in the Han and Tang Dynasties were also invested in stocks and options, and the purpose is self-evident.
Dong Li also knows Yi Xiaohai¡¯s purpose, so he attaches great importance to this aspect.
"Other companies basically don't have too many problems, but Microsoft and YH are a little bit less smooth."
"Tell me."
"Microsoft's current stock price is 4.711 billion U.S. dollars, with a market value of about 593 billion U.S. dollars. Because the monopoly penalty is likely to be unfavorable to them, and last year's sales were only 19 billion U.S. dollars, the market is not optimistic. At present, brokerages can lend enough stocks, but the selling price will not be too high.¡±
Dong Li knew that there was a bubble in the Internet, but he didn¡¯t know to what extent it would be affected after the bubble burst.
If the borrowed stocks cannot be sold at a high price and the market will be less volatile in the future, they may even lose money after deducting the interest on the securities lending.
You must know that a company like Microsoft has a very strong ability to resist risks.
What did Yi Xiaohai think was going on? This worry was basically unfounded.
Because he knows that in the more than a month since the Internet bubble began, Microsoft's price dropped by more than 10 dollars, with the highest drop reaching more than 25 dollars.
If you sell at a lower price, you will earn less at most.
Yi Xiaohai asked Dong Li to sell with confidence, as long as he could sell it for more than 45 yuan, he would sell everything.
Dong Li was a little frightened.
The Microsoft shares they borrowed from a brokerage firm will be returned before the end of the millennium, which will take a long time.
But Microsoft needs to fall by more than 3 yuan to ensure they make money.
Dong Li felt a little weak.
But Yi Xiaohai persisted and he didn¡¯t say anything.
Because Zheng Bingyun also said, there is no way to predict the impact that the bursting of the Internet bubble will have.
So they chose to listen to Yi Xiaohai.
"What's going on over there at yh?"
"The situation of yh is exactly the opposite of Microsoft. The stock price of yh was as high as 500 yuan in January. Many brokerages sold it and did not have enough stocks to lend to us."
Borrowing stocks from securities firms is actually also called securities lending.
The stocks that securities companies provide for securities lending come from major shareholders, strategic investors, trust holdings, long-term investors and other investors.
The purpose of holding shares of these investors is not to earn short-term price differences, but to gain control or other benefits.
Therefore, their holdings will basically not be sold.
Because these stocks are not liquid and cannot generate income, securities companies provide certain securities lending costs, such as interest.
Most investors are still willing to provide stocks to securities firms as a source of securities for securities lending.
But the problem now is that in January, yh¡¯s stock price reached 500 meters, and this part of the investors were also tempted, and most of them sold at high prices.
Now that they don¡¯t have enough stocks in their hands, securities firms naturally have no channels for securities lending.
"Isn't it possible that YH's major shareholders can't borrow it?"
"I have consulted many securities firms, and most of YH's shareholders are unwilling to lend."
Yi Xiaohai was a little confused. Normally, unless the major shareholder wants to pledge shares or wants to sell in the short term, he should borrow it.
"Do you know the reason?"
"I speculate that it is related to YH's two acquisitions."
yhLast yearIt spent US$5.7 billion to acquire broadcasting company Broadcast, and also used US$3.9 billion to acquire geocities, the third most visited website in the world.
It is said that the two acquisitions encountered great internal opposition, but founder David Lee insisted on promoting the transaction.
A compromise was eventually adopted, with David Lee personally involved.
David Lee does not have enough funds on hand and may have mortgaged his shares.
"Should the pledged shares be disclosed?"
"Normally it is needed, but he may have mortgaged it to a private person"
¡°They are really courageous.¡±
Yi Xiaohai has never heard of this history, so it probably has not been exposed.
Because private mortgage equity is not disclosed, not only shareholders are unlucky, but anyone who provides funds may be unlucky.
There is no leakage, which is normal.
"If you can't borrow the stock, then you can find a way in the options market."
Dong Li smiled bitterly,
"Fei Xiaosong informed me that Wall Street seems to have a unanimous opinion on YH stock, and those who have options are not selling"
Options have buyers and sellers.
Get the put option distance,
Today¡¯s stock price execution price is 20, a spent 1 yuan to buy this right, and b received 1 yuan to sell the right.
A few days later,
The stock price fell to 10 yuan, and the put option increased by 10 yuan.
A can do it because it is his own right. He can buy a stock from the market for 10 yuan and sell it to b for 20 yuan. B must accept it.
Or a can sell the put option at a price of 10 yuan.
so,
The option buyer has only rights but no obligations, with unlimited profits and limited losses. The maximum loss premium is 1 yuan, and there is no need to pay a margin.
The option seller has only obligations but no rights. The profit is limited and the loss is unlimited. The maximum profit is the premium, which is the profit of 1 yuan.
And he also needs to pay a deposit as a financial guarantee that he must fulfill his obligations.
Therefore, it can be said that options must have buyers and sellers, and the seller will suffer a great loss.
Of course, this is superficial. In fact, the seller does not suffer a loss. The explanation is more complicated. To put it simply,
The exercise price set by the seller is generally calculated. It is very difficult for the buyer to achieve a profit balance, let alone make money!
But now Yi Xiaohai is bearish on technology stocks on a large scale, especially YH¡¯s stock price at 490 yuan, which is a bit too high in itself.
?This is something that the big guys on Wall Street must also admit.
"If you sell options at this time, with Yi Xiaohai's frenzied attitude and spending hundreds of millions to buy options, a 10-meter drop in YH's stock price will be enough for them to drink.
So they remain highly consistent on the issue of yh options
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