Merrill Lynch Headquarters, GPC Special Ventures Department, World Financial Center, Manhattan, New York, USA

"Boss, according to the on-site transaction returns, the main transactions of Saturn Motors this morning are all carried out in the seats of Goldman Sachs, with a cumulative purchase of no less than 50 million shares, and a total of no less than 60 million shares, with an average buying price of roughly between 5.325 and 5.375, and an average selling price of 5.375 and 5.475, Saturn Motors has traded 120 million shares in half a day...... Shall we continue to stand still? "In front of the computer terminal, the report is Jiang Yelin's beautiful assistant Cyndia Witzchak, who just recruited last week, Danish descendants who immigrated to the United States a hundred years ago, is a graduate of the Wharton School of Business, and has worked as an assistant researcher in the research department of Merrill Lynch Securities for a year and a half, and is the candidate with the highest overall score in the internal recruitment of the special venture capital department.

"Cindia, according to your analysis, what kind of tricks is Goldman Sachs doing today?" Jiang Yelin is not a fairy, and now he is a little unsure of what the gang of guys led by Mai Gao Jackson in the Goldman Sachs Investment Department are tossing, nearly half of the stocks in his hands have been borrowed, and then he continues to buy Saturn Auto stocks at a high level above $5. Forcing the Goldman Sachs business department to open an account for a large customer to admit defeat and close the position at a high level?

"It seems that Goldman Sachs is currently the largest long Saturn Auto, if the transaction return is accurate, yesterday and today Goldman Sachs bought at least 100 million shares of Saturn Auto stock, the average cost should not be less than 4.575 US dollars or even a little higher, maybe the other party wants to do long on the Saturn Auto stock price, hedge the losses caused by the decline in the stock price of the three major auto listed companies? However, now there are a lot of short-term funds above $5, especially above $5.5, and Goldman Sachs itself does not sell short but lends securities to let its large customers short sell, which is a good strategy to pass on the risk of high stock prices......"

Cindya worked as an assistant to a senior researcher in the research department of Merrill Lynch for a year and a half, mainly responsible for the tracking and analysis of the number of listed companies in the automotive sector, this year's 26-year-old Cindia's family background is profound, 10 years ago when she was still in high school, her parents divorced, Cindia regained her mother's surname, when her brother had become a family independent, she and her sister belonged to her mother and sister, although the alimony given by her father was not low, but the stronger Cindia went to college and studied in business school on a full scholarship...... The blonde and blue-eyed tall beauty is the object of everyone's attention at the Merrill Lynch Securities Research Institute, but the girl's eyes are above the top, and the newly emerging Asian Wonder Boy and the G3 Fund attracted the girl to jump ship and come to the Special Venture Capital Department as an assistant.

"A good strategy? I don't think so, what do you think we should do next? "Jiang Yelin has seen a lot of beauties, and Cindia's blonde hair and blue eyes have a typical Nordic style, but hiring Cindia as her special assistant is mainly to reduce the workload of Mannie, the big housekeeper of the venture capital department, not to mention, the operation of the G3 fund also needs full-time analysts and assistant helpers, otherwise you will have to bow to yourself but you will not have enough time, Cindia, this girl is said to have an IQ of more than 150, but I want to see if I can make myself a little easier.

"Boss, the current Saturn Automobile's stock price table has completely exceeded the expectations of market investors, market public opinion from the one-sided belief that Merrill Lynch Securities 3 US dollars underwriting Saturn Auto is a big loss, and now it has changed to Merrill Lynch Securities has a unique vision This time it is making a lot of money, but from the perspective of performance, Saturn Auto's share price of more than 5 US dollars is definitely overvalued, and now the stock price is soaring on the one hand is that the market has too few chips in circulation, On the one hand, it is the result of the short-term arbitrage funds rushing into the new listing......"

Cindia is planning the wording, being able to work next to the handsome Asian guy Wonder Boy For this former research assistant, life seems to have opened a new page, and I don't know how much I can learn now, at least, the new boss is very amiable and knows people well, as for being the boss's think tank and relying on the analyst assistant, Cindia feels that she is not very confident, after all, the net assets of the G3 series of funds add up to more than 10 billion, The entire Merrill Lynch subordinate funds and trusts are not so large except for the G3 series of funds, and if you are not careful, the wins and losses are tens of millions of dollars, and the pressure is obvious.

"Talk about your construction, don't have any worries, I am the one who makes the decision, and of course I am the one who takes the responsibility!" Jiang Yelin's words were obviously to dispel the girl's concerns, Cindya bit her lip and finally said,

"I think you can short above $4.75, Saturn Motors will not have a big breakthrough in performance before the production capacity increase, and the production capacity increase will not be integrated until the end of March at the earliest, so I think that before the Q1 earnings report comes out, any hype will be a high-risk move, G3 Fund bought 100 million shares of Saturn Automobile shares from the account of the central business department through guò internal matching transaction this week, I can't see the reason why it does not reduce its holdings and cash out at the current high price......"

"Okay, then listen to you, inform Dominica that the Saturn car will start selling at the current price, and the minimum transaction price will not be less than $5.325, and 30 million shares will be sold first......" Jiang Yelin's decision was a little unexpected, but Cindia quickly picked up the phone and gave an order to the Merrill Lynch trading assistant in the field.

At 1 p.m., Saturn Auto's share price began to decline slowly from the position of 5.975, obviously the traders of Merrill Lynch are not vegetarians, especially Dominic, this guy has been a full-time trader for the G3 fund for six weeks, and the techniques and rhythm of selling and buying are becoming more and more sophisticated, such as now, 10 million shares of chips thrown out in 15 minutes were divided into four waves by Dominica, each time 2.5 million shares, which makes short-term speculative buying orders very easy to turn out of chips, and the stock price fluctuates in a zigzag shape, and the stock price only fell to the position of 5.925 after 10 million shares were sold, and the trading volume was only moderately amplified.

In the second wave of 10 million shares, Dominica directly matched with two other traders of Merrill Lynch. The price was 0.125 cents per share at a discount to the open offer, and the market price remained in a narrow range of 5.875-5.900 at this moment, followed by the third wave of 10 million shares were thrown out in the form of open outcry, which triggered the market short-term profit taking, and the stock price fell from the price of 5.875 to the position of 5.575 in one breath, until the Goldman Sachs seat swept away the chips with a buy order of 5 million, and the stock price stabilized.

"Boss, the return of the on-market transaction, the average transaction price of the 30 million shares of Saturn Motors that was sold just now is $5.725...... Goldman Sachs probably bought about 10 million shares at the price of $5.625, and other investors who were scattered took over and bought ...... "Cindya is obviously a little disappointed, the 30 million shares of the sell-off did not knock the stock price down, which makes people a little hesitant to continue to sell, most of the day today Saturn Auto's trading volume has been close to yesterday's first day of listing, if the stock price rises after the reduction, I am afraid that anyone will be a little apprehensive."

"Inform Dominic to sell no more than 25 million shares of Saturn Auto stock in the next half hour, with a lower price limit of not less than $5.125......" Jiang Yelin issued a second sell-off order, if Goldman Sachs continues to protect the disk at this price, then he will continue to sell, if Goldman Sachs gives up the disk protection, he will directly smash the stock price below $4.750, so that Goldman Sachs' Saturn Auto stock will have a loss on the paper, to see whether the other party cuts the meat or continues to buy to push up the stock price......

At present, the Goldman Sachs account is not less than 120 million shares of chips, if the other party does not hedge the chips before the close, it will exceed the 5% announcement line, Goldman Sachs wants to short-term arbitrage or be a shareholder, it depends on how he operates next, if you choose to continue to buy, it depends on the amount of funds that Goldman Sachs can use, according to the analysis of Merrill Lynch Securities Research Department, the size of Goldman Sachs Investment Department's proprietary market does not exceed 10 billion, even if it is leveraged, it will not exceed 2 billion, Now the other party has eaten 120 million goods, and 570 million or more funds have become Saturn Auto's bargaining chips, and the most terrible thing is that because of the relationship between borrowing and lending securities, the other party can't get it if they want to close the position......

Judging from the situation on the market, Goldman Sachs obviously did not continue to protect the disk, and after the G3 fund sold out the second wave of 25 million shares of Saturn Automobile, it triggered a more violent short-term profit-taking sell-off than just now, and in half an hour, the stock of Saturn Auto traded 30 million shares, and the stock price fell 10% from 5.575 in one breath, barely staying at the $5 position...... In this wave of diving, Goldman Sachs bought 10 million shares before and after, and the remaining 20 million shares were extremely scattered......

"Boss, Goldman Sachs should have 130 million Saturn Auto shares in its hands at present, with an average holding cost of $4.785......" Cindia carefully reported the transaction returns and her calculation results, of course, this is only an approximate number, due to the intraday trading of the credit account zài T+0, the actual position is likely to be different, what the girl doesn't understand now is, what does Jiang Yelin want to suppress the stock price to? Until Goldman Sachs starts to close its positions and sell off the chips it bought before?!

"Inform Dominic that in the next half hour, sell 15 million shares of Saturn Auto stock, and the stock price will not be less than 4.900...... "Jiang Yelin obviously does not intend to give Goldman Sachs a chance to breathe, Goldman Sachs put the Saturn Auto stock in his hand out of the high-level securities lending, in the short term, it is to cut the wool of securities customers, and in fact, once the stock price does not rise but falls, it is likely that Goldman Sachs itself will be sheared the wool, of course, in the long and short competition for the stock price in a day, In the end, the key is the amount of money and chips.

Not surprisingly, Merrill Lynch Securities trading seats on the sale of 15 million shares of Saturn Motors were all taken over by Goldman Sachs' account, but apparently Merrill Lynch continued to reduce its holdings caused short-term capital concerns in the market, and the stock price fell from the price of $6 to $5 in one breath triggered a lot of high-leverage financing to buy funds to close and close, although Goldman Sachs took 15 million shares of chips, but the rush of short-term sell-off still hit the stock price to 4.750 at once......