readx; Add an additional note - "MSCI ChinaAMC Foreign Free Investment Index": represents the index of ChinaAMC stocks open to international investors. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 INFO's constituent stocks include red chips and H-shares listed in Hong Kong, B-shares listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange, and N-shares listed in New York.

"Since 6001, the rapid development of China has attracted the attention of overseas capital. The call to share the benefits of China's development has reverberated in the skies over North America, Western Europe and even the Middle East, and has not dispersed for a long time. Many heavyweight investment banks have issued and sold a series of derivative products related to the theme of China's development. ”

Luo Zhiming gave Ye Tian a brief introduction to the general background, and then quickly got to the point.

"Until this year's Spring Festival, this development momentum has reached a relative peak. In view of this, the Swiss Firebird management made a decision to launch an operation called February Storm, which was commanded by me and assisted by the Blue lady next to me as the representative of the parent company. ”

Hearing this, Ye Tian looked at the foreign girl with a little more exploration in his eyes.

Seeing this, Luo Zhiming couldn't help but smile slightly: "Brother, don't underestimate Miss Blue, she is not only Frank, the chairman of the Swiss Firebird." Blue's most cherished daughter, and without help, she was promoted to the deputy chief economist of the Swiss Firebird a year ago. ”

Ye Tian smiled politely again towards the blue, and couldn't help but sigh in his heart, no matter whether it is the East or the West, the trend of yin and yang decline is becoming more and more obvious.

Luo Zhiming asked the staff to call up a chart again, and then projected the chart onto the big screen in the center of the room. He pointed to the data on the chart, one by one, and explained Ye Tian in detail.

On February 12, 6011, CK International Capital Investment Co., Ltd., a subsidiary of Firebird Switzerland (controlled by Luo Zhiming like ICACT Huaxia), shorted a large number of structured securities named CDIS issued by Morgan Stanley in the European and American over-the-counter markets. There is another name for this security, which is called ChinaAMC Stock Exchange Investment Securities. Based on the MSCI ChinaAMC Foreign Free Investment Index, it is then based on an index linkage formula with a correlation coefficient of 0.92 to 0.97.

Immediately after February 13, 16, 17, 18, and 19, for five consecutive transactions, CK International Capital Investment Company continued to short a large number of CDIS in the European and American OTC markets.

Luo Zhiming picked up the infrared whip placed next to the screen and pointed to the dot on the upper left of the chart.

"This period is actually a period of roughly high CDIS. That week, in addition to CK International Capital's large number of short selling, according to Swiss Firebird comprehensive intelligence, only a few large investment bank investment departments involved in the securities trading participated in short selling. The remaining investors, such as certain pension funds in Europe and the United States, insurance companies and a large number of private equity funds, are complacent about the good functioning of China's economy. I almost forgot to mention that during this period, the major top investment banks have made good estimates of China's economic development. ”

By the end of February, the CDIS blueprint MSCI ChinaAMC Foreign Free Investment Index had reached a relatively high level in history. However, the large-scale short selling of CDIS is still going on in an orderly manner.

Of course, there are some powerful people among CDIS buyers who have asked the industry through various channels what is going on.

When he said this, Luo Zhiming's humble and gentle cheeks couldn't help but show a smug smile.

And the blue lady who stood beside Ye Tian and Luo Zhiming from beginning to end seemed to recall something to be proud of, and her gorgeous face added a bit of excitement and pleasure.

"Among them is an investment adviser from a certain branch of the Sicilian mafia." The excitement on Luo Zhiming's blue face became a little stronger.

It is said that ivory is a blood-stained luxury, but at this moment, Ye Tian felt that the deepest souls of the two people in front of him were the embodiment of blood. He could imagine that the poor mafia investment adviser must have ended up with nothing.

"By the beginning of March, short selling was still continuing, but it was much smaller than in February. Those who participated in the operation, or knew the inside story of it, are gearing up for the real start of the hunt. ”

Vaguely, Ye Tian seemed to feel that Luo Zhiming's indifferent eyes were exuding the kind of dim green light that was unique to the eve of wolf hunting.

Beginning on March 5, the market began to short the Hang Seng Index on a large scale, shorting the constituent stocks of the Hang Seng Index led by China Mobile, China Telecom and China Unicom, and the constituent stocks of the MSCI China China Foreign Free Investment Index.

Since March 10, many of Asia's leading investment banks have downgraded their ratings on a series of mainland telecommunications stocks led by China Mobile, China China Telecom and China Unicom. The Swiss Firebirds and ICACT are the starting lineups. Others, such as the ACDE Asia-Pacific headquarters where Lan Yue is located, have taken their own actions.

On March 12, market rumors: First, the telecommunications industry is about to be liberalized, but the subsidiaries of the three major telecommunications giants have exposed the news that the transformation is unfavorable and the integration is unfavorable.

Second, China's 20 years of rapid development have caused the mainland's telecommunications business to reach a bottleneck, and it is really difficult to make a breakthrough in the basic business with the current mechanism of the three major telecommunications giants.

Third, the central government is likely to gradually liberalize the telecommunications business this year, and private capital and overseas capital will drive straight into face-to-face competition with the three major telecommunications giants. This is undoubtedly worse for the three major telecommunications giants.

Fourth, according to statistics, residents of the top 10 cities in the mainland generally believe that the three major telecommunications giants have serious deficiencies in services, fees and objection handling. It is also believed that this defect is caused by the long-term oligopoly of the telecommunications industry. About one-third of the respondents said that if the telecommunications business is really liberalized, they are likely to choose products and services offered by other new entrants.

Fifth, the dispute between TDSCDMA (domestic 3G standard, relatively high cost) and WSCDMA (European 3G standard, relatively low cost, long time of technology maturity, industrialization and marketization) has made the three major telecommunications giants quite uncertain when networking. As a special industry of the country, the telecommunications industry naturally has to support national policies and support China's TDSCDMA with independent intellectual property rights, but as a listed company, the three giants are under pressure from investors and the market at the same time.

According to a well-informed source, an official of the Ministry of Information Industry has made a similar speech. (Later, according to credible sources, the official was a member of a subsidiary body of the Ministry of Information Industry.) ）

As soon as the rumors spread, the three major telecommunications stocks fell in response. At the end of the market, China Mobile fell 8.1%, China Unicom fell 8.8%, China Telecom fell 7.9%, affected by the three major telecommunications stocks, the Hang Seng Index fell sharply by 290 points, and the MSCI China China Foreign Free Investment Index reached the largest decline since the beginning. (China Mobile + China Telecom accounts for 34.2% of the MSCI China AMC Foreign Investment Free Investment Index.) China Mobile + China Unicom accounted for more than 23% of the Hang Seng Index. ）

In the first day alone, investors who shorted the three major telecommunications stocks, the Hang Seng Index, and CDIS securities in the early days have made a lot of money.

Hearing this, Ye Tian couldn't help but have a question, "With this situation, even if your CK International Capital only shorts the Hang Seng Index and the three major telecommunications stocks, which is enough to ensure huge returns, why do you need to short a large number of CDIS securities in one fell swoop?" ”

Luo Zhiming asked the staff to call up the chart of the Hang Seng Index again. He put a big circle on it with his whip, and then slammed it and said, "This market is too small!" And the regulation is strong enough! ”

When he heard the words "the market is too small", Ye Tian couldn't help but be surprised. Saying that the Hang Seng Index is small, what kind of tone and what kind of courage is this! Even if you have this kind of thought, how many people can you find if you can say it lightly to Luo Zhiming, and you can find out how many people can be found in the whole of Huaxia?!

Luo Zhiming stared at Ye Tian's slightly shocked face for a moment and smiled: "In this operation, the participants are all first-class investment banks with names and surnames. Unlike hedge funds, investment banks have a wide variety of operations in Asia, Hong Kong and even mainland China. It is impossible for them to have a large-scale collision with Hong Kong's securities regulators for short-term profits. After all, Hong Kong is backed by the mainland, a market that top investment banks have coveted for a long time. In addition, Hong Kong's securities supervision is not comparable to that of the mainland's A-share market. Whether it's for regulatory or political reasons, we have to keep the short selling quota within a range that is acceptable to all three parties. ”

Luo Zhiming changed his words and said: "The over-the-counter market is different. There's regulation there, but it's much weaker in comparison. There we can rush to short sell as much as we can. In addition, CDIS is owned and sold by Morgan Stanley. Morgan Stanley's name, combined with the appeal of the Huaxia concept, is enough to ensure that CDIS can form an exciting megascale. In fact, CDIS is also Morgan Stanley's best-selling derivative product in the past 10 years. The index value per point in the CDIS formula is twice that of the MSCI ChinaAMC Foreign Free Investment Index, which in turn is twice that of the Hang Seng Index. You can estimate the profit margin. ”

Two, four... Ye Tian silently calculated in his heart.

From 15 March to 19 March, the entire trading week was shrouded in layers of oppressive and suffocating haze over the three major telecommunications stocks, as well as the Hang Seng Index and MSCI ChinaAMC Foreign Free Investment Index.

From March 12 to March 19, the share price of China Mobile fell from HK$69 to HK$48, a cumulative decline of 30.43%! Credit Suisse First Boston's share price estimate for China Mobile has been lowered from the target price of HK$77 per share before March 12 to HK$39 per share!

Huaxia Unicom and Huaxia Telecom are also in the same embarrassing situation.

Luo Zhiming called up one chart after another. When he said 22 March, his tone was particularly subdued and frustrated, "Finally," he continued after a pause in his accent: "Finally, at 10 a.m. on 22 March, a vice minister of the Ministry of Information Industry stood up and issued a statement to refute the rumors. But! "Another twist," but the content of the debunking rumors did not satisfy the majority of investors. ”

The person in charge of the Ministry of Information Industry said, "The Ministry of Information Industry is like a banquet chef, and will definitely serve the most delicious food to the vast number of visitors (investors)." But guests should be patient and don't look around the kitchen floor. ”

As for the 3G license, which investors are most concerned about, the telecommunications industry is very vague about the timetable for liberalization. Later, an official subordinate to the Ministry of Information Industry said, "There is no timetable for the opening up of the telecommunications industry!" ”

How is this possible?!

As for the person in charge of the Ministry of Information Industry, "don't look around," investors are even more worried. What are investors most afraid of? The most feared thing is information asymmetry! Information asymmetry leads to asymmetry of discourse!

Information asymmetry will inevitably lead to wild suspicion in the market. It is important to know that the market price is finite, while the market expectation is unlimited.

On March 23, the three major telecommunications stocks still ended in decline.

On March 24, the Hang Seng Index and the three major telecommunications stocks continued to rain.

Whenever Luo Zhiming talked about the "Ministry of Information Industry", Ye Tian could always find some kind of sneer, disdain and hatred in his eyes!

"Since March 25, both the Hang Seng Index and the CDIS have begun to close positions on a small scale. As the initiator of this hunt, we CK International Capital have started to close positions as early as the day when the Vice Minister of the Ministry of Information Industry delivered a speech. On March 26, the scale of liquidation of each participant gradually increased. This trend continued until April 2. On 3 April, the Ministry of Information Industry finally came forward and issued a more detailed statement, which explained several areas of particular concern to investors. The three major telcos stocks finally showed some improvement before the close. ”

"From April 2 to now, investment bank participants have retired one after another."

"In the whole February storm, CK International Capital has made a cumulative profit of 1.52 billion US dollars!"

The numbers reported by Luo Zhiming were like a giant hammer smashing into Ye Tian's heart. In less than two months, a profit of 1.52 billion US dollars was obtained, what kind of concept is this?!

Ye Tian believes that Luo Zhiming, who is the fourth largest individual shareholder of the Swiss Firebird and has controlled the entire operation, will definitely make a lot of profits.

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