股市奇观 大众汽车连续暴涨 成为世界第一市值公司

RichC

大众汽车股价最近两天累计上涨300%以上，此前保时捷出人意料地披露，该公司通过利用衍生品，将其在大众汽车的持股比例从35%提高至74.1%，这引起了投资者、分析师和公司治理专家们的震惊。

保时捷周日披露称，自己持有31.5%的大众汽车衍生品。德国金融监管机构近日作出裁定，在衍生品以现金方式结算、不发生股票交割的情况下，公司没有义务披露此类头寸。

而且德国州政府持有另外的20.1%股权，使得大众汽车在外流通股不到6%，另外还有指数型基金持有该股，所以实际流通的更少

而大众汽车今年走势逆势上涨，引来很多卖空盘，10月23日的时候卖空盘占股本的12.9%，大大超过实际流通数，所以当保时捷公布增持的消息后，引发卖空者恐慌，争先恐后买入以填补卖空缺口，引发股价暴涨，仅仅两天大众汽车市值暴涨超过1500亿欧元，登上世界第一市值宝座，呵呵

据估计卖空的对冲基金损失超过200亿欧元以上，而投资者也呼吁政府对保时捷这种不透明的做法进行监管

伯恩斯坦公司(Sanford Bernstein)分析师马克斯•沃伯顿(Max Warburton)表示，此举令德国市场蒙羞。他表示，“对于监管者来说这是一个巨大的问题，无疑令所有欧洲资本市场感到困窘。”

大众汽车最近5天股价走势


[ 本帖最后由 RichC 于 2008-10-29 09:41 编辑 ]

RichC

Financial Times Oct 27, 2008
By Lina Saigol, M&A Editor
Hedge funds were scrambling to cover their short positions in Volkswagen after shares in Europe's largest carmaker more than doubled following Porsche's disclosure that it had increased its stake to almost 75 per cent.
These funds, which aim to profit from share declines by selling shares and buying them back in the market at a lower price, had been betting that the difference between VW's ordinary shares and its preferred shares would narrow.
Preference shares pay a fixed-rate of interest but do not carry voting rights, while ordinary shares do have voting rights.
At the end of last year, VW's ordinary shares were trading at 156.10, while its preference shares were trading at 100. The hedge funds bought preference shares and shorted the ordinary shares in the expectation that the spread between the two would close.
"This was meant to be a low-risk trade because the value of the preference shares and the ordinary shares have always been aligned," one arbitrageur at a London-based hedge fund said.
But the opposite happened. Since the beginning of the year, VW's ordinary shares have risen by about 230 per cent, valuing the car maker at $191bn, while the preference shares have dropped by more than 60 per cent.
The problem for hedge funds was compounded yesterday when Porsche said it would lift its stake in VW beyond the level hedge fund managers had expected.
Hedge funds had expected Porsche to increase its holding in VW to just over 50 per cent. But instead, Porsche said over the weekend that it had increased its stake from 42.6 to 74.1 per cent - shocking hedge funds that had made large bets based on their expectations.
VW is a very tightly held stock because, alongside Porsche, the German state of Lower Saxony owns 20.1 per cent, leaving a very small free float of less than 6 per cent. Yet, as of October 23, about 12.9 per cent of VW's ordinary shares were on loan for short sales - representing the highest proportion for any company on Germany's 30-member benchmark Dax index.
Worse, index-tracking funds also hold stakes in VW and must retain their holdings so long as VW is a member of the Dax index.
With the short interest now almost twice the free float, it leaves hardly any shares for the hedge funds to buy back and close their positions.
Porsche said that its disclosure was aimed at giving short-sellers a chance to close positions "unhurriedly" following stock moves of the past two months.
But the irony of the statement was that it left hedge funds with no choice but to cover their positions in a panic, particularly at a time when nerves are so fragile.

[ 本帖最后由 RichC 于 2008-10-29 09:44 编辑 ]

不会游泳的鱼

空头被夹爆了

买房子啊

夹淡仓, 不止个仓爆了,  连粒春都夹爆埋

不会游泳的鱼

原帖由 买房子啊 于 2008-10-29 09:48 发表
夹淡仓, 不止个仓爆了,  连粒春都夹爆埋

RichC

估计那些hedge funds要破产了，呵呵

不会游泳的鱼

原帖由 RichC 于 2008-10-29 09:52 发表
估计那些hedge funds要破产了，呵呵

如此一来长仓里的股票都要抛售，其它蓝筹股怕要狂跌一把。