With the final highlight moment, when the Hang Seng Index reached 17,000 points in one day, Gu Kun was able to ensure that all the money invested by international short speculators in the Hong Kong financial market was completely wiped out.
This point will definitely break through the opponent's leverage closing line.
As a traitor, Kong Shangzhong ended his criminal life, and he deserved to die. There is nothing much to say - joining forces with international forces to sell short, strictly speaking, is not a traitor, it may just be a matter of confidence. Accepting defeat and losing the family and property is also considered a traitor.
He paid off his debt for his error in judgment.
The reason why he is said to be a traitor is because in order to suppress Gu Kun, he used all kinds of cross-border methods, especially cooperating with the Breton invaders and sponsoring the Breton Michel.
Hatcher's acts of aggression and plunder. Besides, this guy originally held Breton nationality.
The personal status of Soros has not yet been reported. Gu Kun only knows that the money he invested has evaporated. However, the old man's psychological quality may be better than that of Kong Shangzhong, and he may have left some coffin books, not necessarily
He knows how to commit suicide, so if he is to die, he will probably have to do it slowly.
After confirming that the other party was bankrupt, Gu Kun's attention was quickly drawn back.
He didn't even have enough time to ask about the other party's personal safety, and he quickly began to feel sorry for the expense he had spent in the final sprint.
"Gee, those Hong Kong stock traders are really despicable. They made me end up in a high position and invested so much money in it."
Looking at the bill delivered by Liang Jinsong, Gu Kun could be said to be both pained and happy.
At the last moment, the small traders in the Hong Kong stock market withdrew as much as 10 to 20 billion U.S. dollars! These nimble animals cashed out at high prices and ran for their lives very quickly!
Therefore, in the trading week from June 29th to July 3rd, Gu Kun’s total leveraged funds reached an astonishing US$20 billion!
The principal of US$700 million was obtained from a convertible bond loan from China Construction Bank. The remaining US$13 billion was obtained through margin financing and securities lending in the stock market with twice the leverage.
This money can be regarded as a high-level takeover, and the average cost of opening a position is as high as 16,300 points.
You know, in the history of another time and space, when Soros was defeated, the Hang Seng Index reached more than 12,000 and close to 13,000. After Soros left, due to market inertia and market confidence, the Hang Seng Index continued to decline again.
It rose one after another and reached the highest level of 14,000 points.
In order to completely wipe out Soros's capital, Gu Kun has spent extra efforts to pull the Hong Kong stock market to a position that is 3,000 points higher than the highest level in history in 1998, so it is very vain.
To completely resolve the situation, it is impossible to rely on this wave of market trends. Unless it is linked to next year's Internet craze and the surge in local network concept stocks and digital communication concept stocks such as PCCW Digital and Xiangjiang Telecom.
Of course, the "complete unwinding" mentioned here only refers to the 7 billion principal and 13 billion leverage that were taken over at the last high level.
Most of the funds that Gu Kun used to open a position were very profitable because the average cost of opening a position was very low.
Even if Gu Kun took advantage of the opportunity to sell off all the shares he held within half a year, he still made a huge profit from an overall perspective. However, in the end, the 20 billion high position lowered the expected profit.
In addition, when Soros and other short positions are forced to liquidate, when those short index futures contracts are enforced, they will also be forced to "buy a corresponding number of stocks from the market at the current price to repay the previous securities lending."
Therefore, in early July, Gu Kun was equivalent to using Soros' forced liquidation funds to dump part of the blame.
(The essence of a "short index futures contract" is to borrow so many stocks half a year ago, and then sell them one after another during the six months, driving down the stock price, betting that the stock index will fall, and agreeing to return so many stocks to the original lender in six months. But because
The stock has risen again, and there is a risk of liquidation.
After evaluation, the securities lending institution believed that all the funds of Soros and others could hardly buy back the stocks they had borrowed in the first place, so they were forced to use the money in the margin account to buy stocks at the current price and repay the originally lent shares. So they demanded
The moment Ross went bankrupt, the essence was that all of Soros' money was forcibly used to take over part of Gu Kun's stock.)
But this account is more complicated.
He felt that it was better to calm down completely and do some calculation before talking.
…
After sorting through all the data Liang Jinsong brought, Gu Kun temporarily summarized his profit and loss:
The capital he started at the beginning of the year was US$5 billion in principal, and when he later sold the aircraft carrier and sunk the ship to draw money from other businesses, the total capital was US$5.5 billion.
And that money was increased to about 10 times through leverage, which is 55 billion US dollars (5.5 billion principal, 50 billion leverage)
Among them, about 22 billion of the funds were successfully opened when the average was relatively low. At that time, the Hang Seng Index was only 7,000 points, and the national team had not yet considered protecting the market. It was the stage when Gu Kun and other bulls were fighting on their own, and the cost
Very low.
At the end of March, when the national team's market protection began to show signs, until the end of April, when the national team's market protection was completed and funds settled down and no longer entered the market, Gu Kun covered his position by another 26 billion US dollars at this stage.
This period should have been the period when the stock index rose the most, the trading volume was the strongest, and the funds were consumed the fastest. Soros and others on the short side also consumed the most important part of their ammunition at this stage.
The national team has been protecting the market from more than 7,000 points to 12,000 points. Gu Kun's average cost of opening a position at this stage was more than 9,000 points.
The third stage of capital consumption was from the time he withdrew from the national team until mid-June, that is, after the short ammunition was basically exhausted, Gu Kun used various methods to create good news for the long side and raised money by himself to continue to rise.
However, the trading volume at this stage was actually the smallest, ranging from 12,000 to 15,500. Gu Kun's total trading volume was only 7 billion US dollars, and the average position opening point was 13,600.
The final stage is the general attack after obtaining oil financing, which is the 20 billion US dollars in acquisition funds mentioned above. The average cost of building a position with this money is as high as an epic 15,900.
At this moment, on Monday, July 6, the real-time Hang Seng Index after the opening of the Hong Kong stock market was 16,500. In other words, in the end, Gu Kun only made a mere 600 points out of the US$20 billion in funds.
You must know that this is still in a state of unrealization. If his funds continue to be shipped crazily, the Hang Seng Index of 16,500 will collapse in minutes. This thing is fictitious. Before it is settled, it is just paper wealth.
"The US$22 billion position was opened at 7,000 points. If it is now 16,500 US dollars, the market value is 51.8 billion US dollars (the approximate simple calculation is to directly divide the original amount by 7,000 times 16,500 US dollars)"
"The batch of 26 billion U.S. dollars at 93,300 points is now worth 46.2 billion U.S. dollars; the 7 billion U.S. dollars at 13,600 points is now worth 8.5 billion U.S. dollars; the 20 billion U.S. dollars at 15,900 points is now worth 208
billion. Adding up the four stages, the total book market value is 127.3 billion.
My total principal investment is 13 billion U.S. dollars, and the leverage financing I owe is 630 U.S. dollars. A total of 76 billion dollars, converted into stocks, has a market value of 127.3 billion, an increase of 68%. Currently, the money that has escaped is mainly
The more than 200,000 enforced futures contracts of international short sellers..."
The algorithm of futures index contracts is relatively complex, and laymen may not necessarily understand it.
Roughly speaking, the futures index contract of the Hong Kong Stock Exchange at that time should be "Each futures index contract requires one million Hong Kong dollars to repurchase when the Hang Seng Index is 10,000 points."
When Soros and others were finally forced to liquidate their positions, the Hang Seng Index was at 16,500, so the cost of each futures contract rose to HK$1.65 million.
230,000 contracts were forcibly liquidated, equivalent to a forced takeover of HK$380 billion. Based on the Hong Kong dollar-US exchange rate that had rebounded to around 7.5 yuan at the time, that was US$50.7 billion.
Unfortunately, not all of the 50.7 billion were accepted by Gu Kun. Even if Gu Kun had high liquidity, high priority, and was willing to ship at a lower price, in the end, only 180,000 of the 230,000 were accepted by Gu Kun (other major
Some institutions are also shipping. Those who can get it by July 6th will basically not panic and run away. If they want to run away, they will run away as early as June 30th)
After all, Gu Kun successfully cashed out at a high level of US$39.7 billion thanks to Soros and other short sellers.
In other words, after July 6, the value of the Hong Kong stock market that Gu Kun still holds will be reduced by US$39.7 billion from US$127.3 billion, leaving 87.6 billion US dollars.
Gu Kun's remaining total cost will also be reduced by 39.7 billion from 76 billion.
In addition, we have to deduct the financial costs, interest, and handling fees of the leveraged financing for half a year. These add up to a lot. The half-year cost of 50 billion financing is more than 5 billion.
Therefore, the total remaining cost on site is still as high as US$41 billion.
Among them, 13 billion is Gu Kun's capital (including 7 billion in convertible bond financing for oil field ownership), and 28 billion is the leverage he still owes to margin financing and securities lending institutions.
In the future, he hopes to continue to sell various stocks with a market value of 87.6 billion US dollars to recover the 13 billion in capital and 28 billion in leverage arrears.
Because there is no "must-take" advantage like the Soros futures contract, other takers in the future will definitely not take it at such a high level.
Gu Kun did not expect that the index of 16,500 could be maintained forever, nor did he expect that the current highest figure, which seemed to be 87.6 billion at its best, could be fully realized.
To be honest, Gu Kun could accept it even if he finally withdraws when the average price drops back to 13,000 points. Even 12,000 points is not non-negotiable.
In other words, he hopes that the value of 87.6 billion can drop to between 60 and 70 billion, allowing him to escape, and he will be very happy.
Even such a request of conscience is still not easy to achieve. The Hang Seng Index is so high, and the total market value of the Hong Kong stock market has approached 5 trillion Hong Kong dollars, equivalent to 670 billion US dollars.
Gu Kun’s 87.6 billion chips are equivalent to 12~13% of the entire Hong Kong stock market. In other words, for every 8 yuan worth of stocks in Hong Kong stocks, 1 yuan was bought by Gu Kun (more precisely, for every 8 yuan worth of stocks in Hong Kong stocks, Gu Kun bought
Among the 24 yuan, 1 yuan was bought by Gu Kun with capital, and 2 yuan was bought by Gu Kun with leverage)
With such a big market, who can I find to take over?