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The increased intensity of short selling will create room for technical arbitrage to operate. Other institutions will help sell chips and earn the difference. This is the cost that big funds must pay. Thunder has also passed the level of focusing on the interests of scattered fragments. Lei Hao needs The analysis is where the full-scale selling begins.

However, there are still problems. South Korea has restrictions on the holdings of KOSPI20 index futures. If the underlying stocks held account for a considerable share of the listed companies, there are also restrictions on selling. Therefore, Thunder not only needs to move forward with closing positions, but also needs to adjust the distribution of chips.

Sometimes, Lei Hao even needs to sign exchange agreements for overseas markets with certain institutions. These agreements are not in compliance with Korean laws but are in compliance with the laws of the place of registration, which is the so-called edge ball.

Contracts such as CDS, CFD, and FRA accumulate like snowflakes. The cost of large-capital operations is very high. The handling fee alone is enough for ordinary people to use them for a lifetime.

The operations of financial institutions are unreasonable, and the ultimate goal is to pursue profits, and everyone, including Lei Hao, understands the significance of this confrontation.

"If they win, the annual financial statements of those guys will definitely be terrible. In the coming year, their costs for reaching out to other places will increase. If they lose, the preparation of several new projects will have to be delayed for a while."

Lei Hao had already felt a sense of restraint some time ago. It was not that the Thunder was not developing fast enough, but that after reaching the ceiling, what should come will always come, and you cannot make big moves every time. Because the amount of funds is too large.

With a large amount of capital, your actions will be watched. You are a big variable in the market, and there are always things you can't avoid.

The benefits are not without. As long as they can get out of the Korean market, Asian Financial Investment Bank, KH International Bank, Asian Thunder, LEI, and Lei Hao will all have sufficient funds to invest in them and build a strong enough platform.

Lei Lei started out as a speculator, but now, the construction of the platform is king. A large number of risk exposures can be independently managed by the investment department, and other fields can make money steadily.

From the time the target was unveiled to now, Lei Hao, including Lei Hao, also felt that the group had begun to enter a calm period again.

Various negotiations have stalled slightly, the attitudes of various institutions are no longer wavering, but are firmly neutral, and partners are following suit. Everything depends on whether the Thunder can win the confrontation between Korea and Thailand. At the very least, the Thunder It is necessary to ensure that they can withdraw from the Korean market unscathed.

To sum it up, Lei Lei has participated in many major financial events, and it can be said that there is no lack of experience. However, at this time, Lei Lei, which used to be a company and is now a group, will enter a special mode: the investment department is the most important. .

Under pressure, the time-tested trading department completed the task very beautifully. With the helpless cooperation of the bulls and the strong assistance of the cooperative institutions, in just one week, the Thunder closed out 40 billion US dollars of risk exposure. .

At first glance, it seems that the Thunder have lost their positions, but in fact they hold a short position of US$30 billion, and they also hold an original bullish position of US$30 billion. Both sides are hedged and the risk exposure is closed.

At this moment, exactly one week has passed since Lei Hao revealed his investment direction, and the KOSPI index has climbed to 2517 points, fluctuating violently above 2500 points.

On Monday, November 20, everyone knew that the last calm before the storm came.

When the risk exposure is completely closed, the Thunder has many options. One is to exit directly and leave with the early profits;

The second is to increase positions bilaterally, which means that the opponent is not satisfied with the chips in hand;

The third is to start selling bullish positions, pushing down the index, and gradually exposing bearish risk exposure;

The fourth is to wait and see. Anyway, if you have money in hand, you can be both bullish and bearish. With Lei Hao's trading ability, no one believes that he will lose money in the market outlook.

Lei Hao chose the fifth option. While reducing the bullish position, he asked the trading department to continue short selling, but the former was slower than the latter.

This means that Lei Hao maintains a bearish attitude towards the market outlook, but at the same time he does not believe that now is the time to launch a general offensive. Just like in a war, now is a time when small units are fighting, while large units still stand still.

"Absorbing funds?" As soon as Lei Lei moved, other institutions learned the clues through various channels.

"That's too confident."

"Why would Ray reduce his bullish positions? Doesn't he need these chips to suppress the index?"

"This is unreasonable!"

A lot of attention is focused on the Thunder, and everyone in the industry knows that Lei Hao has always done amazing things, but the choice to reduce his bullish position is really unexpected.

To give a simple example, if you hold a 100 million call contract and a 100 million put position, your risk exposure is zero. When you need the index to fall, you will definitely be short-selling.

However, there are restrictions on short selling. Even in the Korean market, which has relatively small restrictions on securities lending qualifications and quotas, tens of millions or hundreds of millions of chips require a relatively complicated contract signing process, let alone selling orders of tens or tens of billions. Therefore, the bullish position in hand will actually affect the power to suppress the index.

If you have actual chips, you can form an offensive by selling directly. However, if you only have funds, it is easy to be constrained.

"Something's wrong." Anyone with a little bit of brains can see that something is wrong, let alone a bunch of old foxes in the financial circle.

The atmosphere within the Thunder is also a bit solemn. People in the middle and lower levels are not exposed to these strategic confrontations, but people at the top know that Lei Hao's point of view is very simple in the end: drag!

"The longer we delay, the better it is for us. If the bulls launch an attack, we can sell short at a higher price. If the bulls still don't want to move, then drag it on!" Lei Hao knew that he gave outsiders the impression of a radical style. But that doesn't mean he can't use softer methods.

I don't move, because the index doesn't move, which is a good thing for me. The answer lies in the year-end report!

If it is delayed until the end of December, the year-end effect will appear, and a large number of institutions will need to close their debt positions. If it is delayed for a month, the downward pressure will increase.

Furthermore, the bull market may not have reached its peak, but stagnation, shrinkage and fluctuations are not a good sign, especially when there are big funds peeking at it.

For Lei Hao, the time for a decisive battle has come, but since there are better indexes to fight for, why be reckless? I drag, I take advantage.

Either you take the initiative to launch a general attack, or you endure the feeling of being slowly tightened around your neck.

When closing the risk exposure, Lei Hao took the initiative. When it came to the decisive battle, Lei Hao set up a defensive line and then waited for his opponent to rush forward without saying a word.

At this stage, it is as immovable as a mountain.