In the past week, although the holding stocks of A shares began to show signs of stopping falling, stabilizing and rebounding after the plunge, the stocks of China Stock Exchange on the other side of the ocean were bloodbath.

according to some media statistics, the top 2 stocks in the market value of U.S. stocks have evaporated by 187.3 billion U.S. dollars in the past week, which is equivalent to 1.2 trillion yuan.

we may not have an intuitive feeling just by looking at the data.

For example, the trend of Tencent Music.

the trend of Baidu.

the trend of iqiyi.

as can be seen from the above figure, the general feature of the trend of these popular Chinese stocks last week is that they have been rising in the early stage, but they have plummeted for three consecutive days, and some even halved in three days.

you may have a feeling that the trend of these Chinese stocks is very similar to that of A-share holding stocks before and after the Spring Festival.

It kept rising before the Spring Festival, and then plunged for more than half a month.

The difference is that A shares have been falling for more than half a month because there is a 1% price limit, generally falling by more than 3%, and there are also extreme trends of falling by half.

As there is no limit on the price of the US stock market, it falls by half in three days, which is one step at a time.

when I was analyzing the rise in the yield of 1-year treasury bonds in the United States and the decline in A-share conglomerates, I once analyzed such a possibility with you.

that is, this is the result of this financial war offensive between the two sides.

that is to say, the extreme decline of A-share conglomerates is caused by foreign capital in the United States and some domestic capital in the market to attack our financial market.

This was originally just a guess of some possibility, which is not necessarily the case. .

However, not long after the collapse of A-share conglomerates, the Chinese stocks in the US stocks on the other side of the ocean also experienced such an extreme collapse. Is this a coincidence?

Although the media reported today that the biggest loss in the avalanche trend of China Stock Exchange was a fund managed by a Korean.

However, this is only the largest single entity that can be found in the apparent loss of public data disclosure, and it is still unknown who is the culprit of this avalanche of China Stock Exchange.

However, although we don't know exactly who is the culprit in the financial market, there is no doubt that the United States is the real murderer leading the avalanche of Chinese stocks, because it is a bill recently promulgated by the United States that caused the sharp decline of Chinese stocks.

On March 24th, the SEC of the United States passed the final amendment to the Foreign Company Accountability Act.

On this day, Tencent Music fell by 27%, Vipshop fell by 21%, Iqiyi fell by 2%, Xpeng Motors fell by 15%, LI fell by 13%, and Thunder fell by 12% ...

It was also from this day that China Stock Exchange began to fall for three consecutive days.

Therefore, even if we don't consider who is concentrating on smashing dishes, we can basically derive a context that is reasonable on the surface.

The passage of the Foreign Company Accountability Act in the United States triggered a wave of selling stocks in China, which led to the centralized stampede of market funds.

In the process of stampede, some funds appear the risk amplification phenomenon of high leverage operation, which further aggravates the stampede.

In the end, a star fund managed by a Korean broke its position on Friday, which led to a huge amount of smashing in the market, setting a rare turnover, and then caused a number of stocks in China Stock Exchange to fall by half in just three days.

and after the fund managed by the Korean broke the position, the Chinese stocks only showed a trend of bottoming out last Friday, and there was a wave of rebound.

without further speculation, this is basically the bright side of the whole thing.

Even if it is a public matter, there is no doubt that the Foreign Company Accountability Act passed by the United States is the culprit of this stock market crash.

Then let's take a look at the Foreign Company Accountability Act.

After Luckin Coffee's financial fraud caused a sensation in the US capital market last year, the Trump administration quickly proposed the Foreign Company Accountability Act.

In May last year, the US Senate passed the Foreign Company Accountability Act, and Trump signed it on December 18th last year.

After that, the final amendment of the Foreign Company Accountability Act was officially passed by the US SEC on March 24th this year.

Therefore, the Foreign Company Accountability Act is still one of the negative assets of Sino-US relations left by Trump, which is to destroy the relationship.

The Foreign Company Accountability Act is so powerful because it stipulates that if the US PCAOB (American Accounting Oversight Board) fails to audit and verify foreign companies listed in the US for three consecutive years, the company cannot prove that it is not controlled by foreign governments and may be required to withdraw from the market.

the punishment of this bill is that specific enterprises can be forced to withdraw from the US stock market according to the standards it recognizes.

Some people may think that it is normal to be audited by the American Accounting Oversight Board since it is going to be listed in the US stock market, especially after Luckin Coffee's fraud came out.

However, the problem is that companies in different countries should be free to be audited by which accounting company. The United States now requires companies listed in the United States to be audited by the American Accounting Oversight Board, which is a rather overbearing thing.

and most importantly, this is in conflict with the laws of our country, which involves the issue of law enforcement power.

in addition, the most important thing is that on July 13th last year, the Trump administration planned to unilaterally terminate the memorandum of law enforcement cooperation signed between us and PCAOB, which means further cracking down on China Stock Exchange under the US letter cover regulations.

In addition, the most sinister aspect of this bill is that it requires companies listed in the US stock market to prove that they are not controlled by foreign governments, and this also gives the United States room for such "subjective identification", that is, the United States can unilaterally identify an enterprise as controlled by a foreign government and will not allow it to be listed in the US stock market. This gives the United States a lot of room for such subjective malice.

Therefore, the first and most direct blow of this bill is the state-owned enterprises listed in the US stock market, and the impact on other Chinese stocks should not be so great.

however, judging from the collapse trend of the stock market in the past few days, the market's interpretation seems to be more pessimistic.

the market's collapse is completely due to the fact that these Chinese stocks are all potential delisting targets, which will lead to such extremes.

although the news on the surface does not indicate that there may be a large-scale delisting of China Stock Exchange.

However, the big funds in the market are always prescient, and there are always some "smart funds" that are well informed.

Therefore, the current collapse of China Stock Exchange is indeed the result of some form of "financial war".

(2) Make further guesses

Let's make further guesses.

If we take the current crash of China Stock Exchange, it's just a stampede of market funds spontaneously due to the negative effect of the Foreign Company Accountability Act.

but such a statement can't explain a few doubts.

1. The Foreign Company Accountability Act was put forward in May last year and signed by Trump in December last year. Its contents have long been widely known. In principle, such a thing that everyone has expected for a long time should not have such a great effect.

when the foreign company accountability act was signed by trump in December last year, I didn't see such a collapse in China stock market, but it rose sharply.

2. When the fund is trampled on, it can only be a result, not a reason. That is to say, only after the stock price has fallen sharply in a row will there be a stampede collapse in the fund. This is adding fuel to the fire, but the reason why the stock price fell sharply at the beginning cannot be attributed to the stampede of funds or the explosion of positions by large players in the market.

3. I can't find the mysterious fund culprit who concentrated on smashing the plate at the earliest time.

according to some common operating routines in the past, the funds in the market usually use some news information to manipulate the stock market artificially, which belongs to the cooperation of funds and news.

Therefore, apart from the news, there must be a large amount of money on the market to smash the market, which can lead to such an extreme trend.

so who broke the dish?

(3) Who is breaking the dish

The following report mentions some information about who is breaking the dish.

This report quoted some reports from Bloomberg and Financial Times, saying that before the opening of the US stock market on Friday, there were rumors in the market that a huge selling fund concentrated on attacking China Stock Exchange in the United States. The total amount of these mysterious selling funds was as high as 19 billion US dollars and hundreds of billions of RMB.

Goldman Sachs alone sold $1.5 billion.

Of course, it can't be said that Goldman Sachs is smashing the market, because Goldman Sachs is only a channel. It is said that after the general stock market fell by 3% on Wednesday and Thursday, a large number of such funds broke positions in a large area and needed to be flattened, so the stock market hit a turnover on Friday.

that is, many of these funds that have been flattened are sold through Goldman Sachs.

The problem, however, is that this report only explains the source of this volume of transactions on Friday, but it doesn't explain who was the first to smash the plate at the beginning of this wave of decline on Wednesday and Thursday. I haven't seen any relevant reports about this.

but no matter who is smashing the market, since it is in the American market, it must be that American big capital was the first to concentrate on smashing the market, so don't even think about it.

The group shares of A-shares have collapsed, because foreign capital can also link up with some domestic capital, and these financial trojans are the cover, so it is still controversial to talk about foreign capital smashing the group shares, and many people don't believe it.

However, in the US stock market, there is no doubt that the Chinese stocks have fallen in such a crash, and it must be the big American capital that smashed the market.

Before this plunge, the Chinese stock market generally rose sharply in the past year, and some even rose several times. They already had huge profit chips, so some big capitals smashed up without mercy.

This kind of malice has greatly increased to form a bubble asset, and then concentrated on smashing the plate to harvest leeks with the help of bad news.

in fact, this harvesting method is exactly the same as the holding group shares in A shares.

(3) Victims

This time, the Chinese stock market was bloodbath, and the biggest victims were naturally the listed companies themselves and the shareholders and investors who have always held them.

The top 2 listed stocks with the largest market value at the beginning of this article have evaporated 1.2 trillion yuan of wealth in the past week, including the listed companies themselves and their shareholders.

Only by selling stocks before the plunge, or taking part in the centralized smashing of funds on the first day of the plunge, can the soaring profits in the past year be earned.

There are many victims, large and small, but it was a Korean who was widely reported by the media today.

This Korean named Bill Hwang is also a well-known fund manager. He used to be the founder of Tiger Securities' Asian fund.

In 21, Bill Hwang was once banned from trading in Hong Kong stocks on suspicion of insider trading.

Later, Bill Hwang moved to the US stock market in 212, and set up his own fund with 2 million US dollars of his own funds. After that, it only took him eight years to expand its scale to 15 billion US dollars.

Bill Hwang is a radical lever lover, who usually uses five times leverage to operate normally, that is, the $15 billion fund he manages affects the market capital of $75 billion, which is already a relatively large fund.

However, Xiao He defeated Xiao He.

after bill hwang accumulated a lot of wealth by leverage, he also broke his position overnight because of leverage and lost all his money.

Bill Hwang had a 2% yield this year because of its highly leveraged operation before the crash of China Stock Exchange.

but he didn't choose to make a profit, but chose to continue to run with high leverage.

However, his heavy stocks include Baidu, Vipshop and Tencent Music, all of which have plunged this time.

in addition, he also holds heavy positions in ViacomCBS and Discovery, two non-Chinese stocks.

Due to Bill Hwang's short position, ViacomCBS and Discovery, two pure American stocks that are not listed in China Stock Exchange, have also experienced a plunge trend consistent with China Stock Exchange in the last three days.

Bill Hwang is also known as the person who suffered the most losses in a single day in history because of his $15 billion fund.

but strictly speaking, he didn't lose $15 billion in one day, but $15 billion in three days. Of course, this is quite a lot.

However, I think there is something wrong with reporting many foreign media of Bill Hwang today.

that's why they smashed the stock market this time, and put the blame on Bill Hwang.

I think it's a funny pot toss.

have you ever seen a large sum of money harvesting leeks and smashed yourself to death?

Bill Hwang is a genus.