100 times times Excess return temptation wisdom light electric shareholders difficult to stamp the impulse

To Chi Guang Electric (002169. SZ) A majority of the initiator shareholder, intellectual Light Electric is undoubtedly a "golden egg" hen.　　Accompanied by the company's full circulation after the high price innovation, including the company's controlling shareholder Guangzhou Gold Yu Industrial Investment Group Co., Ltd. (Kim Yu Group) and senior executives, including the founder of shareholders to pick up "golden eggs" time.　　Kim Yu Group held 60.1216 million shares of restricted shares and the company's senior executives held by the founder of the shares, on September 21, 2010, the lifting of the restrictions and the full circulation. As the controlling shareholder of Chi-Guang Electric, Jin Yu group was the first to enter the company by VC in 2002, and after a series of equity transfer and increase of shares, it eventually became the controlling shareholder of the company. Its six cumulative investment is only 13.784 million yuan, after the listing of two dividends after the Shang, the Gold group has increased its shareholding to 60.1216 million shares, accounting for the proportion of the company's total equity is 33.84%.　　According to the closing price of 22.79 yuan as at November 24, the above shares circulation market value has reached 1,370,131,300 yuan, in eight years, the initial investment cost return of the group is nearly hundred times.　　In the lure of such high returns, the two-tier market, with its highly innovative stock price, has further stimulated the incentive for the company's sponsors to set up a high position. November 24, Chi-Guang Electric Bulletin said, the company's controlling shareholder gold Group November 23 through the Shenzhen Stock Exchange bulk trading system sales of 4.5 million shares, accounting for the total number of shares in the company 2.53%.　　According to the transaction price of 21.84 yuan, the day of the gold group is nearly billion, for 98.28 million yuan. Kim Yu Group reduction of the day, intellectual light electricity to the 23.57 yuan, the price of its reinstatement has been created since the new Record (2007 and 2008 respectively carried out 10 to 2 and 10 to increase the share capital expansion of 10).　　Compared with the closing price of the day, the bulk of trading prices only 7% discount. Hundredfold reward temptation as the real control of the Gold group, Cheng is undoubtedly the biggest winner of the campaign. Up to now, Cheng holding the proportion of gold reputation Group is 53%, its indirect holding the number of intellectual light electric shares of 31.8644 million shares.　　As at the closing price as at November 24, the market value of its shares has reached 726.1908 million yuan. However, Cheng did not participate in the company's management, but by their in-laws Li Yongxi care.　　Cheng's other current identity is the head of a private equity fund in Guangzhou. 2007, Cheng, established a Guangzhou long gold Investment Company, as president, responsible for stock investment.　　Previously, as the first batch of investors in China's stock market, Cheng has founded more than 10 enterprises, involving electricity, medicine, energy and other fields. Our reporter investigation found that the pace of reduction with the holding shareholder is in step, including Chairman Li Yongxi and vice chairman, General Manager Ruidongyang, deputy general Manager Yong and Jiang Yu and manufacturing Center General manager Yang Xu, including the company's executives and core managers, have openedbegan a high level of the trip.　　November 23, Ruidongyang, Yong, Jiang Yu respectively through the bulk of the transaction to 21.84 yuan price reduction of 500,000 shares, 400,000 shares, 300,000 shares, respectively, set now 10.92 million yuan, 8.736 million yuan, 6.552 million yuan. In addition, Yang Xu and Yong also through the two-tier market bidding transactions to 23.44 yuan price and 23.63 yuan price respectively reduction of 180,000 shares and 30,000 shares, respectively, set now 4.2192 million yuan and 708,900 yuan.　　Prior to this, Li Yongxi on November 22 through the two-tier market bidding transactions to 22.86 yuan to reduce the price of 1.2 million shares, set up now 27.432 million yuan. Similarly, as the founder shareholder of Chi-Guang Electric, the winner of sharing the capital Feast also includes the company's second largest shareholder, Guangzhou Chengxin Venture Capital Co., Ltd. and the former third largest shareholder, Guangzhou Yue Energy Power Technology development Company (Guangdong Power).　　The two companies ' holdings were lifted last December. The integrity of venture capital holding shares of 12 million shares, the shareholding ratio of 7.24%. As of the first half of this year, the integrity of the investment has been reduced to 6.877 million shares, holding down to 5.123 million shares, the proportion of the shareholding also fell to 3.09%.　　This year, three quarterly disclosure, the integrity of investment has disappeared in the top ten circulating shareholder list of intellectual light. Guangdong Electric Power Holding shares of 8.4845 million shares, which in the last September 15 and 17th, two times through the SSE cumulative sales of 270,000 shares of the company's shares, accounting for the total number of intellectual light electric 0.16%.　　April 12, Guangdong Power once again through the bulk trading platform to 19.29 yuan per share price sold 7.01 million shares, 135.2229 million yuan. Positive release to help lift the lifting is worth mentioning is, in the company stock in full circulation on the eve, the company lost no chance to launch a private issue of positive news.　　With the company September directional additional awarded the good news, the company's two-tier market share price also rose steadily. September 14, intellectual light Electric issued a public announcement, the company issued a shares of a share of the application September 14 by the SFC approved the approval of the company's Non-public offering a shares not more than 20 million shares, to raise funds of 170 million yuan, for 3000kVA and above capacity of intelligent high-voltage ultra-high-power high voltage inverter speed control system of industrialization　　, expand the Enterprise Technology Center and so on.　　Macro Source Securities analyst Zhaoxi said, in the key components to achieve their own production, the company's product structure to high-power direction is expected to improve the company's gross margin level. Chi Guang Electric 2010 Quarterly display, the third quarter to achieve operating income of 121 million yuan, an increase of 11.87%, to achieve the ownership of the listed company net profit of 12.41 million yuan, an increase of 22.21%.　　Revenue growth fell compared with the first half, while the single quarter combined gross margin was only 27.3%, down 9.16% year-on-year. Zhaoxi that the company's third-quarter comprehensive gross profit margin of the main reason for the sharp decline in the high voltage inverter and arc-suppression coil intensified competition, resulting in lower prices.　　The final directional issue of Chi Guang Electric has also shown that, although not supported by the fund, it has been favored by institutional investors, including Citic Securities and PE.　　Finally, the company to the above-mentioned agencies, including the 7 issued by the issue of 11,856,250 shares, a total of 189.7 million yuan to raise funds, raise the net amount of 174.65 million yuan. As of 24th closed, the above-mentioned targeted additional shares have been realized floating surplus 80.5039 million yuan, the proportion of floating surplus to 42.44%.