4 Discount on trading platform

Yesterday, the Chinese Tai Bao (601601, closing price of 22.75 Yuan) 9 original shareholders held a 3.527 billion-share IPO shares in circulation.　　For a moment, the Tai Bao circulation shares from the original 2.681 billion shares, expanded to 6.287 billion shares, expansion of 1.3 times times more. Although the pressure of expansion is huge, but because 9 of the Tai Bao ban shareholders are Shanghai local state-owned enterprises, so the market people judge, in order to maintain the control of the Tai Bao, this part of the state-owned stake will not easily enter the two-tier market circulation.　　However, from the trading information on the stock exchange, there are already some shareholders "can not endure loneliness", most likely on the first day of the ban has been through the bulk trading platform! The sale of seats are Warburg securities from the plate, the Tai-a-shares yesterday was limited by the ban on restricted stocks, and the early disk also jumped empty 3.09%.　　However, due to the market in the afternoon diving, the Tai Bao also fell by the wave, close a small 1.04%, the whole day transactions 1.008 billion yuan, the volume ratio reached 2.11. Tai Bao A in the two-tier market, the trend is placid, but after the announcement of the big deal Public information released by the Shanghai Stock Exchange, shareholders who were lifted by yesterday's lifting were likely to have started to do their part to reduce their holdings: Yesterday the Shanghai exchange traded 9 large deals, of which 4 were marked by the Chinese kingpin,　　And the transaction price is higher than the two level market discount. It is worth mentioning that, the 4 bulk trading of the seller's seats are all of Warburg Securities Shanghai, Tibet Road Sales department, and the buyer is different. Among them, the state securities Shenzhen Shennan Middle Road Business Department to undertake 1.4 million shares, the price of 20.72 yuan/unit, the East China Sea Securities Headquarters to undertake 1.43 million shares, the transaction price of 20.7 yuan/unit; Wanguo Brokerage headquarters to undertake 4.792 million shares, the price of 21.15 yuan/share CICC Shanghai Huaihai Road Sales Department to undertake 1.4752 million shares, the transaction price of 20.72 yuan/share.　　Compared to market prices, 4 of the bulk deals are at around 9% discount. Some analysts pointed out that, from the transaction details, Wanguo brokerage headquarters to undertake 4.792 million shares are likely to come from the Baosteel group Xinjiang Bayi Iron and Steel Co., Ltd., because yesterday, 9 of the lifting of shareholders, Xinjiang Bayi shareholding at least, and exactly 4.792 million shares.　　The other three bulk deals are likely to come from trust companies or investment firms. Lifting or bringing in investment opportunities it is worth mentioning that on December 23, Carlyle's 1.333 billion-share H shares were released from circulation.　　According to the relevant information, Carlyle investment cost of 5.693 billion yuan, 4.27 yuan per share, plus dividends, the 5-year period Carlyle accumulated investment income of more than 5.2 billion U.S. dollars, equivalent to 5 years of investment to obtain 7.3 times times the return. Due to Carlyle's status as a financial investor, its reduction has almost become a market consensus.　　Since November 11, the Tai-Bao shares have fallen sharply, has fallen by more than 10% from the November 10 highs, but still more than a a-share premium of nearly 14%. Guotai that the Tai-a-sharesAt present, static new business value multiples of 11 times times, dynamic only 7 times times; In terms of the ratio of share price to intrinsic value (P/ev), the dynamic is only 1.5 times times, and the margin of security is obvious from the valuation level. Therefore, under the current valuation level, the lifting and reduction of stock prices caused by short-term decline will bring investment opportunities to the Tai Bao, Guotai to give the Tai a a 34 yuan target price, distance from the market price and nearly 50% of the rising space.