A paper commitment to poison pill silver pigeon investment plunged more than 70% in three years

Silver Pigeon Investment (market, interrogation) the negative vote of more than 700 retail investors is a bitter tear of investment. At the beginning of 2011, when Henan Coal Group (now called "Henan Energy Group"), the news of the investment in Silver Pigeon, silver pigeon investment in the highest price rose to 13 yuan/share. Now, silver Pigeon investment stock price only 3.56 yuan/share. The share price fell by as much as 72.62% in three years. Three years ago, Henan Coal Group with a beautiful commitment to attract investors eyes; three years later, when investors look back, vague promises or already doomed it is just a dream. Coal Group to master the dream of January 6, 2011, Silver Pigeon Investment announced that the relevant departments are studying the company's major shareholder Luohe Silver Pigeon Industrial Group Co., Ltd. Strategic reorganization, may have a significant impact on the company. The company's shares were suspended. January 11, 2011, Silver Pigeon Investment issued by the announcement of stock rights, Leihe People's government and Henan Coal Group negotiated the intention to the Leihe Financial Bureau holds the Silver Pigeon investment holding shareholders Silver Pigeon Industrial 100% Equity transfer to Henan Coal Group. Data show that Henan Coal Group is the largest industrial enterprises in Henan Province, in 2009, Henan Coal Group operating income of 104.1 billion yuan, total assets of 110.9 billion yuan, to achieve 10.7 billion yuan. Among them, the operating income accounted for 39% of the total operating income of provincial-level industrial enterprises, and the profit accounted for 59% of the total profit of the provincial-management industrial enterprises. Obviously, compared to the local state-owned holdings, the actual control of silver pigeon investment changed to such a large state-owned enterprises, making the company's development immediately full of imagination space. January 11, 2011 ~ 12th, after the return of the Silver Pigeon investment for two consecutive days "one word board", in the 13th stock prices fell back, the 14th Silver Pigeon investment trading again. January 18, 2011, the Silver Pigeon Investment announced a free transfer of the stock rights of the indicative announcement. In the bulletin, Henan Coal Group in the signing of the "Equity free Transfer Agreement" when the commitment: "Twelve-Five" period, through the company or holding company within five years of investment in Leihe not less than 5 billion yuan, of which the first 1 billion yuan as capital injected Luohe Silver Pigeon Industrial Group Co., Ltd. to strengthen its strength , the company will gradually be held in addition to the coal business part of other companies of the shares into the Luohe Silver Pigeon Industrial Group Co., Ltd., including but not limited to Henan Wing Yin Chemical Industry Co., Ltd. 60% equity; "Twelve-Five" period, Strive to be Luohe Silver Pigeon Industrial Group Limited or Henan Silver Pigeon Industrial Investment Co., Ltd. Dozen assets and sales are more than tens of billions of enterprises; When the time is ripe, will be to the listed company Henan Silver Pigeon Industrial Investment Co., Ltd. to inject coal business outside the proposed listing of assets. Data show that Henan Coal group besides coal assets are also including chemical, financial, equipment manufacturing, logistics, non-ferrous metals, construction, electricity, cement, etc., as a result of the investment commitment to Silver Pigeon, January 18 ~ 19th, silver Pigeon investment in the stock price has been continuously trading. May 11, 2011, Silver Pigeon Investment in the highest price rose to 13 yuan/share. According to 2010 years of silver pigeon investment earnings per share of only 0.4 yuan, investors to the company 325 times times the PE, the fancy is obviously Henan Coal group after the arrival of silver pigeon investment in the future. Silver Pigeon After the arrival of the performance of the decline however, investors not only did not wait to Henan Coal Group injection, but to keep the silver pigeon investment profitability of the deteriorating. July 19, 2011, Silver Pigeon Investment issued the "detailed change of interest report." In the report, the coal-mining group of Henan first rejected the possibility of a future December injection, citing "premature timing". However, Henan Coal Group also clarified that "the next 12 months, when the time is ripe, the company will be injected into the silver pigeon investment in addition to the coal business of the proposed listing assets." "Because of the clear future December without capital injections, the shares of Silver Pigeon investment in the day plunged 6.55%, then launched a long bear." Of course, even without capital injections, it seems that it is not difficult for the silver Pigeon investment to maintain its consistent profitability for several years. 2007-2010 years, Silver Pigeon investment net profit is 169.55 million yuan, 32.75 million yuan, 48.8 million yuan and 33.94 million yuan in turn. However, in Henan Coal Group in 2011, Silver Pigeon Investment in the operating income growth of 10.18%, the net profit has suddenly turned into a loss of 215.8118 million yuan, after the deduction of net profit from 2010 to 44.7486 million yuan, into a loss of 234.2068 million yuan. Due to poor operating conditions, at the end of 2011, Silver Pigeon Investment shares will fall to a minimum of less than 6 yuan/share, the stock price half a year. In the 2012, the investor's eagerly awaited injection of cash was not there, but it was the listed company's intention to sell assets to major shareholders. August 14, 2012, Silver Pigeon Investment announced that the company intends to hold the wing AG Chemical 40% Equity transfer to the major shareholder silver Pigeon industry. Although the deal has not yet been made, it clearly runs counter to the commitment of the coal-mining group in Henan province to inject capital into listed companies. Unfortunately, in 2012, the operating performance of the Silver Pigeon investment continued to be embarrassing. 2012 Annual report shows that the company's operating income decreased by 6%, deducted after the net profit loss of 268.77 million yuan. But with a government subsidy of 367 million yuan, the company achieved a turnaround. The enterprise, which relies on non-recurrent gains and losses, has never been seen by the market. The shares of the Silver Pigeon investment in March 2013 saw a maximum of 6.24 yuan/share, continued to fall. 2013, Henan Coal Group was restructured into Henan Energy Group, the new group of injection still did not appear, the performance of the Silver Pigeon investment is still no improvement. The 2013 annual report shows that the net profit loss of the Silver Pigeon investment deduction is 311.789 million yuan, which belongs to the shareholder's net profit loss of the listed company 278.647 million Yuan. April 2014, Silver Pigeon investment in the lowest share price fell to 3.33 yuan/share. From May 2011 to the maximum of 13 yuan/share, to April 2014 the minimum of 3.33 yuan/shares, Silver Pigeon investment in the shares in Henan Coal Group, three years of time plunged more than 70%. and plungedBehind, is the Henan Coal Group Capital Injection commitment has always been unable to cash to bring the loss of the market. From continuous profit to continuous loss, Henan Coal Group after the arrival of the Silver Pigeon investment in the end what?