ABC "Two penny quotes" solution puzzle big money arbitrage month earn 14%

There is an unprecedented stock, listing 41 days rose to 0, but, Fry this stock can earn 14%, this stock is Agricultural Bank (601288. sh;1288.　　HK). From August 11 to September 10 in the 23 trading days, in addition to 3 trading days occasionally a small breakthrough, the Agricultural Bank of a shares regardless of whether the market is big or big fall, its share prices in the minimum 2.68 yuan, the highest 2.70 yuan between the small shocks. As of 9th, AgBank's A-share and H-shares premium of up to 21.2%, Hong Kong stocks since the listing has risen by 16.9%, and a shares than the issue of the price of a slightly higher 0.37%.　　Despite the overall rise in AgBank's stock, some people are making big profits.　　In the one months that ABC has been wearing green shoes, the market is rumoured to have been underwriting the company, and AgBank told the Huaxia Times that CICC did not buy AgBank's shares in the level two market because ABC did not break. Who on Earth is underwriting ABC? People familiar with the matter told us that many large and private equity institutions in the Commission of the transaction system hung 2.68 yuan to buy, at the same time, at 2.70 Yuan Price hanging big single sell. In this way, if each pen can be traded, automatic arbitrage 0.7% per day, one months to be free of risk net earn 14%, due to the market volatility, so, in the Agricultural Bank of China's stock arbitrage has become a good business, and spread in the big.　　Theoretically, with 1 million yuan operation ABC stock, one months can net earn 140,000.　　That is an important technical reason for AgBank's share price break and its difficulty to rise. Two cents stuck in the bank. Credit market share, AgBank is ranked in ICBC and CCB, in China's commercial banks ranked third, but the performance of AgBank after the IPO is not seen after the Ancients: Agricultural Bank listed the next day, that is, July 16, the trend has become a subsequent trend of cloning objects,　　The highest transaction price of the day 2.70 yuan, the lowest price of 2.68 yuan. Since August 11,　　Day amount of money in 2.68 yuan to buy, in 2.70 Yuan to sell a single, such a scenario lasted until September 9, the day of the report closed to 2.69 yuan per share, closing 2.70 Yuan sold 1.1608 million hands (1 hands 100 shares), 2.69 Yuan to sell 376,000 hands, 2.68 yuan to buy 1.7626 million hands. Mr. Fu of a private equity firm analyzed this reporter, generally speaking, large and private arbitrage will not do two cents business, but, ABC's lowest, 2 cents on 0.74% of the price, "generally think, ABC will not break, so, 2.68 yuan became the bottom of the buy, so know more people, The more money you buy, the more it looks like an institutional backing, but not necessarily. and sold generally hang 2.70 yuan, if hanging 2.69 yuan, can only earn a penny, can earn 0.37%, a little worthless, this will result in a large amount of 2.68 yuan and 2.70 yuan to sell the bill.　　So the shares of the country's third-largest bank were trapped between 2.68 and 2.70 Yuan. DoABC shares two cents business Ms. Li to "Huaxia Times" reporter introduced the operation method, the morning opened on the big single purchase price of 2.68 yuan, at the same time hung a big single sell 2.70 yuan, "What I do, the machine for me to make money, not to delay my business." According to her, because 2.68 yuan to buy too many lists, "Sometimes pending orders to buy, the actual purchase of less than one-tenth of the pending order, selling a single is also difficult to deal." "She introduced that she is from other large and learned that the transaction costs of these large businesses are generally less than five out of 10,000, if with 1 million of the funds to fry ABC stocks, 2.68 yuan a day to buy, 2.70 yuan to sell, gross profit is 0.74%, excluding costs and stamp duty, theoretically about a day to earn 7000 yuan, One months 20 trading days net earn 140,000 yuan. "Of course, the number of people with this method, hanging a lot of lists, the purchase is difficult to queue, sell is equally difficult, it is difficult to earn enough of this risk-free money." Anyway, idle is also idle, and do not delay to do other things, Hung Bai!　　"And in fact, very few people in the 2.69 dollars hanging on the bill, therefore, in 2.68 yuan and 2.69 yuan between the more transactions, more time to present a penny market."　　Another large listed bank general manager of the newspaper said that the protection disk is not necessarily the national team, ABC break and do not break meaningless, its price is not very high, more than a single retail, the strength of the Agricultural Bank has already "off the shoes", investment banks will not be at this level of protection. "Xanadu" quote ABC since July 15 in Shanghai listed trading, basic disregard of the market, no matter how the international and domestic economic and financial situation changes, even in Hong Kong listed ABC's h-share of the ups and downs can not affect the trend of agbank a A-share, AgBank's a A-shares does not appear to be traded, but in the Peach Garden stroll-　　-Take a step back.　　On the day of AgBank's listing, the Shanghai Composite Index closed at 2,424, with AgBank closing at 2.69 Yuan, as of September 9, with the Shanghai Composite Index closing at 2,656, or 9.57%, while AgBank was up 0 per cent.　　AgBank H-Shares, H shares a day later than a A-share, July 16, Hong Kong shares closed at HK $3.27 to September 9, HK stocks closed at HK $3.74, up 14.4%, and more than 3.2 Hong Kong dollar price rose by 16.9%, while Hong Kong stocks rose to 4.5%, AgBank H shares to outperform. ABC's H shares are priced at 3 per share. At the current exchange rate, AgBank's H-shares issued prices of 2 per share, HK $2. 784 yuan, compared with a A-share 2. 68 Yuan Issue Price premium 3.　　89%.　　By September 9, the premium was further increased.　　According to the day foreign exchange intermediary price, ABC's H shares close to Rmb 3.26 yuan, a-share for 2.69 yuan, a-share and H-shares to increase the premium to 21.2%.　　will eventually return to fundamentals although it is difficult to predict when ABC stocks end the "Xanadu" market, but, to be sure, AgBank shares sooner or later return to fundamentals. Northeast Securities and banking industryAnalysts Tangya that, compared to the other three major lines, AgBank's competitive advantage is mainly reflected in: the rapid development of the county financial business to make AgBank's growth and profitability higher;　　In Tangya's view, these two points is also the biggest bright spot of agricultural bank compared to four major lines. Tangya analysis said that the Agricultural Bank of the county loan growth rate is faster than the first half of the growth of 17.9%, than the overall average loan growth rate of 6.2%, reflecting the county economy has a good credit demand; and, the loan yield is higher, the first half county economy average loan yield is 5.47%,　　The average loan yield of 5.16% is higher than that of the whole bank by 31 basis points; in the county area, the interest rate of deposit is low, the average deposit interest rate of county economy in first half is 1.21%, lower than the average deposit interest rate of 7 basis, which shows that county economy has obvious cost advantage, and this kind of advantage is very stable.　　Before the listing, the market for Agricultural Bank in the county can be profitable there is doubt, but from the first half-year after the IPO, AgBank's county-level business will not be its drag, on the contrary, will become the biggest highlight of its performance growth. Agricultural Bank of the county economy to achieve rapid growth in net profits, in the first half of 2010, the county economy to achieve pre-tax profit of 14.5 billion, profit growth reached 81.9%, significantly higher than the average growth rate of 25.1% urban line, this shows that the county business in this period of development far better than the city business,　　And the next step to further improve the space is very large. Northeast Securities to AgBank bullish, said AgBank's county-level financial business development, "the current low valuation of AgBank, the first time to give a cautious recommendation rating." ”