Asian stock Tung began to reduce sales of sellers and business set now 800 million

In "Asian stock market", Hong Kong Henderson Chairman Shau is still in the retail initiative, said "million-point buy shares, 20,000 shipments," when the city of another rich, Chow Tai Fook and great Fortune Securities, the largest shareholder Tung has been deployed to implement his selling plan.　　According to the Hong Kong stock Exchange, from May 30 onwards, Tung has been selling large Tong Jingkin (08299.HK), people and Business (01387.HK) and New Era Group (00166.HK), where people and business were reduced by 600 million shares, about 840 million Hong Kong dollars. A senior executive of the derivatives division of a Hong Kong-funded bank told the weekly newspaper reporter that the recent sell-off in Hong Kong by its big customers is indeed quite obvious.　　In particular, June 16 and 17th two days, the handling of a large number of short selling, which not only involves Chinese blue-chip, but also includes many Hong Kong local stocks, showing short-term funds to see the market prospects. The sale of Tung and commercial "people and businesses" may be linked to the lifting of the equity ban. Hong Kong KGI Securities analyst told reporters.　　Previously, the Tung family was a strategic investor in the identity of the people and business, at that time, Tung Department of Capital investment amount of about 1.3 billion yuan, the person and the business prospectus shows that Tung family holding company about 10.85% stake. The business model of people and commerce is mainly to build Civil air defense works and to use it as an underground mall in peacetime, and to obtain returns by renting shops or transferring the right to operate the shops.　　As of January 2007 before the listing, people and business opened in Guangzhou Underground mall, the same year in December, people and commercial in Zhengzhou project also broke ground, after the company in Shenyang Project opened. People and business executive director Wang Hongfang said the company's 2007 gross profit margin reached 77.9%, "such as Guangzhou shops per square meter cost is 8000 yuan to 10,000 yuan, but such shops in Guangzhou can be sold to 55,000 yuan per square meter."　　The data show that, as at the end of March 2008, the company's underground shops were leased to 1968 retail and wholesale tenants under the 2,750 tenancy agreements. Since people and business were listed on October 22 last year, the Tung family company's stake will be lifted in 6 months ' terms. In fact, from the timing of the Tung's choice of selling, June 4 was the time when the stock index soared and people and business prices stabilized. According to the reporter understand, the price of Tung selling about HK $1.4 per share, compared with the maximum price of 1.74 Hong Kong dollars, the discount to 20%.　　After the Sell-off, the Tung family company still holds 7.85% of the people and business.　　A large sell-off of resources stocks in fact, people and business in the Tung family's wealth map of the proportion of small, tung or Chow Tai Fook Jewelry, New World Development, Mongolia Energy, great fortune Securities and other companies, including shareholders, Tung wholly-owned Chow Tai Fook Jewelry, in great Fortune Securities holdings more than 65%. Tung is also a well-known resource group friend in Hong Kong, in May this year, its 6-degree increase in the new era, the average price per share of HK $0.48%, as at the end of May,Tung has held 10.47% of the New age group. Earlier, the new era mainly engaged in non-ferrous metals trading and frozen food, the president is Tung nephew Zheng Jinhu.　　In March this year, the company spent 2.1 billion Hong Kong dollars to acquire two oil projects in Argentina, South America, the company's main business has changed to become the main resource development. In addition, Tung in May, also holds Datang Tong Gold 14.86% Stake, Datang Tong Gold is also a mining-oriented company.　　However, in late May, Tung began to gradually reduce resource stocks, May 30, its Sell-off held nearly six months of Datang Tong Gold about 100 million shares, the shareholding from 14.86% to 11.07%.　　Although Datang Tong is a fine-priced stock, Tung's share price was only HK $0.15, but Tung's profits reached 8 times times compared with the 0.017 Hong Kong dollars it bought. The same goes for the New age group. Prior to May, Tung held about 10.47% per cent of the new era, with a reduction of about 94 million shares on June 17, averaging about HK $0.65 a share. In the case of HK $0.48, the Tung profit is about 35%.　　At present, Tung only holds 7.49% stake in New age group. Chobe, Hong Kong fund manager and former managing director of Morgan Stanley, believes that the recent trend in Hong Kong stocks has been sharp, but the economic fundamentals have changed little, in which case the stock market lacks support.　　He still insists on his view in March of this year that Hong Kong stocks have a chance to fall to 13,000 points.　　State Securities Research Department executives also told reporters that the recent intervention in resource stocks should be cautious, because resources and economic cycle closely related to the economy is almost a barometer of the economic recovery, so the signs of a slight fluctuation in the economy, the performance of resource stocks is greatly affected. In some ways, the actions of Tung and other big Hong Kong investors do suggest that the stock market is not one-sided, and that the power of shorting will come back at any time.