Changjiang Securities Black Three minutes the biggest smash disk is a natural person

The sponsor Oriental Securities Authority disclosed that 8.85 million shares smashed a personal, suspected behind the institutional support; East Yangtze River Emergency consultation, seek the SFC to support the reduction of circulation "last night contact, but sold not more than half."　　"March 4 7 o'clock in the evening, an Oriental securities authority inside the exclusive report to the financial weekly reporter." Said this, by the Oriental Securities, the Yangtze River Securities sponsorship Company joint sponsor of the Yangtze River Securities (000783) underwriting. SZ) No more than 600 million shares of the additional network under the purchase payment has just ended.　　In other words, the Yangtze Securities 600 million shares of circulation, the final purchase of not more than 300 million shares, if the original release plan to continue, the balance of the underwriting of Oriental securities will at least buy the amount of 3.8 billion yuan in the Yangtze securities.　　According to the plan, March 4 for the additional network under the online purchase date, 4th is also the network under the purchase deposit Payment day, the deposit as of 5 o'clock in the afternoon, 7th Net Purchase deposit verification, 8th online purchase Capital verification, determine the online circulation, calculate the distribution ratio; According to the investigation, the Yangtze River additional project sponsor group members include: Zhang Zhenping (with 10 investment banking experience, July 2007 to join the Oriental Securities), Zhang Yapo (Oriental Securities Investment Banking Headquarters, deputy general manager of Quality Control Department, 6 years investment banking experience), Zhou Yili (current Yangtze River Sponsor Enterprise Financing Department general manager),　　Wang Yu (Deputy Managing director of Changjiang Sponsor). 600 million shares sold less than half of the authorities said, "The current approach is the eastern Securities and Yangtze River securities negotiations, hoping that the SFC will allow us to reduce circulation."　　said the source. March 3, the last 3 minutes before 3 o'clock in the afternoon, the sudden 8.85 million shares of the Yangtze River stock suddenly smashed in the last three minutes of the set trading time, the share price from 12.75 yuan/share fell to 12 yuan/share, until the closing. On that day, the Yangtze River amounted to 601282 hands, the amount of 772 million yuan, turnover rate of 2.77%.　　The volume of the day was sharply magnified by 227674 in the previous trading session.　　Under the heavy blow, the Yangtze River Securities market price has been less than 12.67 yuan/shares of the issue, the Yangtze River Securities 600 million shares in the public offering into trouble.　　And the other key side of the event Oriental securities will cost more than 4 billion yuan on the remaining shares of the Yangtze River Securities underwriting.　　In accordance with the previous issue agreement, until the end of the sales date, that is, March 4 3 o'clock in the afternoon, if the actual amount of the investor's subscription is lower than the total amount of the scheduled issue, the unsold stock will be subscribed by the Oriental Securities and will be paid in full to the Changjiang securities at the conclusion of the release.　　4 billion, and do not talk about the strength of Oriental securities to buy 7.6 billion of the Yangtze River securities stocks, even after the purchase, Oriental Securities will also face "one to one control" problem can not be listed, the Yangtze River securities face the fate of the replacement of major shareholders. Moreover, even in accordance with the contract underwriting, the future of the Yangtze River Securities will face a long-term cast pressure, and Oriental securities will not only be self-employed losses, but also because of the Yangtze River Securities shareholders, subject to "one to one control", scheduled for the 2011 listing plan fromGoes。 If Oriental securities underwrite more than half of the remaining 600 million shares, Oriental Securities will hold at least 300 million shares of Yangtze River Securities, and the Yangtze Securities now the largest shareholder in Qingdao Haier investment in the issuance of only 348.94 million shares of the Yangtze River Securities, so that the eastern Securities and the Yangtze River Securities holdings will be difficult to share.　　Moreover, Oriental securities were forced to underwrite more than 300 million shares.　　Changjiang Securities will obviously not welcome the unexpected shareholder, and the "shell" resources of the Yangtze securities are not uncommon in the stock market at the juncture of Oriental securities.　　In preparation for the listing for many years, the 2011 Oriental Securities listing is almost a certainty of things, now become the Yangtze River Securities major shareholders, not only will make themselves subject to "one control" can not be listed, but also in the next reduction in the loss. The head of a listed securities investment bank, 4th from the technical level of the future of the sponsorship of Oriental securities analysis. "The development of two kinds of situation, one is the Yangtze River East reached an agreement, announced that the issuance of additional failure, which is tantamount to admitting that the east does not have this ability; one is the east of Shanghai state capital control, look for the government relations, let the organization buy some. That's a big possibility back there. If the announcement of the abandonment of the issue, the shareholders who already hold the Changjiang securities can sue for such breach under the contract law. "The agreement to reduce circulation or feasible close to Eastern Securities, said the Eastern securities underwriting is certain, but the number of issues."　　But even if it is to underwrite, so many shares are a difficult bone for Oriental securities.　　Wind information shows that the Oriental Securities 2010 net profit of 540 million yuan, the owner's equity of 8.4 billion yuan, if only rely on Oriental securities own strength, it is obvious that the Yangtze River securities such a large volume. As the source says, the only way is to reduce the circulation of the Changjiang securities.　　The reduction will reduce the amount of money raised in the Yangtze River Securities, but it is better than adding a large shareholder.　　In fact, the IPO letter of intent on the Changjiang securities does not stipulate how many shares should be issued at least, only a limit of 600 million shares issued. "12 yuan/share with 12.67 yuan/share such a big difference, to this extent, we have tried." "The Oriental Securities Authority explained," After the communication, the Yangtze River Securities and the SFC have a clear understanding of this unexpected situation, is currently active consultations, is expected to reduce a portion of circulation.　　"Although the specific shareholder of this purchase is not yet known, there have been unconfirmed reports that Oriental securities urgently found a state-owned enterprise, the shares of the Yangtze River Securities sold at a discount."　　The mystery shareholder has locked the individual, the suspect behind has the institutional support Heaven has the way you do not go, the hell has no door you to come. This $106 million worth of 8.85 million mysterious throws, not early and late, accurate time, in the Yangtze River Securities before the last trading day, the close of the close of three minutes before the closing of the auction time, to 12.00 yuan/share price of a large single sell, resulting in the Yangtze River Securities finally closed to 12 yuan/share, significantly lower thanThe open offering price of the Changjiang securities also let the open issue of the Changjiang securities fall into a very passive position. Market price 12 yuan/share, additional price 12.67 yuan/share, as long as the purchase will immediately loss of 5%. A brokerage researcher said that even if the value of the Yangtze River Securities is very optimistic, it can not rush to enter.　　Rather than purchase, it is better to wait until the additional completion from the two-tier market low-priced buy.　　For a time, the capital market has speculated who is the culprit. Look up the Yangtze securities September 30 last year, the list of shares of shareholders in the tenth, Hubei Mai-Asia holdings of the Yangtze River securities 14.08 million shares, only the mysterious shareholders to smash the shares of more than more than 5 million shares.　　If it is a single account, the mysterious shareholder in the current shareholders will be very close to the top. But as to the specific people who "stir up trouble", temporarily not open. However, the Oriental Securities Authority said that the mysterious person has been locked, "can be identified as a personal behavior, but do not rule out the institutional support behind it."　　However, even without considering the bad situation brought about by the mysterious shareholder, the timing of the Yangtze River is not ripe. People close to the eastern Securities said, if you want to issue a smooth, the general issue price and the stock market price has a space of about 30%, so there is a larger Pau. Oriental Securities This mistake, the issue of the timing of the issue is not selected, additional options can choose to go up in the stock price, so even if the fall of 10%, there is a 20% premium space.　　The person also believes that the regulatory authorities to approve the issue of the efficiency needs to be improved, because the setting of additional price distance issued by the implementation of the time is too long, the price changes flexibility, very detrimental to the project operation.　　And the mysterious shareholders hit the plate, did not send the first breaking news, let the Yangtze River securities public offerings steep variable, Oriental securities have no protective disk has become the focus of controversy.　　8.85 million shares of 12 yuan price deal, who in the Low-cost tray in accordance with the investment bank sponsors open additional business work method, the sponsor will generally use a large amount of money before the purchase date to protect the stock, to prevent the share price falls in the additional price below, to avoid the issue of the surplus of the issuance of the underwriting But when the Yangtze Securities and Oriental Securities found the madness of the deal exists, time has pointed to the 3-point close, they have beyond resurrection.　　Even with billions of dollars, the closing price of 12 yuan/share cannot be changed. But the lack of protection does not mean there is no protective disk. Large intelligence agency trading software, March 3 15:0:18, in the 12 yuan/share price on a number of large transactions, the turnover is all distributed in 2000 hands/pen.　　Rough statistics, the sum of such a single large transaction should be more than 50000 hands, the transaction amount of more than 60 million yuan. followed by the 15:00:19--15:00:25, there are many small transactions, the price of all concentrated in 12 yuan/share. Close to March 2, a total of 8.85 million shares of the Yangtze River Securities to 12 yuan/share price transactions, turnover of 106 million, about 770 million yuan turnover of 13.77%.　　Haixin, Jinjiang or wronged a large sell-off of the mysterious shareholder stays, there are also doubts about the Yangtze securities shareholders Hai Hin shares (600851.　　SH) and Jinjiang stock (600754.SH) "aiding evil", joined the vicious selling army.　　Why, because the two listed companies happen to be in the Yangtze River Securities before the time window, announced that "to sell some of the Yangtze River Securities." January 27 This year, the company's board of directors announced that the authorized operating team at no less than 12 yuan/share price to sell the shares of the Yangtze River securities within 20 million shares.　　Then in the Yangtze River Securities issue two days ago, Jinjiang stock Board announced that authorized management in accordance with market conditions and business needs of the timely sale of the shares of the Yangtze River Securities.　　It was the two announcements that directed the "evil" to themselves. But do not realize that, Hai Xin shares and Jinjiang stock as the Yangtze River Securities, the third to fourth major shareholder, as early as the Yangtze River reform in 2007 years has been in office, the announcement of reduction, is the two listed companies held in the Yangtze River securities shares just lifted.　　As the Haixin shares explained, "This is a complete coincidence."　　The issue price is higher than the market prices, securities dealers advised far away from the Yangtze River security of the open issue of the road is long, since March 12 last year, the board through the open issue of 600 million shares of the resolution to the March 4 public offerings, a lapse of almost a year. During this period, the Oriental securities to replace the securities, the Yangtze River Securities in 2009 to replace the continuing supervision of the rights issue, Oriental securities in this period became the sponsor of the additional issue.　　And the medium-scale Oriental securities may not have thought, to get the hand of this business is so hot.　　The general manager of a capital sales department so look at this event: the east and the Yangtze River two brokerage business are not fine, the Yangtze River is suspected in the issue of one months before the issuance of stock prices, the east in the critical moment encounter sniper. Looking back on the recent stock price trend of Changjiang securities, it can be found that the strange is not only the last three seconds of lore, in the Yangtze River Securities prospectus before the announcement of the 20 trading days, the trend of the Yangtze securities is perplexing.　　The above Sales department Mister Analysis, "most likely is the big money in the control Panel".　　Before the 20 trading days of the prospectus, Changjiang Securities has been hovering in the 10 yuan-11 yuan/share, and in the 20 trading days before the announcement, the Yangtze River securities quickly from 10.5 yuan/shares jumped to the highest 13.92 yuan/shares, and even a continuous two-day cumulative increase of 16% of the situation. But the parabola began to turn downward.　　Price is lower than the market prices, Oriental securities helpless "be underwriting."　　In fact, as early as the implementation of additional issuance, there are many institutions early warning. In the prospectus of Changjiang Securities, neither the original shareholder's commitment to preferential subscription nor the valuation advantage of Changjiang securities are seen. In the Yangtze River issued the purchase date, there are institutions to recommend investors do not venture to purchase. Galaxy Securities investment-Gu clearly told customers, "not recommended to participate in the Yangtze River Securities Open additional purchase, the Yangtze River Securities additional purchase may not be sufficient, the main underwriter Oriental securitieswill face the remaining underwriting. "According to historical experience, investors such as participation in this online purchase, the success rate should be 100%."　　When there is a balance of the underwriting situation, the market may face a short-term underwriting brokerage large reduction pressure, will be a certain pressure on the two-tier market trend. This risk-free proposal has also been endorsed by two other brokerages. Beijing Fu Cheng Road, located in the two brokerage department at the same time give suggestions, "the Yangtze River Securities prospects are unknown, the late throw pressure, the proposal away from the purchase."