Cheng Star shares additional play water and electricity agencies run

Every reporter Huaqi yesterday, Cheng Star shares (600078, closing price of 8.24 Yuan) announced the issuance of additional programs said, the proposed Non-public shares 30 million ~15000 million, raise funds not more than 1 billion yuan, mainly for the acquisition of the project of 55% stake in the beach hydropower station. But institutional investors do not seem to be buying it.　　Shares plunged 7.31% per cent yesterday, the second in the two cities, and according to the Shanghai Stock Exchange, two of its seats were sold at 16.4054 million and 8.3062 million respectively. Fundraising 1 billion to three projects yesterday, the company's Non-public issue of stock plans said that the proposed Non-public shares 30 million shares ~15000 million, non-public issue of not more than 10, to raise capital of 997 million yuan, mainly for the acquisition of large shareholder Cheng Star Group Holding a 55% stake in the hydropower station (250 million yuan),　　65,000 tons of calcium phosphate technical renovation project (196 million yuan) and repayment of bank loans supplementary liquidity (550 million yuan). Cheng Star stake is the domestic fine phosphorus chemical industry leading enterprises, but the company raised funds to acquire 55% stake in the hydropower station. Data show that the current installed capacity of the 3X36MW hydropower station, the use of hours in 5,000-6,000 hours last year, 2008 to achieve sales of 104.8 million yuan, net profit of 40.92 million yuan, the current net worth of 312 million yuan. The company said that the acquisition of the Thunder Beach hydropower station is conducive to reducing the associated transactions, while the stability of hydropower profitability, can bring stable benefits to the company.　　CICC when the cedar in its research report that the evaluation value of 455 million yuan, 1.46 times times net assets, but because of high water and electricity profitability, stability, the value of the assessment is basically reasonable. At the same time, the company will create two production lines, respectively, the production of calcium dihydrogen phosphate and calcium phosphate two series of products, after the completion of production capacity will reach 55,000 tons/year calcium phosphate, calcium phosphate 10,000 tons/year, the company expects the project to achieve a net profit of 46 million yuan per year.　　In addition, the company intends to use 300 million yuan to repay the bank loans, 250 million yuan supplementary liquidity, is expected to reduce the financial costs of 15.9 million yuan.　　The researchers are not optimistic about the issue. Although the three projects that the company raises to invest in the scheme can bring a lot of benefits, institutional investors seem to be not bullish. Shrison said that the phosphate chemical industry in the next two years will be at the bottom of the trade, a sharp rebound is less likely, given the uncertainty of the proposed scheme, the company's current share price of the corresponding valuation level is still relatively high, so maintain a "neutral" rating.　　Xiao Hui, a joint Securities analyst, also rated "neutral" for the private offering. Yesterday's stock price trend also confirms the researcher's judgment.　　Despite the big afternoon "Jedi counterattack", and eventually red, but the shares of Cheng star in the end still plunged 7.31%, in the two cities declined the second. The SSE's open trading information showed that there were no seats in one of the top five seats in the buy list, while two of the top five seats were sold.It sold 16.4054 million yuan and 8.3062 million yuan respectively, if the average price of yesterday's turnover of 8.34 yuan, it sold 1.9671 million shares and 995,900 shares respectively. The reporter looked through a quarterly report and found that the top ten circulating shares of the company's shareholders only three funds, of which the development of the small-plate growth stock fund in the first quarter of 3.605 million shares, a total of 9.005 million shares, while the first quarter of the new strategy growth, strategic growth, second, respectively, held 3.3999 million shares and 4.4 million shares.　　From this, it may be judged that a sell-off of institutional seats yesterday might be the same. The company yesterday all day deal 50.4931 million shares, the transaction amount is 421 million yuan, the turnover rate is 11.51%. In fact, since June 1, the volume of the Cheng Star shares began to enlarge suddenly, as of yesterday the cumulative turnover reached 73.55%. Therefore, there are market participants that do not rule out the use of additional advanced to pull out the possibility of shipping.