China Bank's vice president takes part in Yangtze River Securities issue

In the Yangtze River Securities issue "Eve", the volatility of the stock market unexpected.　　The tail of the big sell a single, in the blink of the Yangtze stock price directly below 12.67 yuan of the issue of "Iron Bottom", the nail in the 12 yuan. Faced with such a predicament, so that the original intention to participate in its additional institutions to play retreat, the participants are few.　　However, the A-share market will never lack of "bold" participants. Yesterday (March 9), the Yangtze River Securities announced the results of the issuance of the announcement, the face of a premium of the additional price-12.67 yuan/share, the institutions have been evasive, but there are two institutions "discerning", participated in the network placement.　　One is Shen Energy Group Finance Co., Ltd., and the other, is the tens of billions of public offering funds-the continued growth of the bank.　　With the main underwriter of the same shareholder background of the financial participation in the issue is still good understanding, but the public fund to "join the fun", is why?　　Vice president of the bank to buy a bold 12.67 yuan, or even higher than the day before the closing price of 12 yuan-this is the Yangtze River Securities in the market before the reality, facing higher than market prices, who will go to purchase?　　Changjiang Securities Yesterday (9th) issued a notice, it was originally intended to open up more than 600 million shares, and ultimately by the issuer and the sponsor (the main underwriter) negotiated, the issuance of the number of 200 million shares, the total amount of fund-raising for 2.534 billion yuan, the allocation of the purchase ratio are 100%.　　Compared with the original plan, the amount was discounted by two-thirds; The announcement also showed that the number of shares underwritten by the Oriental securities accounted for 55.03% of the total issue due to the limited number of online subscriptions.　　The open issue of the Yangtze River Securities, the market is obviously not "cold"; however, compared with the "deserted" scene, it is clear that there are two "enthusiastic" institutional investors in the net placement.　　One is Shen Energy Group Finance Co., Ltd., subscribed to the 4 million Yangtze River securities issuance of shares, while the other is the continued growth of the bank's Equity fund, the number of subscriptions reached 12 million shares. Public data show that Shen Group finance Company and the main underwriter of Oriental Securities have the same shareholder background, this time to join the Yangtze River Securities issuance seems to be easy to understand, and the continued growth of BOC as a billion-scale "carrier class" fund, by the Director of Investment and research, deputy general manager Hu Daixi personally management,　　Its daring to premium on the Yangtze River Securities Act is quite "alternative."　　What is the reason for the BOC fund to buy the Changjiang securities at a premium? Company line in response: "Value investment" Why the BOC Growth Fund to participate in the Yangtze River Securities in a premium way to open additional? "How is this investment behavior controlled by the company's risk?"　　"It is clear that the Chinese bank fund's shot, whether it is a holder or a market is full of doubt."　　Yesterday, the daily economic news reporter contacted the Bank fund in this regard. In a written response to the daily economic news, the bank said: "In the Securities industry brokerageBusiness environment gradually improved, investment banking business development space, innovation and internationalization of accelerated development and the securities industry at the bottom of the relative valuation of the background, the Bank of China, including securities companies such as the investment value of the financial sector.　　"" To participate in the Yangtze River securities issuance, in line with the company's value investment concept, and strict adherence to the company's strict investment process management, is through repeated analysis and research, field research, carefully screened, prudent investment decision ... As if to prove the participation in the "correctness" of the issue, the Bank of China and the relevant people to the "Daily economic news" reporter repeatedly stressed: "The Yangtze River Securities stock has now been trading."　　"But the reporter from the bank's reply to the evasive, still can't get why" high-priced buy shares "answer. "Such logic is clearly inconsistent with the Fund's risk control system. Reporters continue to cross-examine.　　But the company did not give a reasonable answer.　　Industry Voice Fund researcher: It is difficult to understand the 837-word reply from the Chinese Bank fund company, which was received by reporters yesterday, few notes on the premium buying of Changjiang securities.　　On this point, the daily economic news reporter yesterday to the fund industry veteran asked, many in the industry said the Bank of China Fund investment behavior "difficult to understand." A beijing-based fund researcher told reporters yesterday that it was hard to understand the bank's continued growth in buying Changjiang securities. "From the level of enthusiasm of the Fund's participation, the Bank of China fund company alone, indicating that the fund industry's recognition of the issue of the shares is not high." "The investment director of a fund company in Shanghai to the daily economic news reporter said:" In principle, not allowed to participate in such an purchase, like is obviously 5 cents can buy things, why must give a piece of money to others? It's obvious.　　"A Beijing fund company's former chief inspector told reporters that in the process of participating in the issue, the bank funds involved in the decision-making process of the fund company, as well as the specific content of the offer, on the encounter" additional share premium "This relatively important situation, the fund company should have a decision to come out. Beijing, an investment director told reporters, if the offer after the signing of a stock prices below the IPO price, the fund company can only be in accordance with the previous agreement to buy. "We don't know how to come up with a buying decision," he said.　　"Three questions of the Bank fund premium buying shares three big doubts to be solved although the company to the reporter's interview to give a written answer, but seemingly sounding words, the reporter has never found the silver in the" high-priced buy shares "there is a reasonable explanation.　　Question one: why the premium participation in the additional? For the reasons for participation, the company's explanation is "through repeated analysis, field research, careful screening, carefully made investment decisions."　　However, regardless of the recent transactions in the Yangtze River Securities Prices and volume of view, the bank funds could have made a "better business."　　From the recent stock price trend of the Yangtze River Securities, up to yesterday, the Yangtze River Securities 20th average price is still less than 12.67 yuan. From the longJiang Securities in recent period of daily turnover, as of yesterday, its 20-day average turnover of 36.13 million shares, far higher than the Bank of China to participate in the purchase of 12 million shares.　　Visible, if the BOC Growth Fund bullish on the Yangtze River Securities, in the near period of time can completely in the two-tier market, at a reasonable price to buy 12 million shares.　　So, since after repeated research and field research, optimistic about the stock of the Yangtze River Securities, why did the Bank of China fund before the start, must choose to enter the premium when the additional issue?　　Question two: How to pass the internal wind control?　　The bank's sustained growth fund is more than a premium to participate in the issuance of the issue, how the investment behavior through the company's risk control?　　Question three: Is it in line with the principle of prudence? Yesterday, the Yangtze River Securities trading!　　"This is the voice that the daily economic news reporter heard during the interview.　　It is clear that the bank has been successful in this investment because it is now "making money". But such "belated" explanations seem to be evasive. Public offering funds to the holders of the financing, the investment should follow the precautionary principle, for similar participation in the "premium" issue, should think twice. Responsible Editor: NF052