Citic Securities to buy America's debt

July 8, Sichuan Mei Feng (000731.　　SZ) A paper announcement, revealing one months ago, Citic Securities bought more than 22% of the convertible bonds.　　Sichuan Mei Fung Securities department to inform reporters, these transfer bonds are purchased by Citic Securities, Citic Securities under the financial products are not involved. Reporters after a variety of understanding that, according to the usual practice, Citic Securities can only use an account for the United States and HSBC transfer debt. This means that Citic Securities at the time of the check rate of more than 20%, far higher than the average investors 1.17% of the check rate.　　A broker in Shanghai said the fact was bizarre. July 8, Sichuan Mei Feng announcement, one months ago, Citic Securities Co., Ltd. (hereinafter referred to as "Citic Securities") through the SSE trading system online purchase, holding convertible bonds 1.48 million, accounting for the total number of 22.71%.　　As of July 7, Citic Securities sold 930,000 tickets to the United States and HSBC.　　However, one months ago the results of the release of the announcement showed that, in addition to the allocation of 11.8% to the original shareholders, the rest of the U. When the United States and HSBC transfer debt on sale, an account purchase limit of 6.5 million. Theoretically, an account to purchase 6.5 million, if it's the rate and the overall check rate is consistent, it will purchase to 76,000.　　Then, Citic Securities must have about 20 accounts, 6.5 million for each account purchase to buy 1.48 million. There are two of securities brokers told reporters: "Generally speaking, in the online purchase, a broker's proprietary department can only use an account." "One of the Big brokers Analysis:" Will it be CITIC Securities under the financial products bought? "Mr. Lu, Sichuan Mei Fung Securities, said to reporters:" These transfer debt is CITIC Securities bought, not CITIC Securities under the financial products. It is not our original shareholder. If it is CITIC Securities financial products bought, we will explain.　　"It follows that, by convention, Citic Securities can only use one account to purchase US-China debt, which means that the rate is at least 19 times times more than the average investor." Due to participate in online purchase, subscription funds in the purchase period will be frozen.　　The difference of the rate of the check, directly brings the difference of return on investment. At present, the market is on the eve of expansion, the whole is still for far less than the demand, so the new transfer debt is no risk arbitrage.　　Since the IPO, the price of most of the 105-107 yuan wandering between, and to 106 yuan.　　In 1.17% of the success rate, to one months to obtain 6 yuan return, the average investor must invest 8500 yuan, and this 8500 yuan must also freeze 9 days.　　Another possibility is that the rate of CITIC Securities is not so high.　　We assume that Citic Securities used about 20 accounts to purchase US-China transfer debt, and each account has 6.5 million subscriptions, and finally and ordinary investors at the same rate of check to buy these transfer debt. So, Citic Securities was frozen 13 billion yuan.　　From the statement of the securities in the letter, this speculation is difficult to establish. A brokerage analyst saidThe size of the brokerage's proprietary sector is the transaction of financial assets plus the financial assets available for sale. This year's quarterly bulletin shows that the total assets of CITIC Securities ' proprietary sector are around 52 billion yuan.　　This means that the CITIC Securities private sector must come up with more than 1/4 assets to participate in such a small transfer of debt purchase. Wind information shows that May 30, the United States and HSBC on the day before the issuance of debt, Citic Securities on behalf of the total size of the customer financing of 11.98 billion yuan.　　Even if Citic Securities financial products to participate in the purchase, then the frozen funds, but also the current self-management and financial two departments of the total amount of funds 1/5.　　How does Citic securities do this?　　As of the press, the reporter still failed to contact the United States and HSBC to the main underwriting securities transfer debt. The securities dealers told reporters that online purchase, which signed the number by the exchange ratio, the other people can not decide. Therefore, Citic Securities high probability of a lot of this matter, very bizarre. He pointed out that, like the transfer of debt issued by the new issue system, the overall direction is to embody the principle of fairness, to the small and medium investors tilt. Therefore, only to clean up the brokerage surplus account, only one account to participate in the purchase.　　Whether Citic Securities use multiple accounts to purchase, or far higher than other investors in the rate of purchase, are inconsistent with this direction. About Citic Securities suspicious to hold the issue of US-China debt, the reporter will further follow up.