Conch Cement Reduction Survey: Union orders Ping An trust 5.6 billion

Over the past six months or so, with the close prev from July began to launch a sharp rebound in the market, Conch Cement (600585. SH) A shares rose from the bottom of the 14.5 yuan, on December 14, set a record high of 31.03 Yuan since 2008, as of December 17, closed at 29.64 yuan, the share price just doubled, while the Hong Kong stock Anhui Conch Cement shares (00914.HK) climbed from the bottom of HK $22.2, and on October 4 hit　　After the 37.9 Hong Kong dollar's annual highs, the biggest increase was 70%. During this period, both the mainland sellers and foreign investment banks continue to recommend buying and increasing the conch cement, the trend has intensified since October, when Goldman Sachs in its latest report, released on December 14, gave a "buy" rating for the Conch Cement, which in the previous 3-8 months had been given the conch cement Hong Kong stock "　　Sell "rating.　　Almost synchronized with this, conch cement shareholders ping ' an trust through the SSE bidding system and large transactions continued to significantly reduce the share of at least 269.8678 million shares, according to the reporter does not complete statistics accumulated amount of about 5.6278 billion yuan.　　As of December 17, regardless of the second-tier market Sell-off after November 4, the Ping An trust holds a maximum of 137.7887 million shares of conch Cement shares, the shareholding ratio from the original 11.54% down to 3.9%.　　In contrast, the institutional investors in the three quarter and the four seasons, the background, the client behind the trust in the security of the shareholders in the May 26 after the lifting of restrictions on the sale of restricted stocks? Half a year is now 5.6 billion yuan should be said that since 2008, share reform and directional issuance of restricted stock shareholders through substantial reduction of the case is not uncommon,　　However, like Ping an trust in less than six months in a short period of time through the two-tier market selling and the transfer of bulk transactions in the way to reduce nearly 270 million shares of the case is rare, its set is now about 5.6 billion yuan in cash is listed this year is the first. This October 11, conch Cement suddenly issued a notice, received the company's shareholders Ping An trust notice, as at October 8 Ping An trust through the SSE trading system cumulative reduction of 176,643,520 shares, accounting for about 5% of the company's total equity, at the same time the company hint into "　　Ping An trust does not rule out the possibility of continuing to reduce the shares of the company. According to the Conch Cement disclosed at the same time the simple statement of rights and interests changes in this year, Ping An trust in June, July, August, September and October (including October 8) respectively, the reduction of 142,734 shares, 61,004,387 shares, 91,153,786 shares,　　22,458,264 shares and 1,884,349 shares. Reporters from the Shanghai Stock Exchange disclosed the bulk transaction data query that this 7-September conch Cement a total of 110 major transactions, excluding the September 7 a sum of 1.3159 million shares sold by Citic Securities Headquarters, the other 109 transactions accumulated total trading shares of 4861.740,000 shares of the two sides of the transaction are ping an securities Shenzhen Fuhua Sales department, so you can generally judge this part of the bulk of the deal for Ping An trust for the reduction, but these 48.6174 million shares accounted for the third quarter of Ping An trust in the total reduction of 27.52%.　　Ping An trust in its disclosure of the simplified statement of rights and interests, said the reduction of shareholding through the exchange of concentrated transactions completed, because the conch cement did not disclose the Peace trust through the transfer of the agreement, the way the transfer of shares, which means that the Peace Trust holds about 126.7 million of the other conch cement through the two-tier market bidding transactions sold. Through the comparison of Ping An trust in 7-September reduce the number of shares and the number of trading shares, you can calculate the Peace trust in July, August and September through the two-tier market, respectively, the holding of the conch cement 45.4659 million shares,　　62.6407 million shares and 16.5766 million shares, accounting for about 1.29%, 1.77% and 0.47% of the company's total equity. However, according to the Securities and Futures Commission issued in April 2008, "listed companies to release the restrictions on the transfer of stock shares," the shareholders holding the lifting of the stock of shares in the sale of stocks in the next one months to open up the number of shares in the release of the shares of the total amount of stock in excess of　　The reduction of Ping An trust was not carried out in accordance with the directive opinion. From the entire reduction of the pace, although the ping-an trust held by the Conch Cement stake in the May 26 this year through the restricted period can be listed circulation, but ping an trust is not in a hurry to reduce, but wait until the listed companies completed on June 21, "10 to increase the 10-3.5" distribution program after the implementation　　Only this one for the Peace Trust has brought 71.3399 million yuan cash dividends.　　In June, the rest of the time, Ping An trust first in the vicinity of 16.878 yuan to try to reduce the 142,700 shares, set now about 2.4 million yuan; in the following 7 August, Ping An trust began to significantly reduce the share of conch Cement, two months total reduction of about 152 million shares.　　During the peak period, the Ping An trust chose the two-level market to reduce and the bulk of the transaction to match the way, but most of the chips through the two-level market, the number of transaction transactions in the volume of 30%-40%. According to the data released by the Ping An trust, from the reduction of prices, July reduction in price range between 15.04-20.14 yuan, August reduction in price range between 17-23 51 yuan; however, the reporter found that the transaction prices of bulk transactions are generally near the lower limit of the price range, such as July about 70%　　The transaction price was 15.3 yuan and 16.2 yuan, and all the bulk trading prices in August were between 17.4-18.22 yuan. The reporter will the ping An trust in June-October (as at October 8) all minus shares to remove the bulk trading part in the two-tier market selling chips of about 126.71 million shares, and then calculated by the month of the sale of Peace Trust in 6-October through the two-level market set the amount is about 24.8.1 billion yuan, and then calculate the bulk of the sale of the 880 million yuan, Ping An trust in June this year, October 8th, the total sold 176,643,520 shares of about 33.61 yuan, about 19 yuan per share.　　[Page] However, the reduction of Ping An trust is far from over. November 6, the Conch Cement Bulletin said, As of November 4, Ping An trust has been reduced to 235,219,729 shares, which means that from October 11-November 4 Less than one months, ping An trust again reduce 58,576,209 shares, in accordance with the period of conch cement average price of 25.5 yuan, ping An trust through the reduction of the set is now about 1.494 billion yuan; As a result of this period　　Conch cement did not occur in bulk trading, so this part of the chips all through the two-tier market to sell, which accounted for about 1.66% of the Conch cement total equity.　　From November 6 to the present 1 months, conch Cement has not again notice whether the Peace trust is continuing to reduce. However, the reporter found that in the more than 40 days of the conch cement again appeared in the total of 71 major transactions, of which in November the total sold 28.1094 million shares, set now 613.5 million Yuan, December sold 6.5387 million shares, set up now 159 million yuan.　　As a result of these bulk transactions are still the two sides of Ping an securities Shenzhen Fuhua Sales department, can be basically determined as the Ping an trust of the reduction behavior.　　Of course, this is just a big deal of data, in this 1-month period, Ping An trust through the two-tier market again to reduce the amount of outsiders are not known, but according to its two-tier market and the bulk of the deal with the reduction of the practice does not rule out this possibility, and the size of the reduction may be 50 million shares-100 million shares. Even if it does not take into account the possible reduction of the two-tier market from November 5 to the present,　　Ping An trust in the six months of June this year has been reduced to at least 269,867,829 shares, the total set is now about 5.6278 billion yuan, about 20.8 yuan per share, followed by the remaining shares of up to 137.7887 million shares, with the closing price of December 17, this part of the shares of about 4 billion yuan.　　The mystery behind the reduction in the past six months, conch cement through the two-tier market and bulk transactions have been reduced by at least about 270 million shares, but conch Cement's share price from the base of 14.5 yuan climbed to 30 yuan nearby; As shareholders of more than 10% of the company's shares, Ping An trust why choose to spare no effort to reduce it?　　Data show that the Ping An trust before the total holding of 407,656,530 conch Cement is in February 2009 Conch Cement another shareholder conch-Chong pitcher in the way to obtain through arbitration. Things dating back to June 2006, Conch Group trade unions will be held by the company including di Hong Kong Conch 49% Equity, Zongyang Conch 49% Equity, Chizhou Conch 49% Equity and Tongling Conch 31.86% Equity entrusted to the management of the Peace Trust; half a month later, Ping An trust will this part of the stake at 3.03 billion yuan to the price of the transfer to the Conch venture.　　A few days later, conch cement launched directional additional, conch venture into the above-mentioned shares of the shares subscribed to the Conch cement added 288 million shares. It is understood that the conch venture to make a stake in the 3.83 billion yuan and did not pay, but and Ping An trust signed a supplementary agreement, which said that in the conch venture to subscribe to the new shares 3 years after the 3 months, Conch venture to pay the sum of 3.83 billion yuan to the Peace Trust, but also to the latter annual payment relative to the equity transfer of 1%　　As a deferred payment of compensation. However, after 1.5 of the above agreement and the directional additional of conch cement,　　Ping An trust but to the Conch venture in arrears two years deferred payment compensation 76.6 million yuan to the Wuhu Arbitration Commission to submit a request for arbitration to recover 288 million shares of 203.8 million shares, this bizarre approach turned out to be a reality, and after the Shang of May this year, the Ping An trust held shares into 407,656,530 shares.　　But it is puzzling that, although the Ping An trust withdrew its shares in February 2009, it does not appear to be the real ownership of this part of the stake. In the brief statement of interest disclosed on November 11, Ping An trust said, according to its and Conch Group trade union signed "Conch Equity Trust contract" and "Conch Equity Trust Contract Supplementary Agreement", Ping An trust is only Conch Stock Trust trustee, the client is Conch Group trade union;　　Completed according to the orders of the client Group Union.　　Then the former equity client Conch Venture and Conch Group trade union is what kind of relationship? Data show that the Conch VC shareholders for Conch Group employees, such as Conch Cement Chairman Guo Wen 3.206%, director Guo Jingbin holding 1.496% of the equity, supervisors Wang June hold 1.217% of the equity; in a sense, because the unions cannot directly hold shares,　　Therefore, Conch Group has set up a dedicated conch venture to hold a stake in the conch cement.　　So, ping An trust's reduction behavior is actually conch Group management and staff holding shares to implement a reduction of the alternative. Its path can be reduced to, first of all, conch VC don't need to take out the true gold and silver first through the Ping An trust to buy the di Hong Kong Conch 4 of the company's related shares, then the conch venture to participate in this part of the assets of the conch cement directional additional, and then for tax avoidance and other factors will be all the shares of 70% back to the Peace Trust,　　In the issuance of shares after the sale of the restricted period orders Ping An trust to reduce, conch venture (or conch Group) will reduce the funds obtained in 2.711 billion yuan to pay the original equity grant. However, in the three-year period,　　Conch Cement's share price has far exceeded the original price of 13.3 yuan, the 408 million shares entrusted to the Ping An trust has now passed the reduction of about 5.6 billion yuan, the remaining shares of the market value of about 4 billion yuan, which means that after the return of the cost of 2.711 billion yuan, conch group trade unions through this path to earn more than 6 billion real gold. It'sDoes not include the current still in the conch venture 191.1422 million shares, that is, ping an trust through arbitration to recover some of the remaining 30%; Of course, it can be imagined that in Ping An trust has now been reduced to about 5.6 billion yuan,　　In addition to paying 2.711 billion yuan, the company now holds shares of about 1.1 billion yuan, also pay together. So, in the last six months, whether the mainland seller agencies Guotai, Huatai Union, Everbright Securities and Wanguo, or foreign investment bank Goldman Sachs, UBS, JP Morgan continued to give a "buy" rating to promote the Conch cement share price climb But conch cement executives and employees through the Conch Group trade union orders Ping An trust through the two-tier market and large volume of trading to reduce the amount of cash is about 5.6 billion yuan, they are the biggest beneficiaries.