Dong Guan Securities Co., Ltd.

June 10, Oriental Group (600811.　　SH) at 5.75 yuan, still hovering low. And the Strange is the Oriental group's largest shareholder is a brokerage in Dongguan securities. April 30, the Oriental Group disclosed a quarterly report, Dongguan Securities Company as the largest circulating shareholder impressively in the column.　　As of March 31, Dongguan Securities owned 57.8395 million shares of Oriental Group, accounting for the proportion of mobile shares of 4.66%. A private equity person in Beijing is puzzled by this, "since the comprehensive management of the securities companies, in addition to the exclusive sale because of the underwriting and passively buy shares, have not seen which brokerage so big to buy a listed company, especially Dongguan securities such a small and medium-sized brokerage."　　According to the reporter rough estimate, according to the current stock price calculation, if the Dongguan securities have been holding these shares, the floating deficit has nearly billion.　　Dongguan Securities big Investment Oriental group behind, in the end what is hidden?　　Floating deficit or nearly billion according to reporter statistics, January 1, 2010 to March 31, the Oriental Group weighted average price of 7.52 yuan, and stock prices fluctuated little, if the above-mentioned shares of Dongguan Securities are bought at this time, the funds spent about 435 million yuan up and down.　　But with the market recently a wave of diving, Oriental Group also failed to escape, June 9, Oriental Group's closing price is only 5.81 yuan, if the above-mentioned shares of Dongguan Securities has not been sold, its floating deficit will reach 98.91 million yuan.　　The 2009 Annual report on Dongguan Securities found that the company owned all the shares in the transaction of financial assets, can be sold under the financial assets for the company to buy only the collection of financial products. Its 2009 annual report shows that by the end of 2009, the market value of the company's stock positions was only 127 million yuan.　　The report also shows that since 2009, the company's stock positions have increased significantly, at the beginning of 2009, the amount of only 55,000 yuan, 2009 year's growth reached an alarming 231,264%.　　According to the regulation, securities companies should not exceed 100% of net capital, and the cost of holding one kind of equity securities should not exceed 30% of net capital.　　However, Dongguan Securities did not disclose in the annual report of its net capital at the end of 2009, therefore, it is unclear whether the company's heavy warehouse Oriental group meets the above requirements.　　But unless the Dongguan securities in the first quarter of this year continue to significantly increase equity positions or proprietary positions, otherwise, the investment of 435 million yuan in a listed company, whether from the stock position or from the entire trading position, it is not consistent with decentralized investment to spread the risk of the principle. In 2009, the proprietary income of Dongguan Securities was only 40 million yuan (reporter note: the fair value change income + investment income-to the joint venture and the investment income of joint ventures + Exchange income).　　In the first quarter of this year, the Oriental group's loss was enough to swallow its own earnings for the whole year. It is noteworthy that among the top ten mobile shareholders of the Oriental group, there is also aGuangdong Province Zhongshan Enterprise Zhongshan Tong Tai Investment Development Co., Ltd. (hereinafter referred to as Zhongshan Tong Tai), the company holds 2.7079 million shares of Oriental Group, accounting for the proportion of 0.22% of the circulation. From the public information, Zhongshan Tong Tai also invested in the Sea Bright shares (002203. SZ) and St Mei Yan (600868.SH).　　In fact, Zhongshan Tong Tai is an influential property company in Zhongshan, and has invested in many of the bigger real estate projects in Zhongshan, according to a private equity person in Shenzhen.　　But is it just a coincidence that it was buying the Oriental group at the same time as the Dongguan securities?　　Integration of national securities?　　The market has been rumoured to be preparing for the integration of national securities in the Eastern bloc.　　Among the shareholders of the national securities, the capital Airport holds 61.25% and the Oriental Group owns 15.03%. The rumor said that the Oriental Group will take ownership of the capital airport, Dongguan Securities to Orient Group, for the acquisition of Oriental Group has owned national Securities shares, then the national Securities and Dongguan Securities merger, the size of the merger and the conditions will be in line with the securities company listing requirements.　　Market rumors, Dongguan Securities heavy Cang Oriental securities is to be able to propose this motion. The 53rd article of the company's Articles of Association of Oriental Group stipulates that "shareholders who hold more than 3% of the company's shares may submit an interim proposal and be submitted in writing to the Convenor at the meeting of the shareholders before 10th."　　According to the eastern group of 1.667 billion of total equity, Dongguan Securities holding company shares of 3.47%, just over the line.　　In fact, however, this rumor has many confusing places.　　In fact, the Oriental Group to the capital Airport national Security Stakes is not very likely. Previously, the capital Airport group tried to integrate the securities and national securities of its brokerage company.　　Public data show that the capital Airport Group held the above-mentioned two brokerages 95.56% and 61.25% of the equity. "Earlier this year, because the securities companies to a control of the deadline has arrived, the capital Airport group convened a shareholder meeting, is interested in gold and gold Securities and national securities integration, but because the relevant people can not participate in the vote, the other small shareholders because of fear of integration after the capital Airport group, a single big, "One insider of the national Securities said.　　At the same time, gold and gold securities seems to be inconsistent with the integration, because the size of gold and gold securities is small, but the profit margin is higher than national securities. "It was planned to start the IPO by the end of this year, but it was shelved because the integration was unsuccessful," he said. Finally, the capital Airport group is ready to transfer its holdings of national Securities Stakes.　　Insiders said. "The Orient Group did intend to acquire the stakes," he said.　　According to one person close to the Eastern bloc. But "the capital Airport group did not agree." It is clear that the Oriental Group took the lead to veto the integration of gold and gold securities, the capital Airport group how may be so with the oriental group?　　Insiders said the above national securities. "The latest rumor is that the capital Airport Group willThe transfer to the National Development Investment Company (hereinafter referred to as the country opened the vote), but also delayed the news, only a small number of high-level companies know the specific progress, others are guessing and waiting for news.　　Insiders said. However, according to reporters understand that the country is also facing the "one to one control" of the deadline, it holds 15.3% of the shares of Hongta Securities, UBS Securities 14% of the equity.　　According to people familiar with the situation, last September, the country opened the investment has just been listed in the transfer of its holdings of the Bank of China International 12% stake, the transferee for Lenovo Holdings.　　At present, the ownership of national securities is still unsettled. Therefore, the Dongguan securities attempt to pass the heavy warehouse Oriental group, so that the integration of national securities rumors seems to be still somewhat far-fetched.