Fujian South paper before the suspension of the strange volume senior cast doubt on insider trading

China Economic Network Beijing December 5 (reporter Guo Xiaowei) yesterday opened, Fujian South paper (600163, shares bar) again a word trading, stock price fixed at 5.06 yuan/share. This is the Fujian South paper after the second consecutive card after the third trading. December 1 Night, the 5-month suspension of Fujian paper published assets reorganization Draft. The announcement shows that Fujian South paper to be priced 1.175 billion yuan into the company's controlling shareholder of the holding subsidiary of Fujian Energy 100% Equity, while the value of 576 million yuan to set the company's total assets and liabilities. After the completion of the reorganization, Fujian South paper, a wholly-owned subsidiary of Nanping South paper to receive its placement assets. Due to the main nature of China-Fujian Energy, Fujian South paper turned into wind power industry. Behind the deal, investors have found the strange performance of the South Fujian paper before its suspension. July 3, Fujian South Paper announced that the company is planning major issues, the stock suspension. However, the four trading days before the suspension, Fujian South paper volume greatly increased. Among them, June 27, the exchange rate reached 2.36%, turnover is about 4.6 times times the previous trading day. "A lot of stakeholders, the possibility of early disclosure of reorganization information before the suspension." "A more than 10-year investment adviser told the Chinese economic network reporter. China Economic network reporter contacted Fujian South paper Dong Office, the other side responded, said, "will not." The whole process is fairly smooth. "Fujian South paper Switch to wind power December 1 night, suspended 5 months of the Fujian South Paper issued a major asset reorganization draft." The bulletin said that China-Fujian energy will be transiting Fujian South paper listing. Fujian South paper published a draft showing that the deal is intended to set the assets of Fujian South paper all the assets and debt. Among them, excluding the company's operations unrelated to the transaction intermediary costs and staff placement costs, and the proposed assets for the Sino-Fujian Energy Investment Limited liability company 100% Equity. and Fujian South paper assets by its newly established wholly-owned subsidiary of Nanping South to undertake. Upon completion of the reorganization, the investment group will have a full stake in Nanping south. The reorganization involves the capital, the transaction intends to set out assets to be priced 575.8338 million yuan, the proposed assets in Fujian energy value 1,175,122,300 yuan. After the transaction, the controlling shareholder of listed company still is the investment group, the actual control person still is Fujian province Sasac. Trading does not lead to changes in corporate control. In addition, the reorganization will implement supporting financing, that is, the listed companies to the investment group in the form of a lock-price issue to raise funds, the total amount of supporting funds to raise the ceiling of 391.7 million yuan, not more than 25% of the total transaction. The supporting funds are intended to be used in the construction and operation of the Jianghuang wind farm project under construction of Sino-Fujian Energy, and to set up the cost of employee placement for assets and the payment of intermediary expenses related to the transaction. According to public information, the main business of China-Fujian Energy for land-based Wind power project development, construction and operation, the major products for electricity. After the completion of the reorganization, Fujian South paper will be separated from the original industry, to join the wind power field. The draft published a high rate of return in the reorganization of the relevant announcements, Fujian South paper on the expected return to make an optimistic estimate. The announcement shows that under the reorganization, this transaction profit compensation period for this transaction completed the year and its two fiscal years, if the transaction in 2015, the implementation of the investment group commitment to the 2015 degree, 2016, 2017 The net profit (net profit attributable to the owner of the parent company after the non-recurrent profit and loss) is not less than 89.888 million yuan, 94.0381 million yuan and 91.357 million yuan per year. If the actual deduction of the net profit after the Non-recurrent profit and loss is lower than the net profit of the above promise, the investment group will compensate according to the provisions of the compensation agreement signed with Fujian South paper. Public data show that the net profit of Fujian energy from 2011 to 2013 and 2014 1 to July is 42.0429 million yuan, 55.1252 million yuan, 61.5072 million yuan and 17.0132 million yuan respectively. Wind power is an important part of the new energy sector, but the current domestic situation is more unique. China Economic Network reporter contacted a domestic large state-owned enterprises wind power research researcher, he talked about the wind power of his views. "Domestic wind power has been developing for several years." Objectively speaking, the current wind power industry is still facing many difficulties. At the beginning of the beach, caused the current industry overcapacity. Second, the state of the wind power industry many policies, leading to more intense competition in the industry. "he said. "The construction cost is too high, the wind power grid-connected is more difficult." "This is the hardest problem to solve," he said. The energy of middle Fujian appears relatively stable. Because the announcement information shows, the company 2011 to 2014 all have only one customer, namely national network Fujian Electric Power Co., Ltd. Odd volume or insider trading although the South Fujian paper in the announcement of the risk also mentioned this point, but this can not become a factor in the investors to stop the pursuit. December 2, Fujian South paper cards first trading day, trading. As of yesterday, Fujian South paper has harvested 3 consecutive trading. But careful investors from the south of Fujian paper before the suspension of the obvious differences in the movement of the clue. Since March this year, Fujian South paper in the capital market performance has been very stable, the stock price fluctuation is not big. This situation continued until June 27, that is, Fujian South paper suspension of the fourth trading day before the reorganization. The same day, Fujian South paper shares rose 4.42%. In addition, the day of volume 170100, turnover rate reached 2.36%. And June 26, Fujian South paper Plate in volume only 37,600, turnover rate is only 0.52%. After the three trading days, the volume of South Fujian paper gradually decreased, but are significantly higher than the June 26 data. As of July 2 closed, Fujian South paper received 3.80 Yuan, slightly rose 0.53%. Since then, it has entered a period of 5 months of suspension. China Economic Network reporter contacted a more than 10 years of investment advisers, the other side to reporters, said, "The announcement before the disclosure, insider trading suspicion is very large." He also analyzed that the reorganization involved a lot of interests, particularlyis a major shareholder; Prior to the official release of the major good news, intentional or unintentional disclosure of the information will cause this situation, but the so-called insider trading is difficult to define. Another analyst told the Chinese Economic network reporter, "Early volume, to the relevant party for the transfer of benefits." The asymmetric information of the capital market will cause great harm to ordinary stockholders. "But Fujian South paper Dong office staff but to deny." "The whole process has been smooth. The other side responded.