Hippocampus shares repurchase into "cheat" two shareholder high position reduction only because of heart know

-This newspaper reporter Hu Ying last November, when the hippocampus shares issued a repurchase bill, this newspaper has questioned its repurchase intent, pointing out that the underlying meaning of its repurchase is to promote the success of debt swaps and two shareholders lifted the ban fled, time seems to be increasingly verifying all this. Today, the hippocampus shares issued a notice, two shareholder Hippocampus investment Group Limited (hereinafter referred to as "hippocampus group") reduce the company 1.06% of the shares.　　In addition, as of June 1, the hippocampus convertible bonds triggered by the early redemption terms and exit the market ahead of the completion of equity financing. In the case of no repurchase of a share, the hippocampus shares "stone", that is, the realization of the early completion of equity financing, but also for two of shareholders to reduce the stock price to lay a solid foundation.　　And when will the hippocampus's shares really promise their initial willingness to buy back shares?　　One of the goals: the success of the equity swap the hippocampus shares December 9, 2008 issued a repo report, which clarified that the company will be no more than 3.6 yuan/share price repurchase no more than 30 million shares, repurchase funds of not more than 100 million yuan. Following the release of the repo report, the company's share price rose, as did the day-sound holdings, which previously announced the repurchase shares, exceeding its repurchase price ceiling.　　The repurchase period for the hippocampus shares is one year long and the amount of repurchase is only capped at 30 million shares, without a lower limit.　　The hippocampus shares in the repo report issued six months to sit down, in the trigger last December when the repurchase conditions were not bought back, as of June 1 this year, as the share price climbed, away from the buy-back price of 3.6 yuan has been drifting away.　　When the hippocampus shares launched the repurchase plan, is facing 800 million yuan debt to share the pressure. January 2008, the hippocampus shares issued 8.2 million convertible bonds, raised funds 820 million yuan, the initial transfer price of 18.28 yuan. Unexpectedly last year suffered a big bear market, the hippocampus shares following the market losing, once fell to last October 30 2.40 yuan.　　In order to avoid triggering the return clause so as to cause the company to "repay the debt" in advance, the hippocampus shares down twice in a row last year, from 18.28 yuan/share to 5.03 yuan/share, and then to 3.6 yuan/share.　　Last December 9, when the hippocampus shares launched the repurchase plan, the industry has questioned the hippocampus stock repurchase motives are not pure, suspicion of its repurchase is to lift the price of shares, equity financing paving, because once the conditions of the sale, listed companies will be more than the number of repurchase costs. In the following six months, the hippocampus shares continued to rise, during which no repurchase share commitments were achieved. However, as the hippocampus shares in the stock price continues to rise, the hippocampus to transfer debt in the 30 consecutive trading days from March 17 to April 28, the 20-day closing price is higher than the current period of 130%, the hippocampus transfer debt triggered early redemption provisions, the hippocampus shares announced early redemption transfer debt. The hippocampus to transfer debt from June 1 onwards to stop the stock, and pick up the cards. As the company's share price is much higher than the price, the transfer of bondholders is more advantageous than the option of resale, so the hippocampus transfer debt to share. Less than 1.5 of the issue of hippocampus transfer debtTime is out of the market. June 3, 2009, due to the hippocampus debt-to-equity swap led to a passive reduction of the shares held by more than 5%, the hippocampus shares issued the "Book of changes in equity."　　The hippocampus transfer debt from July 16 last year into the stock transfer period, this year April 15 to June 1, the total shares of hippocampus shares from nearly 930 million to 1.046 billion shares, the period of transfer debt to 116 million shares.　　To achieve the goal of the 2:2 shareholders high reduction of the hippocampus share repurchase bill brought, not only successful to avoid the huge amount of repurchase capital expenditure, the early completion of equity financing, but also for the second shareholder's high reduction open the door. At the end of last year, when the repurchase plan pushed up the share price, the pressure of the non-tradable reduction was coming.　　December 5, 2008, the hippocampus shares of the 151 million shares of restricted shares smoothly through the restricted period, and the current stock of the hippocampus shares only 194 million shares. It is understood that in 151 million shares of 146 million shares belong to two shareholder hippocampus investment Group. Hippocampus investment in January 2003 through the judicial way, to 3329.58 yuan to take over the hands of Haikou City Finance Bureau 83.2396 million shares, October 2005 and 23.4959 million Yuan Hainan Heng Investment Company's 33.5656 million shares under the account, after the reform period "10 Send 3",　　In the first half of 2007, after the "10 to 6" profit allocation, the total number of shares in the hippocampus changed to 146 million shares, the initial estimate, the cost per share of 0.39 yuan/share. Hippocampus shares of the largest shareholder and the second largest shareholder for the same actual controller, namely, the company chairman Jingju, the first to second largest shareholder total holding 75.72% of the company's equity.　　Some analysts told the newspaper reporter, two shareholders in the repurchase bill issued when the willingness to reduce is to exist. Today, the hippocampus shares of the two shareholder reduction announcement, also just verify the previous speculation. The announcement said that the company's shareholders in the hippocampus group from May 4, 2009 to June 4, 2009, total reduction of 11.054 million shares, accounting for the company's total share capital of 1.06%.　　After the reduction of the hippocampus investment group still holds a 12.96% stake in the hippocampus.　　With yesterday's hippocampus shares close to 5.66 calculation, the hippocampus group to reduce the gain of 62.566 million yuan. The issue of repurchase bills, for the hippocampus shares to achieve a "stone", that is, the success of the debt to equity swap, two shareholders also have a high level of reduction opportunities, but the real repo itself? Is it ultimately just scrap?