Hua Mao shares in the continuous reduction of GF securities or for arbitrage to participate in additional

Huamao shares (000850. SZ) announced today that the company recently reduced its holdings of GF Securities (000776. SZ) 2.34 million shares, to reduce the proportion of shares to 2.02%.　　On February 21, after the first batch of restricted shares of GF Securities obtained the right to circulate, GF Securities has been on the platform of large trading.　　Hua Mao shares continuously reduce in fact, Huamao shares in the hands of the company's holdings of shares of the reduction behavior has continued for quite a long time. March 22 this year, the Sino-Mao shares issued a notice, March 18 to 21st, the company through the Shenzhen Stock Exchange centralized bidding trading system to sell the accumulated shares of the 4.2889 million shares of GF Securities, still more than 52.9405 million shares of GF Securities, accounting for the total shares of GF Securities 2.11%. The announcement today announced that the company in the last three trading days again to reduce the 2.3489 million shares of GF Securities.　　According to this calculation, Huamao shares have been sold in the shares of GF securities 6.6378 million shares, the proportion has been reduced to 2.02%.　　Huamao shares said that the company's two-time sale of GF Securities shares will increase the first quarter of 2011 investment income, the initial calculation, the cumulative after-tax profit of about 199 million yuan, accounting for the company's 2010 annual net profit of 55.16%. It is noteworthy that the "First financial daily" reporter carefully check the data of the bulk trading platform found that the recent GF securities has been "on the list" for several consecutive days, and are sold to varying degrees of discount.　　As of press, GF Securities already has 51 large transactions, the cumulative turnover of up to 1.907 billion yuan. Reduce only for further participation in the issue of Wah Mau shares why the continuous reduction of the current, although the company in the announcement did not explain, but everything seems to have traces to follow.　　The company is part of the funds to participate in the issuance of GF securities again, may be the reason for the continuous reduction of China-Mao shares. According to the data, GF Securities announced in August last year that a proposal to add 600 million shares to no more than 10 targeted target for no less than 27.41 yuan/share price should not exceed 18 billion yuan. Subsequently, Huamao shares said that the plan to invest 800 million yuan to participate in the directional issuance of the securities.　　Huamao shares said that participation in the additional sources of funding for the company's own funds, through the issuance of GF Securities stock Returns trust scheme 800 million yuan and the reduction of some of the shares of GF stock gains.　　On January 20 this year, China-Mao shares issued a "Securities investment bulletin", said that the proposed participation in the Guangdong Securities non-public Investment funds adjusted to: No more than the company's previous fiscal year audited book net assets of 50%, the total amount of not more than 1.8 billion yuan. For the current GF securities stock price per share of 38.53 yuan, 27.41 yuan per share of the additional price is quite attractive. Some private-equity sources said: "There is no doubt that there is too much arbitrage space, the additional objects are likely to choose to set up now, and then participate in the issue of additional low prices." The person admits that this is similar to the individual investor in aOnly a single strand to do the same wavelength. The price of the issue of GF securities pricing is too low may be caused by the recent large trading platform on the figure of the main reason for the stock. In accordance with the current price calculation, Huamao shares to participate in additional funds still have a large gap, perhaps in the future Wah-Mao shares to reduce the behavior of GF Securities will continue.