Huang: Is there any insider trading in Hong du airlines?

Hongdu Aviation soared in the shadow of the devil hidden in detail, hidden in the probe to the end of the information disclosure link asymmetry. Hong du aviation first unbridled soaring, and then no hesitation to the tragic plunge, the key key to maintain in a "defensive asset injection" information expected authenticity. Despite all the signs that the message is expected to conceal a demon in the face, but this does not prevent the company in the case of large shareholders, the "never considered" and other words, all about their own information disclosure relationship.　　This fully exposes the asset Reorganization topic Information Disclosure Link Short board. According to the Hongdu Air Clarification Bulletin, "the company's actual control of China Aviation Industry Group Corporation has never considered the incorporation of defence assets into the company, the future will not consider to inject defense assets into the company." However, previously available public information revealed that the release of "defensive assets into the" air is not someone else, it is Hongdu aviation itself. March 11, 2009, Hong du air as chairman of the Wu Fanghui at the second National People's Congress press conference to receive media interviews, said, "in the restructured Defense platform of Avic Group, Hongdu Airlines is the only listed company, so we should give full play to the role of listed companies and participate in the overall strategic thinking of AVIC Group. "In the report of the Board of Directors of 2009 Annual report published on April 12, 2010, people have seen such a" vision for the future of the company ": The top ten sections of AVIC group no longer carry out new IPOs in principle, but the existing listed companies through directional additional, asset injection, Asset replacement and other capital operation means to achieve the overall listing of subsidiaries, the company as a listed company of AVIC Group, it is expected to become an important integration platform.　　A "defense platform", an "integration platform", so as to ignite the flood air "defense asset injection" concept of the fire of speculation, so that its share price in two years to soar 8 times times. During the two-year period, Hongdu Airlines never to the market to borrow "defensive assets injected" the concept of the hype said a "no" word, but in large shareholders while the stock price high when the completion of 1.65% of the total share capital of the reduction, suddenly released this is the market called "the most unfeeling clarification bulletin." Although the announcement claimed that the large shareholder reduction "from the needs of their own production and operation", "in line with the relevant regulations of the State concerning securities supervision, supervision of state-owned assets and the management of military industry, however, an indisputable fact is that because of this reduction, the total shares held by the major shareholder, even with the shares of Hong Capital Group, Also only 48.35%, away from the SASAC approved by the Air directional additional issued by the official approval--on the completion of the directional additional after the two total holdings of shares of Hong-qi, the ratio of not less than 50%, just 1.65%, obviously violates the SASAC state-owned strategic core pillar industry absolute holding status of the provisions. In this regard, the company's announcement that "complies with the relevant provisions" is clearly difficult to justify. What is more noteworthy is that Hongdu airlinesAir large shareholder in the aerospace industry this 7.4132 million shares, set now 390 million yuan, and in the previous one months, it has just invested 250 million yuan in cash, subscribed to the Hong-aviation directional additional 9.4 million shares. In such a short period of time, just overweight is reduced, and 78.86% of the reduction of the proportion of the total amount of the original contribution of 156% of cash.　　If this is considered to be in line with the relevant provisions of "securities supervision", then it is obviously not an explanation for the "Bans" clarification notice. The soaring price of Hong du airlines not only reflects the characteristics of "stays" in the information disclosure of the current concept of asset reorganization, but also in many aspects it can be said to be very consistent with the characteristics of insider trading. Here, the first release of the "Defense platform", "Integrated platform" air of the Hong Aviation in the disclosure of the responsibility, can really be through the hand for the cloud to cover the rain to clarify the announcement, you can skim it? Of course, we may not be able to rule out the possibility that some of the agency's research will be wrong or cheating. Sometimes, the more concentrated the research institutions, the greater the likelihood of the erroneous assertion.　　But, more often than not, this is not exactly the devil of insider trading. In the asymmetric disclosure of information, the majority of clearly disadvantaged investors can not find a good way north of the wonderful? Hong du aviation Because of the information disclosure link caused by the asymmetry of the explosion, for our immature emerging market is bad, can be said to be a good thing. It tells us at least that the more the asset reorganization information disclosure of the short board, the more regulation can not be avoided. In order to disclose the information, especially the asset reorganization information disclosure norms, not alienation for the use of information disclosure of the asymmetric asset reorganization concept hype and encourage, and to insider trading to exploit, the more "for a reason" suspected insider trading asymmetric asset reorganization information disclosure, especially not because of "check Wushiju　　and lightly let go. In the author's opinion, deal with "reason, check wushiju" Asset reorganization asymmetric subject matter hype also not a little way also not, might as well as deal with insider trading, to a "proof inversion." In the eyes of the "proof upside down" before, see who can get cheap still Maiguai?