Jiang Zhong Department starts share reform, the fund holds 886 million market value to revaluation

In the Jiang Chinese Medicine industry (600750, closing price 38.34 yuan), in the Jiang Real estate (600053, closing price of 10.98 Yuan) both suspended, the market has been expected for a long time, "Jiang Zhong System" share reform finally arrived!　　"Daily economic news" reporter found that the company's two fund heavy warehouse holding Jiang Chinese Medicine industry 7.81% of the shares, its value of 886 million yuan will also face revaluation. The "Spring" of the share reform two companies announced today (September 15) that because the first major shareholder Jiang China Group will start the diversification of the shareholding structure, the implementation of the work will likely lead to the shareholders of the holding shareholder and shareholding structure of the group change, but the actual control of the company is still in Jiangxi province Sasac.　　At present, Jiang's group holds 43.63% of Jiang's Chinese medicine industry, while holding a 72.37% stake in China River Real estate.　　May 5 This year, Jiang Chinese Medicine industry and the Sino-Jiang Real estate has also announced that the group will start the diversification of shareholding structure, therefore, the market for "Jiang Zhong system" This share reform has been expected, this also from the company's stock price trend reflected out. Since the end of 2008, the stock price of Jiang Chinese Medicine industry then out of a wave lasted more than 2 years of great bull market, regardless of the market ups and downs, the stock price has risen 6 times times; In addition, China River Real Estate in May this year before the substantial adjustment in the real estate sector, the stock price has been strong, and a rebound to a new high, the other market in July　　Sino-Jiang Real estate will be different from the real estate sector began a strong rebound.　　Now, the market participation in the "Jiang Zhong System" integration of funds finally kept the share reform "spring" arrived.　　Prior to that, the investment community circulated a group restructuring plan, restructuring is divided into two parts: one is through restructuring to achieve management shareholding, and management to implement equity incentive, the second is to introduce strategic investors. After the completion of the first step, Jiangxi Sasac still holds 57%, of which 30% of the 43% stake will be "transferred" to the Jiang Group's "eight-person management team" (SASAC award 10%, management to buy 20%), and 10% will be "transferred" to the Military Academy of Medicine,　　The latter began in December 2003 in the Jiang Zhong Group in the Zhongguancun Life Science Park to build a national proteomics research Center; In addition, 3% of the equity will be explicitly "allocated" to the Jiangxi College of Medicine. But the specific content of the reform, still need to wait for Jiang Group to give the final answer. At the same time, Jiang Chinese Medicine industry received Jiangxi Sasac "on the termination of Jiang Chinese Medicine Industry Co., Ltd. Stock options Incentive Plan" reply.　　Industry insiders said that the abolition of equity incentives for the next share reform concessions.　　Jia Real funds in the "Jiang Zhong System" share reform kicked off at the same time, behind the laughter is perhaps the most happy is the fund. "Daily economic news" reporter found that as of June 30, 2010, Jia Real strategy growth and the theme of Jia Shi is the second and third major Chinese medicine industry shareholders. In the two quarter of this year, the increase of 2.0772 million shares, KA Real strategy growth holds 12.274 million shares of Chinese medicine industry, accounted for the ratio of 4.15%; While the theme of JiaThe second quarter reduced 529,100 shares, but still hold 10.8357 million shares, accounted for the ratio reached 3.66%. In fact, the two funds began to enter the Chinese herbal medicine industry as early as 2007. KA real strategy growth was first in the 2007 annual report of Jiang Pharmaceutical industry, ranked among the top ten shareholders, but held only 3.206 million shares.　　In the process of the stock price of Chinese medicine, Jiang, Jia Real theme selection also began to enter the Jiang Chinese medicine industry, to 2008 3 quarter, the theme of the best holding Jiang Chinese Medicine shares more than 7 million shares, and in the 2008 Annual report, KA Real strategy growth of 4.6279 million shares in the number of shares still ranked among the top ten shareholders. The Chinese medicine industry in the end of 2008 after the launch of the bull market, the fund has only been increased warehouse. By the three quarter of 2009, the KA Real strategy growth and the fine theme selection have become the second and third largest shareholder of Jiang Traditional medicine industry respectively,　　Total holding quantity reached 20.6738 million shares, and at that time Jiang Chinese Medicine industry's share price does not exceed 19 yuan, now Jiang Chinese Medicine industry's share price has reached 38.34 yuan, a rough estimate, Kerry's two funds or more than 80% of the earnings, 300 million yuan above the profit is very possible. If there is no change in the shareholding of the Fund, the Chinese herbal medicine industry before the suspension of 38.34 yuan per share of the shares to calculate, the current KA real funds held by the Jiang Chinese Medicine industry market capitalisation has reached 886 million yuan, if the implementation of the reform, the Fund will be a free ride.