Minsheng Bank "abandon" Shaanxi state to invest in directional additional "premature death"

Market people analysis that the issue of price differences may be the main cause of failure-this reporter Hu Ying Shanning yesterday evening, Minsheng Bank issued a notice, due to the large changes in the domestic capital market, according to the relevant provisions of the strategic Cooperation Agreement,　　China Minsheng Bank Co., Ltd. decided to terminate the four session of the provisional Board of directors through the participation of Shaanxi International Trust Investment Co., Ltd. (referred to as: Shaanxi Investment) Non-public offering a shares of the strategic cooperation. Minsheng Bank and Shaanxi state investment in the ups and downs of the "marriage" ended in failure. Shaanxi state investment in the announcement, because Minsheng Bank believes that its continued implementation of strategic cooperation there are great difficulties, and decided to terminate this cooperation.　　Some market participants pointed out that the revision of the price is not likely to be the main reason for the eventual failure. September 25, 2007, Minsheng Bank and Shaanxi state investment are issued announcements, Shaanxi state investment proposed to issue 180 million shares.　　Among them, Minsheng Bank to subscribe to 2.34 billion yuan 143 million shares, won the Shaanxi state to invest not less than 25.04% of the shares, and Shaanxi Expressway Group and listed as the first major shareholder in Shanxi. Shaanxi state Investment in 2007, the second provisional General meeting authorized the Board of Directors to deal with the non-public issue of shares related matters, authorized validity of 12 months.　　October 31, 2008, the Board decided to request the shareholders ' meeting to extend the original mandate for a period of 6 months. According to the Law of Commercial Bank, the investment trust Company of the Commercial Bank is limited, and the directional issue of the additional investments in Shaanxi has been awaiting the approval of the State Council and the CBRC since the general meeting of shareholders in November 2007.　　The CBRC officially approved in March 2008, and April 15, 2008, China Securities Regulatory Commission also accepted the Shaanxi state investment in the additional application materials.　　May 1 This year is the General Assembly approved the extension of the deadline of six months after the date, the additional bill after 1.5, the final "premature". According to yesterday's announcement of Shaanxi state investment a announced that: because of the changes in the domestic securities market, Minsheng Bank to the strategic cooperation comments.　　On the afternoon of May 11, 2009, the company received a letter from Minsheng Bank, China Minsheng Bank believes that its continued implementation of strategic cooperation is very difficult, and therefore decided to terminate this cooperation. When the two sides issued the announcement, Shaanxi investment in the stock price of more than 20 yuan, yesterday's closing at 11.40 yuan, has fallen nearly half.　　According to the industry, it is likely that the price problem caused by the failure of the issue. According to people familiar with the matter, the key to any deal is nothing more than price.　　The termination of this cooperation is because Minsheng Bank and Shaanxi Investment in some of the terms of the agreement, leading to difficulties in communication, but the main reason is due to the issue of additional prices.　　Earlier, in the Minsheng Bank's 2008-year report revealed that the Shaanxi state investment in the issuance of the possibility of uncertainty, "in view of the latest changes in the capital market, the project is further coordination of the argument." Minsheng Bank has to pay $23.4 per share of the shares subscription Agreement signed by the two parties in September 2007 for 16.38 Yuan. And according to the Shaanxi State voteThe latest closing price of 11.4 yuan, Minsheng Bank only pay 1.63 billion.　　If the price agreed at that time, it will cause the livelihood of the bank's huge floating losses. Therefore, Minsheng Bank "taking into account the latest changes in the capital market" should mean the downward revision of the price. In fact, since the second half of 2008, with the share price has shrunk a number of listed companies have revised additional prices, such as Zhongtian technology companies.