Shanghai Levin: Mysterious private-equity stealth trust Agency stunned

The pharmaceutical sector has a God-given stock: In a year, Shanghai's price rose by as much as 220.1%, while the medical index rose just 5.99%. To the industry's surprise, in the four quarter of last year, the company has a number of adverse events to make a huge fluctuation of the price of the event: October 8, 2013, the company announced that the typhoon "Buffett" affected, located in the Minhang economic and technological development zone of the plant suffered floods, will have an impact on the company's A six-year plan for a major asset reorganization was not approved by the SFC, and in early November, the company's directional issuance program to major shareholders was rejected by the SFC. The catch is that, after these three major negative events, the stock price instead of a huge downward, but the fierce attack, from October 8 to December 31 last year, the interval rose as high as 73.4%, the negative news seems to have not happened at all. The trend is still continuing in 2014, with the company's share price launching a second attack in the two quarter of this year, ignoring the continued adjustment of the pharmaceutical sector, which has reached 32.3% per cent in the two quarter, while the medical index fell 2.26% per cent. As a result of the continued rise, this only 2008 years before the listing of the SME stock, the market value once broke 40 billion, as with Heng Rui Medicine, Yunnan white powder par with the large market capitalisation of the company, at the same time, the company's annual shareholding amounted to 3.62 million yuan, ranked in the number of the two stocks The shareholding concentration is even more than the traditional fund heavy stocks Guizhou Maotai, which means that the company's stakes are very concentrated.　　But the reporter found that since 2012, the company's top ten circulating shareholders, the rare public offering, insurance and other institutions figure, but visible multiple retail, trust accounts frequent access, and after deep excavation, can be found in private funds stealth trust account, the use of structured mode, with small funds to pry large accounts, to obtain huge profits. The agency's jaw-dropping rise since April, in the medical analyst's micro-group, onlookers Shanghai Wallace has become an entertainment card, since March, the pharmaceutical sector experienced a deep adjustment, the investment portfolio fell painfully at the same time, Shanghai Levin A solo show, in the two quarter or even record new highs, "in the event of Typhoon, major reorganization was not passed, Stock prices soared, which is just the end of March, the company issued annual report, quarterly results, the company's net profit fell 36.1% Year-on-year, the share price in April can rub against the rise, while the same period of medical stocks a miserable green. A senior analyst told reporters. For some time, everyone looked at the medical unit down, while watching the trend of Shanghai Levin Rose, the mood is extremely complex. Facing the rise of the city of Shanghai, institutions have long been afraid of high: Reporter found that as a pharmaceutical plate of the bull, the entire 2013, ranked top ten circulating shareholders, only a public fund Societe Generale trend investment, and in the 2013 annual report, has not seen the public fund figure. "Guessing the reasons for the continued rise in the hands of the nervous, did not buy, this high valuation, low growth of stocks, who dare to recommend to fund managers?" "There are analysts and 21 net reporter frankly, for thisDaniel Stock, everyone's mentality is not a simple regret missed, but feeling elusive main thinking, and fearing missed the future may be significant positive, so very complex. While the public offering has left the field, the company's shares soared, according to wind statistics, at the end of the 2014-year quarter, the Shanghai Levin shares in the stock of 55098 shares, and a year ago, the data only 26361 shares, the figure shows that the Shanghai Raffles's chip concentration since September 2013, the surge in With the company's stock price unilaterally upstream synchronization start. The secret private-equity stealth Trust has a list of two accounts available from the past two quarters of the Shanghai Levin: Jiangsu Province is the International trust-Minsheng new shares free dozen third and Citic Trust-Jian Su 723, the two accounts were in 2013 three quarterly, and still hold most of the chips at the end of the first quarter. These two seemingly unrelated accounts, in the past investment, has been a number of "joint cooperation" record, such as 2012, has jointly held Southern food, Oriental zirconium industry, Chang-jiu biochemical, according to the days of congenial statistics, in early 2012 to September 30, 2013, They have appeared in the top ten circulating shareholder lists of 7 listed companies 18 times, and on this occasion, they stepped on the rhythm and enjoyed two violent rallies, with two accounts often appearing in stocks with a restructuring concept, and in the second half of last year, Shanghai Levin also belonged to the restructuring concept unit, but when the restructuring proposal was vetoed by the SFC , these two accounts are still not abandoned, the total position ratio of 1.99%, holding the stock market value of about 580 million. The regular report reveals that the Stealth trust account participates in Shanghai Levin, as well as the Sino-Rong Trust-Haitong 1th, Shanxi Trust-Chuang Fu 1th Collection Fund Trust. From the account characteristics and operating methods, these accounts should be private accounts, in the trust account, through the bank channels to raise funds. Who is the private-equity manager behind this? The reporter tried in the Jiangsu Province International Trust website "The company product" one column searches "The livelihood new shares free dozen third", always show "can't find and your query matches the page", and the reporter from Minsheng Bank's financial products search, the same can not find the product, but through Baidu search a Minsheng Bank's web page, The 2011-year Minsheng Bank has sold a "special asset management structured securities investment products 20th" products, mentioned "all the funds raised by the investment and Jiangsu International Trust Limited Liability company launched the ' Jiangsu Trust-Minsheng New shares free dozen single Fund Trust third '", the duration of two years, and can be postponed. But there is no mention at all of this release, who is the investment advisor to the Trust program. Similarly, on the Citic Trust's website, the reporter and did not find 723 of the product information, but the insider told reporters, Jian Su series is Citic Trust on the sound layered products, often are structured products with private placement, the reporter found online, the series is currently operating a total of 32 products, Only three of the names of investment advisers are currently available. Sino-Rong Trust, Shanxi Trust also the site can not beThe investment information of such products. "This kind of product accounts for the Trust channel, raise funds and through banks, securities and other channels, but they do not belong to the sun private, so the information disclosure requirements are very low, unless the trust company internal personnel to inquire, otherwise the outside world does not know the details of the investment, as for some umbrella trust, cast Gu is who we trust companies do not know. A manager of China Resources Trust told reporters. Using leverage to get huge profits despite the stealth trust of who private placement, is still unknown, but it is certain that these private placement through a hierarchical structure, small funds to pry into large accounts, in Shanghai, the price of Wallace continued to rise in the huge profits. Take "Minsheng Bank new shares free dozen third" as an example, its docking "extraordinary asset management structured securities investment and financial products 20th", the proportion of Class A (priority) and Class B (inferior level) is about 9:1, and category A customers expect an annual yield of 9.5% (not a promise), that is to say, the account size is 100 million yuan, B-Class customers 10 million, in addition to 9.5% of the annual interest rate to a class lending 90 million, common investment in stocks, the proceeds of income in addition to pay priority 9.5%, all other into the bag, leverage ratio reached 10 times times. In the past year, Shanghai Levin 220% gain calculation, B class customer input 10 million, they can pry 100 million yuan capital, profit of 220 million, deduct payment to a class of customers 9.5% earnings, net earn 211 million yuan, a year, the rate of return on capital is 21 times times. According to a quarterly bulletin of Shanghai's Levin, the account holds more than 300 million yuan in Shanghai and is not in the top ten shareholder list of other stocks in a quarterly bulletin. "This leverage ratio, in the private equity and bank cooperation products, is very rare." "A private equity manager in Shenzhen told reporters. Similarly, private-equity accounts for other stealth trusts, such as Citic Trust-Jian Su 723, Shanxi Trust Chong Fu 1th, etc. are structured products, but its leverage ratio and distribution of benefits are not disclosed, the outside world can not calculate the proceeds, Shanxi Trust creation of 1th of the establishment of a notice that the Trust program client only two people, is also divided into priority and general level. Even, the top ten circulating shareholder list the only one of the securities collection products, also took the structural operation, this is called "Acer win one More" product, effective participation in the number of households for 2 households, divided into priority, secondary, contribution ratio of 3:1, raise capital of 500 million yuan, set up the time for August 20, 2013. This time is the eve of Shanghai's rise, and from the annual reports, the quarterly report, the investment manager took out more than 30% of the position of the stock, by the end of 2013, four months, the net worth Rose has reached 23.9%. Its sniper precision, investment efficiency, so that the peer Marvel, but also make peers suspicious. "What kind of person, so assured, at the high interest rate financing, heavy warehouse into Shanghai, and doubled up to leave?" I think this is a problem that quite a lot of peers want to know. "A Shenzhen fund manager told the 21st Century network reporter.