Shenzhou Tai Yue Soaring fund pushing hands quietly away from the field?

Times weekly reporter Tan Yu Yiao Yao April 20, 2010, in addition to the right after the Gem star shares of China Thai Yue (300002) finally withdrew from the Hundred-Unit team, the day of the opening less than 10 minutes fell to the fall and became the day the gem only fell off the stock. Since the landing of the gem, the Shenzhou Thai Yue has been criticized for the high share price, this February, the stock price has reached more than 100 yuan, the Chinese Thai Yue soared again, quickly beyond the Guizhou Maotai became China's first high price stocks, and even climbed 200 yuan.　　One of the main business competitiveness is not strong companies, in a short period of time in the hundred-dollar high on the share price doubled again, a number of behind-the-scenes fund companies "work can not be."　　But as share prices have fallen, the funds behind the stealth may have been quietly off the ground. Yifangda out of the field February 5, the Shenzhou Thai Yue issued a surprise bonus plan-every 10 shares to increase 15 shares are now 3 yuan (including tax). When the plan was announced, the shares of the Shenzhou Tai Yue rose again. March 18, China Thailand Yue announced the 2009 Annual report, at this time the stock price rose nearly 50%.　　At the end of last year, the investment institutions lurking in the back of China's Thai Yue also surfaced: As of December 31, the company's top ten circulating shareholders, in addition to a natural person, are all institutional investors, total shareholding 1.52 million shares. Yifangda is the most important fund company, the top 10 occupies three seats, easy to reach small and medium-sized, Yifangda positive growth, the fund Corey respectively holding 212,700 shares, 140,500 shares, 135,600 shares, listed second, six, the eighth largest shareholder. In addition, Jia-quality enterprises, Invesco Great Wall Optimization Fund holding 144,100 shares, 134,300 shares, listed fifth and Nineth largest shareholder.　　Last year four, the most active qfii Fortis Bank in the A-share market also bought 190,000 shares, becoming the company's third largest shareholder. According to media reports, at that time, a total of 19 funds held in China Tai Yue, easy to reach the highest shareholding, the 7 fund altogether held 784,000 shares.　　According to the 2009 four quarter 100 yuan average price estimate, float nearly 70 million yuan.　　In fact, because the gem is small, the so-called large-market shares of the Shenzhou Thai Yue also only more than 30 million shares, the stock price is easy to be charged. April 19, Yi-Da related people to the Times weekly reporter said, easy to reach the general growth of large space, the value of underestimated enterprises, or industry-leading enterprises. But for shares, she said, "it is not possible to give an evaluation, in accordance with the provisions of public offering fund companies can not be published on the stock, the company's comments."　　Therefore, for "too dependent on the single letter of the business and the stock price has been inflated by the fund's fancy, the fund is how to operate the Shenzhou Thai Yue circulated shares," the question cannot be answered. This year before and after the Spring Festival, Yi-da Fund President Assistant Chen Zhimin in the interview with The Times weekly reporter said, 3G of the entire industrial chain in the next few years are worth attention. One kind of company market value is relatively small, perhaps the price/earnings ratio is very high, but the value is undervalued, the fundamentals are good, to this kind of company must take "latent" the mentality to invest, the intrinsic strengthVolume (increased profitability) and external forces (mergers and acquisitions, etc.) will cause it to change. Yinhua Fund selling Suspense February 5 began, has stood on the hundred-dollar high of the Shenzhou Thai shares again sharply pulled, easy to reach the fund is still the main push hand?　　April 20, the 2010-year Bulletin of the Shenzhou Yinhua unveiled another behind-the-scenes driver of its share price binge-the fund. China Tai Yue Quarterly show that the top ten circulating shares of shareholders in 8 are funds.　　In addition to the accumulation of the growth focus, Invesco Great Wall optimization, the rest are all the Silver China Fund company, including Yinhua core value, Yinhua rich main body, Yinhua high-quality growth, such as 6, and the end of 2009, the top ten circulating shareholder seats in Shenzhou, there is not a Yinhua fund, the easy side Tatsu has disappeared from the top ten. In addition, the first quarter of the body increased holdings of Shenzhou Thai Yue stock obvious. At the end of 2009, the top ten circulating stock shareholders had a total shareholding of only 1.52 million shares, and less than 256,800 shares of the largest single shareholding.　　At the end of the first quarter of this year, the top ten circulating shareholders held about 7.2354 million shares, the largest holdings of the core value of the preferred holdings up to 1.625 million shares. According to domestic media reports, in the profit distribution scheme before the implementation of the 31.6 million shares of circulating capital, the company's top ten circulating shares of shareholders accounted for 22.9% of the circulation, and single to the Yinhua series of 6 fund shares, holding shares accounted for up to 16.4% of the circulation, and if the Silver China fund has not been scaled down,　　At present the profit is quite considerable.　　Shanghai Jiang Investment management firm General Manager, investment director Yangdeng told The Times weekly reporter, like the Silver China Fund holding the gem so many circulating capital, the risk is greater, such as corporate performance growth is not up to expectations, it is easy to go wrong. April 21, Lu Wenjun, director of the Investment Management Department of the China Foundation, replied to The Times weekly reporter, "Mobile internet is born with a profit model, the Shenzhou Thai Yue is a mobile flying letter platform of the operation of the service provider, belonging to one of the leading companies in the Internet industry, and flying letter is a mobile internet strategy in the strategic importance of business , based on the optimistic letter of the logic, Shenzhou Thai Yue has a better profit model. "We are still optimistic about its future development space, rather than give up holding for a short fall," Lu Wenjun said, "from the static valuation, the current price of the Shenzhou Tai Yue is about 70 times times the valuation, is relatively high, but for high-growth companies, can not only look at its static valuation, Because the short-term high P/E is quickly absorbed by the rapid growth in profitability, we will not make the decision to sell lightly because the company's short-term valuations are high. "We think that the main choice of investment on the gem is to look at the corporate profitability and growth space."　　Zidong, the fund manager of the private vigor fund, said to the Times reporter that although the gem is currently 100 times times the average valuation, it seems very high, but they consider the core is whether the growth of corporate earnings to meet the expectations, whether the sustainability, not the absolute level of valuation. But according to Shenzhou Thai Yue Pan after Billboard show, 20thThe wealth of Hangzhou Jiefang Road sold a total of 46.1929 million yuan, in order to sell the first place, selling seats in the top 5, there is a body to sell 43.7776 million yuan, if the Shenzhou Thai Yue trading average price of 77.6 yuan, the agency sold 560,000 shares on the day.　　And the previous April 12, the Shenzhou Thai Yue Trading, a body sold 16.65 million yuan; April 13, the Shenzhou Thai Yue fell, the two institutions sold 51.8177 million yuan; April 15, the Shenzhou Thai Yue fell 9.42%, three institutions sold 50.1054 million yuan.　　Persistent, a large number of selling transactions, make people doubt Yinhua funds have been quietly off the field? Virtual high share price although the first quarter of 2010, China's Thai Yue realized operating income of 167 million yuan, an increase of 28%, attributable to the company's shareholders net profit of 57.16 million yuan, the year-on-year growth of 48.36%, but the net profit chain but decline.　　Data show that the company's first three quarter net profit of 194.15 million yuan, the full year net profit of 270.75 million yuan, four quarter quarterly net profit of 76.6 million yuan, the first quarter of this year, the company's performance fell by 25.4%. This seems to indicate that in the continued growth in performance, the Shenzhou Thai Yue will not be smooth sailing, the stock price rise seems to be insufficient.　　Not long ago, the vice chairman of Shenzhou Yue and Dong-huang-song Lang said to the media, the first high price caps gave them a lot of pressure, before the "generous" distribution plan, is to take into account the expansion of equity after the increase in the two-tier market liquidity, the two-tier market for the "Hi-transfer" theme of speculation, they did not think of. The rise of the Shenzhou Tai Yue caused a collision of different viewpoints in the industry. A number of brokers in their research reports to support the Shenzhou, but some people in the industry still expressed concern. Pihai, a well-known financial critic, has said that the Divine China Thai Yue is the home of the Hunchback enterprise.　　Because 2009 Shenzhou Thai Yue rely on a letter of income accounted for the main income of 61%, and the contract risk is huge. In fact, the capital is not the case of the China Tai Yue.　　Earlier in the gem of the Pao shares and the top ten circulating shareholder list, there will be sunshine private figure, and Yifangda in addition to the layout of the Shenzhou Thai Yue, there are two funds in the Oriental Garden became the first and second largest circulation shareholder. China Tai Yue's first quarter of the price push-Yinhua fund, also in the Huayi Brothers focus on the layout of its 5 funds are ranked as the top ten circulating shareholders and occupy the first large circulation shareholders.　　In addition, the figure of the Silver China Fund also appeared in the Gem of China testing, but also for the company's largest circulating shareholder.　　In the current gem, hundred stocks are not uncommon, there are some stocks in the door wandering, gem in the continuous rise in the accumulation of risk. "Gem money into a lot is gambling, gambling so-called high growth."　　"Private equity manager Wu Guoping told The Times weekly reporter, the medium-term inevitable return of value, plunging also inevitable." "Now there are more than 60 companies in the gem, most of them are too high, and the bubble is high on the whole and will certainly go down." Yangdeng to reporters that they also hold aGem stock, is considering to reduce holdings.