Sincere copper industry high send to share price anger rise big shareholder precision reduce the truth

Since March this year, the relatively active high transfer plate before and after the annual report appears to be somewhat of a drop in the flavor, those who released the annual report of high delivery plan and high transfer program of the listed companies are no longer the darling of market funds chasing, nearly 70% of the company after the announcement is often because of "good out" and was abandoned by the funds, Even some white horse stocks such as the south of the country from the 600268.　　SH) also cannot avoid this fate. Of course, there are exceptions, from Anhui Copper processing enterprises Jingcheng copper Industry (002171.　　SZ) This year in 10 to increase 10 shares and net profit growth of 106% of the double positive stimulus, its share price from December 30, 2010 to March 25, 2011, set a rise of about 140%. As very likely to penetrate all of this in advance. The controlling shareholder of the copper industry Anhui Chujiang Investment Group Co., Ltd. (hereinafter referred to as "Anhui Chujiang Investment") successfully pinched the time, and in the process of the stock price of Jingcheng copper, the auction system and the bulk trading system were used under the dual-tube,　　At the end of January and early March, two sets of cumulative reduction of about 24 million shares, successfully set up now about 500 million yuan in cash. If, like some of the other medium-sized board and gem holding shareholder, Anhui Chujiang Investment in the September 21, 2010 hold Jingcheng copper restricted shares after the lifting of all the direct reduction,　　Then the total reduction of more than 24 million shares (of which 16,097,380 shares for 10 to 10) if the closing price of September 21 can be calculated only about 13.63 yuan, compared with the current set of about 219 million yuan in the amount is much less. According to the SSE issued by the "SME board listed companies holding shareholders, the actual control of the conduct of the Guide" (hereinafter referred to as the "Guidelines"), the listed companies in the east of the periodic report before the announcement within 15th and the performance of the announcement before 10th not to buy shares in listed companies,　　As the controlling shareholder of Jingcheng Copper industry, Anhui Chujiang Investment reduction behavior is obviously no violation. "From the rule point of view, as a controlling shareholder Chujiang investment reduction is beyond reproach, its choice in the performance of a large release under the background waiting for good full response under the high price of the stock is only a ' Yang seek '." "A person who is more concerned about the Jingcheng copper industry," said it needs to be pointed out that, and many other companies after the reduction of shareholder share price collapse is different, in the holding of shareholders to reduce the set now hundreds of millions of sincere copper shares can still be strong, indicating that a lot of money is still very optimistic about the future development of the company. "Of course, in the whole reduction process, not everything is perfect." If the reporter found that in March 8, Anhui Chujiang investment through the bulk of the sale of 3 million shares, and the owners of the two sales department in the March 8 together to pull a sincere copper share price, thereby reducing the next day to reduce the creation of a larger difference space;　　As a listed company Jingcheng copper industry also tacit choice in the holding shareholder to complete the reduction of March 10 before the announcement of this behavior, so as to set aside for the owners of the two-tier market selling chips time. 1. Hot money crazy pulled up since last yearDecember 16 Jingcheng Copper announced its controlling shareholder in Anhui Chujiang Investment in the next 6 months to reduce the 20 million shares of the plan, in the next 3 months, Jingcheng copper rose more than 140%, along with the large shareholder of Anhui Chujiang Investment in the reduction, nearly 10 of the hot money actively engaged in the sales department to participate in the speculation. From the trend of Jingcheng copper industry, its share price in the last two trading days of 2010, a tentative increase in volume, and the official launch is January 11 this year.　　The same day, the copper shares in the beginning of the 11 o'clock in the morning by some large single continuous pull up, and finally to 9.03% of the increase reported to 11.49 yuan. From the stock exchange announced the transaction return, the day to buy the sales department in addition to the first sea-pass Shenzhen guests Road Sales department, the other 4 business departments are concentrated in Nanjing and Hangzhou respectively.　　One of the listed business department CITIC built in Hangzhou Jiefang Road in the following February 23 Jingcheng Copper impact trading time again. And another prescient Nanjing securities Nanjing on 11th to buy 5.5698 million yuan, three days after the listed companies to announce the revision of the 2010-year performance forecast positive profit off the field, from the sale amount of 6.1658 million yuan, the floating capital profit 596,000 Yuan, a short three or four days to get 10%　　's profits.　　However, it is worth mentioning that, although the sincere copper industry this January 11 to pull up compared to the previous transactions slightly more volume, but the day on the list of the 5 sales offices of the total buy only 30.47 million yuan, and since then the sincere copper stock prices pulled up at a time when the purchase margin is much smaller than billion.　　January 14, in the background of the fall of 1.29%, sincere copper in the opening soon after was directly pulled up to trading, which benefited from its announcement on the day a good. According to the sincere copper industry announcement, the company 2010 1-December attributable to the parent company net profit of 80 million yuan to 85 million yuan, compared with the same period last year (2009), the increase of 100% to 110%; Between%-80%. In this respect, the company gives the explanation is, "during the reporting period, the company's production and marketing scale full play, the main business revenue over the same period a year ago, the company's profitability continued to increase."　　"Not only that, Jingcheng copper also in the January 14 announcement, the company also tentatively prepared to all shareholders to the capital accumulation per 10 shares to increase 8-10 shares of the distribution scheme."　　Although after the Spring Festival, many launched a high distribution of shares and did not get the pursuit of funds, but in the first release of high distribution before the section of the stock trend is more powerful.　　By this significant positive stimulus, despite the weekend after the January 17 Shanghai Composite Index plummeted 84 points, but sincere copper industry still continued to increase the volume of 7.95%. May be the 17th prev close to the cause of the fall, in the January 14 seal plate bought 5 sales department in 4 selected profit retreat. In the 14th, a large purchase of 20.8043 million Yuan Citic Shenzhen Deep SouthAlthough the road in 17th still bought 6.3332 million yuan, but to 22.5419 million yuan sold the amount of 17th sold 5 sales Department of the first, profit about 8.35%; and love to build Ningbo Slate Alley, Citic Gold Tong Hangzhou Yan ' An LU and the Galaxy Securities Hangzhou Jiefang Road 3 Sales department also obtained about 958,700 Yuan,　　589,600 Yuan and 1.393 million yuan, the profit proportion is 5.04%, 3.27% and 9.23% respectively. It is worth mentioning that, and the other 4 business departments "Good to collect" is different, in the January 14 ranking to buy 5 sales department of the first of the Shanghai Yutian Branch of the company did not choose to leave the field; in fact, The Sales department in addition to January 14 to buy 43.7646 million yuan, still before the January 13 tentatively bought 1.3488 million yuan.　　Since then Jingcheng copper trend, no matter when the sales department sold, its profit level than the other 4 sales department to be much richer, after all, this position to buy chips basically in the next round of high send the bottom of the market. Correspondent January 17 transaction returns, in advance of the ambush of the floating capital retreat at the same time, the Bohai Securities Zhangwu Road began to play a new round of the protagonist, the day the sales department to buy 21.0749 million yuan, a day after the January 19, the sales department again to buy 18.7629 million yuan.　　More importantly, in the following January 28 and in addition to several trading boards after the right, the figure of this business department frequently appeared, and on March 9 and Gold Huabing Road sales department to play a share price limit to buy the main, March 10 began to sell off the field.　　March 10, Jingcheng Copper announced a substantial reduction of the holding shareholder, the trend of its share prices began to slow; however, in the consolidation of nearly two weeks after the March 23 trading again, the buyer's funds still come from the Bohai Securities Suzhou Jing Tak Road, merchants Shanghai Century Avenue sales department and other hot money.　　According to the reporter statistics, in the 3 months since January this year, sincere copper shares in the rise, which buy and sell seats on the list of more than 10 times, only in the January 14 deal in the sale of seats in the presence of an institutional figure (sell 9.2376 million yuan), since then all the trading seats are all the brokerage department　　Corresponding to this, on January 26, the annual report of Jingcheng Copper, the top ten circulating shares of shareholders only in the Sino-Financial Trust (the new product Rong 77th) a body holding 368,500 shares, other than the controlling shareholder are individual shareholders.　　2. On the back of this year March 1, the formal removal of the right, Jingcheng copper stock price consolidation a week after the start of the trip again, March 8 Jingcheng copper stock price closed at 18.45 Yuan, up to 9.63%; the next two days, its share price continued trading. According to the March 8 transaction data, the stock price pulled up the main funds from the ping ' an securities Shanghai often Changshu business department, buy money for 33.0258 million yuan, about the day to buy the first 5 sales department all buy 43% of the amount;Strange is that the sales department in the same day to sell the same list of 5 sales department of the first, sell the amount of 71.7706 million yuan, far beyond the buy money.　　Is it simply to Benla the side of the ship? Reporters from two days later, Jingcheng copper in the March 10 announcement that the on the day of March 8, Anhui Chujiang Investment, as a controlling shareholder of listed companies, reduced 3 million shares through the bulk trading system; According to the information of the large transaction published by Shenzhen Stock Exchange, the 3 million shares were sold by Ping an Changshu sales department,　　One of 2 million shares by the same sales department of funds, and another 1 million shares by the Southwest Securities Shanghai Huangling Road Sales department, the transaction price is 16.5 yuan.　　Unusual coincidence is, on March 8 will be sincere copper shares pulled up another force is precisely from the Southwest securities Shanghai Huangling Road Sales department, the same day SSE released the transaction data show that the sales department to buy 16.6093 million yuan, followed by Ping An securities Shanghai often changshu listed on the day to buy 5 sales department second.　　Because the bulk of the transaction needs to pass the buyer and the seller in advance communication, which means that ping an securities Shanghai often Changshu sales department and Southwest Securities Shanghai Huangling Road Sales department learned that March 8 after the close to take over 3 million shares of restricted stocks to reduce chips before the joint completion of the sincere copper shares pulled up.　　Reporter noted that March 8 the above two sales department 16.5 yuan prices than the closing price of 18.45 yuan discount to more than 10.57%, which means that the next day two sales department as long as the stock from the market successfully thrown, will face a steady profit. As a matter of fact, March 9 Jingcheng Copper shares were again pulled up to the limit, which makes 3 million shares in the two-level market successfully thrown. From the March 9 deal, Ping An securities Shanghai Changshu Road and Southwest Securities Shanghai Huangling Road sold 39.393 million yuan and 19.9096 million yuan respectively, while the previous day two sales department took over the market capitalization of chips of about 33 million yuan and 16.5 million yuan, has apparently been thrown out.　　Judging from the difference between the two business departments taking over and selling, profits of 6.393 million yuan and 3.4096 million yuan, respectively, 1 days between the two large transactions so that the two funds received 19.37% and 20.66% of the yield, is indeed staggering.　　In fact, the fact is not only this, the reporter also found in the March 8 transaction, Ping An securities Shanghai often changshu buy 33.0258 million yuan at the same time, the sale of 71.7706 million Yuan also includes the large shareholder of Anhui Chujiang investment in the reduction. According to the announcement of the disclosure of Jingcheng copper industry, Anhui Chujiang Investment in the day of March 8 through the SSE auction system to reduce the price of 1,282,021 shares, reduce the average price of about 17.226 yuan, which means that the sales department sold 71.7706 million yuan in 22.0841 million yuan from the large shareholder reduction.　　However, the sales department bought the chips in the day did not sell on March 8. Even more curious is that the public companies sincere copper industry notice also clearly with theThis reduction.　　and prior to January 31, the next day of the sale of bulk trading is different, the sincere copper industry has not announced on March 9 the holding shareholder Anhui Chujiang Investment reduction of this content, but chose to take over the day through the bulk of trading chips in the two-level market after the sale of March 10 before the announcement.　　After all, the institutions that take the bulk of their trading chips do not want to repeat the price movements of the February 1 Jingcheng copper industry.　　In the first announcement of the revision of the 2010-year performance notice, and then the official annual report gave 10 to 10, 2 of the positive, Jingcheng copper holding shareholders through the bulk of the sale of 8 million shares, reduce the price of 30 yuan per share.　　However, the next day, the copper industry in the announcement of the news, the day the stock price low drive down, and finally to the decline of the report; Reporters from the Shenzhen stock Exchange revealed the bulk of the transaction information, in this year January 31 from the Ping An securities Shanghai Changshu Business Department took over the holding shareholder Anhui Chujiang Investment reduction of 8 million shares of the party from Guangdong, Guangzhou Tianhe North Road (4.45 million shares), security securities Shanghai Century Avenue (1.8 million shares),　　GF Securities Shanghai Oriental Road (900,000 shares) and Haitong Securities Weihai Alpine Street (850,000 shares) 4 sales department.　　and generally through a large number of transactions to take over the manipulation of chips similar to, including Guangdong Guangzhou Tianhe North Road, 4 sales department in the next day to take over this part of the chips all through the auction system in the two-tier market thrown. According to the data, the 4 sales departments sold 137 million yuan, 57.7595 million yuan, respectively on February 1. 28.6854 million yuan and 27.7654 million yuan, although the final sincere copper share price to fall off, but the 4 sales department still more or less to earn a lot of income, one of the first to hit the chips of the Hai Tong Weihai Alpine Street Sales department Although the profit is only 2.1654 million yuan but the yield is up to 8.49%　　Two other sales offices in Shanghai Century Avenue and Shanghai Oriental Road, respectively, profit 3.7595 million yuan and 1.6803 million yuan, the yield is 6.96% and 6.22% respectively. The three sales department of the joint smashed disk in January 31 took over 4.45 million shares of Guangzhou Tianhe North Road Sales Department of the profit was squeezed a lot of Finally, the sales department will sell all the chips after the package is 137.0405 million yuan, compared with the cost of 133.5 million yuan only 3.5405 million yuan, although the absolute income and the letter of the century avenue 3.7595 million yuan, but and 133.5 million yuan cost control, 2.65%　　Yield is clearly unsatisfactory.　　Perhaps with this reduction of the rehearsal, on March 8, as a listed company of the sincere copper industry in the reduction of two trading days before the announcement of large shareholder in Anhui Chujiang Investment reduction move, so as to take over the money to save a valuable day time. So, on March 8, Anhui Chujiang Investment in the second round of sincere copper industry, including listed companies, access funds, holdingShareholders are involved in many ways-the specific path is: The controlling shareholder talks about the fund, the latter first in the two-tier market to pull up the stock price for the next day to reduce the margin space; listed companies with the postponement of a day notice this reduction behavior, for the stock market to throw up the money level two to set aside time;　　Executive Editor: Nf018[page] 3. Who created this unusual tacit understanding for Anhui Chujiang Investment, the holding of Jingcheng copper industry last year's performance appeared and its reduction expected to appear unusually tacit understanding.　　2007 after the launch of the year to achieve 60.9058 million yuan net profit, the company implemented in June every 10 shares to 2 shares to send 0.2 yuan allocation program; The following financial crisis hit the company to appear 42.7073 million yuan losses, the next to 2009 profit also only 40.3115 million yuan. But after a 3-year period of restricted investment held by the holding shareholder, Anhui Chujiang, on September 21, 2010, the company's performance ushered in the best prospects since the listing,　　2010, the net profit of 83.081 million yuan, the listed companies therefore decided to implement a 10-to-10-faction 2-yuan high transfer distribution scheme, so that the sincere copper shares in the consolidation of the stock price after 1.5 ushered in a sharp rise-all this for the hope of reducing the Chujiang investment in Anhui Province seems to be the time.　　From March 2009 to September 2010, the price of Jingcheng copper has been oscillating up and down between 10-18 yuan, a trend that began to change after the ban on restricted shares held by its controlling shareholder, Anhui Chujiang, last September 21. October 8, 2010, in the national day after the long holiday, sincere copper shares began to increase the first volume, in October 14 Jingcheng copper Industry said its 1-September performance growth revised to 90%-110% after the adjustment is even two trading;　　In the previous day after the stock price again trading, Jingcheng copper last October 26 released last year 3 Quarterly, its first 9 months net profit reached 58.0482 million yuan, up 106.15% from a year earlier.　　All this is in fact expected, because in the 2010.5 Annual report of the Jingcheng copper industry, the company's 1-September net profit increase was estimated at 80% to 100%, while the company's performance revision announcement on October 14 clearly indicated that its net profit rose between 100% and 110% in the first 3 quarters. However, in view of the sincere copper industry is located in Wuhu lack of copper resources, the company in the province and Tongling non-ferrous (000630. SZ) competitive resources, and in the province outside the acquisition is more difficult, so the main solution of raw material supply through the subsidiary company Jingcheng Renewable resources to establish a scale of waste copper distribution and lending center.　　From the company's 2010 Annual report, the company's raw material supply is still mainly the use of recycled miscellaneous waste copper. On this basis, Xie expects that Jingcheng copper will complete the production of about 75,000 tons of copper strip in 2010, which is expected to complete net profit about47.2758 million yuan, equivalent to the earnings per share of about 0.29 yuan, taking into account about 15 yuan in the stock price corresponding to about 50 times times the dynamic P/E, Xie decided to "temporarily do not give the company investment rating." However, Jingcheng copper in 2010, the business situation is clearly better than the market expectations,　　In the first quarter of that year to achieve a net profit of 14.2719 million yuan, the first half of the total profit has reached 36.2267 million yuan, and in the previous 2010 annual report shows that the Company completed the year 82,000 tons of copper strip production, net profit also achieved doubled to 83.081 million yuan.　　Reporter to understand that in the second half of 2010 Jingcheng Copper products began gradually concentrated in small size and soft products, and such products such as small volume became the main source of the company's annual profit.　　More important, both at the beginning of last year and this year, the rise in the price of Jingcheng copper has always been accompanied by rumors of asset injection.　　Actually, in the beginning of the listing of Jingcheng Copper, the holding shareholder of Anhui Chujiang Investment in the hands of the listed copper strip assets, but also has some copper assets (bridge material recycling company) and steel products processing assets (dual-source steel and Chujiang sheet), only at that time for the initial development, limited in size.　　The reporter understands the information shows, until the beginning of last year, Anhui Chujiang investment subordinate two assets has gradually developed and grown, respectively, with 20,000 tons of copper wire capacity and 200,000 tons of steel strip production capacity.　　However, rumours about the capital injection of Jingcheng's assets around March last year have not turned out to be true, and their share prices have been flat in the six months since.　　In the 4th quarter of last year, Chujiang investment in Anhui Province made it clear that no more than 20 million shares were expected to be reduced in the next 6 months, and rumors about the capital injection of Jingcheng copper and the planned takeover of copper ore were once again rife, including, of course, Better-than-expected results and high delivery.　　Coincidentally, just before the start of this year's Jingcheng copper stock price, analysts at the Nonferrous Metals and Steel Research group, who visited the copper industry in Jingcheng last December, said in a survey released last December 29 that "the company is expected to achieve 80,000 tonnes of production in 2010" due to strong demand. At the same time, Xiang-wealth securities also opened the 2010 years of sincere copper industry growth of the secret-after all, the company completed last year's production capacity of 82,000 tons is only higher than the early last year, the Xie forecast 75,000 tons of less than 10%, but the profit is Xie expected twice times-　　In recent years, the copper price of copper in China has a record of more than 8000 yuan/ton, the plan is higher than the normal level of 2500 yuan, and the second half of last year, the difference is maintained at 5000 yuan/ton, which will make the source of raw materials mainly rely on waste copper copper industry to fully benefit More importantly, the Hunan Financial securities of the survey also for the company's revised 30,000 tons/high precision copper alloy strip project painted a wonderful blueprint: The estimated ton net profit will exceed 1000 yuan, which means that the project to the postpartum willIt can bring 30 million yuan net profit to the company every year. Not only that, the company also disclosed that the project will "continue to expand the production capacity of high-precision copper alloy strip", "continue to mount High-precision copper alloy strip new project."　　Data show that by the end of last year, the capital of Jingcheng copper IPO, including interest income still remaining 155.8 million yuan; but because 30,000 tons of high-precision copper strip project still need to invest about 169 million yuan, so if new projects, listed companies will likely need to start a new financing plan. In addition, although in the survey, Jingcheng Copper said "currently does not consider the acquisition of copper, mainly aimed at the use of large renewable resources to safeguard the development of resources", but the market focus on the asset injection is vague　　The research report simply describes the other three assets currently owned by the controlling shareholder, Anhui Chujiang, with 20,000 tonnes of copper, 100,000 tonnes of copper and 200,000 tonnes of steel. Although the study did not give the Jing Jingcheng copper rating, but the report published the time is exactly the start of this round of sincere copper share price rise, and in this year, January 17, Xiang-Finance Securities analyst Liujin Bowl for sincere copper industry performance revision notice in the comments,　　30,000 tons of high precision copper alloy strip project of the ton of net profit from the original 1000 yuan quickly increased to 1500 yuan. According to the reporter understand, the current Anhui Chujiang investment copper wire assets under the Wuhu Chujiang Alloy Copper Material Co., Ltd. (formerly known as "Wuhu Haisen Alloy Bar Co., Ltd."), the current copper wire capacity has reached 22000 tons, and plans within 5 years to form an annual output of 50,000 tons of copper rod line capacity　　and engaged in cold-rolled steel and welded pipe business production and processing is the Wuhu dual-source pipe industry, the current company in charge of Anhui Chujiang investment in steel production, already has about 200,000 tons of steel and 50,000 tons of welded pipe capacity, only 2009 years of this two companies have reached 30 million yuan.　　In addition, the aforementioned copper pole project, which had just begun production in the second half of last year, has not yet yielded profits, but in April 2009 the Strategic Cooperation Framework agreement signed between Anhui Chujiang Investment and the Wuhu government, the project plans to end up with 200,000 tonnes of capacity.　　All this provides a possibility for the future asset injection of the Jingcheng copper industry.　　Since March last year, GF Securities research Jingcheng Copper industry, only the Hunan Treasury securities at the end of last year conducted research, but still did not give the company rating; January 26 this year, in the company's 2010 Annual report released on the day, Warburg Securities gave the company the first purchase rating, and gave a target price of 34 yuan Compared with the relatively conservative performance forecast of Hunan Financial Securities, Warburg Securities analysts in the expected company this year to complete 82,500 tons of copper strip on the basis of a 110 million yuan net profit forecast, and that 30,000 tons of high-precision copper plate project will be expected to bring the company an annual average of 45.69 million yuan net profit, so finally gave the company 2011-2013, respectively, 0.34 yuan , 0.42Yuan and 0.5 yuan per share earnings forecast.　　Only, the report of Jingcheng copper has reached the target price of 34 yuan in less than one months, since March this year, the share price has continued to rise by nearly 40%, to the closing price of 23.28 yuan as of March 25, the corresponding companies in 2011 and 2012 dynamic P/E ratio reached 68 times times and 55 times times respectively. Responsible Editor: NF018