The heyday of the company to pay attention to the loss of the group hot

As a result of the 2009, 2010 two consecutive years of losses, into the 10 anniversary of the peak Tiangong (600335. SH) starts from February 23 "The Beatles wears a Hat", the company stock abbreviation changes to "*st Sheng".　　The company shares the day after the card, it is a word fell down, reported 15.4 yuan.　　The previous day, *st Sheng issued a 2010 performance report. Not surprisingly, although the company to achieve the main business income of 484.8847 million yuan a year earlier, 20.73%, but still not out of the fate of losses. The company's annual net profit loss of 32.7828 million yuan, the basic income per share-0.1188 yuan.　　And in 2009, the company's annual loss has been as high as 71.6957 million yuan, the basic earnings per share-0.2598 yuan.　　And betting on the company's restructuring prospects of a body, also because *st Sheng share prices sit on the slide and inadvertently "hot" to the hand. Agencies coming and going this reporter notes that the agency's fervent concern for *st Sheng began in the third quarter of last year. Previously, the company's shares were rarely patronized.　　From the third quarter of last year to the quarter of the four-year period, the organization came and went, not lively. *st Sheng 2010 Annual report shows that the company's new top ten circulating shareholders, Jintai Securities Investment Fund, Lion Stock Securities Fund, Lion theme Select Securities fund, such as three funds in the fourth quarter of last year, a large number of purchases, the final positions up to 4.1356 million, 4.0869 million shares, 2.9648 million shares,　　Ranked among the top ten circulating shareholder 第五、六、十位 respectively.　　In addition, Cathay Taurus Innovation and Growth Fund promoted the company's top ten circulation shareholders fourth, the fund in the fourth quarter of last year, a substantial increase in warehouse 3.1058 million to 5.7891 million shares.　　At the same time, last year in the third quarter of the vote on the investment Morgan domestic demand power at the end of 8 million shares, the report period to reduce 3.9197 million shares; Yi-da-ke-News stock fund fourth degree also reduced 1.6051 million shares to 3.6 million shares, to retire to the top ten circulation shareholders seventh. At the end of the third quarter of last year, the company ranked the top ten circulating shareholders, the final shareholding of 4 million shares, 3.944 million shares and 2.7556 million shares of Teda Manulife Market Optimization Fund, add rich advantages of selected funds, silver Credit Suisse market, such as three funds are successful in the high position,　　Disappeared in the company's top ten circulating shareholder list.　　According to the company's 2010-year two quarter and the end of the three quarter of the top ten shareholders of the list can be found that the agency in the two quarter did not intervene on a large scale, the agency's first intervention time can be roughly estimated at the end of July August, its position cost about 15 yuan near. Earlier, the company was suspended on June 10, 2010, July 22 announced the relevant assets reorganization plan. After the replacement of assets, the company will become a a-share first to automobile trade as the main business of listed companies. Company shares in the day of the resumption of trading, and then the company's share price continued to collect 3 trading board. The stock price then went up and on November 24Create a record high of 22.88 yuan. But the institutional divide is beginning to emerge. December 24, 2010, the heyday of the announcement said the company's major restructuring program was approved by SASAC, the stock also suspended for one day. But surprisingly, the announcement was the trigger for a short one.　　December 27, the company's stock recovery only 1.5 hours, the share price was hit to the plate, and has been closed to the close. Shanghai Billboard trading information shows that the heyday of the day is in 3 institutions seat of the crazy cast share prices to the fall. The next day, the hot money again dominated the second stop.　　However, on the same day, there were 5 seats on the table to eat a large amount of 52.0325 million yuan, accounting for the total turnover of 40%.　　Reorganization applause not draw?　　In this respect, some brokerage analysts said that the institutional funds coming and going is behind the different views of the company's restructuring prospects. And the company's assets reorganization after the release of the two-tier market share price instead of a wave lower, it seems that the reorganization plan is applauded but not draw.　　As of the end of the day, compared with the maximum of 22.88 yuan, the company's two-tier market share price has fallen from the highest to more than 30%, up to 32.69%. According to the peak Tiangong prior to the announcement, the heyday of all its assets and liabilities (as a set of assets), with the large shareholder state machine Group Holdings in the trade equivalent equity (as a 14.06% stake in the assets) for replacement,　　The estimated value of the assets is 363.8701 million yuan, and the value of the assets is 2,587,961,300 yuan, and the assets and liabilities, business and personnel are carried by the newly established heavy industry. At the same time, the peak Tiangong to 7.83 yuan/share price to the state machine group and Tianjin Bohai issue 284.0474 million shares, the purchase of the national machinery Group and Tianjin Bohai Sea respectively held in the steam trade 70.39% and 15.55% equity (asset replacement difference).　　In this reorganization, the asset replacement and Non-public offering shares are synchronized.　　The bulletin said that in recent years, the automobile trade has maintained a rapid development trend. From 2007 to 2009, the operating income of the Sino-Motor trade increased from 4.7 billion yuan to 13.8 billion yuan, the compound growth rate was 71%, and the net profit attributable to the owner of the parent company reached 108 million yuan, 147 million yuan and 135 million yuan respectively. As of the first half of 2010,　　The operating income of the trading industry has reached 13.9 billion yuan, the net profit attributable to the owner of the parent company is about 137 million yuan, and the market share increased from 6% in 2007 to 9.1%.　　The foregoing analysts believe that, in fact, the previous heyday of the two-tier market is a surge in the company's asset consolidation expectations caused by excessive pursuit. If according to the performance of the first half of 2010 and according to the estimated total equity situation, assuming that the transaction is completed under the premise of simple estimate, corresponding to the 2010 company EPS is about 0.5 yuan.　　In terms of fundamentals, there is limited room for further improvement in the company's valuation level. Similarly, the company's two-tier market share price has turned straight andThe expected downward revision of the asset replacement is relevant.　　After the reorganization of the company's assets, as the main business of the sales center of the Automobile Trade in Beijing, and faced with the disadvantage of the purchase, which is tantamount to the invisible blocked the growth of its performance space. Prior to that, the Beijing municipal government issued the "Beijing small passenger car quantitative regulation of the interim provisions of the implementation of the rules," 2011 Beijing minibus License quota limit to 240,000 vehicles.　　In 2009, more than 750,000 vehicles were added to the motor vehicle in Beijing.　　Data show that the import car business as the main industry in the automobile trade in Beijing set up a number of 4S stores, Beijing is also the company's important profit contributors, the limited purchase will inevitably bring greater adverse impact on the company.　　Public information shows that the existing 18 4S stores in the automotive trade, Volkswagen, Chrysler, GM Opel, Mitsubishi and other brands to cooperate with a number of flagship stores are set up in Beijing. In addition, because the company involved in major asset reorganization, and audit work has not been completed, its operating process is still faced with the relevant uncertainties, do not rule out the existence of audits and other risks. Up to now, the reorganization of the company is still in the performance of the audit process.