Tianma shares: Profit growth slump 6 executives two-month set now 180 million

In the group of SME, Tianma Holdings (002122.　　SZ) Executives of the recent reduction of the set is called "ferocious."　　Reduce the time but two months, reduce the number of times is only 9 times, but reduce 17.36 million shares, the total amount is up to 180 million yuan, and involved in a total of 6. Why is the executive reduction still frequent at close to 10 yuan?　　Is it a pessimistic forecast of the company's current business situation, or is there another reason?　　From the reported results, the first half of the company's earnings growth downturn, this may be the senior executives in the report before and after the main reason for the sharp reduction in value.　　6 senior executives two months now 180 million Tianma is a company engaged in bearings and machine tools manufacturing and sales of Zhejiang private Enterprises, the current bearing main income of 50%, machine tool accounted for about 40%, in March 2007 after the Shenzhen SME board, the companies held by the restricted shares of the ban on the March 28 this year. Because the general bearing of Tianma shares Hangzhou headquarters is affected by the financial crisis, the company's bearing performance fell sharply last year.　　Railway bearing business income is down about 50% year-on-year, and in the first half of this year, the company's performance has not completely out of the shadow of the crisis, the August 3 release of the Chinese newspaper let investors quite disappointed.　　On the second day of the announcement, August 4, Tianma shares three executives through the SSE bulk trading platform to sell their shares, three people share 5.1244 million shares, a total of about 53.0888 million yuan. According to the data disclosed by the Shenzhen stock trading platform, the three executives are Shenyukau, Ma Weiliang and Chairman of the Board of Supervisors, Chen Jiandong,　　Shenyukau the day of 1.2852 million shares, the fund is 13.3147 million yuan, Ma Weiliang the day to reduce 2.2072 million shares, set now 22.8666 million Yuan, Chen Jiandong the day to reduce 1.632 million shares, set now 16.9075 million yuan. In fact, as early as June this year, Tianma shares two deputy general manager Rogna Hua and Ma Quanfa has begun to reduce. Ma QUANFA June 11 this year to reduce the number of 1.428 million shares, a day of 14.6084 million yuan, which is also the company's senior executives in the IPO commitment of 3 years after the lifting of the sale of stocks for the first time.　　A week later, June 17, Luo Hua-wah sold 1.2852 million shares, one-time cash funds 13 million yuan. Tianma shares in the recent reduction of executives occurred on August 20, the day the company has three executives at the same time a large sell-off, which,　　Luo Hua and Shen have high both the average price of 10.44 yuan each sold 1.9278 million shares, respectively, set now about 20.12 million yuan, Chen Jiandong also reduce the day of 2.448 million yuan, set now more than 25.55 million yuan. It is noteworthy that the 5 executives of Tianma shares of the selling behavior is surprisingly consistent, not only to choose the same time, and the selling price is roughly the same.　　August 4 This day there are three senior executives at the same time reduce, the average price is 10.36 yuan, and August 20 this day is three senior executives at the same time, the average price is 10.44 yuan, and Shen has a high and Luo Hua on the day to reduce the number of shares are the same. In addition to these 5 executivesOutside, Tianma shares another director, Shen Gaowei, also sold 3.2232 million shares on August 12 this year, a set of 33.4246 million yuan. The report of "investor" on the reduction of Tianma stock executives showed that, from June 11 ~8 month 20th, about two months, 6 executives sold 17.36 million shares, the total amount is about 180 million yuan.　　And the executive reduction shows a number of small, large amount, the characteristics of consistent action.　　The horse family 3 years worth more than 5 billion such a company that let the senior executives overnight wealth, is a company from the village, and through the privatization of many state-owned enterprises to grow up, more wealth is actually mainly concentrated in the actual control of people Marchenfa and their families. Tianma Stock first originated from the Village office enterprise "mid-levels bearing accessory factory."　　1987, Hangzhou City, Zhejiang Province, more than 20 young people with hundreds of thousands of yuan set up a "mid-levels bearing accessories factory", their leader is the age of 25 years old Marching law, that is the head of the current Tianma shares.　　Since 2002, the successful acquisition of the cumulative loss of more than 200 million and is the Southwest's largest bearing manufacturer Chengdu bearing, Marchenfa led Tianma shares in the past few years through a similar way to acquire at least 6 established state-owned enterprises, become a local private enterprises and mergers and acquisitions of state-owned enterprises typical benchmark. After the 2007 listing, the wealth eventually concentrated in the family of horses.　　From the public information, Tianma shares of the senior executives of the Ma clan accounted for 6, in addition to Chairman Marching's wife Shenjimi not holding the company's shares, the other 5 people directly or indirectly hold a large number of Tianma shares, and, from the current stock price, the 5 members of the 4-member of the stock market value of billions. Marching Law department Tianma shares chairman and general manager, and son Mavench jointly hold Tianma group 61.73% of the stake, and Tianma Group holds Tianma shares 44.65% of the equity.　　In other words, Marchenfa father and son directly hold Tianma shares 327 million shares, the market value of more than 3.7 billion yuan.　　Another member of the horse family is Tianma shares Dong Ma Quan law, this person is Marching law's younger brother, holds Tianma shares 27.132 million shares; and the company director Shen Gaowei is the Marching law nephew, this person holds Tianma shares 64.464 million shares, the market value of more than 700 million yuan, and August 12 is more than 30 million yuan. Another two family members Chen Jiandong and Wu Weidong are Ma Quan nephew, Ma Quan law is the uncle of these two people. Chen Jiandong and Wu Weidong previously held 31.008 million shares and 7.3218 million shares of the company, the former market value of more than 350 million yuan, the latter has a market value of more than 80 million yuan.　　Chen Jiandong on August 4 and August 20, the total selling 4.08 million shares, two times a total of more than 42 million yuan. This means that Tianma shares landed in 3 years, the horse family in Tianma shares in the market capitalisation has more than 5.2 billion yuan, a full family "create rich" myth.　　Thanks to the listing, Marchenfa and his family were ranked 108th in the Forbes list of China's richest men for the first time in 2009. Reduction or due to weak performance growth for executives so"This has nothing to do with the fundamentals of the company, and executives sell stocks mainly out of cash," said the investor newspaper. "But according to the investor newspaper, the 6 of the senior executives who cut their salaries are not low, and from the company's 2009 Annual report, the 6 executives received a total of 2.68 million yuan from Tianma shares last year.　　Among them, director Shen Gaowei and Ma Weiliang is the highest annual salary of the reduction executive, respectively, 850,000 yuan and 700,000 yuan, the director and deputy general Manager Rogna China annual salary of 420,000 yuan, two supervisors Chen Jiandong and Shen has a high annual salary of 280,000 yuan and 80,000 yuan respectively, Dong Secretary, Deputy general manager Ma Quanfa last year salary for 350,000 yuan. In fact, executives ' concerns about performance may have been the reason for the Sell-off, and their collective Sell-off took place the day after the announcement came this year.　　The report shows that the company's first half to achieve the main income of 1.624 billion, an increase of 4.59%, achieve net profit of 273 million, year-on-year growth 11.29%,eps0.23 yuan, performance is lower than market expectations. From performance, the first half of this year, the company's wind turbine bearing business growth of 13% per cent, the growth rate has slowed markedly. At the same time, as product prices down about 10% per cent year-on-year, resulting in gross margin from the same period last year more than 50% down to 40%. At the same time the first half of the railway bearing income also no growth.　　Main wind bearing and railway bearing business of Chengdu Company's first half income only increased by 11%, net profit fell 17% Year-on-year, which dragged down the company's overall performance. Guo Xin Securities analyst Yu Eibin that, because the company adjusted product structure, the first half of the total income of Qi-heavy CNC fell 15% year-on-year, but due to higher profit margins and government subsidies, make net profit is still 6% growth, but relatively flat performance. "From the Qi-heavy CNC in the size of the order to judge, it is expected that short-term machine tool business plate difficult to grow." "State-owned securities has therefore lowered the Tianma shares this year and the next two years of EPs, respectively, 0.55 Yuan, 0.68 yuan, also earlier expected than, the downward adjustment of 9%, 6% respectively."