Tung multi-empty two-way operation Safe directional additional two suspense

China Ping An announced on March 14, the new issue of 272 million shares, from Tung to 71.5 Hong Kong dollars per share, accounting for Ping An has issued about 3.56% of the total share capital, ping An expansion of the total issued share capital of about 3.44%.　　March 15, Ping An H shares fell 6.18%, closed at 76.65 yuan, and fell to 75.5 yuan. According to the information disclosed by HKEx, Tung, in addition to buying 272 million shares of Ping An issue, also take the cash settlement of unlisted derivative instruments to see Ping An 196 million shares, accounting for the issuance of 72% of the shares. Tung may implement a short position by buying an empty option or selling a put option.　　However, the HKEx, China Peace and Tung did not disclose who the derivative was.　　In the morning of March 15, China Peace Organization's analyst conference, Ping An response, the option is completely tung control risk, lock the proceeds of the move, and ping-safety is not related.　　A sequel to the Power of control? Ping An announcement at the end of the company's equity structure, specifically listed HSBC's shareholding ratio.　　HSBC has about 1.24 billion shares of Ping An, the proportion of ping an shares from the previous 16.22% to reduce the number of additional 15.67%.　　A number of market participants speculate, whether the issue with the current Ping an employees and the sale of the suspension is closely related to the follow-up of the dispute over the right to peace control? 1992, Ping An employees through the Ping an comprehensive services company to invest 22.36 million yuan to subscribe to ping An 10% of the rights and Interests, 1993, and 41.96 million yuan subscription for 13.99 million shares. By 2001, all employee shares had been frozen and China Ping An had issued more than 400 million shares to nearly 19,000 employees. These shares by Shenzhen New Hao when Investment Development Co., Ltd. (hereinafter referred to as "new Hao when"), Shenzhen City Industrial Development Co., Ltd. (hereinafter referred to as "King AO Industrial") and Shenzhen Jiangnan Industrial Development Co., Ltd. (hereinafter referred to as "Jiangnan industrial") hold.　　Among them, Jiangnan industry for Ping an executive shareholding platform. March 2010, the harvest time. Three companies held the ban on Ping an employees.　　However, the lifting of the ban has sparked a panic in the market over the passed of safe control. According to the 2009 annual report, HSBC Insurance Holdings Limited and Hongkong and Shanghai Banking Corporation Limited held 8.43% and 8.36% respectively, totaling 16.78%. Shenzhen Sasac under the Shenzhen Investment Holdings Limited shares 6.55%, new Hao when the shareholding 5.3%, Jing AO Industrial Holdings 4.51%, Jiangnan Industrial Holdings 1.89%, total 18.25%.　　If the employee stock is reduced, HSBC may become the substantial largest shareholder and gain control.　　In order to solve the employee shares of a one-time reduction brought about by the stock market changes in the pressure and the impact of peace on February 23, 2010, decided to reduce the next 5 years in batches, not more than 30% per annum. Although partial reduction has not completely eliminated, but at least temporarily alleviated the market to the Ping an high-rise control right passed worry. Some analysts say the three companies that have lifted the ban actually occupy only one seat on the board, while Ping An's board has 19Seats, so at least during the current term, the change in equity has little impact on management.　　In the long run, as three companies are actually under the control of Ping An group, equity passed is also less likely. Now, whether the ping ' an high-rise to consider the prevention of equity passed plan, still bewildering.　　At the beginning of 2011, Ping An internal publicity, "the second half of 2010, Ping An employees of the investment collection held Ping An A shares reduce income distribution Bulletin", as of December 31, 2010, the new Hao and the king of the industrial holdings of a total reduction of ping an A 16.4409%. In the history of peaceful capital expansion, Tung has been a mysterious figure. As early as in 2008, there were reports that Tung through a number of family companies "curve" into peace, at that time held a ping a shares of nearly 12% per cent, is China's Ping an "invisible" the second largest shareholder. At that time, the report said, Zheng through 8 companies indirectly holding a ping a A-shares, respectively, for the source of the bank investment, Shanghai Huitong Industry, Shanghai Hui Hua, Bao Hua group.　　One of the most shareholding is the source letter bank investment, as of September 30, 2010, holding 380 million shares of Ping An, about 7.94% of the share of the shares in circulation.　　The directional additional, will make Tung equity thickening and dilute HSBC's shares, combined with "recessive" shareholding, Zheng's shareholding or will close to HSBC.　　A steady profit? The industry for the additional issue of another big question is the suspicion of the existence of the issue of the transfer of benefits.　　Ping An insiders previously revealed that the ping this directional additional, is because "someone wants to buy."　　According to the bulletin, the additional price is about $79.39 per share at the average closing price of HK $9.94% for the 30 trading days prior to and including March 11 (that is, the trading day immediately prior to the date of the subscription agreement), and about 12.48% per share of the closing price of HK $81.70 for the SEHK on March 11. According to the exchange's public information, JPMorgan in 2010 and 2011 many times to buy peace.　　January 5, 2011 in HK $85.88 to buy 214 million shares, November 24, 2010 in HK $89.6 to buy 257 million shares, November 12, 2010 on the 92.31 Hong Kong dollar to buy 259 million shares. Tung's price is really cheap compared to JPMorgan Chase.　　David Webb, an independent analyst in Hong Kong, raises questions about why Ping An is only offering new shares to a Tung agency. Unlike the A-share without short betting mechanism of directional additional, major shareholders may suffer losses due to unilateral fall in market prices, Tung before the cash settlement unlisted derivatives short Ping An 196 million H shares, which in some way locked the risk.　　This means that for this part of the stock, Tung made a steady profit of the sale. 15th Night in China Ping ' an insiders said that the issue before the issue of peace and other institutions have been approached, and Tung's Jin Jun Co., Ltd. is the most suitable for the purchase of Ping An shares, and, in addition, the Tung held a short position, that it is investorsTheir own behavior.　　Ping An in the 15th Morning Analyst Conference, no future financing to do further explanation. Brokers reported that the targeted issue solved the market's fear of a A-share refinancing, conservative expected to solve the 2012 capital gap problem. Assuming that life insurance, production insurance according to 180% solvency adequacy ratio, banking business according to 12% capital adequacy ratio, dividend according to 0.5 yuan/share per year, after the H-shares refinancing 16.4 billion yuan, the company is expected to 2011, 2012 respectively 25.7 billion, 11.7 billion capital surplus, at least until 2013 will appear 75 Billion capital shortfall, there is refinancing needs. Responsible Editor: NF045