Two major shareholders bizarre deal with Dr. Peng Strange manipulation motives cost ponder

After the focus of the regulatory department, Dr. Peng's two shareholders Beijing Qualcomm Telecom Technology Co., Ltd. and Shanghai Qin Brick Investment Management Co., Ltd. was forced to entrust the long existing "concerted action relationship", but "double" 2010 successive multiple equity transactions, but showed a lot of strange, And the trading motives are hard to understand. On the surface, through the early November 2010 to reduce the number of Dr. Peng, a large stake, then will be the proceeds of the loan to Shanghai Qin Brick, the latter "out of the long-term development of the listed companies bullish" quickly buy Dr. Peng Equity. Although the two companies said in the equity, assets are independent of each other, but all indications that the Shanghai Qin Brick bought the stake is the direct access to the shares, the two sides such a "strange" operation is worth pondering outside. ⊙ reporter Xu Rui, director of the "trading drama" Qualcomm and Shanghai Qin Brick today disclosed the "alliance" after the first change of interest report, the two sides re-emphasize that there is no relationship or control between equity, assets, business and personnel, and that there is no agreement or arrangement to exercise the voting rights of shares, Only because Shanghai Qin Brick November 2010 to the Qualcomm borrow to buy Dr. Peng, the two are passive constitute a concerted action. As to why the matter was disclosed after three years, the explanation given was "insufficient study of relevant laws and regulations, and the lack of timely notification of Shanghai Qin Brick on the purchase of shares." But that is not the case. In combination with past announcements and related transaction data, Dr. Peng had a total of 13 major transactions in early November 2010 and was "manufactured" by Qualcomm and Shanghai Qin Bricks. Among them, Qualcomm used 7 transactions directed reduction of 46.5751 million shares, Shanghai Qin Brick through another 6 transactions total bought 34.15 million shares, the two companies in the transaction does not seem to have too much intersection. But in fact, the two sides of the equity transaction has been very rational: Qualcomm first in the month of 2nd, 4th to sell 33.9 million shares, the set is now more than 340 million yuan. Subsequently, the Shanghai Qin Brick relies on the 370 million yuan funds to buy shares, and is directed to acquire the shares sold by the smart. Detailed view, in the Qualcomm November reduction of shares, the National Securities sales office seats were 8 million shares, 5.6 million shares and 7 million shares, but on the following day, the Shanghai Qin Brick from the National Securities Related Sales department received the above shares; Qualcomm this month also sold to the letter Tatsu Securities Beijing Beichen East Road sales department 15.9751 million Peng, of which 13.55 million shares and from the letter to the rapid transfer to Shanghai Qin Brick. That is, the Shanghai Qin Brick bought 34.15 million shares all indirectly from the Qualcomm, and its use of funds is also provided by the well-informed, such a sophisticated serial transactions clearly can not be "coincidence" to explain, but more like the deliberate arrangements between the two sides. "The reason why the two sides do not direct major transactions, should be due to the Shanghai Qin bricks do not have the capital strength to undertake the above equity, then by the Qualcomm designated sales department buyers, and then the funds to borrow to Shanghai Qin Brick from the buyer to buy back equity. ”Some analysts said the speculation. The motive behind the scenes is elusive. Although Shanghai Qin Brick insists its stake in Peng is based on his own judgment, but in all the money from the premise of Qualcomm, Shanghai Qin Brick shareholding has become a well-informed "warehouse". That is, Shanghai Qin Brick platform, Qualcomm staged a "sell themselves to buy" drama, but the two sides so much trouble, but it is difficult to guess the real motives behind the transaction. Prior to this, there are some listed company shareholders to implement the "bridge reduction" case, the core purpose is to sell the stock as soon as possible, the recipient of the relevant equity after the next tend to quickly empty the shareholding. But the Shanghai Qin Brick, its follow-up is not to reduce the relevant shareholding instead continue to overweight, the latest shareholding has increased to 44.04 million shares, does not conform to the "bridge reduction" characteristics. In addition, Qualcomm and Dr. Peng's largest shareholder Peng Bo Group also has a good relationship of cooperation, the two sides also set up a joint venture company Peng Bolite last February, and through the joint venture company to increase the shares of listed companies. Based on this, there seems to be no access to the Shanghai Qin Brick "ambush" the possibility of the implementation of a covert seizure of power. Regardless of the behind-the-scenes motives, Shanghai Qin brick loans to invest heavily in Dr. Peng's move is worth scrutiny. Data show that Shanghai Qin Brick was founded in May 2010, the registered capital of only 10 million yuan, in this context, its daring to borrow 370 million yuan capital "gambling" Peng, also clearly contrary to investment common sense. The reporter noted that Shanghai Qin brick from the well-informed department of the cost of shares about 10.8 yuan/share, and after its shares, Dr. Peng's lowest share price of 5 yuan per share, in the face of a sharp fall in market capitalisation, the two sides can still maintain the lending relationship, until the recent regulatory attention to be forced to stab the facts, It also hints at the hidden interest arrangements behind the bizarre deals. It is worth mentioning that, although Shanghai Qin brick registered in Qingpu, Shanghai, but the company's main shareholders and executives all from Beijing, this is the well-informed shareholders, senior management background is very similar.