Underwriting Changan Car Quilt cover CITIC Construction cast float loss more than 40 million

"We hold Changan car (000625.SZ) is very miserable, but again miserable but not very sad but Citic investment." "On the stock bar of a financial website," said an investor holding Changan motor.　　As the main underwriter of Changan Automobile, Citic Investment securities has lost more than 40 million yuan on its book. Yesterday, Chang ' an car released a good announcement, the company in Chongqing, the new industrial park in the new district held Changan automobile fish mouth Hundred billion Automobile City Foundation ceremony.　　Even in the face of good, Changan car shares on the day only slightly rose 1.3%, closed at 9.33 Yuan. Executives who underwrite the underwriting of Citic investment are really depressed.　　According to the company insiders revealed that in the company's internal meetings, the face of the underwriting of Changan car book floating losses, the company's chairman Zhang Yujun let staff "out of ideas." January 25 Chang ' an auto announcement, the company in Chongqing, the new industrial park in the new area held Changan automobile fish mouth Hundred billion Automobile City Foundation ceremony. According to the plan, the fish mouth Hundred billion automobile city project Total occupies 10000 mu, by 2015, the automobile city first period capacity will reach the entire vehicle 800,000, the engine 1.5 million, the annual output value reaches 100 billion yuan. By 2020, the fish mouth hundred billion car city sales value will reach 150 billion yuan.　　Fish mouth base mainly produces the latest technology, small-displacement cars, new energy-saving products such as automobiles. However, even in the face of positive, Changan car stock price only slightly rose 1.3%, closed at 9.33 Yuan.　　In accordance with the price after the rise, Citic investment still book floating loss of more than 40 million yuan. Difficult issue "originally sold very laborious, sales department are crazy, finally the company own money to buy a lot."　　"For Changan cars, Citic Investment insiders said."　　According to the previous "offer of interest", Changan Auto Open issue, plan to raise no more than 4 billion yuan, issued 466 million shares, the issue price of no less than 9.74 yuan/share. However, Chang ' an car's additional issuance is difficult to escape the weak city. November 8, 2010, Changan car issued by the SFC has the conditions to pass, the day the company's shares received 12.91 yuan.　　Since then, the company's closing price has remained below that, as the Shanghai Composite Index has since remained below the 3,159 points of the day. Especially in the proximity of additional, the market is almost all the way down. As the market fell, Changan car shares in last December 28 has fallen below 9.74 yuan. Although Changan Motor also rose to January 7 9.97 yuan.　　But in accordance with the conventional, no more than 10% of the space, the agency is generally unwilling to participate in the issue, after all, institutional funding to participate in the issue of a year before the sale. Worse news, January 10, the company for the issue of Online Roadshow, 16 minutes before the close of the day, Changan car stock price suddenly fell below the price, followed by the lowest price of 9.64 yuan a day closed, below the additional price of 0.1 yuan.　　Changan car embarrassed is, the same day Changan motor last deal unexpectedly volume, turnover up to 1.18 million shares, accounting for around 7% of the day turnover. Three days after the suspension, Changan automobile January14th Disclosure of additional results: The company actually issued 360 million shares, the total amount of fund-raising for 3.51 billion yuan, compared to the target set by the ceiling of 23% and 12% respectively. Among them, the holding shareholder Changan Group spent 980.818 million yuan, subscribed to the number of 100.7 million shares, with Changan automobile, the same holding shareholder's weapon Equipment Group Finance Co., Ltd. subscribed 35 million shares, underwriting group underwriting 102.6694 million shares.　　At this point, the additional holding shareholders and their brothers resolved 37.7%, the underwriting group digested 28.5%, the remaining investors only subscribed to 33.8%. It is really difficult to let organizations participate in additional issues above market value.　　A participant in the issue of the agency staff told reporters, although do not know why the company involved in the issue, it is estimated that the other party has what commitment; the market rules are generally, participate in the issue of this loss, other places can be made up, or the company before the lifting of the release of positive. All sides expand "dozen Tiger Brothers, play father and son soldiers." Citic Securities is a good relative of Citic investment. Citic Securities auto analyst Li Chunbo made two recommendations after Citic invested in the issue. November 8, 2010, Citic Securities Research Department of the Automotive Industry research Group recommended Changan Automobile, proposed overweight, the target price of 15.9 yuan.　　January 11 This year, the Citic Securities Research Department of the Automotive Industry research Group recommended Changan Automobile, again recommended overweight, the target price of 12 yuan. The report believes that after the completion of the additional project, will help the company's product upgrades and technical level to improve, thus commission medium and long-term competitiveness.　　And the company has formed a "four or eight" research and development system, independent research and development capacity building projects will further improve the company's research and development capabilities, enhance long-term competitiveness. As of January 21, 2011, a-share car plate dynamic price-to-earnings ratio of about 14 times times, of which the passenger car plate dynamic earnings ratio of about 11 times times, the commercial vehicle plate dynamic P/E ratio of about 14 times times, auto parts plate dynamic earnings ratio of about 17 times times, the entire car plate valuation level is not high. And from the big Wisdom Software, Chang ' an is less than 8 times times earnings, below the market average.　　Although Citic Investment underwriting quilt cover, but the current price, the risk is not very large. But some analysts said that most of the company's investment in the production line and core components of the expansion, it takes 5-6 years to reach production, time is too long.　　At present, the rapid growth of China's auto market has begun to fall, the market is worried about five years after the auto market overcapacity. In this case, Changan cars have been expanding around the past year. Changan automobile only in Shenzhen, Hefei and Hebei Dingzhou and Beijing base four of total investment amounted to 25 billion yuan. January 25 this year, although Changan car did not disclose the amount of specific investment, but Zhongqing revealed about 30 billion yuan, huge capacity to be released in the future.