Unfeeling announcement evaporation of tens of billions of market value Hong Airlines throw to investors six question mark

From two years ' share price soared 8 times times, to last week released the "most unfeeling announcement in history", and then to the stock price continued to fall, Hong Airlines (600316, close to 31.41 yuan) tragedy behind, not only is the investor's capital loss, but also a listed company's credit crisis.　　The chairman of the listed companies can not be trusted, the annual report of the Board of directors can not be trusted, do not let investors to inquire about gossip and rumors?　　Hong du aviation to the market too many mysteries, but the matter to now, the huge loss of the retail investors are not a claim.　　This week, in an effort to unravel the mysteries behind the Hongdu air tragedy, "Daily economic news" reporter integrated the current market focus of the most focused issues, combing out the 6 major issues, the reporter repeatedly call Hongdu aviation director of the Secret office, please answer these questions, but in the fax issued 3 days, still have not received the reply of the air.　　In two weeks, the wealth of more than 10 billion yuan has been destroyed. The 1th question what is the meaning of the Chairman's position? Last March, when Jinhong Aviation chairman Wu Fanghui publicly said: "In the reorganization of the AVIC Group Defense platform, Hongdu Aviation is the only listed company, so to give full play to the role of listed companies, participate in AVIC Group's overall strategic thinking."　　"What exactly does that mean?" For this earliest source of information, from the point of view that the market can understand, this sentence conveys 2 messages. One is that Hongdu aviation is the "conveys only one" of defensive assets.　　In other words, once the defensive assets are to be listed, Hongdu Airlines is the best choice. Second, both AVIC and Hongdu Airlines are actively operating on the ground. China aviation industry should "give full play to the role of listed companies", Hongdu Airlines to "participate in AVIC Group's overall strategic thinking."　　This suggests that the likelihood of a relevant reorganization and injection is positively considered, rather than "never considered" as described in the post announcement. It is based on this reasonable interpretation, in the subsequent days, various types of institutional research reports and media reports of the public reported that the defensive assets injected into the air of speculation, anticipation and vision. Isn't this the question that the chairman is talking about?　　If not, what does he want to say? What does the 2nd Annual report say? To undertake the chairman's statement, a year later, 2009 Annual report, the Board of Directors clearly stated: "Avic Group's 10 large plate in principle no longer carry out new IPOs, but to the existing listed companies through targeted additional, asset injection, Asset replacement and other capital operation means to achieve the overall listing of subsidiaries. As a listed company of AVIC Industry, the company is expected to become an important integration platform.　　"What does the board want to say?" From the point of view that the market can understand, 2 messages are delivered here again.　　The first is that Avic (group) also has many unlisted assets, most of which are to be listed companies, and Avic's Hong du Airways can share a piece of the pie. Second, Hongdu Aviation is expected to become an important integration platform. Although the statement here does not speak frankly what kind of assets, also did not mention "defense of the capitalProduction ", but the word" important "alone, there are many" stories "can be said. What do you call "important"? AVIC Precision Machine (002013, closing price of 40.55 Yuan) has become a platform for the integration of AVIC industrial electromechanical companies, called the importance of the St Changhe (600372, closing price of 33.78 yuan) as the overall listing platform of avionics company is also important.　　What is the important embodiment of Hongdu aviation? The 3rd question is why it is now clarified that since there are two sources of "information", there are more than 10 reports of the "China Aviation industry" injecting its defensive assets into Hong Du Airways, which includes not only the public media but also the public and private research reports of several brokerages.　　However, the announcement of the announcements came late, after the share price rose from 5 yuan to nearly 50 yuan (right of reinstatement).　　It is noteworthy that the prerequisite for this clarification, the company announced in the announcement is "against some recent media and institutions," but the actual situation is far from "recent", is far from "part" of the media and institutions. In the fifth chapter of "Information disclosure management of listed companies", the article 45th of the Disclosure Management Regulations stipulates that "the Secretary of the Board is responsible for organizing and coordinating the disclosure of information of the company, bringing together the information to be disclosed by the listed company and reporting to the Board of directors, continuing to pay attention to the media coverage of the company and actively verifying the true story.　　Since the company has made such a clarification, does it mean that the Secretary of the Board has failed to do his duty?　　4th Ask the majority of shareholders to reduce the largest beneficiaries, how to explain the announcement in the first 1 months, the large shareholder of Hongdu Airlines, the major shareholders of the aviation industry has been reduced significantly, become one of the biggest beneficiaries of the share price surge, one of the biggest beneficiaries of the injection of the expected, how the listed companies "Daily economic news" found that the reduction of the time point of the Ministry of Science and Engineering is also quite interesting. In general, shareholders will often choose to reduce the price of the day, so that one is a small impact on the stock price, one is more of the OTC funds to participate in easy to ship. and the regulation of the reduction of the air science and engineering is very different from this.　　Its reduction day is the platform of the finishing period, and once the major shareholders reduce the finished, the stock price soared. The bulletin shows that the Gongfen section of the 2 period of reduction, one is August 18 to September 9, the second is September 27.　　Judging from the trend of stock price, from August 18 to September 9, the shares of Hongdu Airlines are just on a platform, and September 9 is just the last day of the platform consolidation, and then the stock price began to soar; September 27 is also a platform for the last days of the finishing phase, in the AVIC after the reduction of the stock price rose more than 9%.　　In this respect, the market cannot help asking why the major shareholders can share the soaring feast and clarify why the notice has only appeared after the reduction. The 5th question investor loses, the responsibility is in whose share price falls sharply, really can escape is not many. Who is responsible for the loss of investors who buy from executives ' speeches and annual reports?　　are listed companies and major shareholders responsible? The publicThe first chapter of the general rules of Information disclosure regulations stipulates that "Information disclosure obligations shall be truthful, accurate, complete and timely, without false records, misleading statements or major omissions."　　"Is the chairman's remarks and the annual report in black and white a misleading statement?" Some may say that this is a reasonable vision of the company, a good expectation, not a "misleading statement." So this is not to say that the chairman of the technology companies can be said to merge the "Microsoft", a few big banks in the annual report to guess "Huijin to inject capital"? So what is the point of disclosure?　　Let investors put their imagination wings.　　On the contrary, if this is a "misleading statement", a listed company should pay for the "slip of the tongue".　　6th asked whether the new announcement caused a new confusion Hongfeng air clarification announcement to create a a A-share clarification announcement of a precedent, it is seemingly the first time to say dead. Generally speaking, clarifying announcements often leave room for the incident, according to the provisions, to "within 3 months" the next judgment on the line, no need to kill a stick.　　And Hong Air of the clarification of the announcement, a succession of "never considered", "future will not consider", "in the next few years will not" and so many "unfeeling" phrases, the market can guess any space is sealed dead. However, known as "the most unfeeling announcement in history", there are still vague places. The entire clarification announcement only denied the injection of defence assets, but did not deny that it would inject other assets.　　Is it true that as long as it does not put on the cloak of defensive assets, the possibility of capital injection exists? It is noteworthy that in a clarification announcement after the stock price has fallen continuously, the statement turns out that "as of now and within the foreseeable 3 months, there will be no significant matters relating to the company's major asset reorganization, acquisitions, divestiture, etc. that are not disclosed." Will this easing of tone bring about a new "misunderstanding"? Reasonably imagine, 3 months later, whether the Hong Aviation will inject a name not "defensive assets" important assets?