Western mining industry to sell to foreign shareholders

Once by Goldman Sachs and a number of institutions, but now reduced to "the most meat non-ferrous metals in history," the Western Mining (601168) has recently been hit, the two major shareholders in the past few months, the total reduction of 57.44 million shares in the company.　　Market participants said that without Goldman's "golden Shield" and complex restructuring issues, the company's shares were feared to continue to sell. Large and small not to sell the Western mining industry yesterday issued a notice, the company's shareholders Newmargin and Shanghai joint Venture (Newmargin and Shanghai joint venture constitute a concerted action), respectively, from October 22, 2009 to July 22, 2010,　　From April 24, 2009 to July 22, 2010 A total reduction of 57.44 million shares of the company's shares, accounting for the total number of shares issued 2.41%. According to the exchange's public data, the two shareholders have been reducing their holdings since the lifting of the stock ban.　　August 6, 2009, the company issued a notice that from March 2009 to August, the company's founder shareholder Newmargin a total of 15.71 million shares of the company, and August 2009 just for the company's shares last year's peak. In addition to Newmargin and Shanghai, the most striking concern should be Goldman's high-profile investment in western mining and the rush to retreat. July 2007 Western Mining landed a A-shares, listed after the highest price to 68 yuan, Goldman Sachs holding cost of only 0.34 yuan, book floating surplus nearly 200 times times.　　But Goldman then began to sell, and by 2009 it disclosed that Goldman had withdrawn from the top ten shareholders in circulation. Decline in performance to become a mystery "the decline in performance is feared to be the Western mining industry repeatedly reduced the important factor." "A brokerage analyst said that when Goldman Sachs and major shareholders on a massive reduction, coincided with the global financial crisis, the Western mining industry in 2007 profits from the annual profit of 1.743 billion yuan reduced to 557 million yuan.　　But with the recovery of the global economy in 2009, Western Mining 2009-year performance has not significantly improved, 2009 company net profit compared to 2008 only less than 8%, compared to other lead-zinc ore and copper listed enterprises in the general rise of more than 50% of the net profit is not good performance, which makes large shareholders to reduce their willingness to more strongly.　　Another important reason for the continued sell-off of Western mining by major shareholders is the large number of problems caused by the restructuring, making Goldman Sachs and Newmargin and other foreign shareholders feel that corporate governance seems too complex and confusing to sprout back, according to an analyst who has long tracked western mining. People familiar with the situation said that the Western mining laid-off workers accounted for more than 30% of the proportion of all staff. In addition, many leaders are laymen, but executive salaries account for 50% of the company's annual profits.　　The company has put forward a "competitive position" system, but this system finally became an internal fighting tool. The former "Pearl" today to "discard shoes" compared to the current frequent encounter large holdings, the company's stock is also known as "The history of the most meat of non-ferrous metals stocks." The first of Western miningA-share market, but is another "Zhongxingpengyue" scene. July 12, 2007, known as "China's mining Pearl" and "King of resources" of the Western Mining Grand listing, which is Goldman Sachs, the first listed company PE equity investment case.　　The company's share price in the "Goldman Sachs halo" shining all the way, from its offering price of 13.48 yuan/share rose to 68.50 yuan/share. "Goldman Sachs is a big game in the next set of global layout."　　Liu Shuirong, a researcher at the Tsinghua Foundation, said Goldman Sachs is buying mining stocks on the one hand and pushing up metal prices in the International futures market, and then selling mining stocks at a time when the price of metal futures reaches a high point, thus making huge profits. "The Western mining industry is just a piece of Goldman Sachs, of course, when the value of the" eye ", when the game is finished, of course, ' abandon the same. "Liu Shuirong said.