Why the Changjiang securities was hacked by the Black mystery man Yuan securities Shenyang

Why is the Changjiang securities black? The mysterious person national Yuan Securities (000728) Shenyang attack, South GF Fund Retreat financing. Buy。 Sell。 Underwriting。 Hit the plate? Behind？ Conspiracy？　　Motivation？ Changjiang Securities (000783.　　SZ) "Additional Door" event, a scene of thrilling drama.　　Financial weekly reporter Tracking exclusive informed, account in the State yuan securities mysterious natural person, make full use of margin margin lever, with 80 million pry move 114 million, and constantly collect the Yangtze River securities chips, the final choice in March 3, the Yangtze River Securities auction Time "attack".　　Finally, the Yangtze securities 7.6 billion financing dream dashed, the actual financing amount is less than the original plan of 1/3.　　The National tracking mystery person, lock Yuan Shenyang March 4 Yangtze River Securities suspension of public offerings, but the accident after a trading day close, so far so that the issuer of the Yangtze River Securities and sponsors Oriental securities. March 3 14:57, set bidding time. Compared to the continuous bidding "price priority time Priority", the collection bid to use a certain price to get the maximum turnover. Close, the two sides accidentally found that the Yangtze River Securities stock was a 88554-hand low price cast a single nail at 12 yuan/share.　　The price is significantly lower than the Yangtze River Securities in the second day of 12.67 Yuan/shares of the public additional price. At that time, the Yangtze River Securities public offerings into a dilemma.　　As a result of the contract agreement, the Yangtze River, the east can only stick to continue to issue. This newspaper preliminary find mysterious person hit disk path. Since February 28, the Yangtze River Securities financing balance mentioned 172.2 million yuan, the day of financing to buy up to 82.18 million yuan.　　Since March 1, 2nd, the Yangtze River Securities financing balance is 196.57 million yuan and 194.42 million yuan respectively. March 3 is the Yangtze River Securities business day before, the Yangtze River Securities margin trading details, the financing balance of the figure has been significantly reduced to 79.14 million yuan.　　According to the formula of financing balance, the amount of the Changjiang Securities financing account was reduced by 120.71 million Yuan March 3.　　As the financing account buys Changjiang Securities, Changjiang securities stock prices are still high, according to the first three trading days of the Yangtze River Securities average price of 12.9 yuan/share calculation, the day's financing account selling the Yangtze River Securities shares about 9.36 million shares, taking into account the small reduction of other accounts, this part of the sell-off happened to hit the plate with 8.85 million shares match.　　Financing 114 million by leveraging strong hit stock price 8.85 million shares, 12.9 yuan per share, used to hit the disk as high as 114 million yuan.　　According to the Yangtze River Securities additional project sponsor Oriental Securities revealed that the mysterious person opened in the National Yuan Securities, borrow margin margin account "manipulation" of the Yangtze River Securities. National Yuan Securities senior personage to this newspaper confirms, "The Yangtze River securities last moment smashed the customer, is the National Yuan Securities Shenyang Business Department of a large." "But the yuan people believe that this is the customer's own market behavior." "I personally understand that the client throws is worth judging." Because of the March 1 Industrial Securities (601377) annual report disclosed that the performance of the decline of more than 30%, this customer expected not optimisticBrokerage stocks, coupled with the Yangtze River Securities to be suspended for a longer period of time, he was unsure of future stock prices, so choose to sell. "Why do you choose to close a collection of auction time for sale?" In this respect, the above analysis, the customer is also the last minute to know that the Yangtze River Securities to suspend business, and the duplicate card is not said. "It's definitely not a conspiracy!"　　Despite many efforts, the reporter finally failed to contact the mystery man interview. How did the mystery man succeed? For example, to buy the Changjiang Securities in the Bank of China securities the conversion rate of the securities in the Yangtze River is 90%, and the benchmark margin ratio of national securities financing is 60%, according to the "single standard securities financing buy margin ratio =1+ The ratio of the benchmark security, the conversion rate of the underlying securities" calculation,　　The ratio of the Yangtze River Securities financing to buy margin should be 1+0.6-0.9=0.7. That is to say, every 70 yuan deposit, can melt to 100 yuan capital. Applied to the mysterious people to buy the Yangtze River Securities example, the mystery man only pay about 80 million yuan (= 114 million x0.7), less than 114 million.　　According to the financing margin trading method, if the mysterious person has tradable negotiable securities, can also be in accordance with a certain discount rate of cash, so that the cash pressure will be reduced a lot. The doubt is that, even though the mystery man adopted the margin trading, the collection bid to the Yangtze River stock price to 12 yuan/share low, still can not keep themselves from losses.　　Buying at a high price and selling at a low price are confusing.　　Based on this, Oriental Securities and the Yangtze River Securities related people to the newspaper that this behavior has been suspected of manipulating market prices, the east and the Yangtze River's reputation caused great damage, they have applied for regulatory authorities to check. Although the east and the Yangtze River strict investigation of the case's appeal is very strong, but there are market participants pointed out, "strict investigation of the story is very necessary, but the additional failure, the east and the Yangtze River from their own body looking for reasons."　　"Oriental sponsor of the Yangtze River, both sides are capital markets," the elderly, but the sewer capsized, by a mysterious natural person stirred havoc. The former four major shareholders without a subscription, the Southern GF Fund was scared off the eastern securities were forced to underwrite 110 million shares, from the pocket nearly 1.4 billion yuan. In this part of the issuance of shares, Oriental Securities "was speak listed" Changjiang Securities, the sixth largest shareholder.　　Only in accordance with the relevant laws and regulations of equity companies, Oriental Securities in the Yangtze River Securities, still do not have any voting rights. And people familiar with the matter said that the Yangtze River securities before the four major shareholders are not involved in the issue, Haier Investment, Hubei Energy (000883), Hoi hin shares (600851), Jinjiang shares (600754) have been away.　　Even if the equity dilution, the big four shareholders at the expense. Oriental Securities explained, "whether shareholders choose to subscribe to additional is their freedom, each shareholder has its own point of view." May not be optimistic about this point of time, may be just on account of no money. But the reporter hears another kind of explanation: March 8 3 o'clock in the afternoon, this reporter receives the mysterious man telephone to explode the material, the man said: "Changjiang Securities big shareholder does not participate inThe main reason is the contradiction between the shareholders of the Yangtze River Securities and the management, and the shareholders have no actual control over the Changjiang securities. "It is said that there is not only a huge contradiction between shareholders and management, but also the contradictions between chairman Hu Yungi and former president Li Geping." Last year at the end of the management transition, Li Geping failed to be re-elected, but to the Yangtze River Securities subsidiary of the Connaught Fund as Chairman, is a good example. "(More information, see the current issue of Financial Weekly) the Yangtze River securities accidentally smashed plate, also smashed a lot of interested to participate in the issuance of institutional customers. According to our understanding, the Yangtze River Securities issue, although there are Credit Suisse, KA Real, Silver Schroeder participated in the issue of subscription, but also well-known large institutions such as the south, Guangdong, China investment UBS and other funds temporary exit.　　According to the disclosure, the Yangtze River Securities Roadshow, the south, such as Guangdong has expressed a strong interest, but March 3, the Yangtze River securities were smashed the accident, let them hesitate, eventually failed to participate in the issue. March 9, the Yangtze River Securities issue results show that the net under the distribution ratio is 100%.　　Among them, the network issued a total of 2 institutions to subscribe, they are Shen Group finance Company and BOC sustained growth Equity fund, respectively, the purchase of 4 million shares and 12 million shares. Oriental Securities to find large shareholder Shen Group come to help not difficult to understand, after all, Shen Group is the largest shareholder of Oriental securities, can not see the subsidiary into trouble.　　But for the Chinese bank fund to buy 12 million shares of the Yangtze River Securities and subscription prices above the market price of 5%, many CDI expressed their doubts. Knowingly have the risk still insist on buying, is it suspected of profit transfer? Is there a scientific decision-making process for the subscription issue?　　Many CDI puzzled. The Bank of China fund to reply to this Reporter: "Under the background of the gradual improvement of brokerage business environment in securities industry, the development of space for investment bank business, the accelerated development of innovation business and internationalization, and the securities industry being at the bottom of relative valuation, the BOC fund is optimistic about the investment value of the financial sector including brokerages; Consistent with the company's value investment philosophy, strict adherence to the company's strict investment process management, is through repeated analysis and research, field research, carefully screened, prudent investment decisions. Even if the answer to this, there are still relevant people to reporters, the Bank of China fund history rarely configured securities company production, "and many listed brokerages, than the Yangtze River Securities outstanding investment Standard, the Bank of China fund This explanation is too general not convincing."　　"Additional losses, the Yangtze River test is still in the back of the Yangtze River securities issuance of many changes, but it is worth" gratified "is that the Yangtze River Recovery license was unexpectedly trading day. March 9 on the first day, the Yangtze River Securities opened in the nail at 12.68 yuan/share, the entire trading period of the Yangtze River Securities have been stable at 12.67 yuan/share above, this price is the Yangtze River Securities open additional prices.　　The day closed, the Yangtze River Securities closed on the trading board of 13.20 yuan/share. In this respect, some investors have questioned the price manipulation-for some specific agencies to ship, to find someone to pull the price, coverThe guards fled. In response to the two-tier market price problem, the Yangtze River Securities media PR People explained to reporters, "This is the market price, the Changjiang securities did not deliberately bidding."　　"On the Yangtze River Securities in the issuance of 11 yuan/shares up to 13 yuan/share, the person also only explained is" the market rose and the stock exchange of red-plate.　　The Yangtze River Securities complex licensing day, three institutions to sell a large number of Yangtze River Securities, impressively in the Yangtze River securities a Wuhan sales department.　　In the buying ranks, in addition to two seats, there are Guotai Beijing Spring Road, Zhejiang Merchants Securities Shenzhen Qiao Xiang Road and Guotai Beijing Jinrongjie (000402) Three sales department, especially to Guotai Beijing Spring Road Sales Department buy the most, buy the amount of 45.39 million yuan. March 11 Close, the Yangtze River Securities stock price of 12.66 yuan, below the additional price of 1 cents, the stock price "upside down." At this time, the Yangtze River Securities issued 200 million shares are still not in circulation. The real test of the Changjiang Securities, and the sponsors ' Oriental securities, is still behind us. Responsible Editor: NF058