Xin new shares rumors behind: Major shareholders close four-round market reduction of 12% equity

Xin new shares continue to talk about restructuring behind: Major shareholders 25 months close to four rounds of stock market reduction of 12% stake-our correspondent Wang Xiaoyu May 5, 2008, Xin IPO Bulletin shows that the annual report and a quarterly report, the company holding large shareholder Jiangxi Xin Jiang Industrial Co., Ltd. (hereinafter referred to as "Xin Jiang Industrial" Immediately in a week through the two-tier market again reduce the near 1.7 million of the shares, accounting for 0.9% of total equity.　　Thus, the letter Jiang Industrial 25 months to reduce the total number of new shares have reached Xin 12% of total equity. In addition, the results show that Xin new shares last year, a huge loss of 139.3623 million yuan, down 1752.51% year-on-year, the first quarter of this year continued to lose money, the number of-17.5615 million yuan. On the one hand is the large shareholder's substantial reduction and performance huge loss, on the other hand, the two-tier market on the company's stock is still climbing, and many times to become the Jiangxi Plate lead the stock.　　So, what's wrong with Xin Xin?　　Which is the big shareholder's tireless reduction?　　This more than two years, Xin new shares continue to spread the reorganization of the news, but the people are puzzled by the big shareholders seize four rounds of the market to continue to take this reduction. February 6, 2007, the largest shareholder letter Jiang Industrial first release of the unit to obtain the right to circulate, a total of 6.25 million shares. Since the right to circulation to April 11, 2007, through a number of transactions, the letter Jiang Industrial in the two-tier market is a total of 6.1193 million shares, in total equity accounted for 4.91%, very close to the original commitment of major shareholders: less than 5% a year reduction. During this period, the share price rose from 4.31 to 6.71 yuan.　　In the following May 9, 2007, the company released a message clarifying that there is no real estate acquisition concept. May 23, 2008, Xin Jiang Industrial second batch of the lifting of the stock market. Prior to the May 16, the company expressed interest in the reorganization of the Shanghai Sino-State AG. But the news before the announcement of the stock price has soared, the lifting shares fell all the way since the listing, at the end of June 2008 hit the bottom 5.81 yuan after the rebound, to July 22, reached the highest price of 7.99 yuan.　　And the letter Jiang Industrial also on 22nd, "precision" reduction of 110,700 shares. October 10, 2008, Xin new shares issued a notice, said the reorganization of the suspension, share prices all the way down.　　November 4 at the bottom of 2.02 yuan, the stock price rebounded to the letter Jiang Industrial commitment to reduce the lowest price, November 14 to December 18, the letter Jiang Industrial and while the stock price in the high hover when the reduction of 3.41 million shares. February 2008 to the present 3 months, Xin new shares rose all the way, from a small fluctuation of 3.04 yuan and rose so far, the highest price of nearly 10 months, 6.25 yuan. In the meantime, Xin new shares constantly outgoing reorganization news, and large shareholder letter Jiang Industrial is also continuously reduce.　　Within three months, the stake was reduced by about 10.4 million copies, accounting for about 5.55% of total equity. Puzzling mode of operation for the 08 's huge losses and a quarterly loss, the company said that the four quarter copper price of the huge fall in this led to wire production and sales price upside down, downstream electrical and mechanical industry exports led to the lineThe impact of external factors such as the extended impact of material demand decline. "The enameled wire industry does suffer a slump," said an analyst at Shanghai securities firm. Before the end of last year, rising copper prices led to a decline in the gross margin of enameled wire. But since the end of last year, copper prices have fallen sharply, enameled wire gross margin should be increased. "According to the enameled wire industry leading enterprises of the fine Tatsu shares (600577. SH) in 08 and 09, although the revenues of the company's shares fell by 67%, its gross profit margin rose from 5.77% to 9.14%.　　And the new shares, its gross margin has slipped from 6.77% to 18.77%, puzzling. May 11, 2009, Xin Xin New shares of general manager Mr. Xu Fei said: "As the main raw materials of copper, its price falls on the listed companies and adverse, in fact, the price of copper rose for the company is beneficial." At a low point to buy copper, as copper prices rise, product prices. The model used in the industry is either locking prices or hedging, but hedging is too difficult to do. "According to the data, Xin Xin shares in 2007 for copper hedging, and paid more than 2.7 million of the margin, but for the benefit did not mention.　　08 seems to have been a failure, not mentioned in the annual report. "Because the industry's raw materials accounted for a large proportion of copper, enameled wire is generally used to lock the price," said an executive at the company's stake in the securities daily. In the negotiations with customers, the general will be determined in advance copper prices and sales prices, even if the copper price down, but also to the greatest extent to ensure the benefits. The senior executive also said that the world's enameled wire industry is the most used in this way. The above industry analyst also said: "The price model of enameled wire is generally by the Shanghai Futures exchange at a certain point of time (or over a period) of electrolytic copper prices plus product processing fees constitute. "Then, Xin Xin shares of the operation why not the way to lock prices, its hedging is still in progress, or losses too much?"　　It's impossible to know.　　How to continue to operate in the future?　　According to the annual report of Xin Xin shares, the audit agency, Guangdong Davad law accounting firm, gives a report of non-standard opinions with emphasis and points out that there is uncertainty about the company's ability to operate continuously. March 11, 2008, the reporter contacted the audit Xin IPO Annual report of the auditor, Ms. Ding Li. "Our comments have been made clear in the annual report and we do not accept media interviews," she said. and suggested that the reporter with Xin xin new shares of Dong secret contact.　　But as of press day, I have not been able to contact Mr. Dong Hung Qiuhui. The industry analysts said: "Enameled wire industry threshold is low, the industry competition is fierce, profit space is getting smaller." And Xin new shares of sales and market share is not big, do not have the industry leader, the future does exist doubt. And another to do the enameled wire of the listed company Icecrown Chase (600067. SH) An insider also admits: "Although the company's enameled wire is good, in the industry ranked top three, but because the profit is too thin, theWith the original transformation to do real estate. Now the company to real estate, enameled wire for the double main business, although now the real estate encounter adjustment period, but the profit is far higher than the thin wire of the meager profits.　　In addition, according to the annual report of Icecrown Chase: Market research results are 2009 domestic demand for enameled wire will still fall by 20% to 30%, so the market competition will be increasingly fierce, enameled wire industry, the level of gross profit will be increasingly low, enameled wire industry situation is extremely strict. Plus, last year, the company has thrown a reorganization plan, although later halfway, but in the performance of the huge losses and industry recession expectations, the stock bar in the new shares of the reorganization of the voice of more and more high. 　　BYD, Taiwan's Sintra and other companies have become a hot topic of discussion.　　Will xin new shares be restructured? "There is no reorganization," said Mr Xu Fei, general manager of Xin Xin's shares. Many companies have talked to us, but most of them have called and consulted, so far there has been no substantial progress. "One Jiangxi insider said, in the recent Jiangxi listed companies in a meeting, Xin Xin new shares of a high-level has publicly said:" Big shareholders do not want to sell shell. Xin Xin new shares of a staff in the phone also asked reporters: "The company's stock price so high, do you think it is a good time to restructure?"　　"But surprisingly, at the same time, such as the first securities and other securities companies have in the near period of time to send a message to customers: Xin new shares have restructuring expectations, the proposal to buy!"　　Xin new shares in the two-tier market is also really "elated", in the past 3 months, the stock price has risen, from 3.04 to 6.25 yuan. And Xin new shares of the big shareholder letter Jiang Industrial also took the opportunity to sell out.　　Since February this year, the frequent reduction, its share-holding shares of about 10.4 million copies, in total equity accounted for about 5.55%. The explanation for the frequent reduction of large shareholders over the past 3 months seems to be more intriguing: "Large shareholder letter Jiang Industry to sell a large share of listed companies, the reason is that a listed company's profitability is not strong, large shareholders are not optimistic; the company's stock price is too high, Selling shares also has the effect of stabilizing share prices. "Why do you want to tame stock prices and pave the road for restructuring?" If not restructured, how will the company operate in the future? Reporters will follow up on the report. Xu Fei, general manager of Xin Xin, said: "The reorganization is more a matter for the big shareholder to consider." Our current idea is to be based on industry, strengthen business, look for external cooperation. ”