Yangtze River Securities encounter smashed Pan Oriental securities were dumplings?

Chunkai black for three minutes. March 3 15 o'clock in the afternoon, the Yangtze River Securities (12.00,0.00,0.00%) 600 million A-share issue online roadshow began on time, Changjiang Securities Chairman Hu Yungi, Dong Secretary Xu Jinwen and Underwriters Oriental Securities,　　Yangtze River Securities Underwriting Co., Ltd. finished in charge of the director, such as road show guests began to exchange with investors on the internet issues. Just a few minutes ago, something that was embarrassing about the scene happened.　　Transaction details show that March 3 15 o'clock in the afternoon, the last three minutes of the Shenzhen market auction stage, a sum of 8.8554 million shares to 12 yuan of the price of the deal, the close of its close to 12 yuan, and three minutes before the auction, the Yangtze River securities price or 12.75 yuan. This makes the IPO price of 12.67 yuan in the Yangtze River securities public offerings into embarrassment.　　According to its prospectus disclosed on the schedule, March 4, is the Yangtze River Securities public offerings online, the net purchase date, the stock from this date suspension. "In this case, the [underwriter] will not be paid for the Oriental securities."　　"A Southern brokerage, a Non-bank financial researcher March 3 This incident with this reporter a joke." "The obvious smash is that there should be a body that wants to come in. "Another financial industry researcher at a mid-sized brokerage is more serious about this. Its reporter analysis that the Yangtze River securities this public offering, the original shareholder priority subscription rights, "if the share price is not hit below the additional price, the original shareholders are enthusiastically subscribed, the new organization may not be able to come in." "For the end of the encounter hit disk break, March 3 afternoon, vice president of the Yangtze River Securities, Dong Xu Jinwen in the online roadshow response," First, the company's overall development of good, normal operating conditions. Second, the company's stock tail trading abnormal, the company and sponsor agencies have reported to the relevant departments.　　"It also said that the additional issue will be carried out as planned."　　Who's doing Huangding? The Yangtze River Securities proposed to open more than 600 million shares, the additional price of 12.67 yuan, for the prospectus announced March 2, 2011 (T-2nd) The first 20 trading days of the Yangtze River Securities stock Average price, is expected to raise funds up to 7.6 billion yuan, the issue of the original shareholders to take the priority of placing and online,　　The distribution of pricing under the net is carried out in a combined manner.　　According to the distribution arrangement, net, online purchase time for March 4, the Yangtze River Securities stocks from 4th to suspend, to March 9 issued the results of the announcement of a duplicate.　　Since the Yangtze River Securities announced in January 2011, the open issue was approved, its share price shocks upward. Change in the blink of an.　　In the last trading day before the additional purchase, March 3, run smoothly throughout the day to maintain in the additional price of 12.67 yuan on the Yangtze River Securities, in the wake of "black three minutes", the last three minutes of the Shenzhen market auction stage, a close to 90,000 hand large single hit plate, its share price "smashed" in 12 yuan.　　As a result, the Yangtze River Securities in the purchase of the eve announcement break. Meanwhile, executives and underwriters of the Changjiang Securities, which are performing roadshow, are embarrassed. A crowdInvestors in the online issue of doubt, "additional can be carried out?"　　"On this, March 3 afternoon, vice president of the Yangtze River Securities, Dong Xu Jinwen in the online roadshow response said that the end of the different trend of the relevant departments report, the additional will be Ann planned."　　In addition, the speculation about who smashed the plate and why it crashed was followed.　　There is news that, because of operating loss of subsidiaries, Hai Xin shares (11.27,-0.13,-1.14%) did not have sufficient cash to participate in the Yangtze River Securities issue subscription, as the Yangtze River Securities, one of the original shareholders of the shares of the sea is thus hit the "suspect".　　A strong "corroboration" is, the previous January 27, 2011, Hoi Hin shares had a notice, the board of Directors to instruct its operating team in accordance with the price of not less than 12 yuan to sell 20 million shares of Yangtze River Securities. In this respect, March 3, a brokerage financial industry researcher said to our correspondent, "the original shareholder participation in public offerings priority subscription, is voluntary rather than mandatory, no money can not play, did not hit a plate of anger, this logic is not." "Its further analysis, the Yangtze River Securities in the open issue, the proportion of the original shareholder priority to subscribe too large," if not to hit the price below the additional price, the original shareholders are enthusiastically subscribed, the new body may not be able to come in. In other words, the mechanism is likely to be bullish on the Yangtze River Securities hope to borrow the opportunity to take a big stake in the institution. "Additional prospectuses show that this issue will give priority to the original shareholders of the company." "The largest shareholder of the company may, according to its equity registration Day March 3, 2011 (T-1st) After the closing of the number of registered shares, in accordance with the proportion of 10:2.75 to exercise the preemptive right, that is, the maximum priority to subscribe to 597,089,305 shares, accounting for the issuance of the maximum number of 99.51%.　　"Oriental securities are wrapped in dumplings?"　　The break is the Yangtze River Securities, "tragedy" may be Oriental securities. The prospectus shows that the IPO will be underwritten by the underwriting group, which is the lead underwriter of Oriental Securities.　　And the other main underwriter-Changjiang Securities subsidiary of the Yangtze River Securities Underwriting Co., Ltd. is only to sell the way underwriting.　　In addition, the Yangtze Securities has previously indicated that some of the original shareholders intend to participate in the subscription.　　Now the situation is that, from the rational person to assume that the purchase on the eve of a break in the Yangtze River Securities, the original shareholders to participate in the subscription motive has disappeared. "If there are any stocks that cannot be sold, they are naturally smashed into the hands of Oriental securities."　　"There are senior market participants to" be wrapped dumplings "to describe the current situation of Oriental securities. In extreme cases, Oriental securities have to use more than 7 billion of the money to get a stake in the hands of the additional shares.　　And the shareholding of 600 million shares will make Oriental securities surpass the current largest shareholder of the Changjiang Securities Qingdao Haier (31.09,1.30,4.36%) Investment and Development Co., Ltd. 349 million of the shareholding and leaped to the top shareholder position.　　However, according to the logic of one of the medium-sized brokerage researchers, the hit is a bullish on the Yangtze River Securities institutions for a large stake in the bad, Oriental securities may not be too pessimistic. Moreover, interestingly,The same medium-sized brokerage, Oriental Securities if the Yangtze River securities underwriting and out-of-pocket, will appear to take money for rivals to develop innovative business financing "friendly" situation.