Category: Money Tips Date: 2006-09-18
Science and technology transfer molding Kunimoto equity securities referred to as a "super salesman who cheapens"
Super-salesman who cheapens
"More than 100 million of assets sold only a little Jige Yi, there is no shady to blame the" Qingdao Tengguang recent angry shareholders. He shares this point of view in various forums, have been molded to hold science and technology stock investors recognition. Molding technology is currently China's automobile bumper industry leading enterprises.
This was considered to have more than ten billion yuan worth of assets of listed companies is the molding technology shares held by 140 million yuan country equity securities. Molding technology in August last year, the disclosure of share transfer transactions claimed: proposed to hold 140 million shares of equity securities of the country yuan to 1.38 yuan per share price of transfer of Anhui Province Cereals, Oils & Foodstuffs Import & Export (Group) Corporation.
According to the current secondary market positioning of the brokerage stocks, the National yuan per share price of the securities will be far more than 10 yuan. As of January 22 closing, molding technology, the total market value of 13.9 million, which was partly intended to sell the market value of equity is 14 billion yuan, even more than the molded technology itself.
Shanghai Fang investors are especially can not understand, he felt that this "is simply a super-salesman who cheapens"!
Hold the same view, there are professional bodies of the researchers. As early as August 17 last year, the company announced the transfer of equity securities States yuan announcement the same day, Shenyin researcher Wang Zhihui immediately report writing that the seller's yuan revaluation of assets, the basis of the loss of equity, and will recommend a lower rating for the Neutral.
"In the pursuit of brokerage assets, one after another, when actually choose low-cost selling, it is bit difficult to understand." Shenyin vice director of Institute of Market Research at Kai Qian Min said.
In the first half of 2006, molding technology ready to sell equity securities to go abroad on the eve of yuan, the National Securities yuan mid-term reports have been disclosed to achieve a net profit of more than 300 million. According to transaction prices, molding technology and equivalent to four times the price-earnings ratio of about selling the assets, while the current secondary market brokerage stocks close to 70 times the price-earnings ratio.
"A few days ago at the Forum was also launched in molding technology're going to sue a major shareholder, would like to legal rights for protection of the way, back belongs to us should be the interests of minority shareholders." Tengguang said. Teng Guang, together with his friend, a total of more than 30,000 shares held by molding technology. If not for this program in the equity transfer molding technology shares may be a straight line in this round of the bull market surge - the stock price is expected to reach 10 yuan or more, rather than the current 4 yuan Chu Tou.
However, the prosecution called only in the network just complaining, in fact investors are not put into action.
Molding Technology innocence
"They blame the so-called shady no basis in fact." Evening of January 21, Cao Kebo on the phone told reporters. Cao Kebo is the chairman of molding technology.
Cao Kebo has been claimed that he himself was the minority shareholders of this super-distressed transactions considered to be regretted.
"We are a private enterprise, how can deliberately low price to sell the assets belong to our own?" Molding technology, Xu Jian, said the board secretary.
Molding technology investments, the country yuan securities have more than five years, which is five years, most of the time China's stock market bear gas filled the air, relying on Quotes to eat more brokerage industry-wide losses for four consecutive years. This investment has not brought benefits to the company, even as a provision for losses, eroded the profits of listed companies, in line with the performance of listed companies and responsible attitude, Cao Kebo already determined to sell this stake is not output the result it is --- tolerance after a cold winter, but in the spring when preparing to sell.
"I do not understand the minority shareholders to sell now, but I am also a minority shareholder yuan country, I do not know they have backdoor listing plan." Cao Kebo said. Molding technology holders of yuan 6.9% stake, is indeed the letter of the minority shareholders.
Molding technology in the interests of minority shareholders that have been infringed, while bent in the main business of the Cao Kebo big, but also because of information asymmetry consider themselves victims of small shareholders. "Everyone knows that this option will be listing a huge appreciation." Cao Kebo said.
"There has long been sold the idea of molding, they do not bullish brokerage industry." State Securities Board secretary Jiangxi Min Yuan told reporters. He further explained that the country yuan to have the possibility of backdoor listing is because of the emergence of Sinopec "selling shell" subsidiary of opportunities. This opportunity is "accidental" and not black-box operation does not sue and the small shareholders.
Minority shareholders of regret
This erroneous transactions, there have been blocked possible.
In September 2006, molding technology to convene in 2006 the first provisional shareholders meeting on matters relating to transfer of shares to vote, there are two shareholders of the scene --- the circulation of these two shareholders, the mere holding of 1890 shares in circulation, only negotiable shares --- one hundred thousandth of the total vote in favor.
Tengguang complained that: The general meeting of shareholders, and the network is not enabled voting, minority shareholders who travel long distances to the scene to vote is clearly unrealistic; Moreover, we vote no use, a major shareholder holding such a huge all of a sudden put the opposition of minority shareholders to the drowned.
Tengguang and forums on the knowledge of other shareholders to communicate before, found that many small shareholders because of bullish equity investment molding technology in the great appreciation of the potential of buying molding technology. Molding technology has not only holders of yuan securities, and also holds Jiangsu commercial banks and will be issuing and listing of the Jiangnan Water Co. stake, "who wanted to could ever want to sell the most valuable stake in, and even there will be minority shareholders agreed to? "Tengguang, asking," Management should carefully look up what the two flows of shareholders and the company has not associated with relationships. "
In fact most of the voting results for Tengguang pessimistic or fatalistic sense due to the dominance. Shares held by major shareholders far more than the number of small shareholders, no amount of small shareholders to have won and that the major shareholder, one vote decided the case in China's capital market after another.
"If the resolutions of the shareholders of the General Assembly within 60 days after the announcement, as well as shareholders rejected the resolution of this legal means, but litigation limitation period has expired." Prominent human rights lawyer Yan Yiming Securities told reporters comment on the case.
Shenyin market research Kai Qian Min, vice director of this comment is: "in accordance with the minimum requirements for listed companies to do, which only reflects the company's investor relations management gaps." He cited an example of the That is, 4 years to go before a Hong Kong listed companies, until now the company's annual report also received a printed version of the Chinese stock market, this is indeed the work of maintaining investor relations too hasty, but simply do not respect the minority shareholders .
Lose-lose
Kai Qian Min said, "in accordance with the minimum requirements to do", was not accidental: December 7, 2004, the CSRC promulgated the "public shareholders on the strengthening of a number of provisions protecting the interests of" requiring that major issues like this, Categories voting system should be introduced, and encourage the use of Internet voting approach.
However, the two methods of molding technology that did not used to the voting shareholders of low demand, leading to small and medium shareholders block the deal may have been dashed.
This is extremely rare in China's stock market, large shareholders, the conduct should give rise to its shareholders a lose-lose. If we sell 10 million less calculated, in accordance with the current molding technology in nearly three years the average annual net profit, means nearly 30 years to earn back. This is indeed a great irony: because the minority shareholders can not simply be exercising their right to vote their own damaged, while the interests of major shareholders have also been damaged.
Even if the network was used to vote, no one can guarantee that minority shareholders can actively exercise their voting right. "Small shareholders to vote too expensive, and even Internet voting, the operation is very complex, so that investors simply did not know how power is exercised, which need to improve," Kai Qian Min said, "Let's have unimpeded exercise of minority shareholders power channel, is the market's infrastructure. "
From a legal perspective point of view, this equity transfer is also defective: molding technology in the August 17, 2006 transfer of shares to disclose information, but in the preceding July 17, before we make any announcement of the situation, the company and the transferee has signed a transfer agreement.
However, the agreement was signed to now, has not been approved by China Securities Regulatory Commission, "We are also awaiting news." Sword of the company's Deputy General Manager, said Hsu.
This gives great hope of the small and medium investors, Tengguang confidently said: "I have been not to sell (the stock), because I firmly believe that the management is definitely not approve of this outrageous price of the transaction."
This may be their last straw to save the share of severely distressed assets, but also the way to help them the majority shareholder.
