Category: Money tips Release Date: 2006-05-29
This is a fund management company of Société whether transfer behavior of interest controversy, in which the fund researchers and fund Company argued.
February 15, the Industrial Fund, issued an urgent notice to clarify that the February 11 Galaxy Securities Funds Research Center, Wang Qun, senior research fellow in the media on the Air, "Industrial convertible bond fund delivered a vicious benefit analysis" does not fit the facts, cause the Company's reputation has been lost, but the Fund researchers thought that the article in the analysis of inference is about right.
Mystery huge stock subscription funds
Both arguments focus on a huge sum of money of unknown origin on the money concentrated in the December 28 and quickly convertible bond fund purchase of Societe Generale.
What reason dates back to December 29, 2005, Industrial Fund announced that Societe Generale may suspend the purchase of convertible bonds, the reason is "as of December 27, 2005 Industrial convertible bonds convertible bonds held by China Merchants Bank and China Merchants Bank shares the general the market value of the ratio of total net assets of the Fund is 22.29%, in view of fund managers is expected to resume trading after China Merchants Bank net value of the Fund will have a significant impact, so I decided to suspend the purchase of convertible bonds for Societe Generale. " Industrial Convertible Bond in the three returned to normal after the transaction, purchase the business.
In an open data collation and analysis, Wang Qun aircraft to make a few questions: First, China Merchants Bank's shares and convertible bonds from December 19, 2005 began the suspension, but why choose to Societe Generale convertible bonds was suspended December 29 ? The very fact that investors who understand that the period of suspension if the underlying investments of the Fund and the Fund have the time difference between the suspension, it's very prone to arbitrage.
Second, China Merchants Bank held stock and convertible bond funds, many, why just the only one company issued notice? At present, except money market funds, short-term debt funds declined to purchase before the holiday vacation, other types of funds will not purchase a separate stop.
Third, the market half the size of partial debt funds in the fourth quarter of 2005 is to reduce, and Societe Generale convertible bonds since the establishment of fund shares have been shrinking, but why in the fourth quarter, no significant improvement in fund performance under Jing Shengou share has reached 326 million copies?
With these questions, Wang Hang Industrial Fund, according to public data were calculated, in the December 27, 2005, Societe Generale convertible bonds held by China Merchants Bank convertible bonds and stock of the total market value of the ratio of total net assets of the Fund is 22.29%, In the fourth quarter of 2005 quarterly dropped to 18.15 percent this data.
Since December 27, 2005 to 12 31 suspended between China Merchants Bank, China Merchants Bank held by the Fund so convertible bonds and stock of the total market value remains unchanged, during the Shanghai stock market composite index, bond index and the rate of increase in enterprise debt index is limited, which means that the original increase in the Fund's total net worth is also limited, in this case, only the increase in the total size of the fund it could lead to strokes and lines of convertible bonds and stock of the total market value of the proportion of total fund net decrease of 4.14% in just four days.
Subsequently, the Industrial Fund, acknowledged in a public notice, "in December 28, 2005, Industrial convertible bond funds took place 11 pen institutional and individual investors purchase, purchase a total value of 451.5065 million yuan, accounting for the funds before the Fund's total net worth 28%, and these requisitions have occurred in 3:00 before. "
It is also a huge purchase of these funds in the next few days to grab the net of convertible bonds soared Societe Generale investment opportunities, from December 28, 2005 to January 2006 and 5, despite the Societe Generale has ceased to purchase convertible bonds However, the fund net but never rose to 1.0189 yuan a 1.0394 yuan, an increase of 0.0205 yuan.
Well, this just right there where the 450 million is funded with the fund companies have no relationship? This also enabled the Fund to researchers and fund the reasons for this difference?
451 million yuan large amount of money available?
Fund researcher said that this coincidence of a large-scale purchase, there is definitely behind the suspected transfer of benefits, while the Industrial Fund's explanation is: This sum would be 11 behind the customers and companies do not have any interest, and because of this purchase, before the behavior occurred in the subscription notice , fund managers have no legitimate reason to refuse the normal investor purchase.
If you can not refuse to properly purchase, as the Fund's Awkwardness is the stock reform concept stocks in the stock reform and the Fund to suspend the stock suspension is not synchronized, leading to arbitrage opportunities arise.
Above, not only in the convertible bond investment in China Merchants Bank Societe Generale shares and convertible bonds will occur, may also be changed in the stock in the future continue to occur.
It is this huge purchase 11 consecutive pen to fund a sober moment, so Industrial Fund, said: "In order to prevent the continuation of a huge purchase and continue diluting the interests of fund holders, the company December 28 an emergency to the SFC submitted a" Societe Generale convertible bond fund on the purchase application for suspension "." It is reported that the same day the application was granted before the 5 pm, and effective. As a result, Industrial Fund also consider themselves to suspend purchase, in full compliance with laws, regulations and fund the contract.
However, even if the legal process without flaws, December 27, 2005 held by Societe Generale before the holders of convertible bond fund losses have taken place in reality, according to Wang Qun route calculation, due to purchase a huge amount of money, or at least the original convertible bonds led to Societe Generale fund holders reduced earnings by 15% or so.
After a successful arbitrage, which 451 million yuan of funds where to go? Fund researcher shows that this is money whether it is associated with the company one of the factors, but the Industrial Fund "is not not do the fund within a specified time-scale changes in disclosure" did not give a clear reply.
If this part of the funds in the January 5, 2006 Industrial purchase of convertible bonds to resume normal business exit (January 5, 2006 to resume the normal subscription business, and restore the share transfer), then less than 10 days may obtain these arbitrage funds 2% of the profit space, if the holders of the January 11, due to the accumulated net value of convertible bonds Societe Generale has reached 1.0991 yuan, an increase of 6%, a huge money to purchase more room.
At this point, some in the industry have questioned whether Societe Generale fund did not exist even if the transfer of benefits, but even if the fund does not invest in shares of the Fund to change the situation encountered stock analysis and make the right judgments, until the funds had suffered losses after the interests of investors to take some measures to passive , fund companies should not refrain from acting on such holders of appropriate compensation to the fund?
In addition, December 27, 2005, Societe Generale convertible bonds held by China Merchants Bank shares and convertible bonds accounted for the fund total market value of the ratio of the net assets of 22.29%, so that a high percentage of holders of a stock to avoid the risks?
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