People who eat melons have moved their stools, Vanke has reported its major shareholder!
For more information, please download Wind Information Financial TerminalAPP
Source: Comprehensive report by Hong Kong Wind News Agency
Vanke A resumed trading for 12 days, and its market value evaporated by 80 billion yuan. The stock price encountered Waterloo and was close to 17 yuan. Baoneng Group has 9 asset management plans7 A quilt was trapped, and one of the asset management plan closing lines has been penetrated. Faced with Vanke’s sudden report, Baoneng Asset Management may be in fatal risk!
Baoneng Firewire self-rescue. Caixin said that Baoneng replenished the margin for Taixin No. 1 Asset Management Plan after the market closed on July 19. Vanke A closed at 17.43 yuan per share that day, falling below the warning line of Taixin No. 1 Asset Management Plan.
html On the evening of July 19, Vanke Enterprise Co., Ltd. issued a "Report on the Investigation and Punishment of Illegal and Violations of Jushenghua and the Related Asset Management Plans It Controls" to the China Securities Regulatory Commission, the Securities Investment Fund Industry Association, and the Shenzhen Stock Exchange. , submitted by the Shenzhen Supervision Bureau of the China Securities Regulatory Commission.reported that Vanke conducted a preliminary investigation into Jushenghua and the nine asset management plans it controlled, stated the suspected violations it discovered one by one, and implored the regulatory authorities to initiate verification and punish the verified violations. Investigate.
Those who supported Vanke, those who questioned Vanke, and the audience were in an uproar.
After reading this picture, you will instantly understand Vanke’s 9,000-word report letter
Vanke’s 9,000-word report details the “eight sins” of Baoneng Asset Management Plan:
Nine asset management plans did not follow the concerted action person format Require full disclosure.
The nine asset management plan contracts and supplementary agreements were not stored as documents for reference by the listed company, and there were major omissions in the disclosed contract terms.
Nine asset management plans violate laws and regulations related to asset management business and are illegal "channel" businesses.
Jushenghua is suspected of illegally using the accounts of nine asset management plans to engage in securities transactions.
Nine asset management plans are suspected of illegally engaging in stock financing business.
Jiu Asset Management Plan’s transfer of voting rights to Jushenghua lacks legal basis and does not meet the legal prerequisites for transferring voting rights.
Nine asset management plans are suspected of harming the rights and interests of small and medium-sized shareholders. Jushenghua is suspected of using information advantages and financial advantages to influence the stock price with the help of multiple accounts it controls. Jushenghua is suspected of using nine asset management plans to increase the stock price, providing Qianhai with Life conveys benefits.
did not indicate the risk of stock lock-up caused by raising a sign, which may cause damage to priority principals.
Image source: DT Finance
Vanke A resumed trading for 12 days, and its total market value evaporated by 80 billion yuan
Since Vanke resumed trading for 12 days, its stock price has been falling. On Tuesday (July 19), it closed at 17.11 yuan per share, down 1.84%, and the transaction The volume was 1.795 billion yuan, and the turnover rate was 1.68%. This is the lowest closing price achieved by Vanke A since the resumption of trading on July 4. Calculated based on the closing price of 24.43 yuan per share and 11 billion total share capital on December 18, 2015 before the suspension, Vanke A fell in just 12 days. Nearly 30%, the total market value has evaporated by more than 80 billion yuan.
Among them, the one with the biggest loss in market value is the major shareholder "Baoneng Department". Vanke's 2015 annual report shows that the Baoneng Group held a total of 2.6814 billion shares of Vanke A before the resumption of trading. Based on this calculation, the value of this shareholding in the past 12 days has shrunk by 19.63 billion yuan; in addition, the Baoneng Group once held a total of 2.6814 billion shares from July 5 to July 7. During the period of March 6, the asset management plan increased its holdings of 78.3923 million Vanke A shares in the secondary market. As of the close of trading on the 19th, the market value of this part had shrunk by a total of 211 million yuan. Including the shares held before the resumption of trading and the new shares held, the market value of Baoneng has shrunk by nearly 20 billion yuan.
Baoneng Asset Management’s liquidation alarm sounded
Since Vanke A resumed trading, its stock price has continued to fall. According to the equity change statement previously disclosed by Vanke A, the Baoneng Department previously spent a total of 20.77 billion yuan. The Baoneng Department held 1.098 billion shares of Vanke A through 9 asset management plans, accounting for 9.95% of Vanke's total share capital. Among the 20.77 billion yuan of funds, Jushenghua used 6.923 billion yuan of its own funds, while the other 13.846 billion yuan was leveraged by leveraged funds, with a leverage ratio of 1:2.
Wind information statistics show that compared with the closing price on the 19th (17.11 yuan), Baoneng Group has bought 7 of the 9 asset management plans of Vanke.There are currently two asset management plans that are still profitable for the time being, namely AXA No. 1 and No. 2 managed by Southern Capital. The average share prices of these two asset management plans are around 16.31 yuan and 16.83 yuan. However, judging from Vanke’s recent Judging from the trend, it is also in danger.
Guangju No. 2 was bought unexpectedly at the high point before Vanke A was suspended last year. Calculated according to the closing line of 0.8, the current closing line has been broken through . Guangju No. 2 was established on December 14, 2015. The time for buying Vanke A stock was between December 9, 2015 and December 18, 2015. The trading price range was 20.03 yuan/share-24.43 yuan/share. A total of 1.3999 billion yuan was spent to buy 63.4659 million shares of Vanke A stock, with the cost price of the position being 22.06 yuan per share. In addition to Guangju No. 2, the risks of Taixin No. 1 and Jinyu No. 1 are also not small.
Vanke A closed at 17.43 yuan per share on the 18th, falling below the warning line of Taixin No. 1 asset management plan. was frozen for 12 months due to the related asset management plan. Therefore, after the close of the day, Bao, as an inferior customer, You can only choose to supplement the margin. According to Caixin reports, Baoneng has replenished the margin for the Taixin No. 1 asset management plan.
It is worth noting that the total scale of the nine asset management plans is 23.625 billion yuan. After deducting the 20.8 billion yuan that has been used, still has 2.825 billion yuan of funds available for covering positions. However, although Guangju No. 2, with a scale of 3 billion yuan, only used 1.4 billion yuan, according to industry sources, the cost of holding Guangju No. 2 positions was too high, and the remaining 1.6 billion funds were no longer allowed to be used. This means that the total funds of the nine asset management plans have almost been exhausted.
Under normal circumstances, after the net value of the asset management plan falls below the warning line, investors are required to add additional funds. If they are unable to add funds within the specified time, they will face the risk of reducing or liquidating their positions. Once the share price of Vanke's A shares reaches the liquidation line of each asset management plan, the manager will perform forced liquidation and stop loss.
Dilemma: Can the position be closed during the lock-in period?
21 Century Economic Report stated that According to the "Securities Law" and the "Measures for the Administration of Acquisitions of Listed Companies", in the acquisition of a listed company, the acquirer's shares shall not be transferred within 12 months after the acquisition is completed. According to the regulations of the China Securities Regulatory Commission, investors who acquire shares of a listed company and become the largest shareholder but hold less than 30% of the shares must also abide by this regulation. This means that the nine asset management plans are acting in concert with Jushenghua (Jushenghua has signed supplementary agreements with the managers of each asset management plan, and the voting rights during the duration of the asset management plan clearly belong to Jushenghua, becoming Acting in concert), those holding Vanke A shares need to be locked up for a corresponding period of 12 months, and cannot be sold until at least July 2017.
During the lock-in period, can the nine major asset management plans close positions and stop losses? Many people in the banking, securities and fund industries are quite controversial.
Market analysts believe that it is not ruled out that China Resources, Anbang, and even Vanke's business partner plans will also start to sell Vanke's A shares. Then, the stock price may fall to the warning line and liquidation line of each asset management plan. As a result, Jushenghua The investment of inferior clients will face huge losses.
If Jushenghua does not have sufficient funds to replenish the funds by then, the managers of the nine asset management plans may terminate the concerted action relationship with Jushenghua from the perspective of maintaining priority clients and ensuring the safety of bank financial products, so as to Can unlock holdings and force liquidation and stop loss.
Where will Vanke A’s share price go?
According to China Business News, it is reported that China Construction Bank has given up its capital allocation business with Baoneng, and another joint-stock bank also said that after last year's cooperative asset management plan, it will not carry out any business cooperation this year.
In view of the "protracted" equity dispute, many investment banks such as Goldman Sachs, Macquarie, and Credit Suisse have lowered the target price of Vanke A.
Goldman Sachs reiterated Vanke's A "sell" rating, believing that its valuation is on the high side, and set a 12-month target price of 5.6 yuan/share . Credit Suisse lowered the target price of Vanke A to 0.1 yuan/share . Macquarie downgraded Vanke's rating from "outperform" to "neutral" and cut the target price by 27% to 6.78 yuan to reflect the high valuation caused by higher execution risks and operational risks. The feud between senior executives and major shareholders China Resources and Baoneng will weaken the company's financial and business stability.
Your complaints and forwarding are the driving force for us to move forward!
