Behind the shares of the Mysterious Man Whaling Sand Steel: Several buyers are located upstream and downstream of the steel industry
Release Date:2018-11-22       Number of hits:764       

Just after the Spring Festival, a mysterious case of capital operations emerged in the A-share market. Nine natural persons jointly spent nearly 4.6 billion yuan to acquire more than half of the shares of Shagang, which shocked the capital market. Moreover, the identity of these buyers is rather mysterious, and the purpose of the huge investment is also puzzling. The Beijing Commercial Daily found that many of the buyers were in the upper and lower reaches of the steel industry, which may be related to the transformation of Shagang's shares. In addition, there are also market people speculating that these buyers may have other people behind them. They are secretly speculating on the shares of Shagang in order to profit from it.
Multiple buyers up and down the steel industry
Shares in Shagang, suspended for nearly a month, were unveiled yesterday as the company announced that its controlling shareholder, Jiangsu Shagang Group Co., Ltd.(hereinafter referred to as "Shagang Group"), had sold 869 million shares. About 55.12 % of the equity was transferred to 9 natural persons at a price of 5.29 yuan/share. They were Lifeiwen, Liuzhenguang Huanglihou, Wangjiman, Li Qiang, Wangjiman, Zhuzheng, Li Xiaolu, and Jin Jie. Conversely, the nine natural persons were charged 4.596 billion yuan to acquire a 5.512 % stake in Shagang, which calculated that each person invested more than 500 million yuan on average. Obviously, this deal is not the normal natural person can do.
So, what is the origin of these nine buyers? The Beijing business daily noted that five of the buyers could be linked to capital markets. They are either executives of listed companies or the top 10 shareholders of listed companies, and many of the buyers are companies that are upstream and downstream of the steel industry.
The Beijing Commercial Daily reporter found that Lifeiwen and Xinke material Dongshilifeiwen's information coincide. He was born in 1972 and lives in Shenzhen, and Lifeiwen may be a brother relationship with Lifeilie, the actual controller of Xinke materials; Liuzhenguang is one of the actual controllers of Longyu Fuel, which directly or indirectly holds 67.01 % of Longyu Fuel; Huanglihou appeared in the 2013 half annual report of Double Star New Materials. It entered the ranks of the top ten major shareholders of Double Star New Materials with 0.1 % of its shares. Since the tenth largest shareholder of Double Star New Materials in the 2014 three-quarter report is holding 0.2 %, higher than Huanglihou's shareholding, so it is not easy to judge whether he still holds Double Star New Materials; Yanweimin and Hongqiao Group(non-executive director Weimin, age 48, Yanweimin is responsible for communication with domestic steel companies, mining companies, ports and mining construction companies in Hongqiao Group. It is also an executive director of Haitian antenna; Jin Jie, who was born in October 1971, coincided with the information of Zhong Hong's shares of Dongmijinjie.
It is worth mentioning that Longyu Fuel's main engine fuel business, Xinke Material's main copper industry and precious metal material business, Hongqiao Group's main iron and steel business ... Its industry seems to be related to the steel industry.
In response, an investment consultant speculated when he was consulted by a reporter from the Beijing Commercial Daily that "Shagang SHARES may want to further seek the integration of the industrial chain and seek transformation. The companies in which these buyers are located happen to be in this chain, which is beneficial to the company in expanding upstream procurement and downstream product sales channels. "
Whether or not there is a dispute for a concerted actor
There is another kind of speculation about the background of the nine mysterious buyers. Some analysts pointed out that the nine natural persons put up funds of up to 4.6 billion yuan. If they do not seek anything, some are not in line with the business logic, and they think that they may be a consistent action relationship.
Although in the announcement of the shares of Shagang, two intermediary services, Huaying Securities and Jincheng, both stated that the nine buyers did not have a relationship with the concerted actor, this did not eliminate the suspicion of the market. In fact, the intermediary's method of verifying whether or not it is a concerted actor is not very persuasive.
The verification method of Huaying Securities is to obtain copies of the buyer's account book and relatives 'information, and conduct interviews on whether there is a relationship between it and other equity transferees and the relationship between consistent actors. It is concluded that there is no association or consistent action between the transferees. Jincheng and Darah directly concluded that they did not have a consistent action relationship and did not have an expression of verification methods.
"The agency's verification of whether the buyer is a concerted actor does not seem to be particularly rigorous. If any traces of these nine people are found, it is not clear how the two agencies will select themselves. " said one investment banker.
A huge investment or a disguised speculation.
In fact, as far as the steel industry itself is concerned, it has been classified as backward production capacity, and the development prospects do not seem particularly clear. Moreover, the profitability of Shagang's shares in the past two years has also been worse than before. The company's annual net profit before 2011 was still about 300 million yuan, while the net profit for 2012-2014 was only 22.7 million yuan, 28.24 million yuan, and 35.56 million yuan. Only 1/10 of the previous.
So what is the purpose of the takeover party's massive attack on Shagang shares? A person familiar with the operation of capital said in consultation with a reporter from the Beijing Commercial Daily that if the counterparty is a concerted actor, then they may want to use this seemingly positive way to hype the shares of Shagang, and wait for the stock price to be raised. After reducing the cash, it will profit. In the process, some listed companies will even cooperate with some good news. In his view, Sha Gang shares today's rise and fall may also be the work of these mysterious people. 鈥淭he cost less than 20M in terms of the money that went up and down yesterday, which is easy for buyers who can come up with billions. " he said.
For the shagang group, the move also maximizes the benefits of cash, because through the transfer of equity, can be successfully reduced to profit, not only will not suppress the stock price, but also can make the stock price rise.
According to statistics from the Beijing Commercial Daily, through this reduction, Shagang Group can earn about 3 billion yuan. When it acquired these shares at the end of 2008, the cost was only 1.78 yuan per share, and the transfer price was 5.29 yuan per share. The return is about twice the cost.
In response to the market's aforementioned questions, the Beijing business newspaper yesterday called the shares of shagang for verification, but the company's phone calls have not been answered.