129788454834062500_50Liu Yiqian retreat with% share of 1 billion gamble yellow beam-outs on a dream
"Currently on the outs of capital operation, I don't know, but the investment, I believe it will be a long-term process. "A year ago, when Liu Yiqian holding a 1 billion spent a stake the same share (600
tera power leveling,100. SH), told reporters in our ears, but now, their fate seems to have with the share will draw a full stop in a few months ago. 411th
tera gold, with the share of 2011 annual report, annual revenues $ 20.96 billion, net profit of 707 million dollars, up growth and 15%, respectively. With share, increase in investment income is the primary cause of the changes in the performance of the company. Annual report, non-recurring profit and loss of the company in the year 587 million dollars, up $ 299 million increase, mainly held by Bai15.466% per cent stake involved in the reorganization of access to radio and TV information (600,637. SH) shares traded financial assets recognized as fair value gains. At the end of 2011, with shares in the 2010 annual report also rank second shareholder of "corporate unit" Liu Yiqian King, but is not associated with increased revenue. 2011 annual report shows, stopEnd of zhidang, Liu Yiqian has disappeared from the top shareholder of the company, and the tenth-largest circulation Golden Eagle component stocks preferred fund shareholders hold only 6 million shares. This means that, after the share dividends in 2011, holding up to 100 million shares of Liu Yiqian or clearance before the end of 2011. In mid-October 2010, Liu Yiqian and confident about the prospects of shares, but areHave high hopes of this investment, eventually was defeated by rebuke of capital market for many years, he "shares". "Outs" into a yellow beam scale Super billions of public fund a dream even if I am afraid it is difficult to spend $ 1 billion to buy a unit, while Liu Yiqian dare to gamble. April 28, 2010, with the share of announcement, shareholders held by Tsinghua holdings intends to open the transfer of 50 millionUnit date accepted quotation. On May 11, announcement of the transferee, Liu Yiqian access to the shares at $ 21/share. In October 2010, relevant departments of the State approval, agreed that their infinite circulation sales conditions above 50 million shares of stock. After cost $ 1.05 billion, Liu 5.03% equity shares of two shareholders. 2010-OctoberWang, Wu, Yuan 20-23 shares have hovered, and once even fell to $ 19.73, which makes the share transfer has not yet formally to the home they have form paper losses. "$ 21 per share price is a bit high. "At this moment, Shanghai private persons familiar with Liu Yiqian admitted to reporters. Then, Liu Yiqian using 1.05 billion heavily stakes with the courage to share whatCome again? "Investment shares a large part of the reason is really fancy it outs of concepts. "Transfer agreement granted the same day, Liu Yiqian explained when interviewed by reporters. In early April 2010, there came the relevant regulators issued messages of a listed company may spin off subsidiaries listed on the growth enterprise market, with the shares are treated as "outs first." Notice when the unitSays, "companies working on related policies and guidelines, assessment of national key encouraged development of owns independent intellectual property rights in areas of high technology and environmental protection, water supply, building energy-saving and other energy-saving emission reduction areas inside and outside the business feasibility of splitting, according to this development programme of the controlling shares of subsidiaries which outs. "Although Liu Yiqian on that point to the" outs "investment concept confidentBut the policy is gradually changing. The end of March 2010, SFC staff, "said explicitly allowed" inside the spin off subsidiaries of listed companies to listing on the gem, but need to meet the six criteria. In September the same year, the person said, in principle, the gem "not encouraging" split listed, only the Board some large enterprises that meet a specific condition, they may apply for gem splitListing. In November, the regulator said, "strictly grasping" spin off subsidiaries of listed companies to listing on the gem. Within a few months, progressively more strict policy attitudes. In 2011, the once hot markets have generated "outs" concept as the attitude of the regulators changes as the clouds, with the share split plan rocks, November 2010, has climbed from $ 31.57Shares fell down. As of now, with stock-outs there was no news, introduced in May 2011 10-10 $ 1 a share dividend ex-dividend, on April 12, 2012, the unit for only $ 9.69. Liu Yiqian emergency clearance even though Liu Yiqian end of 2010 it has learned that huge investment or "outs" concept into waist, but because of its Super5%, six months must be locked before trading in the secondary market, or all of their income company-owned, also Liu Yiqian difficult to sell in a timely manner. June 27, 2011, wait for the finished implementing the same share of the above high-dividend increase and its shares six locks after the lifting on a regular basis, Liu Yiqian couldn't wait to start clearance operations. Announcements show that day, Liu Yiqian sold 800,000 units�� "Liu Yiqian sold 800,000 units are intentionally only at this time. "These private told a press conference, after the songgu, Liu Yiqian reduction of first trace of 100 million shares, is to avoid the policy red line, prepared for after large-scale selling. After you complete the reduction of mentioned above, Liu Yiqian with shares held by 5.03% per cent per cent of its total share capital, "to avoidAbout reduction of 5% shareholders holding more than required to disclose in a timely manner ". Sure enough, 2011 third quarter, Liu Yiqian began mass reduction. Share 2011 three quarterly shows, Liu Yiqian reduction of a total of 47.31 million shares in the period, at the end of September of that year, it holds only 51.89 million shares, 2.61% per cent of the total share capital, from slide two shareholders to the third.2011 four seasons, more than 50 million shares held by Liu Yiqian and his column totally disappear in the top ten shareholders.
Prices for clearance sale by time period, Liu Yiqian to invest heavily in the same% share does not seem to bring to his expected return on investment. With the party after the shares ex-rights, Liu Yiqian investment cost of about $ 10.45. On June 27, 2011, the reduction of Liu DiHighest price of the day is only $ 10.67; third quarter of 2011, the unit price only $ 9.4, high-touch $ 11.47, research on low $ 7.78. 2011 quarter, the Unit continued to fall, up to $ 10.46, minimum is only $ 6.97, average price of about $ 8.5. This means that, as calculated by the reduction of the average prices for the period, Liu Yiqian 1.05 billion yuan investmentFinancing, even with the $ 5 million cash dividends (before tax), its book assets of less than $ 900 million. "According to the relevant shares, no less likely to be lost. "These private persons admitted, although Liu's cost is $ 21/share (before the ex-dividend), but coupled with the investment team's human costs, transaction costs, such as cost
tera gold, time, and in its share of the investment cost of $ 23/Share, about $ 11.5 per share after the ex-dividend.
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