In February 2011, Sifangda (300179, stocks), which was listed on the GEM, was only listed for one month, and there was a phenomenon of a quarterly report. This article has disclosed the reasons for the decline in the company's performance in the article "Sifangda: "Listing Fees Behind the Sudden Performance". According to a recent investigation by the reporter, the eight institutions including the fund, brokerage, and trust that suddenly surged into the quarterly report, except for the two funds, did not participate in the offline inquiry declaration before the company went public. Instead, they concentrated on raising funds in just one and a half months after the listing. Previously, some market participants believed that the rapid establishment of positions by various agencies was “emphasizing the development prospects of the company in the field of domestic super-hard composite materialsâ€, but the key issue is that if you choose to buy because you are optimistic about the fundamentals, why have you not been happy before? Under the net purchase, after all, buying at the issue price is more "cost-effective." There are indications that the motives are not so simple. The performance of “changing face†institutions grabbed the 2011 report, Sifangda realized a total operating income of 25.13 million yuan, an increase of 17.15%; net profit attributable to shareholders of listed companies was 3.058 million yuan, down 56.78% year-on-year; product gross profit margin decreased by 8.4 year-on-year. Percentage points. In addition to the decline in product gross profit, the surge in the three expenses is the "culprit" that really lowers the company's first-quarter results. This article has analyzed the “listing expenses†of the company for nearly 5 million yuan in the article “Sifangda: “Listing expenses†behind the sudden decline in performance†and pointed out that “although the company included these expenses in the first quarter profit and loss, There is no problem in operation, but some listed companies will reflect these expenses in the annual report instead of the quarterly report. This method makes it difficult for the outside world to clearly know the specific cost direction and amount." Although the Quartet has achieved a quarterly report performance" Changed face, but in the company's top ten tradable shareholders, there are a large number of institutions. The reporter saw that except for Liaoning Aihai Talc Co., Ltd. and Beijing Dehe Investment Co., Ltd., which are ranked ninth and tenth, the top eight tradable shareholders are institutions, and the fund occupies five of them. Among them, Xingquan Organic Growth Fund, Penghua China 50 (160605, Fund Bar) Fund and Fuguo Tianrui (100022, Fund Bar) strong regional funds ranked the top three, holding 1.3 million shares, 1.197 million shares and 86.05 Ten thousand shares. In addition, TEDA Manulife Value-Optimized Fund and Penghua's other fund-selling preferred holdings of 595,300 shares and 500,000 shares, respectively, Shenyin Wanguo, Everbright Securities (601788, shares) and China Resources SZITIC Trust Products Also shortlisted in the top ten. The above-mentioned eight institutions collectively held 4.63 million shares of Sifangda, accounting for 35% of the company's current tradable share capital. It is worth noting that within one and a half months, Sifangda was listed on February 15th, and the institutions that entered the company’s top ten tradable shareholders have participated in the company except Xingquan Organic Growth and Fuguo Tianrui. In addition to the inquiry declaration, other institutions did not participate at all. According to public information, Sifangda has an issue price of 24.75 yuan/share and issued 20 million shares, of which 4 million shares are placed under the net, accounting for 20% of the issued quantity. As of January 24, the company's lead underwriters received a preliminary inquiry declaration information of 69 placement objects uniformly declared by 52 inquiry objects through the electronic platform issued by the Shenzhen Stock Exchange. Among the 15 funds declared, In addition to Xingquan organic growth of 26.10 yuan of inquiry price to purchase 4 million shares, and Fuguo Tianrui strong to buy 320 shares of 26.5 yuan, Penghua's two funds, as well as TEDA Manulife value optimization did not participate in the inquiry. Among the objects that were finally put on the placement, the fund was only allocated 800,000 shares in the strong region of the rich country Tianrui. As a brokerage research report pointed out, "Sifangda is a leading enterprise of domestic polycrystalline diamonds and products, in the middle and lower reaches of the synthetic diamond industry chain, with high gross profit margin, and after the company's fund-raising projects are put into production, the compound growth in the next two years will be achieved. It is expected to be more than 60%." Some insiders interpret the rapid establishment of the organization as "emphasizing the company's future development prospects", but an analyst who did not want to be named told reporters, "If it is a good view of the company's future development, the organization It is going to actively participate in offline inquiry and placement. Many good companies will increase their stock prices once they are listed, which makes it difficult to get such cheap chips as the issue price.†The reporter also saw that Sifangda went public. After the opening of the first day, the price of 30.02 yuan was set, and all the way up, eventually closed at 32.75 yuan, higher than the issue price of 32.32%. In the following two months, the company's share price has been consolidating, but it has not broken like other GEM companies. The phenomenon. Based on the average price of the quarterly average of 32.31 yuan in the first quarter, the agency's cost of opening a warehouse is also about this price, which is still 30% higher than the issue price. “I am willing to pay a high cost to open a position, perhaps another hidden situation.†A private equity person in Shenzhen said that “if the stocks placed under the net are subject to many restrictions such as time, it is not excluded that these institutions will only open positions after listing. Considering the cost of time, it is not intended to be held for a long time, but to do it as soon as possible." According to the relevant regulations, the allocated shares of the placing object will be listed for circulation for three months from the date of listing, and will pass through the secondary market. There are no such restrictions on the stocks you buy. If the analysis is as follows, the organization is only short-selling. Under the unfavorable factors such as the poor performance of Sifangda, the selling pressure of the organization will undoubtedly increase, and this will definitely hit the company's stock price. Moreover, the three-month lock-up period for the placement target has arrived, and the possibility that the company's share price will fall will not be ruled out. Sifangda top ten unrestricted tradable shareholders shareholding table 1: Sifangda shareholder name (full name) Number of shares held by unrestricted shares (shares) Industrial Bank (601166, shares) Co., Ltd. - Xingquan organic growth Flexible allocation of hybrid securities investment funds 1,300,153 Bank of Communications (601328, stock bar) - Penghua China 50 open-end securities investment fund 1,197,910 Agricultural Bank of China - Fuguo Tianrui strong area selected mixed open-end securities investment fund 860,455 Bank of Communications - TEDA Manulife Value-optimized growth industry securities investment fund 591,280 Industrial and Commercial Bank of China-Penghua Consumer Preferred Stock Securities Investment Fund 499,881 Shenyin Wanguo Securities Co., Ltd. 416,845 Everbright Securities-ICBC-Guangda Sunshine Emerging Industry Collective Asset Management Plan 407,089 China Resources SZ Trust Co., Ltd.-Boao 2 Securities Investment Trust Scheme 360,068 Liaoning Aihai Talc Co., Ltd. 301,533 Beijing Dehe Investment Co., Ltd. 300,000
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