In the previous two trading days we can see that the number of blank sides in 4.53 element launched fierce fighting, and just yesterday, G Baosteel since the unit into the first closing 4.53 $, although not large shareholders, no food, the end result may not be pessimistic, but since that time, including extensive control of G armor plate failed to remind all participants in the market, how to design the unit into the former more scientific, can prevent speculative? in the unit into how clever and effective after stable share price? if you do not have sufficient preparation and supporting measures, only use large shareholders own force may be difficult to resist all risks, including substantial shareholders own moral hazard.
But in the final analysis, how to really build up small and medium-sized investors on stock reform programme.
Baoshan steel shares changed yesterday G for the first time after accepting to 4.53 element under large shareholder funds still adequate
In very large shareholder power, two days after the G Baosteel (600019.SH) or did not withstand the tremendous market, throw pressure yesterday officially fell below $ 4.53 holdings of price undertakings. Market analysts believe that the commitment of Baosteel G price in the holdings of the funds of the rapid fall of May and shareholder of Baosteel Group conversion of nursing trays.
Yesterday, G $ 4.53 Baosteel in opening after the prices only to pay millions of shares, and the first two days at the price of four million units accumulated great pay, force quite the undertaking price was in sharp contrast. Throw in a huge market, then press the share price fell again and again. The unit was last to closing, $ 4.46 4.53 Yuan pledge 1.55% decline in the price.
"This case clearly shows that in an open, Baosteel Group will take the initiative to give up its original vocation of policy, but adopted a more flexible policy every low intake. "Beijing first placed senior analyst Meng Qing to the business news," said, "because it is below the prices below $ 4.53, still have obvious millions of shares of a fixed pay. ”
"This kind of thinking changes may also be controlled from the G wide (600098.SH), a unit of disk rapid-fail protection. "Meng Qing to explaining that, in the huge pressure of throwing up, if the undertaking price died, will only incur greater throw pressure, because the prices in the market to know how many left single Baosteel Group will accept according to the order. But if you step back initiative to give up, because there is not enough to pay the Bill at the bottom will have nothing to fear of restricting throw single. "But at this point in throwing up a relatively small, the use of existing funds for slight push up in terms of attracting eyeballs or firm market market confidence, clearly more than dead-stock price. ”
According to his estimation, in the first batch of 20 billion capital holdings, Ltd., Baosteel Group currently in the hands there are 10 billion.
For commitments to increase prices fell, G Baosteel Board Office a bit staff told reporters that it belongs to the market, the company will not comment. At the same time, she also clearly points: "one is the Baosteel Group will firmly adhere to the commitment and the corresponding price following will continue to increase; and second, will include the institutions as well as ordinary investors reflect the opinions submitted to the group leader. "For now has received funds from, what kind of feedback, the officer did not disclose.
Big chenglan chip sound Fund of funds Manager Wang together with the British that fell below $ 4.53 price, and the original holdings co., Ltd., Baosteel Group's commitments and not contradictory. "Commitment is clearly lower than the prices will start holdings co., Ltd., Baosteel Group and does not guarantee that the holdings of the prices in the course of action will not be broken, these are two totally different concept. ”
To this end, deding investment Zhu chengyu you hold a different view. In his view, no matter how it is, including the supplementary Baosteel, G holdings terms introduced to the market's choice of investors maximum signal is "committed to price = guaranteed prices", this is beyond doubt. It is precisely because of this signal, only to a certain extent, enhances the confidence of the stock market, while also making part of the company in direct payment to the relatively small proportion of the price, the programme can obtain the consent of the shareholder in circulation. "So, at this point in the buying price fell later was not a concept without too much sense. ”
Zhu chengyu pointed out that the number of shares to the company persistently breaks holdings, in particular, the price is ranked Baosteel also temporarily G, which makes future unit into the company's "the terms" on the market to increase the attractiveness of sharply, which will soon spread of comprehensive stock reform will undoubtedly influence the formation of some.
These people are of the view that in the present context, if future listed companies in the unit package also has holdings in the additional terms appear, choose what suits the company's stock price stabilization measures than simple holdings and holdings of capital even more important. "Warrants and preset holdings of price stability used for stock prices may be more feasible. "Zhu chengyu deems.
Related links
28 June, equity division reform statement, shareholder Shanghai promise: to safeguard the interests of investors, to avoid irrational Baosteel AG stock price fluctuations, in AG shareholders via share-trading reform programmes after two months, such as Bao Steel AG's stock price is below $ 4.53 per share, Shanghai will input not exceeding 20 million of capital through the stock was set to auction trading holdings of Baosteel public shares.
July 30, President, Shanghai in the holdings of Baosteel co., Ltd. to further the public commitment letter "Unit mentioned that these holdings is committed to share reform programme after the adoption of two months will continue in force unless the Baosteel Corp stock price no lower than $ 4.53 per share or $ 2 billion in funds run out. At the same time further commitments in these two months after the expiration of six months, such as Baosteel's stock price is below $ 4.53 per share will then input not exceeding 20 million plus the first two months of 20 billion of funds that have not been used parts (if any) to holdings, unless the stock price
That is not less than $ 4.53 per share or such funds run out.
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