In the sharp correction in 2004 after profit distribution programmes, Sany heavy industry yesterday on the share-trading reform pilot programmes make an important change: increased circulation shareholder compensation shares, raise the non-trading stock listing flow threshold. This quick and efficient market support in the other three pilot enterprises share price-contusion, Sany heavy industry's share price on $ 20 again, closing up over 2%. The industry believes that, in the extremely depressed market atmosphere, Sany heavy industry increased reduction threshold, to market a relatively positive signals. According to the Sany heavy industry's latest on the price of the programme, the circulation of shareholders every 10 shares-shares will receive 3.5 shares and 8 Yuan in cash, as compared with the previous programme for every 10 shares increased 0.5 unit, cash consideration. Under this programme, Sany heavy industry non-negotiable shares shareholders to pay the shareholders a total circulation of 21 million shares of stock and cash consideration of $ 4800. Additionally, for big shareholder holding, Sany heavy industry of the controlling shareholder of three a group co., Ltd. is also the original commitments, based on additional commitments, expressed only in meet both conditions may only be listed transactions sold non-negotiable shares: one is the Sany heavy industry equity division reform programme for the implementation of the first trading day following the expiration of 24 months or more; the second is from the share-trading reform programme in place, any of the five consecutive trading day company secondary market stock closing price reached $ 19. Previously, Sany heavy industry has on the 2004 annual profit distribution proposal and capital reserve increase equity programmes conducted a major adjustment: the original developed for every 10 shares were converted into 5 shares of $ 1, adjusted for every 10 shares were converted into 10 unit 2 element.
A bit reluctant to disclose names of institutional investors think, Sany heavy industry to modify the programme, to the stock market has brought a few positive signal: on the one hand, the company said after the modification is "Exchange with small and medium-sized investors and all non-negotiable shareholder proposals", this indicates that to fund-based large organizations have started to share-trading reform really play an important role in the spread of equity division reform pilot is expected to pass non-circulation of shareholders and circulation of shareholders game market parties, consultations, a possible balance in favour of the public investor. On the other hand, Sany heavy industry is not actually modify the pilot programme for the first time, the first active adjustment is done by modifying the 2004 plans for profit distribution, this time the pilot programme of direct modification, to the market with a good head, which is listed as previously stated, the circulation of shareholders take it or not, they still have room for negotiation. Sany heavy industry University shareholders changed the second reform package and the establishment of selling high threshold behavior, contribute to the gradual transformation of the market expected, i.e., equity division reform will continue to improve, continuous improvement, continuous flow towards the protection of the interests of shareholders.
Market analysts, three a group holdings stock threshold elevation, on the General market trend has a positive effect. From the moment, the current market after sharp decline has an inherent requirement of the rebound. At this point the Sany adjusted equity division reform pilot programmes, although not considered policy signal, but on the market, can have positive expectations. Especially for the $ 19 behind unit standards will improve their management of listed companies forced to enhance performance, reduce the impact on the secondary market.
Some securities analysts told reporters that from Sany on pilot programme of repeated modifications can be seen, funds and other institutional investors in the shareholder structure of game play a more important role. Market is generally called for in the second batch of pilot companies should join representative of blue-chip enterprises, such companies may allow the pilot the pilot programmes towards more conducive to public investors, small and medium-sized investors Fund of blue-chip bin distributer might perhaps be optimistic is expected.
However, in the Fund and other institutional investors in a widespread view that the Fund to stocks led market fell and the share-trading reform, regardless of the specific programme, representing a decrease of roots, a macro-economic background, including macroeconomic regulation and raw material price increases, and other factors that enable investors in listed companies are expected to have a fundamental change. The second is the current share-trading reform to market has brought a lot of uncertainty, such as how long the reform, there is no compensation for the bottom line, will not be good for the company is not willing to pay the price, the difference of company desperately to realize full circulation, etc. Some funds company believes that the effects of significant shareholder structure, rules of uncertainty, asymmetric information, leading investors to reform expected uncertainty. Sany heavy industry such programmes to fine-tune individual companies, does not contribute to the overall market of the real turning point.
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