Both stocks fell off their all-time lows because of recent troubles.
Yangtze Power held an extraordinary general meeting of shareholders in mid-September last month and approved the plan to acquire six units of underground power stations owned by the major shareholder Yangtze Three Gorges Corporation.
According to this plan, Yangtze Power will cost 12 billion yuan and will achieve a net profit of 960,000 yuan per year after it is put into operation, increasing earnings per share by 0.0058 cents.
This acquisition plan triggered a strong reaction from the market as soon as it came out.
On the one hand, securities firms believe that the acquisition can bring into play the synergistic benefits of Yangtze Power, and they have increased their holdings and recommended ratings on Gaiguo.
But on the other hand, small and medium-sized shareholders are extremely dissatisfied. Before the acquisition plan was exposed, almost no one thought that the final purchase price of this asset, which would generate an average annual power generation of 3.511 billion KWh after it was put into operation, would only be 960,000 yuan. The sky-high price of 12 billion yuan is required, and the payment is real money.
Regardless of whether the cost method or the income method is used to estimate, more than 80% of the acquisitions are acquired at a high premium. Faced with such a result, investors exclaimed that they could not understand why they could judge a premium of more than 80%?
It is conceivable that small and medium-sized investors must be extremely dissatisfied with this, believing that the high premium harms Yangtze Power and their own interests.
Some investors even said bluntly in the comment area of the stock forum that such a generous move was obviously a straightforward transfer of benefits. Because the acquisition price is too high but the room for profit growth is limited, investors believe that it involves the transfer of interests.
Institutional investors are also running away in various ways. As of June 30, 2009, 113 institutions held shares in Yangtze Power, holding a total of 847 million shares, accounting for 17.25% of the outstanding shares. However, as of the second quarter of this year According to the data, the number of institutional holdings dropped to 91, holding 480 million shares, accounting for 6.51% of the circulating shares. Within two years, the number of institutional holdings dropped by 60%.
The performance of Yangtze Power's stock price in the secondary market is quite ugly, and it continues to fall. Therefore, major shareholders have to increase their holdings to protect the market to prevent the stock price from plummeting and selling at low prices. They do not want the stock price to be too low, but its trend performance is not satisfactory. As expected.
The continuous increase of holdings by major shareholders does not mean that the stock price will improve in the short term. It can only mean that the major shareholders believe that the company's stock price is lower than the company's actual value, and its performance in the secondary market is not good. On the one hand, the stock market itself is very poor; The precipitation in the third quarter of this year was also very poor. On the other hand, the country also issued a document on the Three Gorges, paying attention to the impact of water conservancy on the ecological environment.
However, other institutions are running away. However, Qunxing Capital has implemented a "people give up and I take" operation. In the recent period, it has purchased five times through bidding, increasing its holdings to 558 million shares at an average price of 6.32 yuan per share. The total investment so far has exceeded 3.5 billion yuan.
The current number of shares held by Qunxing Capital has exceeded the total shareholding scale of the other 91 institutions. The number of 558 million shares accounts for 7.59% of the circulating shares, or the total share capital ratio is 3.38%, and will continue to increase further. hold.
Now the third quarter report has begun. Although the stock price of Yangtze Power is weak, its performance this year is only unsatisfactory. In the first half of the year, the company achieved power generation of 39.084 billion kWh, a year-on-year increase of +6.46%. From a historical perspective, the third quarter The quarterly flood season has the greatest impact on the full-year performance, but poor water flow during the third quarter of this year had a greater impact on Yangtze Power's performance.
But these are not problems. Qunxing Capital now has a lot of cash flow, and it is difficult to spend it. This stock has fallen to the bottom of history and cannot fall anymore, because the major shareholders are doing their best, and Qunxing Capital is also actively following up. , holding assets to preserve and increase their value.
Relatively speaking, the performance of Yangtze Electric Power is quite good. When compared with the stock of BYD, it is really terrible. It highlights that there is no harm without comparison. BYD's market value has dropped from its high point. It has evaporated by more than -85% and landed on the A-share market on June 30 this year. It has only been about three months since it was listed on the Big A.
In the early days of listing, out of Wulianyang, the stock price rushed to 35.55 yuan, nearly double the issue price.
But today the stock further reached a new low of 17.40 yuan. Although it closed up +3.16% and the stock price was locked at 18.60 yuan, closing above the issue price, it has fallen from its high point in the three months since its listing. The trend of halving still makes many investors shudder.
BYD's market value has evaporated by more than 40 billion. At the beginning of the month, 15 million institutional placement shares were lifted. However, judging from the current closing price, funds and insurance funds have been busy in vain.
Data shows that the 15 million restricted shares are currently held by 11 institutional investors, including Guodu Securities’ proprietary market, as well as five insurance products of Kangtai Life and China Construction Bank’s enterprise annuity plan, Xingquan Trend Investment, and Xingquan Convertible. Bond and Xingquan organically grew three public funds.
BYD was listed on the A-share market, but Qunxingzi did not intervene in the A-share market. Instead, it intervened in the H-share market like last time. The last time was during the first quarter of 2009, when it first intervened in the stock. However, at that time, the highest price was only bought. 100 million shares have not passed the sign-raising line, and the average share price is around HK$15.
The last time the shareholding did not exceed the 5% standard, it was because he wanted to run away. Fang Hong knew that this shareholding would collapse this year. In the market market in 2009, BYD's stock price soared above 88 yuan. , Qunxing Capital made a profit of 4.5 times after withdrawing above the price in 80, taking away billions of profits in a gorgeous retreat.
Shareholders also sparked heated discussions. During BYD's raging bull market in 2009, the most hotly debated issue among investors was Buffett's purchase of BYD at a price of HK$8 per share in September 2008. Di bought 225 million shares, and then the stock price soared to 88 yuan, a tenfold increase. Investors said that Buffett was worthy of being a stock god.
At present, BYD's stock price has evaporated by more than -85%. It has increased tenfold before and Buffett is still holding shares. Investors have said that Buffett is old and confused!
However, according to the trend of Fang Hong's previous life, when BYD's stock price rose to 80 yuan again, Buffett continued to hold shares. Investors said that Buffett was indeed a stock god, and when the stock price plummeted to 33 yuan again, Buffett remained If he didn't move, investors said Buffett was out of his mind.
Ten years later, BYD's stock price rose to more than 270 yuan, and investors said that Buffett was really a stock god. At that time, the stock god had already sold the stock, and then it soared to above 333 yuan. Buffett continued to sell, and investors He decisively bought and shouted for value investment, saying that Buffett only knows how to buy bank stocks and does not understand new energy at all.
Now, after BYD's stock price plummeted, investors on the one hand dissed Buffett's confusion, but at the same time they increasingly admired Qunxing Capital for accurately escaping from the top. They all said that Qunxing was the god of investment because Qunxing Capital had successfully invested in Biyadi. Di withdrew above the price of 80 yuan and made a lot of money.
It is precisely because of this series of strong achievements that the recent news that Qunxing Capital has entered the A-share market has triggered a large number of investors to follow up, and their confidence has also increased a lot.
…
The next morning, around eight o'clock, the morning pre-market information in the capital market was flooded with a message. The news was that Qunxing Capital had raised its bid for BYD, and its H-share holdings had reached 118 million.
Moreover, Qunxing Capital's announcement stated that it will still choose opportunities to increase its holdings in the stock in the next 12 months.
All major market software is also pushing this news, and investors' attention to this stock has soared.
Qunxing Capital made billions in BYD last time, and now it's back. Now everyone firmly believes that BYD's stock price is really at the bottom, because it has evaporated more than -85% from its historical high. The market value and valuation are definitely not high, and the A-share market has just broken in the past two days.
The most important thing is that this time Stars Capital intervened again and actually raised their cards, but they did not raise their cards last time.
Some people who got involved in the stock yesterday were ecstatic.
…
(End of chapter)
