Lu Dong is the chairman of a private enterprise in the eastern coastal area, and he has made a lot of profits in the listing of Industrial Bank because he holds the legal person shares of Industrial Bank (61166). Knowing from the marrow, Lu Dong bought a part of legal person shares of China Everbright Bank in 27, with a view to achieving high returns after the listing of China Everbright Bank.
In p>27, China's capital market hit record highs, the valuation of financial stocks rose, and the trading of legal person stocks was extremely active. The legal person share transaction of China Everbright Bank is just a sample under the financial stock boom in 27. However, the particularity of China Everbright Bank is that due to the financial restructuring, China Everbright Bank has not published annual reports for three consecutive years, and the buyers of legal person shares simply cannot know the fundamental information such as their assets and operations. It was not until May this year that China Everbright Bank disclosed its annual report for 25-27.
However, this does not prevent the transfer price of legal person shares of China Everbright Bank from hitting record highs, reaching a maximum of 8 yuan per share. In the absence of fundamental information, the transfer of legal person shares eventually evolved into a "stupid" game in which the blind touch the elephant.
Lack of fundamental information
In April p>27, Shanghai Oriental International Commodity Auction Company (hereinafter referred to as "Dongfang Guopai") hosted an equity auction of China Everbright Bank. The auction target was 33 million legal person shares of China Everbright Bank held by Pinggao Group. At that time, the auction reserve price was 3 yuan per share.
"We don't provide any financial information of China Everbright Bank, and China Everbright Bank has not published an annual report for three years." At that time, a person from Dongfang Guopai told reporters.
When the reporter questioned this reserve price, the person said, "Go and read the newspaper. The reorganization of Everbright is a foregone conclusion, and Huijin will come in soon. This price is only low."
"We know that the transfer price of the market agreement is 3.5 per share to 3.6 yuan, and some interested investors have quoted us privately. There are several companies going out to 4 yuan, and the highest one is from 4.2 yuan." The person continued.
It is under the expectation of the restructuring of China Everbright Bank that the legal person share trading of China Everbright Bank is quite active. According to the annual report of China Everbright Bank, there were 28 equity transfers in 27, and a considerable part of them were transferred to Fang Shimin Investment Company.
The auction price has hit record highs
In fact, before April 27, the legal person shares of China Everbright Bank had been traded below 2 yuan. In November 26, ST Jinhua (68.SH) transferred 4,79,32 shares of China Everbright Bank to Buffett Investment Company at a price of 1.4 yuan per share.
At the end of p>26, the Shanghai Composite Index rose from 1,163 points at the beginning of the year to 2,675 points, and the valuation of banking stocks also rose. Affected by the high valuation of bank stocks and the clear reorganization of China Everbright Bank, the transaction price gradually rose. In December 26, Aucma (6336) auctioned 38.72 million legal person shares at a price of about 1.7 yuan per share. In January 27, S Jisheng (6893.SH) transferred its 16.94 million legal person shares by auction, and the price rose to 1.9 yuan per share.
In the auction held by Dongfang Guopai in April of that year, 33 million shares were split into three lots of 11 million shares each. The final auction price is 5 yuan per share. Since this auction, there has been no offer lower than that of 5 yuan per share.
In mid-June, 27, Xiamen Jianchang Real Estate Company (hereinafter referred to as "Xiamen Jianchang") advertised to transfer its 7,253,3 legal person shares of China Everbright Bank at a reference price of 7 yuan per share.
On June 2th, Tang Shuangning, Vice Chairman of China Banking Regulatory Commission, was transferred to the position of Chairman of China Everbright Group and Chairman of China Everbright Bank. On August 8, the restructuring plan of China Everbright Bank was approved. At this time, the Shanghai Composite Index also rose from 2728 points at the beginning of the year to 4663 points.
During this period, 1.3 million legal person shares of Xiamen Jianchang Everbright Bank were sold at the price of 8 yuan per share. On February 28th, 28, Xiamen Jianchang transferred its remaining 5,953,3 legal person shares again, and the offer price rose to "no less than 8 yuan per share".
as a matter of fact, the market quotation has been close to 8 yuan per share. At the end of 27, Tianjin Property Rights Exchange issued two announcements on the transfer of legal person shares of China Everbright Bank. One of them is 1,522,4 shares with a listing price of 12,176,3 yuan; The other is 1.3 million shares with a listing price of 1.4 million yuan, that is, the price of each share is 8 yuan.
On October 25th, 27, Ningbo Development Zone Petroleum Company transferred its 8.47 million legal person shares of China Everbright Bank to Jilin Newsent Industrial Company at a price of 6.76 yuan per share.
prices fall
In the first half of p>28, the Shanghai Composite Index took a sharp turn, and fell below 3, points at the end of April. The share price of many banks has shrunk by more than half compared with the highest price, and the transaction price of the legal person stock market has also been affected.
On April 16th, 28, Xiamen Jianchang released the transfer advertisement for the third time, and the reference price was lowered to 6.5 yuan per share.
on may 22nd, two transfer information of legal person shares of China everbright bank were posted on the north exchange. One is 5,953,3 shares, and the listing price is 36,313,483 yuan; The other is 8.47 million shares with a listing price of 51.667 million yuan; That is, the price per share has dropped to 6.1 yuan per share.
speculation in legal person shares is not without risks. Lu Dong bought some legal person shares before the listing of Bank of Communications (61328), and the purchase price was 8 yuan per share. On May 28th, the share price of Bank of Communications was 9 yuan. "The opportunity cost of our capital is above 1%. Now, counting the cost of capital, we have actually lost money." Lu Dong said with chagrin.
The price of legal person shares of China Everbright Bank purchased by Lu Dong is between 4.8 and 5 yuan, and the total price exceeds 1 million. "If China Everbright Bank is listed in August 28 as expected, we still have a lock-up period of one year after listing. Counting the cost of capital for two and a half years, when the ban is lifted in August 29, we will only make a profit if the stock price is above 6 yuan. " Lu Dong is counting the accounts.
it is difficult to estimate the profit and loss of these legal person shareholders before the offer price is officially released. However, we can refer to the data of the same industry. After using the operating profit to make up for the historical accumulated losses of 3.385 billion yuan, the net assets per share of Everbright Bank is about 1 yuan.
on may 29th, China merchants bank (636) closed at 29.65 yuan, corresponding to a P/B ratio of 5.8 times and a P/E ratio of 17 times. CITIC Bank (61998), which is similar to China Everbright Bank, closed at 6.29 yuan that day, with a corresponding P/B ratio of 2.9 times and a P/E ratio of 14.7 times.