Source: slow investment
Recently, there was a real name report from netizens Shandong Gold Wang Mou, member of the Standing Committee of the Party Committee and Deputy General Manager of the Group, was stationed with Shandong Gold Yintai Gold Mr. Zhang, Chief Financial Officer of Long term illegal behaviors such as improper relationships and power sex transactions.
Shandong Gold's purchase of Yintai Gold at a high price has always been full of fog. This report seems to have opened a corner of the fog, which further doubts what the inside story of this purchase is.
Shandong Gold's acquisition of Yintai Gold did not comply with the provisions of the CSRC on horizontal competition of listed companies.
Moreover, Shandong Gold's acquisition of just over 20% of the equity of a peer company at a high premium is even more puzzling, Shandong people are rich and headstrong, or Zhejiang people are too smart.
1. Purchase at a premium after rising sharply
On April 27, 2022, after the share price of Yintai Gold hit a short-term new low of 7.75 yuan, a wave of rising market started. By November 11 of the same year, the intraday share price exceeded 16 yuan, In less than seven months, the share price has more than doubled.
The surge in the share price of Yintai Gold is also full of mystery. Over the same period, most gold stocks rose less than 20%, The share price of Shandong Gold did not rise in the same period.
Just after the share price of Yintai Gold doubled, Shandong Gold sold out and bought 20.93% of the equity of Yintai Gold at a high premium.
On December 5, Yintai Gold announced that Mr. Shen Guojun, the actual controller of the company, was actively engaged with a gold enterprise, and planned to transfer its controlled equity through an agreement.
On November 30, 2022, the share price of Yintai Gold began to decline after a sharp rise. On December 2, Friday, the share price of Yintai Gold suddenly fell to the limit.
Obviously, the share price may continue to fall, but this weekend evening, Yintai Gold suddenly announced that it would suspend trading and transfer its controlling right.
A week after the suspension, on December 12, Yintai Gold announced that Shandong Gold
No more than 13 billion yuan to acquire 20.93% of the equity controlled by Shen Guojun, the head of Yintai Gold.
Later, the official transaction price was 12.76 billion yuan.
According to the purchase price, the market value of Yintai Gold is about 61 billion yuan.
The highest market value of Yintai Gold is only 40 billion yuan.
In addition, it is doubtful that the timing of this acquisition was chosen after the share price of Yintai Gold doubled.
On December 19, the total market value of Yintai Gold was 30.849 billion yuan, which was only 6.4 billion yuan based on 20.93% shares.
However, at a price of 12.76 billion yuan, the premium of this acquisition will be close to 100%.
In November, zijin mining About 4.063 billion yuan, the company acquired 20% shares of Zhaojin Mining Industry, becoming the second largest shareholder of Zhaojin Mining Industry. The overall valuation of the corresponding company of this acquisition was 20.3 billion yuan. As of December 19, the total market value of Zhaojin Mining Industry was around 27 billion yuan.
Some media questioned, "Yintai Gold is much less than Zhaojin Gold in terms of both resources and output. Why is the purchase price so much higher?" An investor believed that if Shandong Gold finally chose to purchase at a high premium, it would not be a cost-effective deal.
Of course, Shandong Gold has a high share price and a holding premium, But how significant is it to buy only 20.93% of the shares of a peer company at a high premium?
2. Operate and approve by the same person
From the suspension of Yintai Gold's proposed acquisition on December 5 to the signing of the acquisition agreement on December 12, Shandong Gold acquired the equity controlled by Shen Guojun for no less than 13 billion yuan.
The acquisition of more than 10 billion yuan was only one week from the announcement to the signing.
According to the informant, since Shandong Gold's acquisition of Yintai Gold is a high-level decision, it is a mere formality to go down to Yintai Gold.
Although Shandong Gold acquired Yintai Gold by Shandong Gold Mining Co., Ltd., the specific decision was made by Man Shengang, the head of Shandong Gold Group.
On January 20, Shandong Gold announced that after the acquisition of 20.93% shares of Yintai Gold by 12.76 billion yuan, Man Shengang was promoted to director of Shandong SASAC on January 31.
After Man Shengang became the director of Shandong State owned Assets Supervision and Administration Commission, Shandong Gold announced on February 3 that the company had recently obtained the Reply on the Agreement of Shandong Gold Mining Co., Ltd. to Transfer the Controlling Right of Yintai Gold Co., Ltd. issued by Shandong State owned Assets Supervision and Administration Commission, and agreed to this transaction.
That is to say, Man Shengang made the decision to purchase Yintai Gold in the plan making and approval.
An online investor questioned, "The predecessor of Yintai Gold, the Science City, acquired Yulong Silver Mine in 2012. At that time, the competitor had Shandong Gold, but Shandong Gold, which did not care about the premium, lost to a private boss who was not financially strong at that time. What was the reason?"
And this investor also questioned that Shen Guojun has always liked to deal with state-owned enterprises.
3. Insider trading?
Zhang Mou, the chief financial officer of Yintai Gold, was stationed in Shandong Gold after the acquisition.
The informant said that Zhang actually bought Yintai Gold as early as November 8, because she knew the information in advance from Wang, the deputy general manager of Shandong Gold Group, the male lead who was reported.
Zhang has bought Yintai gold for many times since November 8. Before the suspension of Yintai on December 5, Zhang also bought more than 10000 shares on December 2.
For Ms. Zhang, she did not consider carefully that the share price of Yintai Gold had doubled before the acquisition.
Therefore, she should lose money after buying heavily.
So insider trading is not so easy to do.
2、 Disk surface
Today, Northbound funds continued to sell, with a net sales of 3.71 billion yuan throughout the day.
However, the A-share index only slightly fell, and the trading volume stood at trillion again.
Among them, the growth enterprise market is the highest since the rebound.
As mentioned in Slow Investment on Monday, it is difficult for real estate and securities companies to keep rising.
Real estate stalled yesterday, and today securities companies also began to retreat, becoming the largest outflow of funds today, with a net outflow of more than 4.5 billion.
The speculation logic of securities companies is not hard enough. After all, even if securities companies are merged and reorganized together, they may not improve their performance, and it is difficult to see a bull market in the short-term market.
After adding artificial intelligence factors to the game, the game will increase in volume, which may become a new main line.
In this way, there are two hot sectors in the market recently. One is Huawei, and the other is AI plus games.
After the adjustment of the stock index in today's session, the stock index may be adjusted again next week.
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Editor in charge: Hao Xinyu
