The price of stocks fell back 3 years after the news bird reportedly issued 5 million shares after the resumption of trading

It is learnt that since the completion of the additional resumption of 5 million shares of the newspapers after the resurrection of the newspapers since the 27th resumption after the fall, after the company's stock price fell for three consecutive trading days, as of yesterday's close, the company's stock price closed at 7.55 yuan / share, fell back to 3 Years ago.

Shares resumed losing streak

Although the increase in the increase from the original set of 100 million to 500 million shares of the newspaper, but the company's additional shares due to no one took the lead, leading underwriters AVIC Securities had to be forced to underwrite the remaining 290,000 shares.

At the same time, the Announcement Bird stopped at the date of the issuance of the resumption of trading, and closed at 8.27 yuan per share. Not only that, Saint Angelo's share price on the 28th and 29th still continues to fall. As of November 29, the company's stock price closed at 7.55 yuan per share, a discount of 18.47% to the 9.26 yuan/share increase.

Some investors suspected that the price of the Annunciation had been weighed down by large orders. The Annunciation bird had 1,051 hands sold at 9:48 in the morning on the 29th, making the stock price from 7.90 yuan/share to 7.88 yuan/share; one minute later, the stock price dropped to 7.87 yuan/share due to the sell order of 261 lots; At 10:48, there were a total of three large waves of selling orders. The company's stock price first fell to 7.84 yuan per share for 900 hands, followed by 500 and 700 hands to reduce the stock price to 7.82. Yuan/shares.

In addition, according to the "Securities Daily" reporter statistics, reported on the afternoon of November 29, a total of six sales orders, all in more than 500 hands. The company's lowest stock price reached 7.65 yuan/share on the same day. At 2:56 PM and 3:00 PM, the price of Shengxiu was pulled up by 1399 hands and 1,100 large hand orders, and finally closed at 7.75 yuan per share.

As for the questions posed by investors, senior investment advisor Yu Yan told reporters: “In the near future, the company’s share price trend was affected by the continuous decline of stock indexes. There was not much pressure on the market for large singles. On the contrary, the trading volume was maintained during the downtrend. The higher level does not rule out the possibility of funds being paid.”

Adding for additional issuance?

The decline in the price of the Annunciation’s stocks has caused the shareholders who just completed the issuance to immediately lose 18.47% of the benefits. In particular, Baoxi Group paid a large amount of funds for the subscription of additional shares, that is, subscribed for about 1.66 million shares, accounting for 33.18% of the total issued amount. Approximately 1.75 million shares were placed under preferential placement, which accounted for 34.96% of the total issued amount.

If calculated according to the closing price on the 29th, the Announcement Group will be devaluing 2,836,500 yuan due to a discount of 18.47%.

In fact, it was already expected that the company would have been refrigerated by the increase of the Annunciation. In October 2012, after the newspaper's public offering cap was changed from the original 100 million shares (transferred shares) to 30 million shares, the company reduced the public additional caps to 5 million shares again. The final issue price is At 9.26 yuan, the final fund raised was only 46.3 million yuan, which is 95% lower than the initial plan to raise funds. Why does the Annunciation not give up this additional investment plan?

In this regard, the newspaper's secret secretary Fang Xiaobo has publicly explained that "this additional issuance of 5 million shares is only a symbol of hair, because AVIC Securities and we have cooperated for many years, taking into account their contributions we decided to send a little symbolic."

Yu Zhen agrees with the above argument, and believes that a large-scale reduction in the issuance size is indeed a suspect in saving brokerage firms.

However, Yu Xin believes that the “mini” increase of the Annunciation is an additional issue for additional issuance. He believes that the reason why the Annunciation does not give up the significance of the issuance of more than substantial, it is estimated that more is to reflect the company's confidence in the stock price, otherwise shrinking 95% of the increase in the development of the significance of the company's planning has been quite different. “Ultimately underwriting by the underwriting group, which accounted for 5.79% of the total amount of this issue. The amount is less than 3 million yuan. For brokers, 3 million yuan for the position to buy this position even if the loss of birds is very limited.”

The Annunciation Bird pursues the "channel is king"

At the same time, Yu Yu believes that there are still several reasons why listed companies do not refrain from issuing additional shares at low prices: First, the economy is bad. The company itself urgently needs funds. It can solve the capital chain issue through additional issuance, and it does not need to do too bad debt ratio; It is the key point for the company to really develop and expand. It needs a batch of funds to sustain development. Compared with the low-cost increase and the project, the current low-cost increase can be fully compensated by the benefit of the later issuance of the additional issuance project. "It is estimated that the reasons for the current increase in the company are mainly the above two points, and the Annunciation may have both." He said.

In the original plan of Baoxi Bird, the fund-raising investment project plans to purchase 47 stores, with a total area of ​​16,400 square meters, and a total of 1,167,500,000 yuan for store purchase fees. As of December 31, 2011, the company has purchased 70 stores (including 19 stores that have been purchased but not delivered).

Regarding the "Channel for the Kings" program implemented by Baoxi, Yu Zhen expressed his approval. He told reporters: "A lot of sports brands have closed stores and quit the market. A lot of quality shops have been released. Companies can use relatively low prices. Rent better shops and steadily promote the 'multi-store and open-store' program."

The behavior of many expansion stores directly led to a dramatic increase in the investment property of Baoxi Bird. As of the end of 2011, the book value of Baoxiu Investment Real Estate was RMB 347.99 million, an increase of RMB 134.08 million from the end of 2010, an increase of 62.68%.

Announcement of Announcement that the increase in investment real estate is mainly to support franchisees to become bigger and stronger. The company leases part of the purchased stores to franchisees to open the Announcement of the Announcement of the Birds' Store, which is to ensure that the interests of the company's shareholders are maximized temporarily.

Expansion leads to funds "hungry"

Repeated expansion of the shop has made the news of the Annunciation extremely scarce. According to the company’s announcement, in 2011, although the net cash flow generated by the parent company's operating activities was RMB 81.27 million, the net cash flow from the mergers and acquisitions activities resulting from the merger of Shanghai Bao Bird’s subsidiary led to a net cash flow of RMB −7.1 million. Year-on-year decrease of 102.37%.

The explanation for the decline in cash flow of the Annunciation was mainly due to the fact that the company had to support bigger and stronger franchisees, promote sales of the company, and increased the proportion of sales to outstanding franchisees.

The company also stated that if the accounts receivable from the franchisees cannot be recovered on time, there may be a risk that the company's cash flow will be transferred, which will affect the normal production and operation of the company. It is understood that as of the end of 2011 and the end of 2010, the accounts receivable of Baoxi Bird were RMB 718.96 million and RMB 264.04 million respectively, representing an increase of 171.53% and 116.21% from the end of the previous year.

It is not just the case of the Annunciation that there is a shortage of funds. It is that the controlling shareholders of the Annunciation have also been questioned that they are in urgent need of funds. It was reported that the Hi Bird issued a pre-announcement. The Hiromato Group had pledged 48 million shares of the company in early November, accounting for 8.08% of the total number of shares of the company.

As previously reported, the Siuying Group has pledged 82 million unconditional shares in tradable shares (accounting for 13.81% of the total shares of the company) held by it to Jiangxi International Trust and Shanghai International Trust for loan guarantees. As of November 15, the Annals Group pledged 130 million shares of the company's shares, which accounted for 21.89% of the total shares of the company.