Private Placement Big V Questions Stock Price Manipulation And Shede Liquor Industry'S Down Limit Dispute

Shede (600702. SH), one of the "six Golden Flowers" of Sichuan liquor, was suddenly reported.

On the evening of June 9, Dong Baozhen, chairman of Lingtong Shengtai investment management center, a private equity fund company, posted an article on social media, saying that she had reported to the CSRC that shede's shares might have been illegally manipulated and asked for an investigation.

"The stock price trend of shede is extremely abnormal."

On June 10, Dong Baozhen, in response to an interview by the 21st century economic report, said that the reason why shede liquor may be illegally manipulated is that its share price trend is almost the same as that of Jiamei packaging (002969. SZ), and has submitted the report materials to the CSRC.

On September 9, 2020, Jiamei packaging's stock price will be "sky floor" in just a few minutes, and then plummeted all the way, and before the crash, its share price almost doubled rapidly.

On May 21, the China Securities Regulatory Commission (CSRC) released a message saying that it and the public security organs jointly seized Jiamei packaging manipulation crime and arrested the criminals.

On the evening of June 10, shede liquor announced the abnormal fluctuation of stock trading, saying that the stock fluctuated abnormally. According to the company's self-examination and written verification with the direct controlling shareholder Sichuan tuopaishede Group Co., Ltd., the indirect controlling shareholder Shanghai Yuyuan tourism Mall (Group) Co., Ltd. and the actual controller Guo Guangchang, it is found that, as of the disclosure date of this announcement, there are no other major events affecting the abnormal fluctuation of the company's stock transactions except for the matters disclosed by the company; There is no material information that should be disclosed but not disclosed.

On June 10, shede closed at a limit price of 195.21 yuan / share. After reaching a new high of 256.95 yuan / share on June 7, shede's total market value has dropped by nearly a quarter.

Shede (600702. SH), one of the "six Golden Flowers" of Sichuan liquor, was suddenly reported- Visual China

Jiamei packaging with abnormal trend

Jiamei packaging was established in 2011 and landed in the capital market in December 2019.

In the first half of 2020, the stock price of Jiamei packaging has been fluctuating from 8 yuan to 10 yuan.

At the end of July 2000, Jiamei packaging's stock price rose. As of September 9, it rose to the highest price of 13.18 yuan per share, with an increase of nearly 70%.

In particular, after the opening of trading on September 9, 2020, the share price of Jiamei packaging rose all the way. After a short period of trading limit, a large number of sales orders appeared, and the stock price fell rapidly until the limit of decline, and the "sky floor" was staged. Subsequently, the price of Jiamei packaging fell to 7.87 yuan / share for three consecutive trading days, and the stock price fell to 7.87 yuan / share after four trading days, resulting in heavy losses for investors.

According to CCTV finance and Economics on May 21, the change of Jiamei packaging stock price attracted the attention of the economic investigation team of Liaoning Provincial Public Security Bureau. Subsequently, the inspection department of China Securities Regulatory Commission (CSRC) launched a law enforcement cooperation mechanism with public security organs to carry out clue analysis and investigation and evidence collection.

The CSRC pointed out that after monitoring, it was found that some illegal gangs, through the means of illegal recommendation of shares through social media, enticed investors to buy stocks at high prices, and at the same time, they sold the relevant stocks in reverse for illegal profits, resulting in the sharp rise and fall of individual stocks, seriously disrupting the market order and infringing the interests of investors. According to the circular, after investigation, Zheng, the actual controller of private equity fund, and his gang conspired with the funding intermediary to borrow nearly 400 million yuan of capital and more than 80 securities accounts, and greatly raised the price of Jiamei packaging stock by means of continuous trading and reverse trading. Together with the "black mouth" of the stock market, they used the direct broadcasting room and wechat group to lure investors into buying and taking orders at a high price, and the illegal profit from reverse selling was tens of millions of yuan, Suspected of manipulating the market, illegal business and other illegal crimes.

A private fund source in Shenzhen analyzed that Jiamei packaging's daily trading volume during the rising period after July 2020 is about 100 million yuan, which is suitable for capital or market makers to enter the market. The trading volume of "sky floor" on that day was enlarged to 800 million yuan, and the turnover rate was as high as 69.36%, which are the characteristics of Zhuang stocks.

Dong Baozhen thinks: "if there is operational crime in the capital market, its trend will have obvious characteristics. The trend of Jiamei packaging is the inevitable trend left by the widespread manipulation of crime. Therefore, in logic, the vast majority of manipulation crimes will leave similar trend of Jiamei packaging, and there may be manipulation crime when walking out of the similar Jiamei packaging trend."

Share price roller coaster

Is the trend of shede liquor industry really like what Dong Baozhen said and Jiamei packaging?

In the past three months, the share price of shede has soared.

Since March 9, shede's share price has risen from 55.8 yuan / share to 256.95 yuan / share on June 7, up more than 330% in the past three months.

Since then, the stock price has fallen continuously, and the total market value has dropped by nearly a quarter.

In the process of rising stock price, the trading volume of shede liquor industry has been continuously enlarged, from the daily turnover of less than 1 billion yuan in March to 2.3 billion yuan, until the continuous decline on June 7 and June 8, the trading volume has reached the huge volume of 5 billion to 6 billion yuan.

Although the share price soared by 330%, during this period, shede only made the dragon and tiger list four times on May 6, May 24, June 2 and June 10.

Among them, Shenzhen Shennan East Road Securities Business Department of China Merchants Securities Co., Ltd., Shanghai huayuanshiqiao Road Securities Business Department of UBS Securities Co., Ltd., the second securities business department of Tuanjie road in Lhasa of Dongfang Fortune Securities Co., Ltd. and the first securities business department of Lhasa East Ring Road of Dongfang Fortune Securities Co., Ltd. were listed on the list several times, with large amount of buying and selling.

Different from Jiamei packaging, the fundamentals of shede wine industry will change significantly in 2020.

In December 2020, Fosun Group won 70% of the shares of Sichuan Tuopai with 4.53 billion yuan through its subsidiary Yuyuan shares (600655. SH), and willing to join the "Fosun" camp.

Due to the settlement of the capital occupation problem of the former controlling shareholder, shede took off his hat and changed to "shede liquor" again from May 19.

In addition, even affected by the epidemic, shede's profits will achieve double-digit growth in 2020. In the first quarter of 2021, the operating income of shede liquor industry was about 1.028 billion yuan, with a year-on-year increase of 154%. The net profit attributable to shareholders of listed companies was close to 302 million yuan, with an increase of 1031% compared with 27 million yuan in the first quarter of 2020.

There is no empirical report and dispute

According to public information, Dong Baozhen is the chairman of Lingtong Shengtai investment management center and the manager of fojitai fund.

Lingtong Shengtai investment management center is a private investment fund manager approved by China Securities Investment Fund Association.

Dong Baozhen used to be a senior "Maofen" and profited from his heavy warehouse in Maotai. He once said: "I invested in Maotai, and now I have written 10 million words on liquor research, and have done a lot of research work. In 2013, due to the heavy position in Maotai, the fund lost 70% and the private equity managed by the company ranked the bottom in terms of investment income in China; In 2016, due to its heavy position in Maotai, its product income exceeded 120% in the whole year, ranking second in the stock private placement market. "

Dong Baozhen judged that if you look at the P / E ratio of the liquor index and the P / E ratio of the major liquor stocks, you can know whether these liquor stocks are overvalued. These stocks are still rising strongly in the face of unprecedented overvaluation. There must be a force supporting them. What is this force?

As for whether Lingtong Shengtai company and Dong Baozhen hold shares of shede liquor industry, Dong Baozhen said he would not answer.

Lingtong Shengtai staff reply: "about the fund position is our company's core secret, not convenient to answer."

Faced with the question of lack of physical evidence, Dong Baozhen said, "in the absence of physical evidence, the case can be started according to the abnormal trading data and abnormal stock price trend. Secondly, after the initiation of the case filing, the manipulation is confirmed, which proves that the investigation based on the characteristics of trading data and the characteristics of stock price trend is effective and scientific."

In this regard, Dr. Huang Jiangdong, who once worked in a securities regulatory agency and is now a senior consultant of Guohao law firm (Shanghai), said that there was no conclusive evidence pointing to illegal activities, which could not constitute a report of illegal acts. Judging from the abnormal trend of stock prices, it was only a doubt, and it could not be ruled out that the game behavior of funds in the capital market would also lead to this result, Therefore, it is not enough to constitute a report of illegal activities.

(Editor: Li Xinjiang)