Wednesday, July 21, 2010

Huang Guangyu speculation exposure details

February 12, the reporter was informed that, since the main defendant, Gome "undeliverable complaint," as the United States collected by the Jinan China, originally scheduled for the 18th session of the "triple Group v. Huang Guangyu control the auction case," or would be postponed. But the triple aspects of the urgency has been locked wins fruit shown.

The lawsuit, triple back in early 2008, the Group aim at the auction of 2,700 shares was (10.67%) triple trading company stock. Previously, in order to ensure the scheduled hearing, when the fifth defendant Lybrand investment "undeliverable complaint", the triple Group chose its temporary withdrawal.

Sanlian Group of lung power, on the one hand from the Commission confirmed that "on the triple trading company stock trading record for audit exception", on the other hand is already on the evidence of their hands.

For the upcoming proceedings, the country is still the United States declined to comment, the National Executive Vice President Wang Junzhou only the United States, said: "We believe that the law of justice." Previously, the country and triple the U.S. just get the upper hand in the battle group. February 2, through their own extraordinary general meeting, Gome triple trading company formally entered the board of directors.

Advanced setup,

Sanlian Group finds that the path of Huang Guangyu manipulation roughly triple trading companies: the early stage in Shandong to find an agent - find a suitable stock of listed companies; setup, and to identify loopholes in triple trading companies, acquired the concept of using auctions manufacturing; final effect to lift the secondary market.

Background was the end of 2007, triple the Group holds a total of 4978.2602 triple trading company shares, representing 19.71% equity. Which set the limit in 2013 lifting the ban on sale of shares outstanding 4976.5602 million, due to triple Group debt is high and the waiting time has been a number of banks to freeze.

Jinan is one branch of CITIC, the connection with the triple group were originated two years ago, a security contract. In early 2006, Jinan branch of CITIC triple trading companies and listed companies signed the loan contract, triple triple Urban Group subsidiary provides security, collateral is a piece of urban construction land triple.

Triple Group in accordance with claim mortgage land was later changed to public green space planning bureau, banks require collateral change. The change in triple the amount owed has been paid back half of the group (the remainder is 39 million yuan), Joint Group of collateral into 2700 equity shares of triple trading company.

A triple Group executives explained that the other half of the arrears is not also the reason: "If all paid off, it clear in the bank account, and then our money is just the better, if a clear account would other banks negative impact. "

But let triple clique unexpectedly, before the Spring Festival in 2008, things suddenly repeated, Jinan branch of CITIC insisted the auction of these options. "We were asking them to do the work of a former president is not OK. I say we do not ask, and then delayed three days work? This point do not agree."

Information from the Securities and Futures Commission departments that is from September 2007 after the start Wong Kwong Yu triple batches in the secondary market trading companies to buy stocks.

According to the senior said Huang Guangyu of the manipulator hands, one from Shandong Province to Longji Island (its come forward to bid) the parent company of Shandong Rakhine State, have deep roots; while the island's two shareholders of Dragon's Back one of the Shandong Economic Development Co., Ltd. Legal Representative Reid Wang Tingling, and against total assets of CITIC Jinan branch head has a very familiar, many years ago who have a business partner. "The two had previously done business partners, including a beauty salon." Sources said.

The Group of high level or even triple that triple trading company set up by the Council, the agents were "intermediate cost" 25 million yuan. Sanlian Group, said Huang Guangyu was found by agents of the relationship between the branches of the CITIC Jinan official, for the next "sudden auction" paved the way for.

Sanlian Group is auctioning a greater stake in the number of questions. Finally auction 2,700 million shares, accounting for triple trading company 10.67% of total share capital, the auction will be competition to obtain the controlling shareholders of listed companies.

Triple group that, when assessing price of 2.48 yuan per share, 2,700 shares had reached nearly 67 million yuan, far higher than the amount owed 39 million yuan for banks, "Obviously the purpose is to create the concept of secondary market acquisition . "

However, the design options for the auction, the investment adviser Hailong Rui Yin, Executive Director of I think a lot of pressure triple trading company funds a long time, if not a controlling stake in the auction, the banks want to recover the possibility of collateral assets is very low, "does not exist Group sold more than triple that of the phenomenon. "

Auction suspense

For the auction process, triple Group also considered that "there is suspicion of collusion." First, timing is only for bidders left four working days; the second is that bidders raise barriers to entry.

The triple group executive said: "The general subject matter, the auction usually required to pay 5% deposit, (they ask) 10 million yuan deposit, the value of the subject matter should be 2 million, significantly higher threshold is set. General units can not have so much cash, especially after the Spring Festival, and requires such a short period of time (four days) had paid. "

February 14, 2008, auction day, just 8 minutes, triple trading company sold 27 million restricted shares rose from a starting price of 7 yuan to 19.9 yuan transactions, setting a "high price" a record.

The Triple Group high-level, said the auction period, the triple Group has determined "in any case should the 2,700 shares shot back." However, he said, when the auctioneer shouted 19.9 yuan, he raised placards with the venue's phone cut off, otherwise the triple aspects of the representatives will have been held down.

"I always say do not stop, do not stop," but did not hear calls on behalf of the venue not cited. Reason at all costs, he explained, "In fact, no matter how high the price, I remove the cover bank debt, to pay the auction company's commission, money or me." But the final transaction price is still To his surprise, "also will be able to predict six to 15 dollars, no one thought of such a high."

Accordingly, in the secondary market, after resumption of trading on March 4 triple trading company, shares six consecutive daily limit from 9.68 yuan, the highest close at 17.68 yuan.

And therefore the matter quickly into newly established Commission inspection division line of sight. A Commission official responsible for supervising the investigation told the newspaper reporters that the island has quit Longji appliances, he bought what.

Two months after the auction, March 28, 2008 the Commission formally opened investigations "triple trading company unusual fluctuations in the secondary market price" - occurred on Feb. 14 auction will be the focus of the survey, and this goes back Behind the manipulator has been revealed.

Sanlian Group, said, "the auction method made it very clear, malicious collusion, the auction null and void." But the executives also acknowledged at that time, pain control stake, although they suspected, but no clear evidence.

However, the August 26, 2008 triple trading company announced a "detailed report of changes in equity-type", to give them a can be recognized by all the evidence: State affiliate of the United States - Liu Chunlin Zhan Sheng Investment Executive Directors and managers Han Yuejun respectively, in March 2008 18,19 6 thousand two days to sell shares of the stock triple trading company, supervisors and Tolerant in the month of February -8 frequent trading of shares of listed companies.

November 2008 Wong Kwong Yu "accident" that the incident came to light. The triple group executive, said more evidence may be as "Huang Guangyu case" for further investigation been disclosed.

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