Shuanghui development (000895, unit) of a notice of resumption, that many fund managers suspended heart was finally put down for a long time. Is not known, in double during the meeting more than a month of suspension, heavy cartridge shuanghui fund managers "revolving scenic Lantern" style to corporate communications, so that no stone unturned, and strive to let shuanghui resumption as soon as possible.
In order to minimize losses, with two-game compensation current stockholders ' meeting management and large shareholders, but fund managers caused a brain. collective promote complex licensing recommended reading · fengji Forum investment real disk summary
· ICBC go debt relative arbitrage space 5% public private second quarter sing more blue-chip debt Base Manager out: transfer worth rushed 5,002,011 spring private equity Tsim peak Forum 24 only fund heavy warehouse unit April lifted 160 billion fund 17 days reduction raised South glass A19 billion yuan fund a quarter heavily buy chemical unit [hexun know] which only fund configuration ability strong suspension of double meeting on like a star time bomb, although related Fund has cut has on double meeting of valuation, but always exists uncertainty, may will constantly raised holds people of redemption.
In order to exclude this risk, related funds desperate to shuanghui resumption as soon as possible, resumed trading. "We have already indicated to the Exchange as soon as possible before views of shuanghui resumption. "A fund company Executive said. China Securities News reporter learned that, some warehouses of shuanghui funds have expressed the same strong will. Fund managers believe that since the relevant investigation group has already completed the survey, local law enforcement departments on double sink products are also carried out a comprehensive survey and sampling, even lean sources has been traced to people.
It has been clear, double meeting there is no need to suspend business for a long time. "After the suspension, we went to dual-link more than once. "A Fund Manager said, in lean event after the outbreak, they first contact the company. But initially, double on the meeting will focus on to facilitate investigations, Fund Manager was hanging out in the side. Then welcomed them, informed about progress. Fund managers the opportunity to express their views, "we recommend double sink when faced with consumers and the media, attitudes must be sincere, comprehensive, cleanly handling problems, cannot stay hidden.
"The Fund Manager said. For a warehouse of shuanghui Fund, is the unbearable weight of suspension for a long time. Suspension of shuanghui is like a time bomb, although the related funds has generally cut valued double sinks, but because of the different market expectations, there is always uncertainty may constantly raises the holder redemption. Fund companies it is difficult to substantially lower valued double sinks again, because if you cut much, if double meeting resumed without falling so much, will create new problems.
In order to exclude this risk, related funds desperate to shuanghui resumption as soon as possible, resumed trading. Double meeting held in late March when the dealer's Conference, many fund managers rushed to the scene again, hope that the opportunity to judge the impact of lean event. General Manager of a fund company admits, the Fund investments really step on a mine.
The fund industry, on the occasion of lessons, very important point is how to assess the degree of hazard events, and reduce the loss of circulating shareholders as possible. To this, slight differences in views of the relevant fund company.
Some fund managers think, jiyuan shuanghui may indefinitely discontinued, coupled with changes in the consumer psychology, shuanghui development at the operating level is significantly impact. However, the view was expressed that, jiyuan shuanghui shuanghui group 100% holding, is intended to be injected shuanghui development of pig slaughtering the least amount of assets appears to be little impact on the development of shuanghui. Fund managers estimated, loss of profits of listed companies on the whole within a tolerable range, and major loss was by shuanghui group level. The latest data available from shuanghui group, by the end of March, "lean" event affecting the sales revenue of $ 1.5 billion, jiyuan shuanghui processed meat products and fresh meat lost $ 30 million.
To the end of March, volume has returned to 80% per cent of overall slaughter and meat recover 30% per cent. At the same time, shuanghui Group announced the production and management phased recovery plan, double meeting commitments to dealers on all the products receiving returns, to products back on the shelves all over, stable dealers. Company plan to slaughter at the end of April reached more than 1500 tons/day; meat industry at the end of April to more than 5,000 tons/day, capacity regained its intended purpose.
Therefore, the researcher believes that shuanghui development could still achieve its restructuring programme 2011 performance commitment of $ 3 per share. game compensation scheme funds are already in discussions on the allocation of the annual report, double sinks should be made in the interests of small and medium shareholders profitable and programmes.
In addition, shuanghui Group intends to inject depreciation of the asset value is currently obviously appears, for the maintenance of current stockholders ' interests, value should be adjusted downwards.
For a warehouse two-meeting of the Fund, priority is how to reduce losses. Industrial global (340,006, Fund) Du Changyong, Deputy General Manager said, "we can't be helpless wucuo.com, as the Fund, we will not only vote with their feet, will vote with their hands to minimize losses, transformation to a good direction of some negative factors. "Fund managers believe that lean event on impact huge shuanghui development secondary market price, it is necessary to take into account on the secondary market investors some compensation to reward investors in various forms. It is understood that the funds are already in discussions on the allocation of the annual report, double sinks should be made in the interests of small and medium shareholders profitable and programmes.
In addition, shuanghui Group intends to inject depreciation of the asset value is currently obviously appears, for the maintenance of current stockholders ' interests, value should be adjusted downwards, cut up to which point, this depends on the negotiations between the two sides. A Fund Manager said: "this communication is not very smooth. "In fact, from the perspective of shuanghui past history, its management efforts in marketing, but not in handling investor relations are harmonious. It reminded many of the Fund, must be combined to maintain minority stockholders. In fact, this force is not small, rough estimates show that by the end of last year, over more than 100 funds with a double sink amounted to 216 million shares, up to 35.6% per cent double total equity. SoHigh holdings, provides a variety of means of participation in corporate governance of the Fund. For example, you can use a temporary power. In accordance with the provisions of the companies Act, individually or together holding companies 3% shares of shareholders above, proposals could be presented at the general meeting of shareholders held ten days ago the temporary. In this way, even if the relevant requirements have not been adopted, the Fund can also put forward proposals for maintenance of medium and small shareholders of the company.
In addition, alone or together holding over 10% of shareholders can call for extraordinary general meeting. However, if to such a degree of interpretation, as represented by the Fund is equivalent to with circulation of shareholders company tore some.
At present, fund companies are hoping and listed companies communicate in a harmonious atmosphere. In addition to game compensation programmes, holding two-meeting of the Fund, after the resumption of selling would be a "vote with their feet". Agencies say sure you want to sell, "no need to make a trip to this muddy water, subsequent development who do not know how. "However, General Manager of industrial Global Fund MapServer's answer is very clear, also represents the portion of the Fund's attitude," some people care whether the double meeting after resumption, we have to substantially reduce or even completely exit, we have serious discussion of investment and research team, from the perspective of our understanding and analysis of the situation, things far from big as we think of the effect. We have long-term holding double sinks a long time, long-term holders of grounds and confidence has not changed, so we are still optimistic about the future of shuanghui. "Journalists are aware, there are institutions treat this event as a unique opportunity, prepared more or less bought shuanghui development. "Queen in the context of the financial crisis at that time, representing a decrease of tragic, but then not soon created the historical high? "A Fund Manager said if double sinks the response correctly, lean events may not be accelerated industry consolidation opportunities. Breeding lower slaughter industry concentration, according to the plans, two or three years in the future, now more than more than 22,000 slaughterhouses will be cut in half. The event is expected to further accelerate the concentration of industry promotion, this is very useful to improve food safety.
Raising the threshold as the industry, leading enterprise advantage will come gradually, market share and profit margins are expected to improve. mine too late double sinks and Fund of fund investment company stresses social responsibility is not.
Constraints on corporate social responsibility in need of social aspects of the common efforts, limited current fund managers can play a role. Shuanghui lean events collective reflection on the fund industry, highly concerned about investment risks of the food industry, and started up, trying to build or improve the relevant system to prevent the recurrence of similar Black Swan events. Some fund companies requires that the researcher, "rapid all food and beverage industry in the outsourcing company combed out of raw materials, further in-depth investigation, risks in research. "This trend has even spread to the outside of the food and beverage industry, of bearing on people's lives, such as pharmaceutical, chemical industry, has appropriate security risk. A fund company, "said will force researchers to research and comparative analysis of the social responsibility of enterprises, according to different characteristics of the industry to strengthen investigation of various aspects of social responsibility, and set some measurements to filter the investment.
"Some funds in double sinks after the event, taking into account the negative impact will overwrite other food stocks, increase the intensity of the food and beverage industry to reduce. But there are also a fund investment Director pointed out that, in the deepening division of today, almost without a large food and beverage enterprise can be completely self-sufficient, do all future food enterprises should to the upstream development of aquaculture?
If only because double meeting food security issues will sell other food unit, which is to throw out the baby along with the bath.
Having said that, always face a variety of investment risks, a fund company Executive said that while stocks stepped on mines, but he does not blame the relevant fund managers and researchers, they have no ability to find all breaches, investment is itself made up of numerous successes and errors. However, shuanghui event underlines the need for socially responsible investment fund industry as a whole. Although high supervision costs, introducing social responsibility in investments factor, I am afraid, does not completely avoid compliance risks of listed companies, this requires the appropriate industry downstream of various government departments to put together good quality. At the same time, double sinks and Fund of fund investment company stresses social responsibility is not. Constraints on corporate social responsibility in need of social aspects of the common efforts, limited current fund managers can play a role.
