Huafeng Spandex: Chairman Of The Family Rate Crazy Reduction

In 2009, in the ranks of top executives of listed companies, Huafeng spandex (002064.SZ) is an indispensable trick.

One of the performances is that You Xiaoping, the chairman of the company, took the lead in reducing the number of shares, and totally reduced 12 million 287 thousand shares and reduced the proportion to 33.11%. He led the company executives and several family members to form a huge reduction army.

The Shenzhen Stock Exchange Statistics show that from August 24, 2009 to December 3rd, chairman You Xiaoping and his family members You Xiaohua, You Jinhuan, You Xiaoyan, You Xiaoling and Chen Linzhen reduced 18 million 576 thousand and 200 shares, accounting for 5.03% of the total share capital of the company, while the Yu family's cash was about 300 million yuan.

Among them, Xiaoping, one person, cash 180 million yuan.

The two of the performance is to hold on to the reduction of the restricted stock sale in August 24th last year, which is the most impatient group in the reduction team.

Moreover, the family members of the senior executives also frequently fry the Huafeng spandex stock on the same side to earn short-term profits.

These include You Xiaoping, the sister of chairman You Xiaoyan and brother-in-law Chen Linzhen, and the relatives of Eugene Kim, the company's supervisor.

Chen Linzhen's short-term trading was once publicly punished by the exchange.

It is worth noting that as the company's share price continues to rise, the reduction is still continuing.

Since January this year, You Xiaohua, Yu Xiaoyan and Eugene Huan three are still holding down frequently.

Investors can not help asking, does Xiaoping want to continue to run businesses? Is huafeng spandex still worth investment?

Chairman of the family rate crazy reduction

Founded in 1999, Huafeng spandex is a subsidiary company of Zhejiang Huafeng Group. It landed on A shares in 2006 and became the first private listed company in Wenzhou and the first spandex listed company in China.

At present, it has become one of the largest spandex manufacturing enterprises in the country. Spandex fiber has an annual capacity of 42 thousand tons, accounting for 14% of the total domestic market, ranking first in the world and third in the world.

The cost advantage of the company is prominent because the difference in the Maori level of the spandex varieties is higher than that of the common varieties.

But just

On the day of the lifting of the ban, Xiaoping and his sister, You Xiaoyan, held 840 thousand shares and 110 thousand brothers, Eugene Huang, the company's supervisor.

You Xiaoping, chairman of the board, was released second days after the lifting of the ban.

You Xiaoping reduced 9 holdings in a row, accounting for 12 million 287 thousand of his total holdings, accounting for 24.98% of his personal holdings, which is close to 25% of the highest red line.

This is due to the restriction on the terms of the "listed company executives' annual reduction in shares not exceeding 25% of their total holdings".

Chen Linzhen, a vice chairman and deputy general manager of the company, has reduced 1 million 547 thousand and 500 shares, accounting for 18.89% of his total holdings.

Chen Linzhen is Xiaoping's brother-in-law, the spouse of you Xiaoling.

The shares held by You Xiaohua, You Jinhuan, You Xiaoyan and You Xiaoling, who were not in the company's position, were also lifted and listed on the market. Four people held 3 million 204 thousand and 300, 1 million 137 thousand and 400, 210 thousand and 250 thousand shares respectively, accounting for 10.23%, 13.25%, 10.76% and 12.82% of their total holdings respectively, respectively.

According to the statistics of Shenzhen Stock Exchange, from August 24, 2009 to December 3rd, Xiaoping, You Xiaohua, You Jinhuan, Yu Xiaoyan, You Xiaoling and Chen Linzhen reduced 18 million 576 thousand and 200 shares, accounting for 5.03% of the total share capital of the company, accounting for 32% of the 6 outstanding shares.

This also means that in the less than 4 months, the family of Yu has a total cash of about 300 million yuan.

Among them, Xiaoping, a total of 180 million yuan.

Since 2010, Yu Xiaoyan, You Jinhuan and You Xiaohua have reduced their holdings many times.

In March 12th, You Jinhuan reduced the average price of 21.30 yuan / share to 12586 shares and cash in 268 thousand yuan.

Illegal fried company

The family could not wait to cash in, but also played a game of short selling stocks to earn profits. The most amazing thing was that during the reduction period, Chen Linzhen, vice chairman of the company, was criticized by the Shenzhen stock exchange for buying and selling Feng Feng spandex stocks in the short term.

Trading records show that in November 24, 2009, Chen Linzhen sold 550 thousand shares of the company's stock at an average price of 18.94 yuan, and the paction amount was 10 million 416 thousand and 500 yuan. On the same day, Chen Linzhen bought 50 thousand shares of the company's stock at an average price of 18.94 yuan, and the paction amount was 947 thousand yuan.

The securities law stipulates that directors of listed companies, supervisors, senior executives and shareholders holding more than five percent of the shares of listed companies shall not "sell their shares in the company within 6 months after buying, or buy them within 6 months after the sale". Chen Linzhen's behavior is obviously in violation of this regulation, so it was criticized by the Shenzhen Stock Exchange, and Chen Linzhen promised not to buy and sell Huafeng spandex stock within 12 months thereafter.

Judging from the price trend of Huafeng spandex, Chen Linzhen's trading price is 18.94 yuan that day is the price limit of the day. Although the company interpreted it as an incorrect operation, it is also believed by insiders that it may be because Chen Linzhen feels that the stock market will still go up and feels that it has lost its sales, so it only bought the 50 thousand shares at the same price on that day, which is a lack of understanding of the policies and regulations.

and

In January 18th this year, the peak of the spandex performance report and the company's share price rose 1.6%, the chairman You Xiaoping sister You Xiaoyan sold 100 thousand shares at a price of 22.64 yuan, and then bought 100 thousand shares at 20.7 yuan after 3 days. This sold for one purchase and earned a difference of about 190 thousand yuan. In January 22nd, then, Xiao Yan bought 10 thousand shares at 20.25 yuan.

It is not only a relative of Xiaoyan, a senior executive, who makes short-term speculation.

The company's supervisor, Eugene Ming's relatives, was sold at 5400 yuan in August 4, 2009 at a price of 17.8 yuan, and then bought 1000 and 1300 shares in August 10, 2009 and August 12th, respectively, at 16.3 yuan and 15.6 yuan.

Since then many short speculation stocks.

Statistics show that from July 10, 2009 to December 25th, he bought 10 times of Huafeng spandex stock, bought 6 times and sold 4 times.

There is doubt about the rise in performance.

Last year, You Xiaoping and his family were in a stage of frenzy of reduction.

The latest report shows that the company achieved operating income of 1 billion 190 million yuan in 2009, an increase of 18% over the same period last year, resulting in a net profit of 110 million yuan, a decrease of 33% over the same period last year.

Earnings per share were 0.30 yuan.

The year-on-year decrease in performance was mainly due to the fact that the company received a 100 million yuan tax rebate for enterprise income tax in 2008, with a high base, resulting in a sharp decline in net profit in 2009.

In fact, the company's performance is about to change.

The relative rigidity of demand has led textile and apparel to take the lead in the process of economic recovery, and textile and garment exports have also improved significantly, stimulating the demand of spandex.

Everbright Securities expects that the growth rate of spandex downstream needs more than 18% this year.

The price of spandex continues to rise since last November. The price of spandex has generally increased by 3000~5000 yuan / ton after the Spring Festival. The price of spandex has increased after the Spring Festival, the biggest increase in the price since the middle of 2009.

Everbright Securities report predicts that the average price of spandex will be maintained at 55000~60000 yuan / ton in 2010.

The company is the most elastic spandex enterprise leader, product prices and prices rose 1000 yuan / ton, then EPS increased by 0.08 yuan.

However, as the company executives who know best about the company's operating conditions, the sale period will be reduced at a full time, and it is still continuing.

The company's secretaries general told investors daily that reduction is a personal act and does not rule out.

As a result, investors will have more doubts when they are optimistic about the company's performance.