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Hanergy (0566)
22-05-2015, 12:21 PM. (This post was last modified: 22-05-2015, 12:25 PM by specuvestor.)
Post: #11
RE: Hanergy (0566)
Very likely there is financial engineering involved cause Li holds 81% of company with 6% short hence net 75%. Makes sense why Goldin Financial should collapse as well if this claim is right:
http://www.valuebuddies.com/thread-6437-...#pid113336

Now things starting to make sense. The catalyst was missing chairman and Yingli collapsed 1/3 the previous night in US as financial statement cast doubt as on-going concern.

There is a difference between richest man on "paper" vs richest man in real assets. Deciphering between these 2 is one of the main thing what value investors are trying to do.

(22-05-2015, 11:31 AM)Behappyalways Wrote: Solar Panel Maker Suffering HK Share Sell-Off 'Failed to Repay Loans'
http://english.caixin.com/2015-05-21/100811386.html
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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22-05-2015, 01:39 PM. (This post was last modified: 22-05-2015, 01:41 PM by BlueKelah.)
Post: #12
RE: Hanergy (0566)
This reminds me of another S-Chip which bankrupt in 2013 called suntech power. They were supposed to be a mega solar manufacturer for many solar power plants but still went bankrupt after forging like 500million + euro worth of bonds.

Possible to have more of this type of fiasco with the other solar s-chip like Yingli, Trina, Canadian, Jinko etc.

Despite the huge losses, the HKSE and SSE continue to rally like crazy today. With this type of fever, China will become "sick man of the east" again.
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com

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23-05-2015, 09:10 AM.
Post: #13
RE: Hanergy (0566)
How to kill value investor.

http://xueqiu.com/8301293543/44948425

除了老千股,投资者不得不提防的“向上炒”股票
文章来源于首募钱厚—深港通头等舱,有意向加入者可与小t私聊哦

导读:向下炒,一般是老千的做法,风险不言而喻;而恩达、汉能和高银系的走法,也让投资者看到了向上炒的风险,但无论何种做法,最后股价难免鸡毛一地。“向上炒和向下炒,香港那边历史上已经玩得很专业的后来没什么人陪着玩。这次大陆的过来,正好激活。股票要细看。高度控盘背后有运作的,都要小心。很多公司和其利益相关者,估计都借着深港通去设计这些套子“。

向上炒

恩达、汉能、高银系,为什么是这些股票?
诚如某会员的观点,“要搞清楚这些股票为什么会跌,首先得知道这些股票前期为什么会涨”,所以我们先来看看前期这些股票为什么会涨:

恩达(1480.HK)
筹码集中:资料显示,截至5月5日,香港有四家券商总共持有其已流通股份5457.2万股,恩达集团2014年12月公司国际配售和公开配售的股份总共达6000万股,意味着香港这四家券商持有流通股份约90.95%,股权相当集中。


汉能(0566.HK)
筹码集中:公司实际控制人李河君股权占比超过80%
老板炒股:公司老总在股价低迷时会进场扫货
业务性感:薄膜技术


高银地产(0283.HK)
筹码集中:公司实际控制人股权占比超60%
资本运作:市场传闻公司将私有化,现在股价跌幅近半,也有会员戏称“高银之前不是想私有化吗?这下终于可以私有化了”
事件驱动:2015年5月13日,MSCI公布旗下股票指数半年度检讨结果,环球标准指数系列中的中国指数,新纳入高银地产等9支股票


高银金融(0530.HK)
筹码集中:2015年3月份,证监会公布就高银金融股权分布查讯之结果,发现公司主席潘苏通持有公司70.29%股权,而另外有19名股东持有公司28.29%股份,只有1.42%由其他股东持有。
事件驱动:汉能薄膜和高银金融3月份双双加入富时亚洲(除日本)大盘股指数

对于这样的大涨大跌,香港市场上并不少见。其中最为人所知的大概就是传说中的庄股了,有人总结了庄股的几个特点,供大家参考:
1、公司的股权特别集中:首先体现为公司的实际控制人所占股票比例较大,其次是实际控制的利益共同体也不同程度地持股。
2、成交量忽大忽小 :庄家无论是建仓还是出货都需要有成交量配合,有的庄家会采取底部放量拉高建仓的方式,而庄股派发时则会造成放量突破的假象借以吸引跟风盘介入从而达到出货目的。
3、交易行为表现异常 :庄股走势经常出现的几种情况是,股价莫名其妙地低开或高开,尾盘拉高收盘价或偶而出现较大的买单或抛单,人为做盘迹象非常明显。还有盘中走势时而出现强劲的单边上扬,突然又大幅下跌,起伏剧烈,这种现象在行情末期尤其明显,说明庄家控盘程度已经非常高。(《金融时报》分析了2013年1月2日至2015年2月9日间,以10分钟为单位,汉能薄膜股票的复合波动幅度。结果显示,在25个月中,有23个月,该公司股价在交易日的最后10分钟上涨。而在这最后10分钟,该股票复合增长536%。)

基于以上分析,小编按照两个条件筛选了所有港股上市公司:
1、沪港通以来涨幅超100%的股票;
2、前5大股东股权占比超过70%的股票(其中第三方利益者代持的股票无法统计)。
(声明:我们并不认为符合这样条件的股票就有可能是庄股,而且其中也有很多非常优秀的企业,但是在风险控制角度,这份名单值得一看。)


往下炒
千股往下炒,关于千股,可阅读深港通头等舱往期文章《港股通后,不得不提防的“老千股”陷阱》,在这里仅对老千股的操作手法做简单介绍。
老千股的运作模式是怎样的呢?
周显《炒股心法-股票的价值到大破价值投资法》中就有介绍:
说到资产,即每股NAV。你是公司的股东,公司的资产你应占有一份,理论上如此,但也仅是限于理论上如此。
“价值投资法”有两种。一种是真正得其心法的,即是由BenjaminGraham发明,由巴菲特发扬光大的那种。另一种是只看其表面,只得皮毛的,即是放狗屁。早在二十年前,香港有一位天才已想出了破解放狗屁的法子,而且是大破特破的破法。这种方法有个名堂,叫“向下炒”。
向下炒有两种,一种是公司有资产的炒法,一种是公司是空壳的炒法,两者的内功心法相同,但武功招式各异,然而万变不离其宗,目的只有一个︰抢光小股东的钱。
在此天才发明以前,假使一间公司的每股资产净值是1元的股票,老板决不会以0.9元卖出。任何脑筋正常的人,都会想到这一点︰蚀本出货,岂非很笨?这种想法是对的,因此,当原值1元的股票跌至0.9元时,价值投资者,便入货了。如果跌至0.8元,更加要大入特入了。
直至有一天,一位绝世天才出现了,正是天不生圣人,万古如长夜,他非但以0.9元卖出原值1元的股票,0.8元他也卖,0.7元卖,0.6元更要卖。真是跳楼大平卖,要钱不要货。
初时,人们蜂拥去买平货,结果却是越买越平,不要紧,价值投资,公司有实质资产,股票有价值嘛,越平越买,可以“沟澹”,减低平均成本嘛。最后,当他们把所有现金都买了这些廉价股票之后,股价跌到0.25元,股价只有资产净值两成多,是平无可平了,不再下跌了。因为大股东能够沽出的股票都沽光了,再沽下去,控制权也将失去,这向下炒的游戏也没法子下去了。
看到这里,大家一定想,既然股价跌不下,就应回升吧。等到这时候才买入股票,终于可以赚点小钱吧?不,小股民猜错了。到了这时,才是出杀着的时候。绝世天才公司批出新股,每股0.2元,接手的不消说,是老板的友好,直接点说,是他的代理人,俗称“人头”。这些廉价新股可以补回他先前高价沽出了的股票︰当日以0.25元至0.9元卖出的股票,可以0.2元买回来,你说这老板是赢了还是输了?
如果股民在0.2元进货,太好了,老板照样可以0.2元的价钱卖给你,你要多少,他卖多少。当你买到无法再买时,他再把股价压下,以0.1元再批股给自己和友好。总之,你无可能赢,他则赢梗,死未!
不批新股也无妨,老板可选择供股。现时的法例比较严格了,大比例供股时,大股东是不能投票的。故此老板只能温柔地供,比如说,二供一吧,现价已跌至0.2元,每股供0.15元,折让两成半。没钱参与供股的股民,马上就输了。哦,股民有钱,参与供股,不要紧,多供几次,终有一天他们会弹尽粮绝,被迫退出竞赛。
嗯,供股次数太多,虽能赶尽杀绝,但赢得太慢了,我宁愿少赢一点,但赢得更快,方法是私有化。私有化并非没有缺点。用比市价高的价钱来收购,是吃了一点儿的亏。但当你已经大赢特赢时,施舍一点点面包屑给小股东,当是打发乞丐也好,什么都好吧。私有化的优点是用最快的速度吃走了整个饼,留给股东少少的饼屑,即是高于市价的收购价,这就叫皇恩浩荡了。但有些情况是不宜私有化的。当公司拥有大量资产,而股价极度偏低时,就可借着私有化鲸吞资产,是成本低效益高的妙法,快手快脚的抢走了小股东的“应份”(Equity)。但当公司是空壳一个,私有化也就没有作为,只能继续利用它的上市地位,去抢小股东口袋里的钱。
自从那位天才发明了这旷世财技后,不断有聪明人改良技术,至今为止,这技巧已经发展得十分完善,操作简单,比视窗还要易用,每个懂得财技ABC的人,都不会不知。
大家不妨看看资料,股价低于资产净值的公司,就是在大牛市,也还多的是,就是因为向下炒的缘故。
@天天静心课 @方舟88 @今日话题 @港股通
05-22 08:38
转发 (21) 评论 (21)
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"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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23-05-2015, 06:25 PM.
Post: #14
RE: Hanergy (0566)
China's richest man bet his company's shares would fall
http://money.cnn.com/2015/05/22/investin...?iid=SF_LN
You can find more of my postings in http://investideas.net/forum/

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24-05-2015, 10:20 AM.
Post: #15
RE: Hanergy (0566)
(23-05-2015, 06:25 PM)Behappyalways Wrote: China's richest man bet his company's shares would fall
http://money.cnn.com/2015/05/22/investin...?iid=SF_LN
Obviously insider manipulation going on. Isnt there a lock out period on hkse like on sgx for insider trades? Especially with the important AGM coming up when boss shorted. And its not even buy in, its a short.

If a big cap boss and one of chinas richest man doing this kind of thing, shudder to think whats happening with the mid and small caps bosses.

sent from my Galaxy Tab S
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com

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24-05-2015, 05:20 PM.
Post: #16
RE: Hanergy (0566)
(24-05-2015, 10:20 AM)BlueKelah Wrote:
(23-05-2015, 06:25 PM)Behappyalways Wrote: China's richest man bet his company's shares would fall
http://money.cnn.com/2015/05/22/investin...?iid=SF_LN
Obviously insider manipulation going on. Isnt there a lock out period on hkse like on sgx for insider trades? Especially with the important AGM coming up when boss shorted. And its not even buy in, its a short.

If a big cap boss and one of chinas richest man doing this kind of thing, shudder to think whats happening with the mid and small caps bosses.

sent from my Galaxy Tab S

IIRC, there is no lock-up period upon AGM. There are lock-up period for financial reports. I reckon SEHK is having similar rules.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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25-05-2015, 06:57 AM. (This post was last modified: 25-05-2015, 06:57 AM by soros.)
Post: #17
RE: Hanergy (0566)
The ban on insider trading under SEHK rules should be 30 days before an financial announcement. The most recent announcement was on 30 March 2015 for final ( year end) result.

The controlling shareholder holds about 77% of the total issued shares and there is no record of trading by controlling shareholder during Jan-Mar 2015 until 20 April 2015. The no other shareholders owns 5% or more , so not required to disclose .

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25-05-2015, 11:55 AM. (This post was last modified: 25-05-2015, 12:27 PM by specuvestor.)
Post: #18
RE: Hanergy (0566)
Nobody with the majority of net worth locked in the shares will bet their shares will crash. Their gain is not more than their loss. In some cases where not as much of their net worth is vested (as per below) it is possible to have gains more than losses.

As I posted above, there must be some financial engineering behind, for example pledges.

(23-05-2015, 09:10 AM)opmi Wrote: 往下炒
千股往下炒,关于千股,可阅读深港通头等舱往期文章《港股通后,不得不提防的“老千股”陷阱》,在这里仅对老千股的操作手法做简单介绍。
老千股的运作模式是怎样的呢?
周显《炒股心法-股票的价值到大破价值投资法》中就有介绍:
说到资产,即每股NAV。你是公司的股东,公司的资产你应占有一份,理论上如此,但也仅是限于理论上如此。
“价值投资法”有两种。一种是真正得其心法的,即是由BenjaminGraham发明,由巴菲特发扬光大的那种。另一种是只看其表面,只得皮毛的,即是放狗屁。早在二十年前,香港有一位天才已想出了破解放狗屁的法子,而且是大破特破的破法。这种方法有个名堂,叫“向下炒”。
向下炒有两种,一种是公司有资产的炒法,一种是公司是空壳的炒法,两者的内功心法相同,但武功招式各异,然而万变不离其宗,目的只有一个︰抢光小股东的钱。
在此天才发明以前,假使一间公司的每股资产净值是1元的股票,老板决不会以0.9元卖出。任何脑筋正常的人,都会想到这一点︰蚀本出货,岂非很笨?这种想法是对的,因此,当原值1元的股票跌至0.9元时,价值投资者,便入货了。如果跌至0.8元,更加要大入特入了。
直至有一天,一位绝世天才出现了,正是天不生圣人,万古如长夜,他非但以0.9元卖出原值1元的股票,0.8元他也卖,0.7元卖,0.6元更要卖。真是跳楼大平卖,要钱不要货。
初时,人们蜂拥去买平货,结果却是越买越平,不要紧,价值投资,公司有实质资产,股票有价值嘛,越平越买,可以“沟澹”,减低平均成本嘛。最后,当他们把所有现金都买了这些廉价股票之后,股价跌到0.25元,股价只有资产净值两成多,是平无可平了,不再下跌了。因为大股东能够沽出的股票都沽光了,再沽下去,控制权也将失去,这向下炒的游戏也没法子下去了。
看到这里,大家一定想,既然股价跌不下,就应回升吧。等到这时候才买入股票,终于可以赚点小钱吧?不,小股民猜错了。到了这时,才是出杀着的时候。绝世天才公司批出新股,每股0.2元,接手的不消说,是老板的友好,直接点说,是他的代理人,俗称“人头”。这些廉价新股可以补回他先前高价沽出了的股票︰当日以0.25元至0.9元卖出的股票,可以0.2元买回来,你说这老板是赢了还是输了?
如果股民在0.2元进货,太好了,老板照样可以0.2元的价钱卖给你,你要多少,他卖多少。当你买到无法再买时,他再把股价压下,以0.1元再批股给自己和友好。总之,你无可能赢,他则赢梗,死未!
不批新股也无妨,老板可选择供股。现时的法例比较严格了,大比例供股时,大股东是不能投票的。故此老板只能温柔地供,比如说,二供一吧,现价已跌至0.2元,每股供0.15元,折让两成半。没钱参与供股的股民,马上就输了。哦,股民有钱,参与供股,不要紧,多供几次,终有一天他们会弹尽粮绝,被迫退出竞赛。
嗯,供股次数太多,虽能赶尽杀绝,但赢得太慢了,我宁愿少赢一点,但赢得更快,方法是私有化。私有化并非没有缺点。用比市价高的价钱来收购,是吃了一点儿的亏。但当你已经大赢特赢时,施舍一点点面包屑给小股东,当是打发乞丐也好,什么都好吧。私有化的优点是用最快的速度吃走了整个饼,留给股东少少的饼屑,即是高于市价的收购价,这就叫皇恩浩荡了。但有些情况是不宜私有化的。当公司拥有大量资产,而股价极度偏低时,就可借着私有化鲸吞资产,是成本低效益高的妙法,快手快脚的抢走了小股东的“应份”(Equity)。但当公司是空壳一个,私有化也就没有作为,只能继续利用它的上市地位,去抢小股东口袋里的钱。
自从那位天才发明了这旷世财技后,不断有聪明人改良技术,至今为止,这技巧已经发展得十分完善,操作简单,比视窗还要易用,每个懂得财技ABC的人,都不会不知。
大家不妨看看资料,股价低于资产净值的公司,就是在大牛市,也还多的是,就是因为向下炒的缘故。
@天天静心课 @方舟88 @今日话题 @港股通
05-22 08:38
转发 (21) 评论 (21)
下载雪球客户端

"往下炒" is a longer term lower risk and more sophisticated operation that is usually by the towkays themselves. The normal pump and dump can be done by operators with "agreement" by the towkay.

That's why know who you are swimming with is important.... make sure you know their incentive and structure so that you are swimming same direction. It separates the newbies from the skeptics.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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25-05-2015, 12:11 PM.
Post: #19
RE: Hanergy (0566)
Just see which SGX companies whole day do rights/placement issue.

Haven't really see SGX companies for 10 to 1 share consolidation after then, 1 for 1 rights issue at big discount.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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25-05-2015, 04:34 PM. (This post was last modified: 25-05-2015, 04:35 PM by theasiareport.)
Post: #20
RE: Hanergy (0566)
Solar Panel Maker Suffering HK Share Sell-Off ‘Failed to Repay Loans’

- Hanergy Holding Group used shares in listed unit to take out bank loans it has been unable to repay, sources close to company say

http://english.caixin.com/2015-05-21/100811386.html
http://theasiareport.com - Reflections From Finding Value In Asia

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