Hareon directionally transferred calculate the right price many controversies

Polaris solar PV net news: yesterday (June 12) was hareon (600401, closing price of 7.35 dollars) dividend ex-dividend date. Investor Liu opened trading software trading as usual, found a surprising sight: hareon opened at 7.15 Yuan price, based on his earlier calculations, hareon xD opening should be close to 8 million.

Reporter note to, according to Shanghai Securities Exchange (fiscal Yuan) trading rules of related provides, sea run PV previously distribution programme for to capital Provident Fund turned increased equity, that to capital Provident Fund each 10 unit directed turned increased 1.6 unit, programme implementation Hou, total equity actual increased 46.0604 million unit, actual increased proportions for 4.4%, except right reference price = Qian closed price/(1+4.4%). Hareon previous day closing price of 8.3 Yuan, June 12, the same day ex-dividend after opening price is 7.95 Yuan.

In this regard, the reporter called the company, company officials responded by saying, “Secretary of the Board of the company permits have been rushed to the Exchange, which is SSE are mistaken, they fail notice, they are mistaken. ”

Opening its market value lost more than 10%

Yesterday was the hareon dividend ex-dividend date, company stock short name becomes “XR hairun light”, shares opened at 7.15 Yuan. For this opening, shares immediately filled with hot, many investors have talked about opening price is wrong, investors, Liu told reporters, then see the opening was completely frozen, do not know how to operate it.

So puzzled about why investors think? Reporters noted, hareon in the June 6 issue of the distribution of profits and capital reserve increase in 2013-equity displayed in the notice, the company’s 2013 annual allocation follows a programme of capital reserve increase equity, that is, capital reserve directional go 1.6 shares for every 10 shares, after the implementation of programmes, the total share capital increase 46.0604 million share, the actual increase is 4.4%. Shares registered on June 11, the ex-dividend date is June 12.

In accordance with the relevant provisions of the rules of the Shanghai Stock Exchange, which closed before the ex-dividend reference price = price/(1+4.4%), if you follow this formula, hareon previous day closing price of 8.3 Yuan, June 12, the same day ex-dividend after opening price is 7.95 Yuan.

However, the actual result, hareon trading at 7.15 dollars, the price is calculated according to the provisions of the ex-dividend 10.06% lower after opening. In other words, hareon opened market value direct evaporation over 10%.

SSE: has begun to verify the situation

Hareon briefly fell after rising yesterday morning, and by midday closing has risen 2.65%, exchange rate 1.68%, volume 5.9695 million shares total 43.09 million dollars turnover.

Hareon the temporary suspension in the afternoon. SSE said in an official micro-blog about this, the morning of June 12, regulators were concerned that some hareon SSE company investors on the company’s shares today (12th), ex-dividend reference price is in doubt. Application by the company, trading in company shares started at 13 o’clock that the SEHK has set out to verify the information.

XD a strange, yesterday urged the company to understand the situation, the telephone is manned by company staff. The staff member said, “our Corporate Secretary of the Board, cards have been rushed to the SSE to communicate when resumption also depends, and the SSE result of communication, there is always a solution. ”

Reporters asked whether the opening price is wrong, the staff member told reporters flatly that “SSE is wrong, they fail notice, they are mistaken. ”

Private: pay attention to game after the new equilibrium price

Hareon compound rate dispute, insiders said, mainly because the company took a directional increase allocation scheme, the company has 20 shareholders gave up participation in the directed transfer allocation schemes. These people told reporters, according to exchange rules, the XD (interest rate) reference price =[(ex-cash dividend closing price) + with (new) unit price x the circulation changes in the shareholding ratio] ÷ (1+ circulation changes in the shareholding ratio). At 7.15 Yuan trading, Exchange may be missing the shareholders did not participate in the increase of this situation.

However, another longtime investment private to reporters expressing a different point of view. In his view, the so-called right is obtained shareholder interest deducted from the stock market. Hareon solar, for example, except right before the company closed at 8.3 Yuan, if the investor holds 10,000 shares, then his market value for 83,000 yuan. But if the ex-dividend price 7.95 Yuan per share after opening, then the investor’s market value will increase to 92,000 yuan. Market capitalisation grew rapidly, most likely triggered arbitrage, as you can imagine, if there are more investors from like-minded, so that the company’s share price can at 7.95 Yuan hold it? So, for investors, buyers, sellers should pay more attention to the unit that regenerated after the game the new equilibrium price, it’s more meaningful to investors.

Original title: hareon directionally transferred calculate the right price many controversies

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