ST Dragon rating risk increased sharply an 200 million shares to be locked

□ newspaper Reporter Tian Lu

recently, funds are tight, and deep debt repayment crisis ST Dragon (formerly Shandong Hai ") suffered another rating agency credit rating down the main rating and its issuance of short-term financing bills, which is in six months , the third downgrade. From the point of view of relevant information, in Shandong Hailong operating losses, corporate governance issues and financial crisis began to focus on the outbreak of 2011, there are two raised funds Adversity into the room, and reached the ranks of the top ten tradable shareholders. Due to the holdings of a fund of 200 million so far with ST Dragon suspension is locked, the impact of ST Dragon fundamentals of uncertainty to the fund remains to be seen, but fund managers have felt a little risk factors.

In addition, Shandong Helon issued in April last year, short-term financing bills Dragon CP01 11 "soon to usher in the expiry date, only a short financial credit rating was lowered to the level" C "also means debt-servicing capacity is very low, a higher risk of default. In this regard, bond fund managers believe that the "11 Dragon CP01 there is a certain probability of default, if the breach does happen on the bond market did not affect. the stroke Restructuring Fund chips in

locked From August 22 last year, the ST Dragon suspension so far. The suspension reason is: the companys largest shareholder and Shouguang Chenming Holdings Ltd. has lifted the state-owned legal person shares authorized the operation and management agreement signed on May 9, 2011, the same time, Weifang Municipal Government and China constant days of the Group reached an initial agreement, both sides will carry out cooperation in a variety of ways, and the resulting suspension to prevent the stock transaction.

2011 first quarter, the performance of the ST Dragon is not ideal, but at the end of the quarter, a list of a mixed fund of a fund company in Shenzhen ranks among the top ten tradable shareholders, holding over 360 million shares. In the first half of 2011, ST Dragons share price had over 30% rise in wave amplitude. In the meantime, the Chenming Paper will be involved in the reorganization of the ST Dragon rumors have been circulating in the market. ST Dragon semi-annual report came out, the fund has not seen the figure. The next three quarterly as of the end of September, another fund company, a stock fund has become the new holders of tradable shares in ST Dragon, holding 200 million shares. Taking into account the ST Dragon has been suspended at this time the fund held shares apparently locked.

industry to China Securities (Confucius News) reporter said, some funds have been involved in the reorganization shares Preference: In the lengthy process of restructuring of listed companies, may choose a different point in time to enter. The recent investment in a fund company executives pointed out that the more serious differentiation in the past two years within the industry, small and medium-sized fund companies sometimes issued to the fund manager to clear the mutual fund performance, resulting in aggressive behavior of some fund managers under survival pressure. The China Securities Journal reporter also noted that many fund companies that in 2012 the economic downturn will cause the deterioration of some of the performance of listed companies and cash flow this year should pay more attention to prevent the emergence of the "black swan" event.

suspension due to ST Dragon Lock the fund of the chips, ST Dragon is not the top ten Awkwardness and therefore not disclosed in the 2011 Fund, Four Seasons timekeeping related matters. December 5, 2011, the fund company also issued a notice, thats funds will be held by some ST Dragon stock index income approach to valuation.

is worth noting that the ST Dragon again today issued a statement saying, "for various reasons, the company failed Hengtian Group signed a commission processing agreement, the Company intends to temporarily commissioned a processing agreement signed with another company. the" ST Dragon when the resumption of trading, is still unknown.

short financial breach of the impact of debt-based the

a bond fund manager, said the current situation, short-term financing bills in the ST Dragon does exist the possibility of default. Case of default the bond market have a negative impact but not too much, because the ST Dragon of payments crises in the last year has been increasingly the market recognizes. From low-grade credit debt varieties spread situation, the risk of the market for some issuers have been fully expected. In addition, institutional investors also hold the "11 Dragon CP01 bond very little. With the rapid recovery of the bond market in the fourth quarter of 2011, some industry insiders believe the low-grade credit bonds is expected to access in high-grade credit debt after the yield of the downstream, in particular, is optimistic about the "AA" rating nearby Quanzhong, but from the next market trends and the current attitude of view, the agencies in low-grade credit debt varieties somewhat lack of confidence.

However, debt-based manager said, although some lower-rated credit bonds may be part of the risk, but their overall coupon higher returns, In addition, in the case of spread widening, these varieties yield itself these will be regression to the mean, so it will remain a concern, appropriate participation.