Cogobuy's share price fell another 10% yesterday. It has been more than a month since the time when the "Fenghuo Research" released a short report, and Cogobuy also refuted the question one by one, but the haze has not dissipated for a long time.
On the morning of the 27th, Cogobuy's share price fell more than 15% in intraday trading, and its share price hit a new low in 2015. At the close, the stock fell 10.50%. Since the stock price change on May 18, Cogobuy's share price has fallen by 60%, and the market value has evaporated by about 9.5 billion Hong Kong dollars.
On the afternoon of the 27th, Coton Core City said: "The stock price has been frustrated today. We believe that the malicious short-selling of Cogobuy has shifted from the earlier capital level to the business level. Deep V reversal, we have realized that there are malicious shorts by our competitors, and we can see the clues from the recent disk."
What evidence is there to confirm that competitors are involved in shorting Cogobuy stocks? The person said: "Because the Stock Exchange also has relevant restrictions on listed companies, we have communicated with the Stock Exchange and inquired about the selling account. The Stock Exchange is verifying the relevant data and will announce it after the investigation. We understand that Recently, the Stock Exchange has also begun to crack down on malicious short selling."
As for the motivation of the competitors to short the company, Cogobuy said that Cogobuy has increased the signing of new production lines from this year, and the business competition with major agents has become increasingly fierce. Currently, it competes with competitors. In obtaining the agency rights of the American semiconductor ADI company, the company decided that the competitors wanted to compete for the agency rights from both the market and the business.
The reporter learned from the IC industry that the US semiconductor company ADI's previous authorization to Taiwan's Avnet company will expire on June 30 this year. At present, there are multiple channel distribution companies competing for the ADI China market. The city is one of the powerful contenders. However, the argument that competitors are vying for agency rights to short the shares of Cogobuy, from the information currently known, still needs further confirmation.
Kang Jingwei, chairman of Cogoxincheng, said on May 31: "Keton Core City will no longer respond to its related malicious allegations, and will focus on its own business and move forward steadily, believing that the stock price will return to rationality." Will use dividends and repurchases to respond to short-selling statements in the market.
However, from the data on equity changes disclosed by the Hong Kong Stock Exchange, the major shareholders of Cogo Power City did not repurchase after the increase in May 31 and June 1. In this regard, the relevant person in charge of Cogobuy said: "The major shareholders will gradually repurchase the company's stock in the future."
Affected by this, the institutions invested in Ketongxincheng were also pushed to the forefront. According to the data, in May 2016, Dacheng International agreed to a premium of 14%, and subscribed no less than 124.8 million new shares and no more than 187.2 million new shares at a price of HK$12.5 per share, raising up to 2.34 billion yuan.
In the transaction, Kangtong Core's major shareholder and chairman Kang Jingwei signed a commitment agreement with Dacheng International. The major shareholder will promise Dacheng International to realize the capital preservation within 3 years and have a 1% interest rate per year. At present, Dacheng International holds a 4.98% stake in Cogobuy.
Ketong Core City said: "Dacheng International's shares held by Cogobuy at the time under the agreement have not been reduced."
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