| The signal into the quagmire of capital Since late | | | | raised to "intermediate" to reflect the acquisition |
| April 2006, Dazhong and Yongle "merger" after, | | | | of the management of the risks involved. JP |
| Morgan Stanley, Citigroup and other international | | | | Morgan will also Yongle's rating from "overweight," |
| investment banks have published for the negative | | | | reduced to "underweight," target price reduced |
| evaluation of China Paradise. Prior to the financial | | | | 28% to 3.40 Hong Kong dollars. Contrast is just |
| investors, China Paradise, listing sponsors Morgan | | | | two months ago, Morgan Stanley also published |
| Stanley is once again jointly staged the original | | | | research reports, maintain Yongle's "overweight" |
| story and Mengniu, could not wait to get out of | | | | rating, saying that "the market for the Wing-lok, |
| cash. Double impact of China Paradise in the six | | | | 2006, earnings projections were too |
| trading days shares fell 40%. Although the capital | | | | conservative", to increase the Yongle annual profit |
| markets experience, "abandoned", but long-term in | | | | forecast of 6% -7%, while the Yongle target |
| the "Soviet hegemony" ( States United States | | | | price increase from the 3.15 yuan to 4.20 yuan, a |
| And Suning Electric 0439.HK 002024.SZ) difficult | | | | rate of 33%. "Yongle and Dazhong announced the |
| to survive under the shadow of Paradise, seems | | | | merger, but is the right time, to the international |
| to have spent the nationwide merger integration | | | | investment bank, cash in an appropriate reason." |
| "hibernation period." The use of capital leveraged | | | | Yongle listing process, a participation of internal |
| from "regional powers" to national hegemony | | | | figure, Morgan Stanley as financial investors |
| ambitions begin demonstrated. Morgan cooperation | | | | Paradise , listed in the Paradise last October when |
| with Mengniu, China Mengniu Dairy has been | | | | he signed in the second half of "lock-up |
| making the territory of Xiongbayifang. Morgan | | | | agreement", in this period, its 20% stake held by |
| trick, whether the same success Wing-lok? | | | | Wing-lok, no transfer of the capital markets. |
| Morgan Stanley cash As "51" during the Hong | | | | However, on April 25 this year "lock in" automatic |
| Kong stock market is not closed, Paradise | | | | termination, the international investment bank |
| crashing the stock failed to obtain relief. May 2, | | | | Morgan Stanley, stock prices for Paradise |
| Wing-lok, close to 2.575 Hong Kong dollars to | | | | "Xianyanghouyi" means cash in fact "clear enough" |
| close at a record low share prices during the | | | | of. Consecutive adverse reports issued after the |
| year, close to half a year ago when the IPO issue | | | | unit of Morgan Stanley MS Retail, CDH, TonyLey |
| price of 2.25 Hong Kong dollars. The April 21, Wing | | | | and RetailManagement such as equity participation |
| Lok has just hit the highest price of 4.30 Hong | | | | fund, announced a price of HK 3.225 per share |
| Kong dollars during the year. As a listed company, | | | | totaled 369 million shares sold in China Paradise |
| Wing-lok, are feeling the pursuit of profit of capital | | | | shares of issued share capital 15.81%, cash of |
| market investors. But the Wing-lok, Chairman | | | | nearly 12 billion. Yongle effort Investors to |
| Chen Xiao said the price Change in the normal | | | | "badmouth" Paradise, is becoming the capital |
| range. "Main before the merger price of 4.30 Hong | | | | market benchmark. Yongle and Dazhong in |
| Kong dollar is too high, is currently in the callback." | | | | accordance with the "merger" plan, Yongle will pay |
| Xiao-case interpretation. Shares rise Paradise "high | | | | for large and medium end of this year 150 million |
| dive," one of the major international investment | | | | yuan, "deposit." How to raise this large amount of |
| bank's continuous negative reports. April 24, | | | | money, certainly in terms of the Paradise is a |
| Yongle and Dazhong announced the merger of | | | | great challenge. According to the announcement, |
| the first trading day after the Paradise sponsors | | | | Paradise will be held on May 26 annual |
| listed issuers, Morgan Stanley said in a report: "As | | | | shareholders meeting, the agenda of the program |
| the costs rise velocity is greater than expected | | | | for the implementation of the allotment. This is |
| decline in earnings is expected to Yongle year | | | | exactly the same prediction with the United |
| 25% -27%" , while Paradise rating from | | | | States. Home Appliances Chain industry, "started |
| "overweight" from "and the market | | | | taking" has been prevalent for many years. June |
| simultaneously," target price reduced to 3.95 from | | | | 2004 Eagle GOME backdoor listing in July 2004 |
| the 4.20 HK dollar. Citigroup predicts, Paradise in | | | | Suning in the A shares listed on the SME board, a |
| the third quarter of the allotment of new shares | | | | listed home appliance chain financing as a tool for |
| and fund-raising to pay for acquisition of large and | | | | long-term reliable expansion. Today, medium and |
| medium funds, therefore, reduce the Yongle | | | | large accelerated acquisition of Yongle invested |
| Citigroup price target of 6% to 3.20 Hong Kong | | | | heavily enclosure, so that international investors |
| dollars, while Wing-lok's risk rating from "low" | | | | felt manage risk. |