Company of science and technology counter-purchases stock wave: Fund continues to do empty

September 24, 2008

Huang Jie of our newspaper reporter

　　As Lei Man brother goes bankrupt, American bank takes over United States forest, high-tech manufacturer of the whole world people the chill that also begins to experience wall street to be transmitted. The abidance that faces the stock market is low fan, add pair of future economy to go of situation anxious, counter-purchase a stock to become company of science and technology to carry again and again brace up of market confidence help straw.

On September 12, netease board of directors passed a stock to counter-purchase a plan, preparation employs cash reserve to counter-purchase the current share on the market, counter-purchase amount to be as high as 100 million dollar. Netease this action also counter-purchases share of Chinese IT industry introduced to new climax.

Since a month, include dragon of royal, giant, Tecent, the 9th city, net, associate, China number those who wait inside is abroad reach Hong Kong to appear on the market the company casts be derailed ticket to counter-purchase a plan in succession. And in fact, be in earlier before, include Microsoft, Cisco, IBM, Kang Ning to wait for magnate of international IT estate inside, also cast to investor already gave value what stock of about a hundred 100 million U.S. dollors counter-purchases is big ” the ceremony is wrapped ” .

　　 Chinese science and technology counter-purchase quickly

So-called stock is counter-purchased, it is to appear on the market the company is contributive issue its current and outer stock to be bought with fair value time give cancel or serve as inventory a kind of capital runs way. As appear on the market the company’s commonly used method, the stock counter-purchases common occurance.

No matter be royal, giant or net dragon, 9 cities and even more appear on the market company, once had announced similar plan in the past. Nevertheless, a notable phenomenon is, from this year begin first, home appears on the market the frequency that the company accelerated a stock to counter-purchase, and counter-purchase capital of plan institute cost also time and again refresh history record.

Since this year August, giant network announces to counter-purchase value the plan of 150 million U.S. dollor; Back-to-back, announce to prepare to be in the United States that future buys a value to restrain 200 million dollar inside 12 months to put grandly ask share share; The last before the Mid-autumn Festival trade day, netease also announces to counter-purchase a plan in succession with 9 cities, netease costs 100 million dollar, 9 cities should cost about 50 million U.S. dollor; Be the same as for a short while, harbor hands in the net dragon that appears on the market to also announced to had counter-purchased 431 thousand stock, total prices 2.17 million HK dollar.

Besides gather together counter-purchased net parade course of study, IT served manufacturer China number to also counter-purchase 50 thousand first, although cost hundred thousands of HK dollar only. And associate from the beginning of the year to begin, had undertaken tens of second stocks are counter-purchased, up to by June, associate counter-purchase more than 110 million, 1.38% what hold total capital stock.

Abroad to this China the company of science and technology that appear on the market ” happen to coincide ” counter-purchase stock phenomenon considerably, no matter be president of royal president Tan Qunzhao, giant,Shi Yuzhu or 9 cities president hold CEO Zhu Jun concurrently, elaborating to investor when counter-purchasing a decision, without one exception the earth’s surface is shown, because company board of directors thinks,be current company share price is underestimated badly, the hope borrows this method to promote capital market the value acknowledge to the company.

Since last year, suffer the United States second shift crisis impact, afore-mentioned numerous and abroad appear on the market the share price of the company appeared to drop badly, many stocks had fallen broken release price. It is especially after this year May, share price glides aggravate. May up to now, royal share price drops for 37% , giant is 58% , cent is numerous for 44% , 9 cities are 34% , sina is 33% .

Below the case that goes low in share price commonly, the enterprise is met make the decision that counter-purchases a stock, and redemptive oneself stock is considered as the company’s confident to him future performance normally, accordingly often after similar plan announces, appear on the market regular meeting of company share price rises, counter-purchase the effect that had stable share price here. In addition, because redemptive share often can be cancelled, in company gross earnings changeless circumstance falls, of share decrease mean every profit (the promotion of EPS) , because this has a share,counter-purchase can help appear on the market the company hands over relatively beautiful money newspaper. Additional, in share price inferior circumstance falls, appear on the market to the company turns into very easily and buy an end, it is OK to be counter-purchased through the stock the help appears on the market the deed that company boycott ill will buys.

　　 Arrive from Microsoft Cisco

“Be in early actually April when, a lot of investor appear on the market with respect to what asking China company, ‘ whether do you have a stock to counter-purchase a plan? ‘ ” on September 17, when one does not wish to disclose full name foreign capital to be interviewed to accepting a reporter to fund analyst, say, to investor especially for American investor, undertaking a stock counter-purchase is the important step that a lot of enterprises stabilize the stock market to behave.

In fact, the group of Chinese enterprise counter-purchases tide, just be the continuance that stock of international IT estate counter-purchases a climax. Be immersed in as global economy low fan, global high-tech also suffer be a burden on greatly, bring about partial company stock to be underestimated badly, since this year, bibcock of science and technology Google share drops 22% , intel share drops 24% , of Microsoft drop it is to be as high as 30% more.

Steep fall in the market when occurrence panic, superintendency branch is the stability that maintains the market, general metropolis loosens control, allow to appear on the market the company employs capital, even up the share that city firm offers loan of low interest privilege to buy his, die with preventing the stock market to appear dish.

In China abroad appear on the market before the enterprise announces the stock counter-purchases a plan thick and fast, international IT tycoon had taken the lead in spreading out ” save oneself motion ” , among them most typical several Microsoft and Cisco.

Since 2006, microsoft begins to carry out a by a definite date actively 5 years, the stock that value is as high as 36.2 billion dollar counter-purchases a plan, plan season of the 3rd money counter-purchases stock price to be worth 20 billion dollar this year, it is to go up money year what every quarter counter-purchases a stock on average is fivefold.

After the United States is sufferring 11 horror of 9 · to make a surprise attack, cisco uses economy to put delay, bought much wife and children company, maintained the arrogant person outstanding achievement of rapid growth. But after 2005, cisco outstanding achievement begins to glide, from highest growth 50% grow 12.5% with slipping up and down, to promote a company share price, cisco also begins to counter-purchase a stock wildly, november 2007, of Cisco stock counter-purchase amount to add to 62 billion dollar.

Since this year, if company of other and large IT also begins IBM, Dai Er, Kang Ning to join the procession that counter-purchases a stock in great quantities. IBM counter-purchased share of 12.5 billion dollar last year, this year Feburary, announce to counter-purchase share of 15 billion dollar again. The near future that wear Er was started history on 10 billion dollar is the biggest counter-purchase a plan (already finished 1 billion dollar to counter-purchase) at present. In July, wo Dafeng group represents the mobile operation business with the biggest whole world, the share that has 1 billion pound instantly counter-purchases a plan.

Service of the check that occupy wheat - the statistical report that rare Er company’s subordinate mark general company publishs, because financing is sufficient, 2007 mark general 500 indexes composition the company counter-purchases share amount to reach record-breaking 589 billion dollar. Bought amount to exceed mark general this time 500 companies in those days the amount of cash share out bonus of 246 billion dollar and the gain total of 587 billion dollar. Mark general company predicts, because macroscopical economy environment and market fund condition produce change, afore-mentioned composition the company counter-purchases amount to will not be climbed in the stock 2008 new tall. But considering appear on the market the circumstance with the shareholder pressure that the company faces and more still ready money, counter-purchase share amount to will still maintain Gao Shuiping this year.

Data of statistic of mark general company still shows, make an on-the-spot investigation from the industry, last year finance kind the stock of the company counter-purchases amount not tall, because in credit constrictive environment falls, this kind of company is attached most importance to with cash more. And IT kind the company is much with the stock firewood of employee of arrangement of period authority means proposes a toast, when period authority expires, the company can counter-purchase a stock more, this is a when this industry share counter-purchases dimensions to expand main reason. Nevertheless, as the aggravate of economic crisis, can increasing IT company takes similar step this year, besides carry brace up market confidence, counter-purchasing also is to appear on the market the company is in the market is small a when when confusing, undertake significant investment.