华晨高管抛股隐情 逆MBO发展路径蒙上阴影（Brilliance executives cast a shadow over the MBO development path）.doc

华晨高管抛股隐情 逆MBO发展路径蒙上阴影（Brilliance executives cast a shadow over the MBO development path） Brilliance is a very special case in the midst of a wave of property-rights reform that has been raging in state-owned companies. Once the MBO pioneer, after MBO Friday case management plan been suspended, retained the state-owned holding company mistake identity, but sell the wave behind the regulation problem for the inverse MBO brilliance development path The executives tossed the stock Although for several months, the domestic auto industry a fraught, still it is not difficult to find that brilliance auto is one of the fastest decline in performance, brilliance China (1114 HK) shares can use moving to describe 2004, the highest at 4.85 Hong Kong dollars, from the beginning of the year all the way down to August 16th, the closing price is only 1.58 yuan, more than half a year lost nearly 68% of the time. To make matters worse, a recent months, brilliance again become the focus of attention, four executives left, no doubt that brilliance auto will fall, goes a popular. And more than a month ago the executives shares is the fuse of the whole event, July 8, 9, 2004, the Hong Kong stock exchange disclosed that brilliance Su Jiang, chief executive of the China to sell more than 700 shares, each two sold out its brilliance in the hands of a total of 14.458 million shares, 33.78 million Hong Kong dollars. It was the second sell-off in less than a year, and it was not hard to see from the public information of the Hong Kong stock exchange that several executives from brilliance had almost cleared all of their shares. On October 28, 2003, brilliance auto signed a $170 million five-year convertible bond, which raised $164 million. At the same time, citigroup has bought the individual shares of wu xiaoan, hong xing, su qiang, he tao and Yang maoming at hk $2.65 a share, with a total of 136.4 million. After the sale, he tao had nearly 1445.80 million shares left, and he tao had more than