In the transaction price, the stock price was transferred to the Stock Exchange to ask whether the two listed companies leaked inside information

Wen | Li Chunlian Ma Yuli

On June 23, due to a related transaction, Baosteel and Northern Rare Earth received a letter of inquiry letter from the Shanghai Stock Exchange. On the evening of the night (June 22), the two parties announced that they planned to redesign the "Rare Earth Essence Supply Contracts". From July 1, 2022, the price of rare earth concentrate transactions between the two parties was adjusted to 39189 yuan without taxes. /Ton (dry quantity, REO = 50%), REO increases or decreased by 1%, the incremental or decrease of 783.78 yuan/ton (dry quantity), and the total transaction volume of rare earth concentrates in 2022 does not exceed 230,000 tons (dry quantity amount Reo = 50%). Regarding the price increase, Baosteel shares said that since the second quarter of 2022, the prices of the main light and rare earth products in the market of rare earth products have shocked and operated high. In view of this, in accordance with the rare earth concentrate pricing mechanism agreed with the northern rare earth, the company intends to increase the sales price of rare earth concentrates. Stock prices and rising transaction prices have been required by the Shanghai Stock Exchange to investigate whether the insider trading Baosteel shares and the northern rare earth controlling shareholders are Baosteel Group. The two are related companies. It is precisely because of this relationship. Rare earth concentrate procurement daily affiliated transactions have been controversial in market. According to the previous parties, since January 1, 2022, the transaction price of rare earth concentrates between the two parties is not 26887.2 yuan/ton (dry quantity, Reo = 51%). Reduce 527.2 yuan/ton (dry quantity). After the transaction price was raised by 45.75%over the beginning of the year. As the transaction price increased significantly, the Shanghai Stock Exchange required the two parties to combine the relevant rare earth products market conditions and specific agreement, etc., explaining the main basis and rationality of the sales price of this time; combined with the pricing mechanism of the two parties Essence In an interview with the reporter of the Securities Daily, Wu Wanying, a senior researcher at Tim Wing Economic Think Tank, believes that "the affiliated transactions of Baosteel shares and the northern rare earth prices are in line with their contract agreement, but they are not strictly consistent with market price changes. Observing its past price adjustment The situation is generally less than the market change, but the price adjustment is much larger than the market price increase during the same period. "It is worth noting that from June 21 to 22, the announcement of the shareholding price of related transactions, the cumulative increase in the stock price of Baodang shares reached 16.11 %, The cumulative decline in the stock price of rare earth in the north reached 12.18%. In addition to the rationality of the transaction itself, the "two pole" changes of the stock price of the two companies are also questioned whether the transaction involves inside information. In this regard, the Shanghai Stock Exchange asked the two parties to verify whether the transaction was leaked in inside information and timely providing insider information insiders to the Shanghai Stock Exchange. Regarding the impact of the above announcement on the company, Yang Wenhua, a rare earth analyst at Shanghai Nonferrous Network, analyzed to reporters: "On the one hand, it has a sharp impact on magnetic companies that have a long -term supply relationship with the northern rare earth. The weak bargaining ability of downstream motor companies may exacerbate the cost of inversion of relevant magnetic materials companies; on the other hand, the profit of separation of the smelting link has been reduced, and the amount of oxidation of the northern rare earth processing order may be reduced by this. In terms of the spot price of oxidation, it has boosted the bullish mood of the spot market, but the main influencing factors are still the fundamentals of supply and demand. In fact, due to the relationship between supply and demand, the price of rare earth has been at a high level since this year. Hu Weijian, an analyst of Shanghai Steel Lianlian Metal Division, told the Securities Daily reporter: "The mainstream products of rare earth 镨钕 镝铽 镝铽 镝铽 镝铽 镝铽 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海. The development space of the new energy industry is expected to be further opened, which drives the high -quality development of the rare earth industry chain. The market is full of confidence in this, and the performance of the rare earth permanent magnet sector market also confirms this. " In performance. The pre-profit announcement of the 2022 semi-annual pre-profits announced recently disclosed by Guangsheng's color showed that it is expected to achieve a net profit of 160 million to 2.10 million yuan in the first half of this year, a year-on-year increase of 91.27%-151.04%; Yuan, a year-on-year increase of 67.00%-116.30%. There are also enterprises in advance to accelerate the high -quality development of the rare earth industry. Liu Leiyun, chairman of the rare earth of Ministry of Field, said that in recent years, due to the rapid development of downstream enterprises such as new energy vehicles, electronics industries, and wind power industries, the demand for rare earth has increased significantly. With the continuous changes in the global rare earth raw material supply pattern, the continuous deepening of the requirements of innovation -driven green development, the continuous strengthening and governance of the domestic rare earth industry, and the further deepening of the integration of the rare earth industry, the rare earth industry is constantly in the direction of standardization, green, and innovative development. Move forward, and it is expected to enter a new cycle of high -quality development. Yang Wenhua said that as a large number of companies in the rare earth industry are re -production in an orderly manner, the demand for wind power generation and air -conditioning parts in the rare earth industry is relatively strong, and the demand for rare earth in new energy vehicle companies is weak, but in policies Under the blessing of subsidies, it is expected to drive the market demand of new energy vehicles. The demand is transmitted to the upstream, and the order volume will also increase in an orderly manner. The demand for rare earth in the second half of this year is expected to gradually recover, and the high -quality development of the industry will further accelerate.

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