Five questions on the scallop Roe Island The sea scallop forest dream break

Roe Island Scallop 5 big question million mu of scallop whether really encounter natural disasters, that year, whether to sow 7.4 billion, and so on were questioned; Chairman Wu Hougang said he welcomed investors to the company to investigate a fantastic story that happened on the eve of Halloween. The protagonist of the story is located in Dalian Changhai County listed company Roe Island. On the evening of October 30, Roe Island announced that because of the natural disasters that had been encountered in the past several decades, its more than 1 million acres of shrimp and scallop, which had been sown in 2011 and partly 2012, were almost entirely produced. Affected by this, Roe Island in the first three quarters of the huge loss of 812 million yuan. "Where are the scallops?" quickly fermented and spread like a joke. Some people associate it with the counterfeiting of the Lantian shares. On the October 31 disaster statement, Roe Island executives ' first move was to "apologize to everyone." Roe Island, the failures of the sea, only 2011 years on the bottom of the 547 million-yuan sowing of seed. Presumably, some 800 million of the funds raised by Roe on the island in 2011 were "sunk into the sea". What is even more bizarre is that the Roe Island called the cause of "natural disasters", some local farmers have not heard. Dalian and Changhai County related departments, also did not have disaster notification. Faced with a barrage of questions, Roe Island intends to invite investors to do on-site research. But some financial experts believe that even research is difficult to find out the truth. Are scallops really hit by natural disasters? October 31 's performance note, Roe Island's major shareholder representative, Roe Island Town party secretary said that the disaster is not only the Roe island, according to Roe Island town of Changhai County Government feedback information, Changhai County "other regions also have different levels of disaster." "The disaster came suddenly and dramatically. According to Roe Island executives, the cold water Regiment was a few decades old. In the face of "such a catastrophe," the official website of the Dalian Bureau of Ocean and Fisheries, there is no information on this issue. At the same time, Changhai County's official website, has not seen the disaster. On the contrary, July 20 this year, the official website of the Changhai County government said, small long Shan Xiang shrimp culture into the harvest period, the annual output is expected to increase 30%-40% in the year. "Did not hear the news of the disaster of the shrimp farmers." "November 2, Changhai County, an aquatic wholesaler, said. An aquaculture farmer also told The Beijing News reporter that he also did not hear the farmers because of cold water regiment disaster information. The Securities Times also reported that farmers said they had not met the cold water regiment and had not heard of the surrounding waters. Roe Island Chairman Wu Hougang, "local scallop price increase" to support the occurrence of disasters. Changhai Aquatic Wholesalers said that the scallop is indeed rising, but mainly by the normal seasonal factors caused by changes in supply and demand. Why was the disaster not detected in time? In addition, Wu Hougang also said that the Yellow Sea cold water regiment anomaly occurred in the summer, "This situation we did not find in the spring investigation, until the autumn survey to discover." Wu Hougang said that Roe Island each year in spring and autumn, the seabed Inventory survey, "because the company currently has 3.5 million acres of farmed sea, eachThe work is a long time, and from past experience such verification arrangements are more scientific and reasonable. "There is a discrepancy between this statement and the Roe Island's 2012 issue of the second short term financing margin prospectus. The description of the culture link in the manual refers to shrimp, scallops, abalone, sea cucumber and other seedlings, "the company every month to organize a survey of seedling growth, investigation by the Research and Development Center is responsible for the main selection of different bottom-sowing areas, sentinel tracking, observation of growth and physical and chemical indicators of the sea area changes, and do a good record." "It is not difficult to monitor the growth of the scallop in the shrimp." "An expert at the Institute of Marine and Aquatic Sciences in Shandong Province told the Beijing News reporter that, in general, larger-scale aquaculture companies have their own divers," and it's not difficult for divers to pick up a few scallops to see how they grow. The expert said that the shrimp scallops grow very fast in the summer of each year, "presumably the farmers will care about what the scallop looks like." On the question of investors, Wu Hougang repeatedly said that welcome investors to the company research. According to Tencent Financial report, Dong Sun Fujun once said, "People need to trust." In financial expert Ma Jinghao view, the true spread of the number of shrimp scallops, it is difficult to understand, "is the auditor learned to dive into the sea sampling, is also unverifiable." So, President Wu has the clout to welcome research. "Ma Jinghao said. At present, the Roe Island is widely known as the "failures" incident, with the famous fake company Lantian shares linked. Some investors are also calling on the SFC to intervene in the investigation. Is it radical to expand deep-water aquaculture? According to the October 30 announcement, Roe Island will be the million sea failures reason, blamed on "Yellow Sea cold Water regiment anomaly." The main causes of the disaster are the low temperature and variable temperature of the north Yellow Sea, cold water and Liaonan of the North Yellow Sea, and the changes of nutrients. "said Roe Island. Roe Island made the above conclusions, citing the minutes of the meeting of the Institute of Oceanography of the Chinese Academy of Sciences on October 21. The meeting, a total of 14 Chinese Academy of Sciences experts attended. October 31 to communicate with investors, Roe Island's chief financial officer Shang, "Popular science" the North Yellow Sea Cold Water Regiment, "The Yellow Sea Cold water group refers to the summer in the Yellow Sea deep bottom of the low temperature water body, its main characteristics of low temperature and large temperature difference, salt difference is small." Shang said the cold water regiment is mainly entrenched in low-lying areas of the Yellow Sea below the 50-metre contour. In other words, 50 meters below the sea, there will be a cold water regiment to appear. According to the local media in Dalian, in 2010, most of the shrimp-Roe Island was cultured in the 30-40-metre-deep sea area, and 2011 years, the Roe Island Marine Pasture Development depth, has reached the seabed 50 meters. Another media reported that Roe Island "has mastered the 40 meters to 50 meters deep water sea Area development key technology." When some investors questioned "Roe Island in the 50 meters deep sea in the bottom is too radical", Dong Secret Sun Fujun not positive reply, just said "deep sea development technology, still need according to different areas of the situation has targeted optimization adjustment." "In the outside lookIn the past few years, the pace of the Roe Island's march towards the sea, not only in depth, but also in breadth, is indeed "radical". Data show that 2006 when the market, Roe Island has the right to aquaculture area of 656,300 acres, of which the end of 2005, the spread of shrimp scallops 235800 acres. In 2010 years, Roe Island within one year of the new Right to the sea area of more than 1.2 million MU, the total reached 2.85 million mu. Among them, the bottom sowing shrimp more than 1.2 million mu of scallop. As of 2013, Roe Island has the right to the sea area has a total of more than 3.6 million acres. According to this calculation, the area of its right to the sea increased by 4.5 times times in 8 years. The increase in area did not bring about a corresponding contribution. For example, in 2009, the bottom sowing area was 654,000 Mu, and three years later, the shrimp scallop realized the sales income of 1.057 billion yuan, and in 2010 years, the bottom sowing area of the shrimp scallop was enlarged to more than 1.2 million MU, and the sales income in 2013 fell to 959 million yuan. Roe Island admits that in recent years the yield of its shrimp scallop has declined significantly. Comprehensive public information and securities brokers know that in 2010, the Roe Island shrimp Scallop Average yield of 144 kg per mu, 2011 down to 100 kg/acres, and the current yield of only 40 kg per mu. Interviewed by the media, Roe Island Dong Sun Fujun said, the main reason for the decline in yield, the department of "rapid scale expansion, management, resources and technology not match." Is the seeding 7.4 billion true? "Roe Island million mu of shrimp scallop Bottom Seeding multiplication project, is a world-class fishery sowing." "In 2012, a report titled" 39 Degrees North latitude singing ocean pastoral "wrote that the annual" Roe "of the island, which began in November every year, has lasted for more than 20 years. In recent years, the Roe Island "after the big battle", will publish the corresponding summary of the report. Roe Island in January 2012, said that the 2011 shrimp-Scallop Bottom broadcast of the war, the number of seedlings up to 9.2 billion, seeding area of 1.345 million acres, "human, material, capital investment all create a history record." October 31, when asked investors, Roe Island chairman Wu Hougang said, the failures of the shrimp, the scallop, is in November 2011, the total seedling volume of 7.4 billion pieces. In contrast, 80% of the seedlings planted at the end of 2011 died. Wu Hougang also said that the procurement of the failures seedlings, a total of 537 million yuan cost. According to the 2011 Annual report speculated that the 537 million yuan of funds, a considerable part of the funds are targeted to raise funds. In 2009, Roe Island issued a plan on directional additional issuance, which was subsequently approved by the SFC in 2011. The plan shows that Roe Island intends to raise 800 million yuan, of which 520 million yuan is used for "new annual rolling 250,000 acres of shrimp scallop bottom Seeding multiplication project." Roe Island illustrates the significance of the project, saying the move could "continue to expand production capacity and sales of shrimp-scallop-seeding." Finally, Jinan north-North Investment Co., Ltd., Jiangsu Rui Hua Investment Co., Ltd., YIFANGDA fund, such as 6 parties, to becomeThe subscribers of the additional shares. The 2011 Annual report shows that as of that year, Roe Island has raised funds of 263 million yuan to the bottom seeding of the scallop. Since then, Roe Island has invested 87.39 million yuan in the project of "250,000 mu of shrimp and scallop bottom seeding". In addition, in October 2012, another 155 million yuan raised funds, was changed to use the "422,000 acres of new expansion of shrimp scallops in the bottom of the Sea Area proliferation project." By the end of 2012, the seedlings of 151 million yuan had been seeded and finished. At this point, a total of 510 million yuan fund-raising, in 2011 and 2012 "Sprinkle to the sea." Quite coincidentally, the failures scallop, which was broadcast at the end of 2011 and 2012. The Beijing News correspondent tried to call Roe Island to see if the failures waters covered the same year's use of fund-raising. But the chairman Wu Hougang and Dong Secret Sun Fujun's telephone, all no answer. After the "failures" incident, some investors suspected that the per-mu decline may be just a cover, "the company may not have to invest so many seedlings." In response, Roe said that the bottom of the marine pasture, sales, "there is a basis for investigation, according to the basis." Why are the losses so huge? "It's conceivable that when the Roe Island is lying on the bottom of the sea, it's like there's a vast expanse of underwater forest." "Three years ago, Roe Island in the 2011 Social Responsibility Report," the imagination. Such a vision highlights the Roe Island's self-confidence based on the "Ocean Ranch" model. Its "2011 Social Responsibility Report" mentions that the end of the year, the Roe Island staff, "achieved nearly tens of billions of seed seeding record." According to the introduction of Roe Island, the growth cycle of scallop is about 3 years. That is to say, the shrimp-scallop, which was sown at the end of 2011, will usher in harvest this November. The harvest period did not come. On the evening of October 30, Roe Island issued a paper announcement, but announced the 2011 sown "submarine Forest" encounter extinction, completely became a "death forest". Roe Island said that from September 15 to October 12 this year, the company sampling found that the bottom of the shrimp scallop stock abnormal, after the investigation by marine scientists to determine, the company's marine pasture has occurred natural disasters. October 31, the disaster description meeting, the accounting firm described the "deep disaster", said, "A net down there is no net to things, fished up are dead shells." As a result, in the announcement of the evening of October 30, Roe Island has decided to abandon this round of fishing for the cost of 735 million yuan of shrimp scallops, covering 1.0564 million acres of sea area, and 430,000 acres of sea water cost of 300 million yuan for the bottom of the shrimp scallops to prepare 283 million yuan for depreciation. Deduction of deferred income tax affects 254 million yuan, the total impact of net profit of 763 million yuan, all counted into the third quarter of 2014. Affected by this, the first three quarters of this year, Roe Island will be a huge loss of 812 million yuan. The announcement prompted an outcry from investors. October 31, there are investors on the network platform questioned Roe Island, hoWhen you can make the loss of 800 million dollars back? Roe Island in September 2006 landed in the SME board. East NET data show that its net profit from 2006 to 2013 is 167 million yuan, 168 million yuan, 125 million yuan, 207 million yuan, 423 million yuan, 498 million yuan, 106 million yuan and 97 million yuan respectively. Comprehensive calculation, Roe Island listed after the cumulative realization of net profit of 1.791 billion yuan. In other words, the accident caused a loss, equivalent to Roe Island after the listing of nearly half of the net profit. On the Roe Island of the encounter of the "Black Swan", not only ordinary shareholders feel no sign, funds and brokers also stepped on the Thunder. Three quarterly reports show that the National Social Security Fund 414 combination, 108 combination, 101 portfolio, respectively, holding Roe Island 1.48%, 1.21% and 1.07% of the equity. Among them, 414 combination for three quarters of entry, 108 combination and 101 combination is since last year began to overweight Roe Island. Among them, the first 9 months of this year, the 108 portfolio is just one times overweight. According to incomplete statistics, this year, the brokerage for Roe Island issued more than 10 research papers, ratings to "buy", "overweight" mainly, and even "strongly recommended." A recent study before the incident came out of Galaxy Securities. September 25, Bank Securities three researchers "cautiously recommended" Roe Island, said the Roe island in 2015 is expected to increase the yield per mu of shrimp scallops. In accordance with the three-year growth cycle of the shrimp, the stock brokers expect the harvest is the failures, in 2012 the end of the million-acre shrimp scallop. Beijing News reporter Yin Cong reported on the extension of agricultural stocks in the history of the historical inventory of a "famous" fraud company, to the frequency of the industry to divide, agricultural stocks seem to "a single show." Whether it is the early days of the Lam Tin shares, or the recent emergence of green land, Wanfosenko, every agricultural company to fake events are called a A-share market classic case. What are the reasons for agricultural stocks to be so "biased" and to be similar or even to the same? A number of agricultural stocks have been trapped in the fraud storm retrospective a-share market, agricultural stocks of the history of fraud, the earliest to return to the beginning of the century. 2002, "China Agriculture first shares" Blue Sky shares of the financial fraud case caused the capital market uproar. The company, which is based on aquaculture, tourism and beverages, has maintained a "magical" growth rate in its financial data since its launch in 1996. The total assets of the company before the listing of only 266 million yuan, by the end of 2000 has soared to 2.838 billion yuan, an increase of 9 times times; At the same time, the company's annual report of earnings per share of more than 0.6 yuan, the highest reached 1.15 yuan. Even after the 1998 catastrophic floods, earnings per share reached 0.81 yuan, 5 years of capital expansion of 360%, in the then a-share market, once created the "Lantian myth." But soon, the myth spawned was like a bubble that was quickly punctured. Behind the myth of performance, the reality is that the company's fictitious operating income reached 3.69 billion between 1999 and 2000.Yuan, the actual 64 million yuan, fictitious net profit reached 940 million yuan, the actual loss of more than 3,200 yuan. Revelations, banks stopped lending, and the Lantian incident became the biggest scandal in the capital markets. Subsequent fraud incidents, is the 2005 Fung Lok Seed Industry and 2006 Prairie hing Hair. 2005, the listing of 8 years of Fung Lok seed industry has been 6 years of fraud, fictitious main business income of 180 million yuan, virtual increase in net profit of 40.06 million Yuan; 2006, the Prairie Hing Hair was listed 9 years accumulated fictitious increase net assets 1.415 billion yuan. At the same time, the company fictitious operating income, costs and taxes, to the time of the crime accumulated fictitious profits reached 1.32 billion yuan. 2011, Yunnan's garden listed companies green ground for fraud was referred to as the first case of the second-board fraud. The company, which was listed in 2007, had been listed in 2004 to 2007 June, the use of false contracts and fictitious transactions, virtual increase of assets of 70.11 million yuan, virtual increase of 296 million yuan revenue. After the listing to 2009, again falsely increase the assets of 288 million yuan and virtual increase operating income of 250 million yuan. In addition, the recent occurrence of an agricultural stock fraud case to several 2013 years of Gem Enterprise Wanfosenko. The company in 2008 to 2011 accumulated virtual income of 740 million yuan, virtual increase in net profit of about 160 million yuan. The company is also known as "gem fraud first shares." Industrial characteristics determine the company's fake impulse the industry analysis that the agricultural stocks for many years to fake the play code repeatedly staged, the reason is complex. "Overall, agricultural stocks are prone to counterfeiting for two reasons, on the one hand, production supervision is relatively difficult, and second, the industry's own low profit caused by the false impulse." Xu Davei, director of time Investment Research, told the Beijing News correspondent. First of all, agricultural enterprises are mostly engaged in rough production, the procurement and sale of raw materials involved, mainly farmers and small-scale farmers cooperation organizations. "This determines the extremely fragmented trading of agricultural enterprises and the need for trading to use large amounts of cash, and its operations and cash flow are not as clear and rigorous as other companies. Xu Davei that the particularity of this kind of enterprise management provides the convenience that other enterprises do not have for the fraud of listed companies. The second aspect, the agricultural enterprise profit margin is low, the cyclical fluctuation is big, the enterprise false impulse is intense. "The operating profit rate of the agricultural industry is generally low, the market is slightly changed, the enterprise may lose money, and the profit pressure is larger than other industries." "Xu Davei that the profitability of agricultural enterprises, especially aquaculture companies are very obvious, the enterprise to maintain a stable profit growth and good image, to maintain the two-tier market share price, for the company to prepare for further financing, the impulse of listed companies to fake is often more intense." In addition, the characteristics of the agricultural industry itself, resulting in the production process and inventory and other aspects of financial supervision difficult to audit, the company left room for fraud. Accounting expert Ma Jinghao told Beijing News reporter, such as fish and shrimp scallops, such as underwater inventory, because auditors can not dive into the water number of one by one statistics, resulting in the audit procedures to accurately verify the real data."Natural disasters are often used as excuses for whether asset impairment is due to natural disasters and can be judged by looking at the same period of performance of listed companies in the same region and the same type." "He believes that the current domestic accounting standards are lack of targeted agricultural enterprises, many audit institutions of agricultural professional characteristics and financial rules are relatively unfamiliar, but also lead to frequent financial fraud."