National Union Aquatic Product Suspicion: "False identity" received tax concessions

June 28 for the purchase of Zhanjiang National Union Aquatic Development Co., Ltd. (hereinafter referred to as "National Union Aquatic Products") issued on the scale of 80 million shares, set a gem of the new issue size record. However, for this year, Zhanjiang Sea area of large areas of dead shrimp, shrimp and other aquatic products, aquaculture processing and export sales for the main business of the National Union aquatic products, not to the market to make a risk hint.　　The slowdown in exports and increased competition in the domestic market is also considered the company's profit growth.　　In addition, the industry questioned the National Union aquatic products suspected of "fake foreign capital" status to enjoy tax concessions, which has contributed to its past annual profits.　　The disease of Zhanjiang shrimp seedling is unhurt? This newspaper learned that the first half of this year, Zhanjiang Sea area, South China shrimp farming industry affected by the weather and water quality, shrimp seedlings appear a large area of death phenomenon.　　At present, the National Union aquatic product has not carried on the risk warning to this situation.　　The National Union Aquatic product Dong Wu Lizing tells this newspaper, from the National Union aquatic surveillance data, its Culture sea area has no influence, also does not affect its shrimp acquisition. It is understood that the current National Union aquaculture Sea all use the independent cultivation of the "National Union," shrimp seedlings, the shrimp seedlings were promised at the time of sale, for 10 days the death of the shrimp seedlings will be 100% Liangmiao, for 20 days the death of shrimp seedlings will be 50%, and more than 20 days of the death of shrimp seedlings can be seen as the environmental impact of aquaculture rather than shrimp seedling texture problem Without Liangmiao. "Wu Lizing said," Farmers have dead seedlings will certainly be the first time required Liangmiao, we according to the requirements of farmers Liangmiao data, calculated the survival rate of around 80%. However, Zhanjiang Xuwen a farming area of up to 100 acres of shrimp farmers told the newspaper, the past purchase of the "National Union One" generation of shrimp seedlings in the survival rate of about 50%.　　In the past two years, the survival rate was only about 30%. A professor of Marine College, Sun Yat-sen University, said that the "shrimp seedling" belonging to the imported generation of shrimp seedlings, the current survival rate is the highest 50% or so, 80% survival is not possible. Wanguo an industry analyst said that this year's drainage is particularly serious, affecting the sea is particularly large, so aquatic companies and farmers are difficult to avoid all suffer from varying degrees of loss. "It cannot be unaffected." It is not normal to have no warning or even mention of it.　　"Export slowdown, increase competition in the domestic market on the other hand, the National Union aquatic sales regional structure is relatively single situation is also interpreted as the impact of the potential risk of profit increase."　　The prospectus shows that the National Union aquatic product is the largest shrimp export enterprise, is Asia's only access to the United States shrimp exports "zero tariff" enterprises. However, statistics published in June this year show that China's export of shrimp products in January this year was 11857.4 tonnes, falling by 28.9% per cent in the chain.　　The number of shrimp products exported to North America was 1247.6 tonnes, although it grew by 255.8% per cent, but the average unit price was 7038.1 USD/ton, down 16% per cent. The financial data of the National Union Aquatic product also show the export income to the US marketappear to have slipped. 2009, the company's export business accounted for 81.94%.　　Among them, the United States is the largest export market, but its 2009 export of the U.S. market income of 826 million yuan, compared with the 2008 839 million yuan not rise and fall. Dongguan Securities researcher Huang Liming in the analysis report that the National Union aquatic product structure and sales of regional structure is relatively single, the international, the United States, Europe and Japan are major shrimp import countries, but in recent years the market tends to saturation slightly.　　In the case of export weakness, the company also began to increase the strength of domestic sales. At present, the National Union aquaculture overseas competitor Thailand Zhengda group Tianjin Factory Shrimp Base Phase One project has begun construction, the project investment 25 million yuan, is expected to be completed and put into production in early November this year.　　It is said that the base is expected to produce 1200 tonnes of shrimp per year, up to 6 to 7 times times the same aquaculture water conditions.　　Zhanjiang Xuwen, the head of a large aquatic company, said that although domestic aquatic product consumption will continue to improve, but more and more fierce competition also makes each company market expansion more and more difficult, and the profit margin is declining trend. The joint venture identity reporter consulted the National Union aquaculture prospectus found that part of the company's annual profits, the joint-venture status of tax exemption made a significant contribution.　　However, its joint-venture status is the result of the establishment of a "foreign company" in Hong Kong by under combined loadings, head of aquaculture.　　The holding shareholder of the National Union aquatic products includes the Guo Tong Aquatic products and the Crown Union International, respectively holding the National Union Aquatic product 60.34% and 25.36% Equity, of which Crown Union International is Hong Kong registered enterprise. According to the disclosed information, the National Union aquatic products began to enjoy the preferential policies of foreign-invested enterprises and foreign enterprise income tax in 2004:2004, 2005 years of exemption from enterprise income Tax; 2006, 2007 at 15% tax rate　　From 2006 to 2007, the purchase of domestic equipment to allow the credit tax amount of about 20.89 million yuan, that is, the 2006, 2007 and 2008 of the current income tax total of 12.95 million yuan and 2009 years of income tax costs about 7.94 million yuan.　　By virtue of the "foreign" status of the Crown Union International, the National Union aquatic products only a few years to tax the tax savings amounted to 20.89 million yuan, so that its profit statement Tim a lot. According to the disclosure of information, Crown Union International was established on March 25, 2003, registered address for the Hong Kong New Territories Tunmen Hairong Road 9号万 GE 3 block 319 room. The company only issued 100 shares, with a nominal value of HK $1 per share, under combined loadings (National Union Aquatic Product Chairman), Li Guotong (Vice general manager of National Alliance Aquatic Products), Chenhan (general manager of the National Alliance for Aquatic Products) holds 51 shares, 24 shares and 25 shares respectively, that is, 51 Hong Kong dollars, HK $24 and HK $25 Crown Union International is mainly engaged in the National Union aquatic product equity investment.　　A tax deduction of at least tens of millions of dollars for investments of HK $100 is "small and broad". In this respect, the industry said that the Crown Union international is undoubtedly "fake foreign capital" identity, the enterprise is a fictitious foreign-funded institutions, but the actual operating business inTax preferential areas, in order to obtain tax concessions, the purpose of tax avoidance and increase is obvious.