SFC cancels Helen piano qualification due to stock transfer defects

Each reporter Wang Yandan today, Helen Piano Co., Ltd. Ben and the other 7 companies will be together, but on the evening of August 25, the SFC abruptly canceled today's first audit of the Helen piano.　　Helen Piano listing temporarily stranded.　　Although the SFC's reasons for canceling the Helen piano are generally expressed as "the sponsor has applied for supplementary verification of some of the company's issues", many market participants believe that the flaws in the transfer of equity in the Helen piano may be the biggest obstacle to its implementation. The former foreign shareholder of the transfer of equity at low prices June 15, 2001, Helen piano formerly known as Ningbo Helen Musical Instruments Co., Ltd. was established, registered capital of 1.4 million U.S. dollars.　　At the beginning of the establishment, Helen's limited shareholding structure for Chen Hailen and Chen Zhaofeng father and son respectively contributed 560,000 U.S. dollars and 490,000 U.S. dollars, accounting for 40% and 35% of the contribution ratio, the U.S. Axl capital of foreign investors 350,000 U.S. dollars, accounting for 25% of the contribution ratio. In May 2008, Helen was limited to a single equity transfer since its inception. Chen Hailen will be holding 40% of the Ningbo Helen's equity transfer to Ningbo Beilun Helen Investment Co., Ltd., the price is 560,000 U.S. dollars, that is 1 yuan/contribution amount.　　The latter for the Chen Hailen family-controlled enterprises, the original value of the transfer is still understandable.　　and Chen Zhaofeng will be held by Helen's limited 35% stake in the 23% transfer to Rui Yong Investment, 5.25% transfer to the concentric management, 5.083% transfer to cooperation services, 1.667% transfer to the Cloud Music advisory, transfer prices are 12.96 yuan/contribution amount, which concentric management for the Helen piano staff holding company.　　But at the same time, the United States Axl to the original value of 350,000 U.S. dollars to a limited share of Helen to a company named Four Seasons Hong Kong, it seems doubtful. The prospectus shows that the Four Seasons Hong Kong was established in November 2007 with a registered capital of HK $1 and the actual control of Chen Hailen's wife Kingheifen. By the end of June, the net assets of the Four seasons were HK $623,300. And for why the United States Axl willing to 1 yuan/contribution to the cheap transfer of equity, Helen Piano said because "Helen Limited before the establishment of the United States Axl and the Chen Hailen family has many years of business cooperation, the United States Axl funding is mainly based on assisting the Chen Hailen family to establish a Sino-foreign joint venture to consolidate the In May 2008, the United States Axl transfer of the issuer's equity to the Four Seasons Hong Kong according to the original value, is the United States Axl and Chen Hailen family to fulfill the agreed results, in line with the Helen Limited establishment of the historical background, for both sides of the true meaning. "Investment Bank: US Axl or holding shares Helen piano in the prospectus, the United States Axl is a registered musical Instrument company incorporated in California State, established in January 1998 with a registered capital of USD 1 million and shareholder by Liu Airen and Katec.　　Liu and Stevej.patrino constitute, the actual control artificial Liu Airen. And the reporter to look up the information on the Internet found that in the United States there is indeed a name for the United States AxlInternational Musical Instrument Co., Ltd., the largest instrument manufacturer in the global musical instrument industry ranked in the top 50, its founder Liu Xiangde in the 80 's, graduated from the Shanghai Conservatory of Music, after the development of the United States.　　So what is the relationship between the two Axl, but there is no information to check. A senior investment banker told reporters that from the two Axl of the actual control of the surname Liu this point of view, there is a correlation between them is very possible. When Helen was set up, the Chen Hailen family may have had a precedent before, perhaps for tax reasons, to find a capital-rich American Axl holding shares. So in May 2008, the United States Axl the original price of the transfer of equity is understandable.　　However, the nature of Helen's limited establishment could be problematic. Yesterday afternoon, the reporter called Helen piano, want to the company's share transfer and was canceled by the SFC will be interviewed, but the company staff said that the Secretary is currently on a business trip, and she is not aware of the company's listing, so it is inconvenient to make comments.