Shenzhou Thai Yue: The first home of the SME board

Newspaper reporter Li Vi shenzhen, Beijing Shenzhou Yue Software Co., Ltd. (hereinafter referred to as the Shenzhou Thai Yue) finally in the listing journey ushered in the dawn. On July 14, 2008, the first public offering of China Tai Yue was not approved at the 101th meeting of the SFC.　　A year later, September 17, 2009, the Shenzhou Tai Yue will again, the difference is, this time from the SME board into the gem.　　Shenzhen, a brokerage investment bankers believe that, in 2008, 263 network companies and China-Thailand Yue are "impact" medium and small listing, but both were not, there is this lesson, a lot of enterprises with small and medium-sized plates are starting to turn to the gem listing, Shenzhou Tai Yue This is the transfer plate is this category. 2008, the Shenzhou Tai Yue first involved in the capital market will encounter resistance.　　Familiar with the China Thai Yue investment bankers, this time is not, the company's internal employee equity transfer defects and important contract business risk is the two main reasons. Founded in 2001, the main business of Shenzhou Thai Yue to the domestic telecommunications, finance, energy and other industries of large and medium-sized enterprises and government departments to provide it operation and maintenance management of the overall solution.　　At present, the company registered capital of 94.8 million yuan, the plan issued 31.6 million shares, the demand for funds to raise 502 million yuan. Data show that the company's controlling shareholders and the actual control per capita are natural Wang, Lili, respectively, the two holders 18.5756%.　　Wang and Lili are the founders of the company. Company chairman Wang has introduced, in order to attract talent, the company was established at the beginning of the design of a "dynamic equity institutional system." The company divides the shareholder into three kinds: one is the original shareholder and works in the first line; the second is the original shareholder for various reasons, but also participate in the operation of the company, but not in the first line; The third is not the company at all.　　Each of the shareholders to return a grade, a discount of 50% of the shares to the company, as the company's common equity.　　Between September 2001 and September 2007, the company had shares on behalf of holding and multiple internal equity transfer, of which four for free transfer, two times for a single dollar transfer.　　The investment bankers said that the applicant in the on-site statement to acknowledge the existence of the company's history of shares and equity transfer irregularities, but the reasons for the transfer of previous shares have not been accurately and completely disclosed. However, September 13, China Thailand Yue prior disclosure of the issuer on the company since the establishment of the evolution of equity capital, the company's previous share transfer has been explained in detail. Four of the reasons for the free transfer of two, one is that the former staff after the separation of the shares of the stock transferred to the successor.　　The second is to strengthen the company's core management team's equity incentive to enhance its direct ownership of the company's share of the proportion.　　The two-time transfer is due to factors such as the status of the company's net assets, the role of each assignee in the company and the future role of the new shareholder in the company.　　"Highly dependent on the Flying Letter outsourcing services business is the company's performance minefield", a study from CICC pointed out that flying-dimensional support outsourcing services has become the main support of the company's performance. According to the prospectus announced by Shenzhou Yue, 2007, 2008 and January 2009-June, the net profit from the flying letter business accounted for 42.23%, 75.47% and 76.3% of the net profit in the current period respectively.　　And the collection of funds are mainly used to fly the platform to upgrade the large-scale transformation, the total investment of 168 million yuan, accounting for the total amount of 33.51%.　　Analysts believe that because of the high reliance on China Mobile's letter-flying business, if the flying letter business situation is not good, or China Mobile proposed to cancel the contract, reduce the contract settlement price, will have a greater adverse impact on the profitability of the company.　　The issue with China Mobile's contract is another major cause of the 2008-year-old Shenzhou Yue.　　The company disclosed in 2008 the prospectus shows that the company and Beijing Mobile flying letter business contract is valid for 1 years, renewed in June 2008, but in the future operation or there is no renewal of the above business contracts to the company's profits have a significant adverse impact on the risk. However, the Shenzhou Securities Management Division general manager Zhang Yi Mountain responded: "2008 onwards, with China Mobile letter of business contract is valid for 3 years, to avoid the failure to renew the above business contract and the company's profits have a significant adverse impact on the risk." ”