The strength of the glass will survive three mysteries: new shareholder sightings

1 Yuan Equity lock for many years new shareholders sightings funds in short supply whip today, Anhui Deli Glass Co., Ltd. (hereinafter referred to as "de power daily") of the first application will be audited by the SFC, if its success will be a a-share market, another member of the "New Ding." But the reporter found in the prospectus of German daily Disclosure, the company's development process there are 1 Yuan capital lock for many years, such as three big mysteries. And these strange images eventually concentrated on a focus on the company's actual control of the Shi body. It is noteworthy that, if the Delixi-day successful listing, according to the 25 times times the P/E ratio, Shi owns 41.1033 million shares (65.13% of the total shares of the former listed companies), a value of 1.028 billion yuan.　　It is more than 6,850 times times more than its original investment of 150,000 yuan, which is 24 times times higher than its total contribution. Yesterday, this reporter through a variety of ways to contact the German daily-use of the relevant responsible person, trying to solve the mystery. But as of press, did not get the German force daily response.　　This newspaper will continue to pay attention to the daily progress of the German force. Puzzle One: 1 Yuan capital lock for many years October 16, 2002, Huang Xiaozu, Shi, watering, and other 7 natural persons jointly launched the establishment of Anhui Province de Force Glassware Co., Ltd., that is, the predecessor of German daily.　　The limited establishment of virtue, the registered capital of 1.5 million yuan, the shareholders of the money to buy shares, the price per share is set at 1 yuan.　　As early as August 25, 2003, Gu Hongbin, one of the first 7 investors, transferred 150,000 shares to a 1 yuan/share price to another original investor Shizhang, and by April 15, 2008, the largest original investor Huang Xiaozu transferred 680,000 shares to 6 people such as Shi, still 1 yuan/share.　　As a growing company, the price of equity has been locked up for years. Mystery two: New shareholder sightings Prospectus shows that July 8, 2004 when the limited strength of the first time to increase capital, the new shareholders Schien, Cai Baoru, Zhang Boping, Huang, Hulle, kwing, Peng Yi, 7 people because of "optimistic about the future development of domestic glassware industry", respectively, the debt receivable from the company 2,759,983 Yuan,　　360,000 yuan, 350,000 yuan, 250,000 yuan, 200,000 yuan, 200,000 yuan, 160,000 yuan in accordance with the proportion of 1:1 to recognize the registered capital.　　However, only a year later, in addition to Schien, the remaining 6 new shareholders at the same time will hold all the shares in accordance with the price of 1 yuan/share transfer to the original investor Xungin. Interestingly, some of these shareholders later bought the stakes again.　　It is worth mentioning that Xungin, Huang, Zhang Boping are all the brother-in-law of Shi.　　Mystery three: Family whip of financial shortage recalling the process of increasing capital in daily use, the main source is the debt-to-equity swap, and the majority of the creditors are members of the Shi family. According to the prospectus, in 2004, when the first replenishment was increased, the members of the family who participated in the debt-to-equity swaps were Xungin, Huang, Zhang Boping, and the second replenishment in 2005., there are Shi, Schien, Shizhang, Shikang, Shimeihua, Cai Baoru. In the case of debt-equity swaps, the prospectus explains that the company has limited access to financing, and the second is because of the growing capacity and tight capital.　　And the resolution of the debt-to-equity swap was unanimously agreed by the then shareholders ' meeting. But it is easy to see from the prospectus that the shareholder meeting is actually dominated by the family members. And then the financing channel is really difficult to let the family internal lending become the preferred way?　　Doubts remain.　　The industry says the family enterprise governance structure is not perfect a brokerage person who has been in business for more than 10 years said yesterday that from the prospectus, it can be seen that the daily is a typical family business, the corporate governance structure is not very sound. The industry also pointed out that years of capital to maintain 1 yuan, is contrary to common sense, in the meantime there are a number of relevant personnel of the shares and exit, do not exclude the suspicion of the transfer of interest. In addition, in some important information, the company's daily disclosure is not clear enough, such as involving major shareholder changes, debt to equity swap, these are actual impact on the performance of the important situation, so the prospectus should be more clearly explained to these matters.