The withdrawal of the new exchange and the return of capital make-up of a a-share Chi body

Li Yingjiang IPO is not open, borrow shell listing has become a a-share market to replace the "fresh blood" the main way, naturally this has become the overseas listing of the stock return to a A-share unique path. Little-known is the former shares of the Flying music (600654.　　 SH) Announcement of the proposed shares to buy 100% stake in the Technology Co., Ltd. (hereinafter referred to as "the elimination of") is this category. Chi the head of China Security Technology Co., Ltd. (CSST, hereinafter called "Security Technology") in September 2011 from the privatisation of the privatization of the city, a lapse of two years, Chi body in a A-share gorgeous turn.　　 And the backdoor shares and security technology in July 2005 through reverse acquisition landing OTCBB listing quite similar. According to the shares disclosed, the net worth of 370 million yuan, the evaluation value of 4.5 billion yuan, evaluation of value-added premiums as high as 11 times times.　　 Behind the huge premium, the four subsidiaries and five sun companies are suspected to be security technology prior assets. And flying Le shares only disclosed is currently subordinate to the subsidiary of Hong Kong, four Sun Company for security technology assets of the historical evolution.　　 The other three subsidiaries in the security technology after the privatization, when the transfer to the cancellation, and transaction prices and other details are not introduced. It is precisely these three subsidiaries that are not clear in history, showing a fairly inspiring financial data.　　 It is estimated that there are significant differences between the financial data of these three subsidiaries and those of the interbank companies.　　 The historical evolution is not clear, the financial data is Misty, a company that is abandoned by the mature U.S. stock market, why can soaring in the A-share market?　　 Avoid overseas listed assets identity security technology has borrowed overseas listings to launch a series of mergers and acquisitions, the shares of the restructuring of the majority of the target assets are from the security technology of the original assets.　　 To this end, the shares in the "major asset sales, issue shares to purchase assets and raise supporting funds and related transaction plan" (hereinafter referred to as "plan"), specifically set up "this reorganization is intended to inject assets in the overseas listed assets of the situation" section. Which disclosed the division of Hong Kong and the elimination of the four companies for the original security technology industry, respectively, Hangzhou Tianyi Intelligent System Co., Ltd. (Hangzhou days view), Shenzhen Hao Safety Technology Co., Ltd. (Shenzhen Longhorn),　　 Beijing Guan Lin Shenzhou Technology Co., Ltd. (Guan Lin Shenzhou) and Shenzhen Branch Pine Materials Networking Technology Co., Ltd. (Shenzhen Branch pine, also including Shanghai Branch Pine). As at the end of June 2013, the net assets of the four companies were about 220 million yuan, and the net assets were about 370 million yuan, and four subsidiaries were one of the main subjects of the acquisition. In addition to the above four subsidiaries in Hong Kong, China and the elimination of the direct holding of Shanghai South Xiao Fire engineering equipment, Xi ' an Asahi long electronic technology, Tianjin City with the square science and technology projects and Beijing Tatsu-Ming Ping ' an technology four subsidiaries.　　 It is not known that three of them are suspected to come from security technology. As early as November 2, 2009, security technology in the digital city and strategic mergers and acquisitions press conference, has disclosedIn that year, it launched a series of mergers and acquisitions activities, announced the acquisition of Shanghai South Xiao, West An Xurong, Tianjin with the side of three companies.　　 In terms of owners ' equity, as at the end of June 2013, the net assets of three companies amounted to about 210 million yuan, constituting the other half of the assets reorganization.　　 For the above three companies to China and the elimination of the company, different from the previous practice of listed companies, Fei Lok shares in the "plan", did not mention its historical evolution, only the disclosure of China and the elimination of 100% shareholding. According to the company's shares disclosed, the predecessor of the Beijing Crown Lin Ying-tech Intelligent System Integration Co., Ltd. (hereinafter referred to as Beijing Crown Forest).　　 And back in June 2007, the company became a long-term strategic partner in security technology.　　 In addition to the historical evolution of the above-mentioned "unknown" subsidiaries of the financial data also have a lot of doubts. According to the disclosure, 2011, 2012 net profit is 64.891 million yuan, 108.9462 million yuan respectively. At the end of 2012, the net assets of 310 million yuan, corresponding to the return on net assets of 34.84%. and domestic security industry leading one of the Hai Kang Wei view (002415.　　 SZ) In 2012, the figure was only 24.69%, which was more than 10 points lower than that of the two countries.　　 How do the differences between the two companies come from? Hong Kong, the four subsidiaries of the Longhorn Holdings, the asset scale of billions of companies, the first half of 2013 revenue 72 million yuan, the net profit is not enough, profitability and the sea Kang Wei depending on the level.　　 Hangzhou Sky View, the Crown forest and Shenzhen Branch Pine also presents a similar situation, profitability and the company has no significant difference.　　 Despite the same amount of assets as the four companies, the other four "domestic" companies achieved net profit of more than 62 million yuan in 2012, more than twice times the former.　　 In the end of 2012, West An Xurong net assets of 51 million yuan, but to bring the company nearly 19 million yuan profit, Beijing Damien 2012 at the end of 23.6 million yuan net assets, that year brought 9.5 million yuan net profit, profitability is significantly higher than the peers. In addition to manipulating the profit speculation, a beijing-based brokerage person interviewed pointed out that during 2011 and 2012, the cancellation or its subsidiaries or the existence of the sale of assets, because the sale of assets into operating income to affect profits.　　 But this has little to do with the ability to do business. 　　 Financial data puzzle false growth?　　 The high valuations are supported by performance expectations.　　 For China and the elimination of up to 4.5 billion yuan nearly 11 times times the assessment of the premium, the reorganization of the party's explanation is that in 2013, China and the consumer has signed more than 6.6 billion contracts (including signed framework contract amount of 4.66 billion yuan and the intention of the contract amount of 678 million yuan), the future has good growth space.　　 And at the end of 2010, the owner's rights and interests only 137 million yuan, the end of 2011 to 202 million Yuan, 2012 at the end of 310 million yuan, and then to the current 370 million yuan, the company "fertilizer" speed is amazing. Boasts "good growth space"The cancellation has not promised its three-year profit, and no corresponding performance compensation provisions.　　 According to the operating data of the four subsidiaries in Hong Kong, the crown and forest China revenue and net profit have been greatly reduced, the revenue from 2011 130 million yuan, down to 2012 89 million yuan, only 16.6 million yuan in the first half of this year. Shenzhen Branch Pine 2011 revenue 33.78 million Yuan, 2012 for 36.77 million Yuan, the first half of this year also only 12 million yuan. In terms of net profit, it is a loss in successive years.　　 Its revenue and profit levels in the first half of this year have not reached half 2011 and 2012. Hangzhou days depending on the operating data is quite resistant to inspiring, its revenue from 2011 to 15 million yuan, slipped to 2012 of 11 million yuan, and then to the first half of the year 4.6 million yuan.　　 But net profits rose from 880,000 in 2012 to $1.4 million in the first half of 2013. Earlier this year, a suspected familiar with the security technology of the report posted in a forum, which, for example, Hangzhou days as before the Hai Kang Wei as a software, 2007 by security technology mergers and acquisitions. Before the merger is the Hai Kang Wei, such as a number of security manufacturers products system monitoring software developers and suppliers, in the domestic monitoring software has a place.　　 At present, the core personnel of the enterprise are also basically lost, the enterprise in the Monitoring software field and no core competitiveness. Regardless of the actual situation, the quality of the assets to be eliminated undoubtedly worries investors. And good at capital operation of the Chi body, this high-profile return to a A-share, whether for the so-called industrial integration, or coveted A-share market higher capital premium, no doubt more intriguing.