Unreal Project contusion Gem Steel research Gourna raise capital utilization rate 1.11%

"Illusory" fund-raising projects together, making the gem was born at the beginning, that is, the test of the credibility of the paper/"Financial National weekly" reporter Song Snow Gem 2010 interim report revealed at the end of August.　　At this time, the establishment of the gem has been nearly 1 years, the official listing company reached 120.　　Compared with the spectacular scale of development, some of the listed companies did not give investors high growth surprises, on the contrary, the prospectus of fund-raising investment plans and performance growth commitments, in 2010 years in front of the data, appears pale.　　Almost all gem companies have expressed strong demand for capital in their IPO prospectuses, and have outlined a high growth blueprint for investors after they have been fully capitalised, but a substantial portion of the company's fund-raising projects in black and white have not been seen below.　　"Financial countries weekly" Statistics of the 2010-year report information shows that the fund has been more than 6 months of the first three batch of 42 gem listed companies, of which 22 companies in the investment project and commitment to progress is clearly inconsistent.　　A research enterprise Market personage pointed out, "unreal" raises the capital item to come together behind, is the gem development quick-win performance, thus causes the gem to be placed high expectation "the tall growth" to lose the material foundation, also causes the gem to be born at the beginning, namely faces the integrity test. Steel Research Gourna Sample Head "pure military unit" Halo Gourna (300004.SZ), it has been clearly described in the prospectus that the company's strong demand for investment projects before the IPO: "The company's existing capacity has been saturated, performance growth depends mainly on the production of fund-raising projects to increase efficiency";　　The company is expected to start production in the second half of 2010, more than 80% in 2012.　　Reporter investigation learned that the prospectus in these statements, so far, is still "empty talk": Since December 25, 2009 after the listing of more than half a year, the Gourna of steel research to raise funds use rate is only 1.11%. The total amount of capital raised is as high as 550 million yuan, the commitment to invest 230 million yuan for 3 investment projects, to the disclosure period of all the funds invested in the total amount of funding for 6.1234 million yuan. This includes the use of self-financing up-front investment of 6.0875 million yuan (which has been replaced by the fund) prior to the company's listing at the end of 2009.　　Therefore, in the first half of 2010, Gourna invested only 35,900 yuan in all the investment projects.　　In the prospectus, Gourna has repeatedly said that the ranking of its 3 investment projects is based on the importance of the project "prioritization". "Caijing National weekly" reporter found that even for the first place in the "aerospace powder and deformation high-temperature Metal Products Project" (hereinafter referred to as "powder and high-temperature Materials Project"), Gourna although the commitment to invest 99.95 million yuan, can be up to the end of June 2010,　　The total input to the project is only 6.1171 million yuan, less than 1/15 of the total planned investment. Remove the foregoing 608750,000 yuan in the early period of investment, the first half of the steel research Gourna to this "most urgent" of the investment project, only invested 29,600 yuan.　　However, according to the prospectus, the construction period of this project is "the second half of 2009 to the first half of 2010", and will be "December 1, 2010 to achieve the intended use of the status." For the other two investment projects "aerospace titanium Metal Products Project" and "new high-temperature solid self-lubricating composite materials and products", steel research Gourna commitment to invest 65.88 million yuan and 64.47 million yuan, the project construction period with the second half of 2009 to the first half of 2011,　　It will also reach the booking status by December 1, 2011.　　But in the more than half a year after the listing, its total input to the former only 6,300 yuan, the latter's total investment is 0.　　Six months, more than 30,000 yuan input, for a mechanical equipment industry enterprises, what can be?　　At the beginning of September, "Finance and Economics national weekly" reporter came to the steel company prospectus to indicate the location of the project location-Zhuozhou Economic and technological Development zone, Hebei province.　　According to the prospectus, the construction period of the 3 Gourna of the Steel Institute was started in the second half of 2009 and, according to the plan, its first project should have been completed in the first half of 2010.　　The reporter drove in the Zhuozhou development zone big and small road to look around, has not found the steel research Gourna the related construction project. In the development zone CMC, the reporter learned from a Wang surname staff member, has already been a listed company's steel research Gourna, its raises the investment project location also in its controlling shareholder--China Steel Research Technology Group's Zhuozhou base inside.　　It is revealed that the base also has a number of steel research and Technology group subsidiaries of the project, the group's another listed subsidiary of Aetna Technology (000969.SZ) also has projects here.　　into the steel research and technology group base, the reporter still did not find the steel research Gourna in the construction project. In the group base Office building, several office staff told reporters, "' Gourna ' certificate is there." But the project has not yet been built. It should be in the planning. Now all September, you said that the end of the year before the production, is impossible. According to them, the base has not yet been gourna to the specific responsibility for the investment project. "Find ' Gourna ' you go to ' five rooms '." "Under their guidance, the reporter came to an old plant called the five-room."　　Here is the steel research Gourna before the market used for many years of powder workshop. When asked by a reporter about where the project "Powder and high-temperature materials" would be built, a worker at the workshop said that the future of the old powder shop would be part of the "powder and High-temperature Materials Project" project.　　In addition, due to the lack of the workshop area, there is a plot beside the canteen is also used to build new fund-raising projects. The reporter found that the plan should have been completed under the Prospectus Project land, or a wasteland, vegetation flourished, noThere are signs of groundbreaking.　　For such investment progress, the gourna of Steel research is "careless"-not only for the full failure of the fundraising plan, but also to say that the progress of the project is "in line with the schedule".　　In charge of the Gourna securities of the listed sponsors of steel research, the progress of the company's investment projects is not mentioned in its "continuous supervision report" on the company.　　September 5, "Finance and Economics national weekly" reporter came to the Beijing Haidian District, the Big Willow nan Cun 19th, steel research Gao NA company headquarters, the company's securities department staff to "our company does not accept outside interviews" as the basis, rebuffed the reporter's interview request.　　The "Secrets" of packaging and the "Gourna" Netac Technology (300042.SZ) appears to have been "left alone" in the slow pace of fundraising before the IPO, as compared to the "black and white" prospectus. According to the announcement, January 8, 2010, the listing of NETAC technology, the total amount of IPOs raised 612 million yuan, compared to 213 million yuan plan to raise more than 400 million.　　As of June 30, six months of its investment in 4 investment projects for 8.63 million yuan, accounting for the total amount of 1.4%. Among them, the investment of "flash application and mobile storage technology research platform Expansion Project" for 21.16 million yuan is 0 yuan, and the investment is less than 500,000 yuan for the "patent application, maintenance, Operation Project" and "Marketing network expansion and brand operation Project" of 60 million yuan respectively.　　, the most input is the plan to invest 66.89 million of "flash applications and mobile storage product development Platform Expansion Project", but also invested 7.88 million yuan. When asked why the investment project is less invested, Netac technology Dong Wang Aifeng said in the telephone: "Our prospectus on the investment project is only a general plan of 3 years, the beginning did not say our project which year to do which step."　　"Companies such as Gourna and NETAC, which invest very little in investment projects, are not a minority in the gem," he said.　　According to reporter statistics, only to raise funds to account for more than 6 months of the first 42 gem listed companies, there are 22 of the proportion of capital investment is less than 15%, more than half.　　Among them, most of the company or part of the project at the end of 2010 should reach the intended use of the state, but generally less than 20% of the investment, so many companies to raise investment plans like Steel Gourna, became "impossible to complete the task." In this respect, the "financial national weekly" reporter to the above companies in nearly 20 have done an interview, many companies give the reason is more far-fetched.　　When reporters exchanged the reasons given by listed companies with some brokerage analysts, they found that one of the reasons was highlighted when analysts talked about the slow progress of the start-up companies ' fundraising projects. This reason is that some of the gem listed companies own capital needs are not strong, they urgently need to raise the appearance of financing, or even some of the investment projects, are recommended by the sponsor agencies in the market to help "do" out. After the company's successful listing,The actual progress of these fundraising projects will be based on the company's operating conditions. Therefore, the slow progress of the investment project will be more common.　　This is already a public "secret" inside the brokerage.　　According to some analysts, the sponsor agencies can help to do more than these: many companies in the prospectus of the future development blueprint, is familiar with the "Hair Audit Committee" Taste of the sponsor on behalf of the "packaging." sunning Logistics (300013.SZ) reported that the first half of its ownership of the parent company's net profit fell 17.91% year-on-year.　　In addition to supplementary liquidity projects, the company's remaining 5 investment projects are lagging behind the planned progress in varying degrees. One participant in the Xinning Logistics (300013) new shares roadshow analyst told reporters that the company he is not optimistic.　　Although it is also in the prospectus that the company will be "cross-sectoral development, cross-regional replication," but in fact, the company is relatively conservative, no positive attitude, in the cross-industry also do not have any ideas. As to why these non-existent content appears in the prospectus, the analyst said, "Of course the need for a listing is common."　　"For packaging and even" build "the phenomenon of the listing of the project is very good, Huatai Joint Securities Research Institute deputy Director Liu Xining in the" Financial National weekly "reporter interviewed, said that there are some institutional deficiencies behind the factors. "China's distribution system only incremental issue, the company must be listed on the investment project." And some enterprises themselves operating very well, or financing problems have been solved through bank loans, and even the project has been completed, at this time to achieve the status of listed companies, in order to ' will ', they have to ' do ' some projects. In fact, these projects do not have much impact on the company. This kind of enterprise in ' after will ' get the money, will reassess whether the raise project is still ' cut out ', the Raise investment project progress naturally will be slower.　　"Liu Xining said. He told reporters that some companies have their own projects, but worry that these projects will not be issued to the CRIC "taste" difficult, so the other "do" a project. This is also true when you get the money and then look for reasons to make changes.　　Therefore, the final change of the project of the listed companies are not a few.　　Gaocheng into the illusion of fantasy fundraising projects together, resulting in one of the results of the gem "high growth" can not be landed, or even the performance of the face or backwards.　　In the Gem era, enterprises in the first consecutive years before the listing performance increased, but soon after the listing performance growth quickly slowed down, or even loss of the phenomenon, known as the "net-bed phenomenon." March 24, 2010, one of the first gem listed companies in the Internet Technology (300017.SZ) disclosed the 2009 Annual report.　　Annual report shows that the company after the listing of the fourth quarter of 2009 main loss of 1.59 million yuan, the main annual net profit fell 4.79%, become the first gem company's main profit decline company, a number of indicators in the gem listed companies in the penultimate. Now, the "net-bed phenomenon"In the gem has shown signs of contagion. According to wind information statistics, in the first half of 2010, a total of 23 gem listed companies reported a year-on-year decline in performance. The first listed 28 companies, the performance of the face of up to 8.　　Among them, the Po Tak shares (300023.SZ) in the interim results of the year-on-year decline of 82.07% is called gem new shares in the "Face King." Powerleader shares in the report, the results of a sharp decline in performance because "the global financial crisis on the oil industry, the negative impact is still continuing, oil companies and oil services companies to reduce investment, technical equipment export orders significantly reduced, part of the performance and the talks on the project was shelved." "But the reporter found in the prospectus, only half a year ago, the company's judgment on the industry is" the entire industry is still in the oil exploration and drilling and mining boom cycle. The booming development trend of oil drilling and mining industry provides good opportunities for the company. "It was the start of a slide in the company's earnings," the company reported. The company's prospectus shows that the net profit of three quarters before the October 30, 2009 IPO reached 25 million yuan, and in the fourth quarter after the listing, its net profit plunged to 1.8328 million yuan, "This is not strange to see." I used to hear from a boss that 2007 of their company is losing money. But now looking at its prospectus, 2007 was profitable, and the profit reached more than 30 million yuan.　　A researcher who declined to be named told reporters. "This situation is difficult to regulate, the gem of private listed companies mostly from the less attention of the subdivision areas, the lack of industry data and performance evaluation basis, but also to the false people to provide convenience and protection."　　The researchers said.　　September 6, the Shenzhen SME Index to create a 6269.56-point new high, in the rebound in the rally in the first of the index of the Shanghai and Shenzhen exchanges, corresponding to the 2010-year report, Shenzhen, the interim results of the SME company has a relatively large increase. Back to the gem, when the prospectus of a wide range of industry prospects, competitive advantage of obvious companies in the market after the rapid performance, raise investment projects slow progress, the high growth of the gem to investors left, is still an illusion.