BDO-run Tatsu High premium shares in shell companies suspected of interest in transport

A strange investment occurred on May 14, so that Tak-ho was again included in the scope of the investigation of NetEase finance. BDO to invest in the company Beijing Victoria Shengjing Advertising Co., Ltd. gave up to 3 billion yuan in the valuation, and MFG shengjing in its establishment in the second year, that 2012, the loss reached 22 million yuan, into insolvency situation, the owner of the equity-18.6446 million yuan, has been worthless. As of March 31, 2013, the shengjing owners ' equity was 28.7811 million yuan, leaving only one shell left. According to the bulletin data, BDO run to a very high premium to buy a small stake in the nearly empty shell of the company, profitability is very weak, the possibility of loss is almost certain. For such a "inferior" company, BDO Run Tatsu gave a staggering range of valuations, unexpectedly willing to spend 640 million yuan to obtain a 21.27% equity stake, which implied what kind of mystery? Lend money to Mfg to buy their own products May 14, BDO run Tatsu issued an external investment bulletin, said it will be phased investment in the way, to spend 640 million yuan, the acquisition of Beijing Victoria Shengjing Advertising Co., Ltd. (hereinafter referred to as the United States shengjing) 21.27% of the equity. The initial contribution is no less than 20% of the investment, and the latest date for completion is March 31, 2014. UBS Securities issued an inquiry, said, "We believe that the essence of the transaction is ' money for quality media platform of equity investment ', the deal is expected to have a positive impact on the company's future performance." "After careful observation of the trade announcement, and in-depth interpretation of the trade mark-Beijing Shengjing Advertising Co., Ltd. 2012 Asset Audit report, NetEase Financial discovery, BDO run Tatsu This transaction, is essentially to lend money to Mfg shengjing, after the next two years, Mfg shengjing to Buy de Hao run Tatsu value of 640 million yuan LED display. Why do they say they borrowed money? Because MFG shengjing not be able to pay hundreds of millions of yuan per year for the purchase of goods. Public information shows that Shengjing was founded on April 28, 2011, is the Nasdaq-listed company airlines U.S. media Group (NASDAQ:AMCN) company. Mfg Shengjing and Sinopec signed a strategic cooperation agreement to develop and operate the Sinopec's more than 30,000 gas stations of high-quality media resources. Beijing June Tai Heng CPA firm Certified Public Accountants Liang and Jiang Dayong February 19 this year, "Beijing Victoria Beauty shengjing Advertising Co., Ltd.," The 2012 audit report, as of last December 31, the Victoria United States shengjing has been insolvent, Total assets of 55.223 million yuan, total liabilities of 73.8677 million yuan, net profit loss of 22.1854 million yuan. An insolvent company, annual net profit time, how to pay up to 640 million yuan in two years of purchase money? Can be expected, if BDO to MFG shengjing Sell LED display, to MFG shengjing business Status, the purchase price can only become a high risk of de Hao run accounts receivable; If the strict implementation of accounting standards for bad debt preparation, it is likely to produce huge losses, at the same time, can not producePositive cash flow in the battalion activity. Under such circumstances, how can BDO be able to hand over a beautiful financial report to investors? After designing a "brilliant" idea, troubled by the troubles of the shengjing is solved------------------------------------------------------BDO's investment, used to buy The total increase of 640 million yuan will buy the company's LED display products for the Sinopec's gas stations for the development of media resources. The more specific provision for this investment is that the amount of the purchase and the time of payment correspond to the amount of investment paid and the time of payment for each investor. The purchase section shall be paid to the investor/supplier within 10 working days after the completion of the investment capital verification and the time specified by the investor/supplier and the company. Through the above means, BDO run Tatsu This sum of 640 million yuan of investment, in two years, will become de Hao run up to the external sales of LED display, accounting for the current period of the transaction of the profit and loss, and thus dress up the financial statements. The instantaneous increment of shareholder's equity value 500 million yuan a deep interpretation of the investment bulletin, in addition to the faint gloss of the financial performance of the attempt, but also concealed the purpose of not to be known. In the careful reduction of the investment idea, NetEase Finance found that the hidden intention is more secretive, the interests of the owner of Tak-run Tatsu shareholders hurt even more huge. From the audit report, Shengjing last year, not only did not earn a penny, also lost 22.1854 million yuan, the first quarter of this year continued to lose money, the owner of the equity-28.7811 million yuan, the actual is not worth a article. Oddly enough, it was a company that earned a premium investment of 640 million yuan, acquiring only a 21.27% per cent stake, which meant that BDO had valued the company by as much as 3 billion yuan. According to the results of the audit report, the United States shengjing net assets at the end of 2012-18.6447 million yuan. Due to the time of net assets, it is practically impossible to measure the premium rate. It can be said that the premium rate has been high to the extent that cannot be measured. For the high premium, BDO the following explanation, "(after the completion of this investment) will be in 2013, 2014 two years to increase the company's display sales of about 640 million yuan, the sales margin is expected to be slightly higher than the average level of LED display industry." Based on this, the increase in the premium rate is higher. "With the June 20, 2013 13:28 points of the stock price, the SME market value of less than 3 billion yuan listed companies for 371, the SME board listed companies 701, Gem less than 3 billion yuan listed companies 232, GEM listed companies 355." In other words, the board and the Gem, respectively, 52.92% and 65.35% of the listed companies market capitalisation, less than the shengjing to the United States and the valuation of the Victoria. The original shareholder of Mfg Shengjing, in any case thanks to the generosity of de-Howe is not too much. Because BDO run up to the stake, so that Mfg shengjing original shareholders in the backhand between, complete a night of wealthBig Blueprint. After a rough estimate of netease finance, the shengjing original shareholders because BDO run Tatsu this huge investment, vested in shareholder equity, instantaneous value-added of about 500 million yuan. In China's securities market, where counterfeiting is rife, when those who risked bankruptcy in prison risk of fraud, and finally realize the dream of their listed companies, impressively found that a start-up two years, the loss of a mess, called Mfg Shengjing Company, by absorbing a pen can not be explained by common sense investment, lightly easy, How do you feel about the market capitalisation of the companies that have spent their hard years risking their dreams of listing? Wang's innovative benefit-delivery model may be to appease shareholders, BDO said in the investment bulletin, "as a shengjing shareholder, the company can also share the future profits of the shengjing." "From the current situation, the United States shengjing did not show signs of turning a profit, BDO run Tatsu to achieve" to share the beauty of shengjing future profits, "A good wish, I am afraid the possibility of a great failure. NetEase Finance noted that as of the first quarter of this year, shengjing operations in the United States have not seen better, but also deteriorating. At the end of the first quarter of this year the shengjing net profit still losses, for-5.2707 million yuan (without the audit) (if not specifically, are not audited data), is still insolvent, the owner of equity-28.7811 million yuan, compared to the beginning of this year to expand the 10.1365 million yuan, indicating that net assets are continuing to reduce. What exactly is it that would allow BDO to value a poorly textured company, and would be willing to pay 640 million of dollars in real money to buy a one-fifth stake in a worthless, inferior company? Shanghai, a business owner told NetEase Finance, "Usually this situation, the acquisition side has a major fraud suspicion." As far as I know, there are many companies in Shanghai doing this, looking for a relational company to Shi the unreasonable financial data of their company. From the situation of Tak-ho, the acquirer through unreasonable high premiums to invest in the party, it is likely to have the benefit of the delivery situation. "The investment of the 640 million yuan in the shengjing of the Victoria and the United States is divided into two parts, of which $13.51 million is credited to the registered capital, and 626.49 million Yuan is credited to the capital accumulation, after which a 21.27% equity stake can be obtained." In other words, BDO the money in the United States to invest in shengjing actually enjoy 136 million yuan of the rights and interests, the remaining 504 million yuan to become the beauty shengjing shareholders equity. "Even if the 136 million-dollar interest can generate real sales in two years and eventually turn it into a net profit, 504 million yuan will be given to Mfg shengjing in vain." If there is no issue of interest delivery, it can only be said that Wang Dongrei (BDO run Tatsu current chairman) head suddenly shorted. Said the head of the business. NetEase Financial notice, BDO run up all the tricks, but the goal is not to effectively improve performance, but have the benefit of transmission suspicion. In the process of its investment in shengjing, NetEase finance at present to grasp the material to see, there are many difficult to explain the common sense of doubt, and the final answer to these doubts, will make the German run Tatsu investment in inferior companies behind the attempt to waterDrop the stone out. (NetEase financial Zhou)