Big business shares reduced to tang two books hard to hide 1.6 billion worth of cattle

China Securities newspaper "Company visibility" column on August 27, 28th, "big business shares in Jilin Neumatt suspected to do the bureau", "threat theory" one of the words into the prophecy big business shares in the report doubtful, caused widespread concern in the market. Through the disclosure of false information, the appearance of the performance of the suspect adjustment. China Securities newspaper "Company visibility" column on August 27, 28th, "big business shares in Jilin Neumatt suspected to do the bureau", "threat theory" one of the words into the prophecy big business shares in the report doubtful, caused widespread concern in the market. Through the disclosure of information and the appearance of the performance of the suspect, China Securities News reporter found that the same place in Dalian, Liaoning Province, the big business group, business management and other related parties have become the biggest beneficiaries. Compared with the historical bulletin, large shareholder large group of financial data unexpectedly there is a huge difference, net assets in the guarantee data for 3.364 billion yuan, and in the reorganization plan is shown as-542 million yuan. A local analyst in Dalian believes that the big business group to produce two sets of books, it is likely to avoid the reform process of the loss of state-owned assets in question, and to conceal the chairman of the New Gang led by the senior management team worth as much as 3.2 billion yuan of facts. After the reform of the major shareholder, large business shares are affected by more related transactions, profitability and expansion of the speed of a significant slowdown; what is more, due to the company's many prime locations of its own shop property is not clear enough, coupled with the evaluation of unreasonable value, the 1993 IPO prospectus in the company's big business shares of Dalian Mall North Building, Dalian , Dalian Mall between the north and south floor of the central lobby and other high-quality assets have fallen into the hands of the big business group of cattle steel control. Negative assets conceal billions of shares in big business have fallen by 37.41% per cent since 2010. When investors complained about the market performance of their fall, the New Gang-led group of senior executives, who had been in the business empire of Dalian with annual sales of more than hundreds of billions of dollars, was acting through the flash-turn of the big business groups. It is not easy to figure out the net worth of senior executives such as beef and steel, because it is not uncommon for large companies to disclose information about their shares, and the parent company's big business group unexpectedly appeared in two sets of books in the announcement. August 2012, the big business shares issued a notice for the related party group of 150 million yuan liquidity loans to provide security. disclosed, as of March 31, the total assets of large business group 15.489 billion yuan, net assets of 3.364 billion yuan. By the end of May 2013, the disclosure of shares in the big business shares of the purchase of assets (draft) shows that the big business group in 2011, 2012 total assets of 3.828 billion yuan, 4.474 billion yuan respectively, net assets of 831 million yuan,-542 million yuan. A year ago when the guarantee, the big business group or Dalian a credit rating aa-, net assets of more than 3 billion yuan, repayment ability guarantee full retail company. And then a year later proposed reorganization plan, big business group became long-term insolvency, total assets shrink 11.6 billion yuan high-risk enterprises. Big business Group Two sets of books financial data difference so big, what is hidden? A cityField Personage thinks, the big merchant stock year guarantee notice may falsely increase big business group net assets data, in order to satisfy the condition that guarantees for it, if the parent company is insolvent, guarantee behavior obviously difficult to obtain shareholder approval. And the reorganization of the big business Group "packaging" to become an insolvent enterprise, may be taken into account 3 years ago just completed restructuring, corporate net assets will incur a sudden increase in the state-owned assets of the loss of the blame. Big business shares predecessor is Dalian Shopping Center, Department Dalian state-controlled listed company. 2009, under the approval of the relevant departments of Dalian, the large shareholder big business group to implement restructuring, into the private system. Under the control of big business stock management, big Business Investment Management Co., Ltd. through its own participation in the increase in capital, as well as the subsidiary company hung on Business, Anshan commercial acquisition of equity, in 2013, the actual holding of 80% of the shareholding of large business group, the cumulative total investment of 126 million yuan. Suppose that the data in the guarantee bulletin is true, the large business group net assets of 3.364 billion yuan, and then take into account that it also through Dalian Big Business International Co., Ltd. indirectly holding a large business shares of 8.8% per cent, referring to the August 28 closing price calculation, shareholding market value of 681 million yuan, then, large business management holdings of Equity-owned shareholder equity and stock market value amounted to 3.236 billion yuan, compared with the total investment since the restructuring in 2009, value-added 25 times times. Among them, the big business shares chairman New Gang's net worth reached 1.65 billion yuan. New Gang 2012 's 3.89 million yuan annual salary in the department store retail category listed company chairman remuneration is also ahead. 46.2 billion yuan "black hole" surfaced 2009 years of state-owned enterprise restructuring, changed the fate of senior executives such as cattle and steel, but also changed the development process of big business shares. In the first three years of restructuring, big business shares 2006-2009 Operating income cumulative growth of 85.33%. In the following three years, the 2010-2012 operating income of big business shares was only 30.87%, less than half of the former. What happened behind this apparent change? The comparison can be found, after executives control the big business group and large business management, big business expansion and store expansion of the center of gravity has shifted, the main business income growth slowed markedly. At the same time, with the meticulous nurturing of the executives, the profitability and speed of their proprietary assets can be described with astonishing rapidity. When the management of large business was established at the end of 2009, in addition to owning a 25% stake in the big business group, it was almost a company without people, money and possessions. However, over the next three years, big business management performance to achieve a miraculous growth. The reorganization plan disclosed at the end of May 2013 showed that the business receipts of the large business management of the assets to be injected amounted to $1.31 billion in 2010 years, and the net profit rose from 45.78 million yuan in 2010 to 226.88 million yuan in 2012 in 2012. The net asset yield of the assets in 2011 and 2012 was as high as 196% and 160% respectively. belong to the department store retail business, and the main business is concentrated in the Northeast region, the big business shares ofThe main business growth rate is far less than the relevant party. China Securities newspaper earlier reported that the newly disclosed 2013.5 Annual report, the big business shares have a shrinking operating income and sales costs unusually sharp rise. Market Personage pointed out, because big business group, big business management and big business stock in the business process of the complex relationship, big business group can use the marketing of the dominant power, through the allocation of property, as well as publicity, labor costs, to achieve profit and income adjustment purposes. How big is the space in which the main business of big business shares is artificially regulated? The following data can be drawn on a rough scale. 2012, the big business group external publicity, the annual operating income breakthrough 131 billion yuan (the data covers the big business management, big business shares), high ranking National department store industry first. Assuming that the data in the 2012 guarantee Bulletin is true, the large business group's first quarter operating income of 10.644 billion yuan, the annual operating income of 42.576 billion yuan; in the reorganization plan, the big Business Management 2012 year operating income 10.36 billion yuan, the annual report shows that the big business shares 2012 year operating income 31.859 billion yuan. Three-party data added, 2012 big business group, big business management and large business shares of the total operating income of only 84.795 billion yuan, with the group's official propaganda of 131 billion yuan difference of about 46.2 billion yuan. The group's official sales figures are over 40 billion yuan from the contents of the listed companies ' announcements. There are two possibilities: first, the big business group in order to upgrade the National department stores in the rankings, exaggerated the annual operating income scale; Secondly, the information disclosed by big business shares to investors conceals the huge operating income of their own and affiliated parties objectively. The frequency of the listed companies to invest in big business investors, in addition to the value of its general merchandise industry leading position and low valuations, the potential appreciation of their own shops also can not be underestimated. Big business shares in the 2007 annual report disclosed a relevant data: "The company has a large location in the prime commercial real estate resources, of which its own shop building area of more than 1.2 million square meters." Since then, although big business shares new large and medium-sized department stores nearly 40, to achieve the company's large and medium-sized stores multiplied, but the area of its own shop data has not been disclosed, rental shop area is also most of the actual discrepancy. With the agenda of asset restructurings aimed at circumventing competition, investors have to face a brutal reality: they cannot see the stock of big business shares, nor can they stop the big business group from "taking ownership" of the listed companies ' property. In May this year, the big business group, such as NIU Steel and other executives, proposed to take the North building of Dalian shopping mall with a price of 1.37 billion yuan and inject it into the listed company together with Dalian branch. However, as early as in 1993, the prospectus of the big business shares clearly stated: "The company has a crystal bridge as one of the north-south two business buildings, covers an area of 11869 square meters, building area of 55000 square meters." "Obviously is the assets of large business shares, because there is no relevant formalities, was transferred to the big business group name, in its restructuring, but also highThe price is sold back to the listed company. Similarly in the reorganization plan, the big business group pay the branch to estimate the value 73 million yuan, its core assets is Dalian Electricity shopping mall's property ownership. As early as in 1998, the prospectus of the shares issued by the big companies showed that the state-owned assets administration of Dalian, a state-controlled shareholder, held a 41.39% stake in the large business stake and enjoyed a 21.918 million share rights issue, and pledged to have the assets of the big Business Group Corporation--Dalian Electricity Market, Oriental Trading World as its share-allotment asset valuation shares, the rest in full cash subscription. In addition to the existence of historical ownership disputes in the property, in 2009 after the restructuring of the big business group, the big business shares have been sold to its other important business assets at low prices. Big Business shares 2010 Annual Report disclosed that the company to the large group of 13.5821 million yuan to transfer Dalian shopping center North-South building area of 3305.41 square meters between the central lobby building and machinery and equipment assets. According to the real estate industry, Dalian shopping malls in the vicinity of the underground shop price has more than 100,000 yuan/square meters. Without considering the value of ancillary equipment, large business shares will sell the central lobby to big business group at a price of 4109/sq m. As a result, the central lobby building, which is worth at least 400 million yuan, has only 13.5821 million yuan for the big business group. Big Business shares an investor angrily told China Securities News reporter that as a listed company, large business shares of high-quality assets are frequently plundered, the curve into the cattle and steel, such as private control, and finally attempted to sell high prices through targeted additional shares, forming a hollowed out, misappropriation, the food chain. Helpless, can only choose to vote with their feet. August 28, big business shares fell nearly 4% in volume, in the retail plate in the forefront of the exchange of hands 2.54%, trading volumes for two months the highest.