Changhai share market share is only 2% of the Yang family holding up to 76%

Financial weekly IPO laboratory researcher Jinja "Corner of the flower!"　　When you are narcissistic, the world is small.　　This poem with Bing Xin describes the situation of the Changhai shares that just happened.　　This glass fiber production capacity is still not enough of the national total glass fiber 2% share of the family business, continuous equity maneuver, increase capital shares, and even through the way of borrowing to continuously expand their own capital, maintain the status of holding shareholders, trying to achieve huge capital appreciation through listing. Vegetarian do not know, capital appreciation should be built on the basis of the main business developed, blindly on the gambling market often put the cart before the horse.　　Since the publication of the Changhai shares prospectus, there have been doubts about the rationality of the source of funding for the major shareholder Yang Pengwei, and the investors ' concern about the practice of "large shareholder borrowing shares, dividend payments after the company's listing", and deeply questioning the "state-owned transfer" of its shareholders ' high investment.　　Yang Door Seven will play to the capital market ancient generals anti-Liao Bao song, there are young one to build capital kingdom.　　Among the holders of the company's Changhai shares, Yang, the son of Yang Pengwei's parents, was the last shareholder among the shareholders, who became a major tourist attraction. As of the issuance date of the prospectus, the shareholding structure of the Changhai shares was 15% for Father Yang Guowen, son Yang Peng 52.5%, mother Yang Fengchen holding 7.5%, Yang Guowen's younger brother Yangguozhong holding 0.3%, Yangguozhong's sister Yang Yaiying holding 0.25%, Yang Fengchen's younger brother holding Yanghanguo shareholding 0.27%,　　Yang Fengchen's niece, Yang Lin, owns 0.27% of shareholders, seven of whom are surnamed Yang, holding a whopping 76.09%. The history of Changhai shares is the history of the capital accumulation of the Yang Gate, a small factory with 500,000 yuan registered in 2000,　　To the current annual revenue of 263 million of the joint-stock company, Changhai stake in the hands of the Father Yang Guowen transferred to the hands of son Yang Pengwei, the process, how difficult, especially with the last increase in capital expansion of the most introduced attention. December 2006, the current Changhai shares general manager of the Yang Pengwei to 24.5 million yuan cash capital to increase capital Changhai shares, the source of funds are many parents gift, to Father friends borrow, which to his father Wang Hongquan, Go Yaoming, Yiu Guoxing and other three people interest-free borrowing 10 million yuan to become the focus of attention,　　Some have questioned the impact of its huge debt on the amount of dividends that may be generated after the company's IPO.　　Perhaps Changhai shares have good reasons to explain the legitimacy of the capital movements, but its small capacity, low-end product quality still can not change the company's competitive position in the industry, Changhai shares to anti-dumping response is not as much as the prospectus described as more than usual. Main product market share only 2% undeniable, Changhai shares main glass fiber composite products market demand is huge, also fully in line with the "Twelve-Five" planning for new materials requirements. 2007-2009, Changhai shares operating income continuous composite growth rate of 28%, net profit from 2007 8.4 million yuan, increased to 2008 30.29 millionYuan, to 2009 37.1 million yuan.　　Changhai shares of the main and performance has been and the requirements of the gem very match.　　But the drawback is that Changhai shares in the glass fiber products industry is still only a brat younger brother, in addition to the wet thin felt extension products, Changhai shares of products competitive advantage in the glass fiber industry oligopoly, the breakthrough is not easy. In fact, from the angle of industrial chain analysis, Changhai shares of the constraints are still a lot of factors.　　Changhai shares lack of glass fiber products upstream of the necessary quartz sand and other raw materials, middle reaches of the glass fiber capacity is only 30,000 tons/year, although the downstream glass fiber products have been carried out for many years, but downstream low-end product quality, price competition is fierce, facing the foreign market anti-dumping risk still become a constraint on the rapid growth of Changhai shares risk factors.　　CITIC Investment chemical industry analyst Tiandong told the Financial Weekly reporter, the current domestic fiberglass industry is basically oligopoly state, the larger glass fiber Enterprise Boulder Group, Chongqing International, Taishan glass fiber and so on are backed by mountains, the strength of other small enterprises difficult to enter. According to enquiries, the Boulder Group is China Fiberglass (600176.SH) holding subsidiary, Taishan Fiberglass is the full name of Hong Kong listed company Sinoma shares (01893.HK) wholly-owned subsidiary, Chongqing International Department of the Sky (600096.SH) holding subsidiary. Prospectus disclosure. 2009 National Glass fiber Cumulative output of 2.05 million tons, of which 1.65 million tons of pool production, Boulder Group, Chongqing International, Taishan Fiberglass three enterprises actual production capacity of the total capacity of 72.51%, and Changhai shares this piece only accounted for 2%,　　It is also the 2008 financial crisis when the introduction of 50 million yuan venture capital only new production lines. Prior to 2008, Changhai had almost no glass fiber production capacity, and the Boulder Group and Hebei Jinniu were the main suppliers of fiberglass products. Until the introduction of wind into the introduction of production lines, Changhai shares will be fiberglass to glass fiber products industry chain through.　　Tiandong told the financial weekly reporter, Glass fiber as the upstream industry, Monopoly strong, capital demand, enter the threshold is also relatively high: but the downstream glass fiber products are more than hundreds of, the competition is very fierce.　　Anti-dumping should exaggerate the rapid development of China's fiberglass industry has obviously affected the European Union, India, Turkey and other domestic development of fiberglass enterprises, so that they compete to adopt "anti-dumping" This means to prevent Chinese enterprises from low price competition. Between December 2009 and January 2010, the European Union, India and Turkey successively carried out anti-dumping investigations on fiberglass products originating in China, and the European Union even decided to levy a 43.6% provisional anti-dumping duty on all Chinese fiberglass enterprises except Jiangsu Changhai, but only levied 8.5%　　Provisional anti-dumping duty.　　At first glance, Jiangsu Changhai anti-dumping Response is indeed commendable, can be the EU and India to give market economy treatment, has been in the export competition in the first step, forming its own price advantage. Jiangsu Changhai Prospectus disclosed, September 16, 2010, the European Commission for native to ChinaGlass fiber Products Anti-dumping investigation made a preliminary decision: The Changhai shares and the new Changhai can be given market economy treatment, while the imposition of a 8.5% provisional anti-dumping duty, the other Chinese enterprises are not given market economy treatment, and the imposition of 43.6% of temporary anti-dumping duties. June 2, 2010, the Indian Ministry of Business and Industry on the original China's glass fiber anti-dumping investigation to make the first cut: the identification of China as a non-market economy countries, no Chinese enterprises have been given market economy treatment, and the use of structural prices to calculate the normal value of Chinese enterprises to levy temporary ad valorem anti-dumping duties, Among them, Changhai shares and new Changhai ad valorem anti-dumping rates were 40.86% and 0% respectively. The new Changhai is the only Chinese company with a zero anti-dumping duty.　　July 21, 2010, the Turkish Foreign trade Department of China's original glass fiber and its products made anti-dumping preliminary decision, the products involved in the imposition of a temporary anti-dumping duty of 38%, for 6 months.　　But then the results of the anti-dumping investigation is not like the Jiangsu Changhai Prospectus described as beautiful, anti-dumping final results of the release, so that other fiberglass enterprises loosened tone, but also let Jiangsu Changhai export competitive advantage relative discount. January 6, 2011, the Ministry of Commercial and Industrial Affairs of India issued the final cut of glass fiber products anti-dumping rate, the final result of the determination of the levy of Taishan fiberglass 20.89% anti-dumping duty, the levy of China Fiberglass subsidiary Boulder Group 18.67% anti-dumping tax rate, the levy of Chongqing Composite Materials 7.46% anti-dumping duty.　　Although the announcement to Jiangsu Changhai and its subsidiaries new Changhai to market economy treatment, but unfortunately, did not give Jiangsu Changhai separate tax rates. December 31, 2010, Turkey to the origin of China's glass fiber and its products to make anti-dumping final: The Chongqing International Composite Materials Co., Ltd. Levy a 20.2% anti-dumping duties on other Chinese enterprises levied 23.75% of anti-dumping duties.　　For a period of 5 years, the official maturity date is December 31, 2015.　　2010 12 weeks, 22nd, the European Union to China Fiberglass holdings, such as the Boulder Group, China Fiberglass enterprises related to the relevant products levied a tax rate of 13.8% of anti-dumping duties, compared with the initial result of the imposition of 43.6% of the provisional anti-dumping duty rate slashed. (This source: financial weekly)