Chenzhou Mining "Four crimes"

A notice, opened Chenzhou Mining (002155, closing price 43.66 yuan) Some little-known "secret".　　Recently, the SFC Hunan Supervision Bureau (hereinafter referred to as Hunan Bureau) in the company's on-site inspection found that, Chenzhou mining performance than 2007 of the initial forecast of the listing has been significantly reduced, at the same time, the company in the three operations, internal control system, corporate finance and other aspects of the problems, but also in Hunan Provincial Bureau of the investigation revealed. The forecast shrank sharply from the lowest price of 15.27 yuan in early July this year, soaring to the current 43.66 yuan. The huge interval gain has made Chenzhou mining a high-profile bull stock in the market.　　And when the company yesterday (November 9) announced the Hunan Securities Regulatory Bureau issued by the "about ordered Hunan Chenzhou Mining Co., Ltd. Correction decision" (hereinafter referred to as the "decision book"), will undoubtedly let the bullish company share price, by the market on the part of the rational eye. Chenzhou Mining said that Hunan Securities and Regulatory Bureau from September 25 to September 29 on the company's on-site inspection, pointed out that the internal control system, such as four aspects of many problems.　　Among these problems, the most worthy of concern for investors is the company's 2007 IPO Project big problem. The announcement shows that Chenzhou mining has been in the "prospectus" forecast, the investment projects all up to the postpartum, the annual sales revenue of 466 million yuan, the new after-tax profit of 186 million yuan.　　However, the company realized operating income of 1.692 billion yuan in 2009, net profit of 101 million yuan, are lower than earnings forecasts, of which operating income is low 2.65%, and net profit shrank by more than an astonishing 69.58%. At the same time, Hunan Securities and Regulatory Bureau also pointed out that the Chenzhou mining in the investment project gold, antimony and tungsten Mineral Resources exploration project has not reached the reserve forecast, Xupu Wang Jiang Gold Resources Comprehensive Utilization project has not reached the profit forecast.　　"Daily economic news" found that in the fund-raising investment in the 6 total amount of 887 million Yuan project, the company controlled mining gold antimony tungsten Mineral Resources exploration project investment reached 241 million yuan, for at that time the largest amount of fund-raising projects.　　Chenzhou Mining has made it clear in the prospectus that the gold-antimony-tungsten Mineral Resources Exploration project is to explore the gold, antimony and tungsten deposits in 8 mining areas controlled by the company, it is estimated that the resource reserves of 114 tons of gold metal, antimony metal volume 580,000 tons, tungsten metal volume 13,000 tons, for the company's follow-up development provides a reliable resource protection. Many of the company's financial problems, in addition to the initial listing of the issue of fund-raising projects, the decision book also disclosed Chenzhou mining other issues. Among them, the more concerned by the industry, from the company's financial problems reached 8, if not in the periodic report of the full disclosure of the loss of some of the holding subsidiaries and the existence of risks; the receivable account of bad debts to prepare for inadequate and so on.　　In addition, in 2009, the holding shareholder and other related party funds occupation of the special statement, the disclosure of some other receivables at the end of the balance and the company's book balance there is a difference. Hunan Securities and Regulatory Bureau also pointed out that the company's Articles of associationBoard authorization is too large. According to previous provisions, the company's board of directors has the power to consider the decision to deal with the total amount of assets, net assets, main business income, net profit and other indicators in the company's most recent audit of the corresponding indicators under 50% of the transaction, has the right to consider the decision accounted for the most recent audit of　　Compared with the current size of the company, Hunan Securities and Regulatory Bureau that the above indicators have been significantly larger.　　Facing the many problems pointed out in the decision book, Chenzhou Mining Board attaches great importance to these issues within 30th, and puts forward practical corrective measures, and submits rectification report to Hunan Bureau of Certification and supervision. It is worth mentioning that on the same day, another stock price in the recent continuous surge in the company's wave of information (000977, close to 25.70 yuan) also issued a similar announcement. In the field investigation of the company, Shandong Securities and Regulatory Bureau found that there were three problems in internal control and normative operation, related transaction disclosure and accounting.