China credit backdoor to create rich cash tight liabilities

From several IPOs hopeless, to backdoor (600485). SH) is listed, and the Beijing letter Granville has spent 6 years. Behind the reorganization in this drama, Beijing Granville not only give investors a beautiful financial data, but also hide behind the Beijing letter Granville nearly 20 PE institutions to become a big winner. September 26 Night in the creation of a letter Test disclosure reorganization plan said that more than 30.8 billion yuan of assets in Beijing backdoor plans only 1.171 billion yuan in the market value of the letter test. To October 18, the letter was ushered in the 11th one word trading, the stock price of 24.12 yuan, the rise has reached 185%. Throughout the creation of the letter test to Beijing Granville's acquisition report, the vast majority of profits are accounts receivable, the business areas for the political and economic instability of the poor countries, after the listing, its profit growth can continue to maintain? A "high-quality" growth of enterprises, why the market repeatedly failed to choose backdoor? Is the profit growth really as beautiful as the takeover report? Wang Jing three years of wealth explosion 220 times times since its inception in 1995, Beijing, through 7 additional capital and 11 equity transfer, has achieved today's huge assets. And since 2010 each increase in capital is no lack of PE figure, so Beijing Xin Granville borrow Shell listed successfully become PE capital of gluttonous feast. In the back of the carnival of PE quit, the 20 institutional shareholders in Beijing, except Datang holding shares earlier, the remaining 19 institutions are new entrants into institutional shareholders from the end of 2011 to 2013. PE boss Zhu Ming as the actual control of the Cybernaut Department of up to 5 PE appeared in the shareholder list of Beijing Granville, respectively, in October 2012 and May 2013 entered. Among them, is the competition joint venture investment shareholding 6,364,904 shares, accounted for 0.32%; the new energy in Shandong Province as the only new energy and energy-saving environmental Protection Venture Investment Guide Fund, the fund currently has a total of 4 enterprises, the existing holding Beijing letter Granville 2,863,203 shares, accounting for more than 0.14% Cybernaut investment in January 2013 invested 25 million yuan to Beijing Granville, holding 2,651,954 shares, accounted for 0.13%; In addition, the Zhu Ming control of the Zhuo Yin Holdings in Beijing Xin Wei 2,237,590 shares, accounting for 0.11%, while Cybernaut's main investment direction includes new energy, environmental protection, financial , education, medical and High-tech Industries, the Cybernaut company has invested 16 companies in the last 3 years. Up to now, Cybernaut Company holds 1,966,492 shares of Beijing Xin Wei, accounting for more than 0.1%. Cybernaut Department Total shareholding 16,084,143 shares, in accordance with the current in the letter Test stop plate price 24.12 yuan calculation, its book assets have reached 388 million yuan. In addition to the Cybernaut system, Wang Shuping also has 3 PE to participate in the Beijing Granville's capital increase and equity assignee. May 25, 2012, Wang Shuping control of the big positive yuan letter per share of 79.20 yuan to participate in the Beijing Granville of the directional additional, a total of 160 million yuan, was allocated 2,020,202 shares, up to now,Its shareholding has increased to 16,972,535 shares, accounting for more than 0.85%; In addition, the large positive yuan Zhiyuan and the big positive Yuan also held 9,398,541 shares and 3.5 million shares respectively, accounting for 0.47% and 0.18% respectively. Its total stake is 29,871,076 shares, the book value of about 720 million yuan. Interestingly, in Beijing, the natural person shareholders, including Societe Generale Global deputy general Manager Yang Weidong, CIC Securities Investment Banking Department Zeng Xinheng, including the two capital talent also appeared among them, respectively, 1.0502 million shares and 1.591 million shares, respectively, accounted for 0.05% and 0.08%. March 28, 2010 signed "on the Beijing-Granville Equity transfer Agreement", agreed by the Wang Jing to assist Bo Tak investment financing of 130.8 million yuan, for the Beijing letter Granville of the increase in shares of 120 million shares, increase the price of 1.09 yuan/share , Bo Tak Investment agreed to hold its 88 million shares in Beijing, the price of RMB 1.09 yuan/share to Wang Jing, and after several rounds of PE financing, Wang Jing holding the share of Beijing Granville rose to 79.32 million shares, the shareholding ratio of 36.97%. Through this reorganization, Wang Jing will hold the 1.197 billion shares of the test, accounting for the company's total equity after the issuance of 31.66% of the company's new controlling shareholder. According to the letter of the October 18 closing price of 24.12 Yuan, Wang Jing's stake is close to 28.87 billion yuan, its assets than in 2010 when the investment in Beijing Granville 220 Times times, which means that Wang Jing has been ranked in the 2012 Forbes China Rich List of the top 30. Large accounts receivable? 2012 and the first half of 2013, Beijing Granville's main business income from foreign customers such as Cambodia and Ukraine, communications equipment and software sales. According to the reorganization plan, 2012 Beijing Granville Business income of 915 million yuan, 2013 1 ~ June for 1.989 billion yuan. Only half a year ago, the company created more than 1.074 billion yuan a year in revenue. Of course, there is nothing wrong with the big increase in operating income, but it is worth noting that the operating income is only a blank cheque. Data show that the Beijing-Granville 2012 end of the accounts receivable for 555 million yuan, June 30, 2013 accounts receivable for 2.491 billion yuan, that is, the first half of this year, the 1.936 billion-dollar increase in accounts receivable, an increase of 348.83%. And the Beijing letter Granville 2012 and the first half of 2013 operating income accumulated for 2.904 billion yuan. This also means that in the past 1.5 years, Beijing Granville 85.8% of the operating income of the accounts receivable. Combined with the 2013 1 ~ June operating income of 1.989 billion yuan, almost with the surge of business income coincide. This is reflected in the net profit, the Beijing Faith Granville 2012 net profit of 491 million Yuan, 2013 1 ~ June for 1.679 billion yuan. Compared with the same period, net profit rose nearly 6 times-fold in the first half of this year. More importantly, Beijing's Granville is currently mainly to NoThe poor country that constructs the communication network provides the communication network construction service, but because these countries ' financial revenue is limited, the construction communication network needs the massive financing, is with the Beijing letter Granville revenue mainly comes from the buyer financing income. However, because of the existence of construction loans in such poor countries, even basic guarantees are not available, and unwilling to sell their own resources or key interests such as important ports dilemma, and Beijing is eager to promote its communications network overseas, so the current buyer financing by the Beijing letter Granville to provide guarantees, The Cambodian project guarantees a full 2 billion yuan, it can be said that Beijing is now basically their own money to help these countries to build communications network, the future income may depend on the users of these countries in the years to come slowly back, these loans are huge risk, the future can be recovered are very big questions. Snow net an investor comes up with the story of the gem of the listed company to compare the current status of the Beijing letter Granville. In the process of acquiring overseas companies, the lucky star found that the line loss of Ghana's electricity was very large, and thought it contained huge business opportunities, and then tried to use the cushion method to exploit the smart grid services in African countries, Ghana, in order to gain huge profits. According to the original scheduled contract is two years to complete the construction, the annual net income in the investment of more than 30%. At the moment, however, the Lucky star is clearly failing, and the Ghana project is under various environmental constraints, and as its shareholders have said, construction is not likely to be completed in ten years, and the line loss gains from installed users are lower than expected. Financial risk significantly climbed 2010 Wang Jing when the transfer price per share only about 1 yuan, and later through nearly 10 rounds of financing per share of the transfer price of more than 50 yuan, the highest unexpectedly up to 79.2 yuan/share, PE financing let Beijing letter Granville to obtain net assets near 4 billion yuan, But this is clearly the current Beijing letter Granville Net worth as much as 4.4 billion yuan, the net asset is not the Beijing credit Granville business formation. Although these net assets are basically injected into various PE, the capital strength has increased, which is why it began to have the ability to provide buyer financing guarantee to poor countries such as Cambodia and Ukraine in the construction of communication network. The money is gradually being consumed in the construction of Ukrainian and Cambodian projects, which are financed by the buyer, but the guarantors are from Beijing, the proceeds of which are now receivables and are largely free of cash inflows. "It seems that the Beijing Granville now basically no money, perhaps again to PE hand may not be willing to give up Mingxiang cast, so the preparation to the stock market hand, the so-called supporting financing is a low price to attract new institutional investors to enter the method." "A market personage judge, because PE is in the development process of the Beijing letter Granville A vigorous, now be under the sleeve but cannot be set up now." This is one of the reasons Beijing's letter-Granville is rushing to take the shell out of the IPO again. In the letter Test Acquisition report 148 pages show, Beijing Granville is still owed Datang holding and telecom yuan dividend nearly 130 million, six period repayment, 2016 pay off, with a patent for mortgage. This can also be seen in Beijing's currentOperating almost no cash inflow, operating income is almost reflected in accounts receivable. "China Business daily" reporter from the "Credit test issued shares purchase assets and raise supporting funds and related transaction plan" found that, Beijing Granville holding of the 8 subsidiaries, respectively, Cheng Jundongfang, Riping Communications, Granville and the creation of the letter Granville Yongsheng, Granville (Hong Kong) communications, Chongqing Xin Granville, Shenzhen Xin Wei, Beijing xinyou Tatsu video. 8 Subsidiaries 2013 1 ~ June Total operating income of 137 million yuan, the total net profit is-25.6387 million yuan, the total liabilities up to 4.6 billion yuan. Compared with 2012, this data is 1.305 billion yuan, 708 million yuan, 4.295 billion yuan respectively, 2011 this data is 1.08 billion yuan, 342 million yuan, 873 million yuan. In terms of the financial status of its subsidiaries, its total liabilities have climbed, while the growth of operating income and operating profit is far less than the total size of its debt, so insiders worry that the future of its subsidiaries in Beijing Granville will erode the company's net profit growth.