Chinte Electrical reconstruction of the process of embezzlement of state-owned capital unsolved doubts

How many of the burdens of a "0-dollar" sale in a state-owned restructuring were finally able to create a bizarre fusion of an outstanding IPO (IPO)? After restructuring the complex capital operation, the value of hundreds of millions of shares can be a frequent transfer between unrelated people free of charge? On the eve of the IPO, why did the issuer carry out a snake-swallow-like reorganization? According to the plan, tomorrow Dandong Xin Tai Electric Co., Ltd. (hereinafter referred to as "Xin Tai Electric") will be audited.　　However, there are many doubts about this seemingly high quality company ... State-funded restructuring frequency is now "0 yuan to sell" Xin Tai Electric main business for energy-saving transmission and transformation products and reactive compensation and related power electronics product development and production, the predecessor of the issuer can be traced back to the Dandong Civil Affairs Bureau of Dandong Rectifier factory, Dandong Transformer factory and Dandong special Transformer factory,　　After restructuring and a series of complex capital operation to form now a will be a new venture board IPO rookie, the company's actual control of human natural Winder. It is noteworthy that in the early Chinte electrical predecessor of the state-owned assets in the process of transformation, there have been too many 0 yuan purchase price.　　And most of the 0-dollar transaction process, mode and pricing basis in the prospectus becomes a puzzle.　　According to Chinte Electric Prospectus disclosed, the issuer of the predecessor of the Dandong Transformer factory was established in 1956, as part of the Dandong Machinery and Metallurgy Bureau of the state-owned enterprises, December 29, 1997, by the Dandong government authorities, the Enterprise property rights to 0 yuan sold to natural persons Wang. Wang, who is it? We have not found any information about this person, and the body of the company's prospectus is no mention of this key person. And what is the pricing basis for the $0 sale?　　It is impossible to find out. The second 0-dollar assignment occurs when the issuer is the Winder of the company's actual control person. December 1998, Winder 0 Yuan Price acquisition at that time has a national background of Dandong Rectifier factory, the factory was established in 1960, the registered capital of 4.4 million yuan.　　According to the prospectus disclosed, the then Dandong Local government decided that the plant after deducting the relevant costs, the sale of assets can be negative, so the transaction pricing is determined to zero. Furthermore, it is worth mentioning that, in addition to the two 0-dollar transfer mentioned above, another even more bizarre assignment still occurs in Winder: The process of transfer of the whole state-owned capital has neither disclosed prices nor explained reasons. According to the relevant government departments approved, February 8, 1998, as the issuer of the three predecessors of the Dandong Special Transformer factory will be sold to the Winder Enterprise property rights. and Chinte Electric prospectus only disclosed that the factory was established in October 1991, as part of the Dandong Zhenan District Yalu River Office Pearl Cuisine Committee of the collective Enterprises.　　In addition, there is no mention of the transfer process, manner and pricing of the plant. The riddle of the natural person Wang the actual value of all the state-owned assets sold at $0 is really zero? Since the disclosure of Chinte Electric prospectus is not detailed, the reporter could not know the real situation of the assets at that time。　　However, it is certain that Winder and Wang, after the completion of the 0 Yuan acquisition, only six months after the construction of this, in the case of no new assets injected, the joint formation of a registered capital of 14.51 million Yuan new company. "July 9, 1998, approved by the local business sector, Winder and Wang, respectively, in the acquisition of Dandong Special Transformer plant and Dandong Transformer plant part of the assets to set up Dandong power transmission and Transformation Manufacturing Co. Registered capital of 14.51 million yuan, of which Winder investment of 8.32 million yuan, accounting for 57.34%; Wang contribution 6.19 million yuan, accounting for 42.66%. In Dandong power transmission Equipment Manufacturing Co., Ltd. (hereinafter referred to as ' Power transmission company '), Dandong transformer Factory and Dandong Special Transformer factory has been written off. "Xin Tai Electric's IPO information is disclosed."　　It is noteworthy that this time away from Winder acquisition of Dandong Special Transformer factory (the acquisition price is unknown) only 5 months, away from Wang 0 yuan to acquire Dandong Transformer factory also only 7 months time.　　Wang 0 Yuan to acquire the Dandong Transformer factory, why six months after the merger and reorganization of 6.19 million yuan of capital contribution amount? In addition, it is more noteworthy that in the subsequent transformation of the Power transmission company's equity, Wang chose the purification of the household. "April 2, 2001, shareholders Wang exit, shareholders Winder receive Wang shares." Winder and Wang signed the transfer of equity rights to withdraw the contract agreement, the two sides agreed to Wang from the original shares and property rights, Winder received Wang after the withdrawal of all shares and property rights, and assume the corresponding responsibility. "The prospectus to the King's exit, only made the above" profile ", as for the reasons, did not give any explanation.　　However, it should be pointed out that, after the Wang exit, the original 0 yuan of the Dandong Transformer factory to the rights and obligations of the Winder inherited. "Not a penny, dime. How can it be explained that the value of hundreds of millions of shares is giving up? From 0 yuan to buy Dandong transformer factory began, Wang is probably just a table on the completion of the acquisition of the ' puppet ', the real behind-the-scenes trader is likely to be Winder, Wang just for Winder to complete the pretence of acquisition. Because the king appeared as if not appear, the end of all the results are transferred to warm body.　　"For one of the strange, some analysts think," in the completion of the mission of Winder confessed Wang of course can finally retire.　　For various questions, the reporter repeatedly called Chinte electric director of the Chen Yuxi office yesterday to try to understand the relevant situation, but the phone is no answer. However, it can be ascertained that after completing a series of 0 yuan acquisition, after a series of complex capital operation, assembled the original Dandong transformer plant and Dandong Special Transformer plant two assets in one of the power transmission company eventually evolved into today's issuer Xin Tai Electric's controlling shareholder-Liaoning Chinte. And in Windhoek B a series of Miaoshouhuichun capital operation, the original number of 0 yuan acquisition of state-owned assets also gathered into a good performance, listedPending IPO.　　The father borrows the shell to conceal the swallowed state capital fact?　　Faced with all the puzzles, Chinte Electric made a more questionable move: The listing process opted for an abnormal snake-swallow-like reorganization, placing the parent company's assets in a subsidiary and listing them in the name of a subsidiary, rather than pushing the parent company's listing directly. According to the prospectus disclosed, in June 2007, the issuer predecessor Rectifier Company acquired Liaoning Xin Tai's capacitor business related assets; November 2007, the company acquired Liaoning Xin Tai owned dry-type transformers, 35kV and the following oil-immersed transformers and special transformers related assets November 2007 and November 2008, the company was affected by some of the land use of Liaoning Xintai, respectively, related to the production workshop, office space and the fund-raising investment project land; April 2010, the company acquired Liaoning Xin Tai owned 66kV and above oil-immersed transformer business-related assets.　　At this point, Liaoning Xin Tai no longer engaged in production and operation Business, the main business scope for investment management and advisory services. From the above reorganization is not difficult to see, from the original state-owned assets in the restructuring of the three major assets of the evolution of the whole asset into the listed companies, and become today's Xin Tai Electric IPO asset body. Reporter according to the above reorganization in the pricing calculation, the reorganization of the issuer of the total need to pay 66.2451 million yuan to the parent company (and a large number of intangible assets are free transfer).　　In fact, June 30, 2007, the audited financial statements showed that the issuer's currency was only a mere 10.2896 million yuan, with a total assets of only 88.22 million yuan (excluding liabilities). "Obviously, this is a reorganization of the snake swallow image, and from the reorganization process and results, this IPO is not actually listed in the prospectus of Dandong Rectifier Co., Ltd., to some extent, its parent company Liaoning Xin Tai's operating assets is the real listing of the main body. Reorganization is actually a process by which a parent borrows the shell of a listing.　　"said a private-equity official who declined to be named. Since the parent company's operating assets is the real listing of the main body, then why the major shareholders did not directly promote Liaoning Xin Tai listed, but to borrow such a snake-swallow image of the reorganization transiting listed?　　In the opinion of the private-equity community, this is probably related to all the puzzles mentioned above. "If Wen will Liaoning Chinte as the main body of the listing, then the original Liaoning Xin Tai's operating assets, especially Dandong Transformer plant and Dandong Special Transformer factory will be directly pushed to the forefront of the issuer's assets, the prospectus will be detailed disclosure of the two assets of the evolution process, so that, including the mystery of Wang, and the 0 Yuan acquisition and the unknown price acquisition and other doubts will be positive disclosure.　　The private-equity figures point out that, through the cynical operation, the issuer's main body is transformed from Liaoning Chinte to Dandong Rectifier, the stakes are self-evident. "Because it is not possible to determine whether there is a loss of state capital, so do not exclude the father borrowed the shell listed, is to cover up the swallowed country.　　"said the private equity person. Investigation panel of listed companies of Shang Pao