Comments: Gem has hidden trouble

Pihai recently, the love of ophthalmology issued a notice, to use the public issue of the fund to raise more than 91.9442 million yuan, the acquisition of Beijing, British-wisdom Eye Hospital 71.413% of the equity and 1.25 million yuan to buy Beijing Huaxin Glasses Co., Ltd. 100% stake to enter the Beijing market. This is already the Nth Business Board Company in the horse race rodeo. Before, Li-Chen, million shun shares, Oak shares, sunflower and other companies have "first step." To a certain extent, because the gem companies are some small and medium-sized enterprises, these companies want to develop, without the necessary extension of expansion; More importantly, many gem companies have a huge amount of funds to raise money, so that the readiness of the horse-race can become a reality.　　such as Love Seoul Eye, last year when the stock issue, raise 938 million yuan, of which only over the fund to reach 541.6125 million yuan. It seems necessary to create the gem, but the hidden trouble can not but be highly concerned. Gem companies to private enterprises mainly, many companies or even family-owned enterprises, some enterprises are not standardized management.　　These enterprises in the process of horse-racing, its management can keep up with, is a must face the problem. Or in the case of AI er ophthalmology, this is the first gem because of management confusion and was ordered to rectify the company. From March 24 to April 12 this year, the SFC Hunan Supervision Bureau of the Company conducted on-site inspection, found that the company's corporate governance, internal control system, the use of fund-raising, information disclosure, financial management and accounting and other aspects of the existence of a lot of "problems", and issued the "Correction decision book." In the case of corporate governance, ai er eye "three will" operation is not standard, the board of Directors is incomplete, the Remuneration Appraisal Committee has not formed the work record from 2009 to now; in the capital Management system, the affiliated transaction management system and the foreign investment Management system, the responsibility investigation clause and so on important internal control system aspect, the company is still　　, and the loopholes in financial management are up to 8. It is based on management confusion and weak management strength, the process of horse-racing and the effectiveness of the enterprise, can not but be worrying. With huge sums of money in their hands, the bosses of the company are in deep pockets and are not too extravagant in the asset-buying process.　　Ai ER Eye acquisition of the British-wisdom eye of the premium of more than 8 times times, such a high premium acquisition, it is inevitable that the company's shareholders generous suspicion. Of course, the acquisition and investment finally become the burden of business, the motherboard company has been many times, such a story in the management of the troubled gem is more likely to repeat. For example, in the case of AI-er, since the listing, the company has adopted a self-development and acquisition of the expansion of the territory, but the rapid expansion has even led to a decline in the net profit growth in ophthalmology.　　The company's 2009 annual sales growth rate of 38%, net profit growth rate of 50.7%, the company's first half of 2010 annual growth rate of 38.93%, and 2009, the basic flat, but the net profit growth rate fell to 26%. How to ensure the benefit of horse-race enclosure, this is the gem must face the problem, but also the gem of the company's happy enclosure of the major hidden dangers.