Contact food has not been issued: the single growth of the alleged product doubt

21st Century Economic Report Sujiang core tip: Even if the contact to obtain approval to raise funds, but these two projects in August 2012 can not achieve profits, 2012 only to achieve less than 10 million net profit.　　Shanghai Environmental Protection Bureau issued a notice to the environment inspection of the IPO company to contact Food Co., Ltd. (hereinafter referred to as "contact food") again become the focus of the market. As early as two months ago, November 19 last year, the first application for food sprint SME Board has been approved by the SFC, but two months have passed, the same time will be the SME of the West Pump shares (002536.SZ) has already listed on January 11, show strong shares (300160.SH)　　3 gem companies have also been listed on January 13, even after the meeting last December 6 Hung Road Steel (002541.SZ) has been officially listed on January 18.　　In this respect, contact food dong Li Zhenwu on January 18 afternoon told reporters, did not get the approval is not due to the Shanghai Environmental Protection Bureau of the verification, but the company needs to be required to pay the CSRC materials, the end of the month is almost able to get issued approval. Environmental Audit January 7, the Shanghai Municipal Environmental Protection Bureau on its official website published on the Shanghai Contact Food Co., Ltd. listed environmental protection Verification (supplement) publicity, publicity because the contact food is applying for listing, so according to the State Environmental Protection administration　　Regarding the request of the listed enterprises and the listed enterprises applying for refinancing to carry out environmental protection verification, the Shanghai Environmental Protection Bureau is currently carrying out the supplementary environmental verification for the Shanghai contact of the wholly-owned subsidiary of the company.　　When the distance to negotiate food has been 1.5 months, during the same period of the SME board and the gem company has already been issued approval, so there are investment bankers analysis that the negotiation of food delays may be related to this.　　However, Li Huifen, the food brand director, told reporters on January 18 that the Environmental protection environmental Protection verification of the Shanghai Environmental Protection Bureau is only the company's active application, not the necessary condition to obtain the issuance approval.　　According to Li Huifen Introduction, contact food in February last year to prepare for the listing of materials, so the Anhui Provincial Environmental Protection Office issued a verification opinion is only as of the end of 2009, March company to the SFC submitted the relevant application materials.　　From the report of the Agreement on Food prospectus 13th "raise funds use" in the 6th "Raise funds investment project environmental protection Situation" shows that last January-February, including Anhui, Shanghai, Shandong, Chongqing, Hebei, Heilongjiang and Inner Mongolia and other 7 relevant provincial environmental protection agencies issued environmental verification advice. "Since the company passed the Audit committee only last November, therefore, we volunteered to the relevant environmental protection agencies to submit the latest year of environmental verification applications, of which the Shanghai Environmental Protection Bureau has spent 10 days of publicity, we understand that there is no problem, the verification letter is expected to come out around 20th," Li Huifen told reporters, " Environmental agencies in other provinces we have also submitted applications, most of which have received verification letters, and a few are being checked. ”　　Although the supplementary environmental verification is true, according to Li Huifen, the Supplemental environmental verification Letter is not a necessary condition for issuing approval, "because it involves straddling, so we volunteered to add this material." "And the secretary for Food, Li Zhenwu, said the company in accordance with the requirements of the SFC has made up the relevant materials.　　But it does not explain the relevant materials, "communication is relatively normal, expected to be issued before and after the issuance of approval."　　In response to the previous contact with the food sponsor of the relevant parties to the contact of the food shareholders want to pass 2010 financial data and table to increase the valuation of the statement, Li Zhenwu made clear that the supplementary materials submitted is not the company's 2010 Annual report, there is no hope to increase the value of the idea. Growing doubt although the negotiation food claims that with the completion of fund-raising investment projects, the company's operating income and profitability will have a faster growth.　　But the data showed that its 2009 revenue of 1.649 billion yuan and net profit of 107 million yuan, compared to 2008 year-on-year decline of 18.58% and 5.84%.　　And according to the distribution plan, the company plans to issue 50 million shares to raise about 520 million yuan to invest in Harbin Contact food Processing project, Inner Mongolia raw material base construction project, contact food production technology upgrading and automation project cordial food supply and marketing of the whole process of business information platform construction project.　　According to the company's prospectus disclosure, Harbin Project construction period is two years, the average annual net profit is expected to be 63.577 million yuan, and the negotiation of food production process elevator automation projects need 1.5 of the construction cycle, the average annual net profit of about 16.87 million yuan. This means that even if the negotiation of the food in the end of this month to obtain the release approval of the successful fund-raising, but the two investment projects in August 2012 before the profit can be achieved, 2012 will only be able to achieve less than 10 million yuan net profit.　　This is clearly for the negotiation of food. More importantly, although the name is consistent with food, but the company's products are relatively single, profitability is mainly concentrated in the main products sunflower products. Data show that sunflower products revenue in 2007-2009 accounted for the main income of 72.64%, 71.06% and 73.5%, the first half of 2010 was raised to 78.59%.