Equity transfer subject to SFC investigation

Around the Sihai shares (000611. SZ) Equity transfer process, exposure to disclosure of information breaches and other issues are being further confirmed. September 5, the Sihai shares issued a notice, the company on September 2 received the China Securities Regulatory Commission's "investigation notice", because of alleged violations of securities laws and regulations, the SFC decided to investigate the company. Although the company did not disclose the reasons for the specific investigation in the announcement of the day, the industry estimates may be related to issues such as the existence of a letter of violation of the original corporate control transfer. As early as July this year, the Inner Mongolia Securities and Supervision Bureau of the Company issued a decision on the administrative supervision measures have been shown that since April 2012, the Sihai shares have not been disclosed as the requirements of the Chairman, general manager, the original company of the actual control of Sariming and Beijing Dahe Chau Group Limited (Beijing River) signed The fact that the equity transfer and the reorganization Framework Agreement supplement one, as well as the original controlling shareholder-Zhejiang Public WO Investment Limited Company (Zhejiang Zhonghe), Sariming sues the Beijing River and the first instance court judgment. The same day, the Sihai shares of securities department in response to this reporter inquires also expressed great surprise. "Thought the event had come to an ending. Moreover, the company received a written notice is also very simple, the notice does not specify who is the problem. Up to now, the SFC Inspection Corps staff also did not enter the company in Beijing's management headquarters. However, the person also said that from the list of documents requested by the SFC and oral communication, mainly related to the previous issue of equity transfer, should be two of the same incident verification. "Perhaps it was because things had been so big that regulators wanted to have a better account of investors," he said. Obviously, the sudden inspection order has disrupted the company's plan to increase. Sihai shares in the day of the reply to the notice, because received the SFC's "investigation notice", the company decided to suspend the increase in the matter. "At present, the company will go all out to cooperate with the SFC investigation, as soon as possible the relevant materials required by law enforcement personnel to provide them, and strive to turn over this page as soon as possible." At that time, the company will continue to push ahead with the increase if circumstances permit. "The person said. According to the company's semi-annual report, following last year's big losses, the company by selling its subsidiaries reluctantly to achieve profitability. But after deducting the non-recurrent profit and loss, the company still loses 13.2266 million yuan. The letter is sitting in violation of the rules before, around the Sihai stake in the reorganization of the dispute, and the duration of the last two years, investors have been in the dark. Until June 3, 2013, the Big River staff in Beijing hanging banners outside the shareholder meeting, handing out leaflets, and causing conflicts, just let Zhejiang and Beijing, the Big River of this equity transfer dispute surfaced. It is worth mentioning that after the court's decision of February 5 this year involving the dissolution of the company's equity transfer agreement, the Sihai shares have been delayed for 4 months. June 6, Sihai shares in the release of the notice of clarification, said, because Zhejiang people think the lawsuit is Zhejiang Zhonghe and third party behavior, does not affect the normal operation of listed companies, does not existDamage to the interests of listed companies, it has not been informed of the proceedings in the listed companies. In fact, the issue of information disclosure of the Sihai shares is traceable. As early as August 2011, Zhejiang Zhonghe and Beijing signed a framework agreement before the river, the company's share price rose for the 4th, triggering insider trading questions; In the company's verification and Licensing bulletin, the universal shares of the reorganization of the identity of the party is secretive; May 2012, the Sihai shares issued to terminate the Foreign investment intention notice The supplementary agreement, which involved reorganization, was also concealed. In addition, June 9 this year, Zhejiang Zhonghe and Beijing River in the High Court in Zhejiang Province, the trial of the second trial scene, involving the Sihai shares of many agreements and communications exposure, and the Sihai shares on this are not truthfully disclosed. Some media said that in the trial scene, Zhejiang all the agents admitted that the 2012 foreign investment planning is actually the 倒账 of equity transfer. August 29, 2011, April 2012, Zhejiang Zhonghe and the Big River Continents signed the "equity transfer and restructuring of the Framework Agreement" and a supplementary agreement to finalize the plan of the Sihai shareholding control. However, the project of Sihai shares to the SSE has become a foreign investment projects, for the company and Yunnan di Tai ' an Mining Co., Ltd. and Yunnan Anglon Mining Co., Ltd. signed the "Letter of Intent", jointly funded the establishment of new mining companies. Similarly, SSE's information Disclosure review of the Sihai shares also showed that, following the "C" rating in 2011, the company dropped another level last year and was rated the lowest "D" level. To increase or complete a total blow. In fact, with the SFC to intervene in the audit, Sihai shares originally hope through the new controlling shareholder-Hui Albert Trade (Beijing) Co., Ltd. (Hui Albert) and other investors to increase, to enhance the profitability of the company. Now, the plan is likely to be ruined. In this regard, the company's securities ministry said, "if the SFC final inspection results show that the company has illegal, irregularities, in the case of some refinancing provisions, will be adversely affected." But we also believe that the SFC is just trying to find out the problem, not to make the company do nothing. In early May this year, the Hui Weiye became the controlling shareholder of the company. However, the Sihai shares did not further disclose the operation of the Hui Weiye and the purpose of shareholding. Another data show that the 2010 revenue for the Hui-wai is only 7000 yuan, net profit is only 293.04 yuan, 2011 revenue is only 5000 yuan, net profit of 1517.94 yuan, but in 2012, its revenue suddenly increased to 147 million yuan, net profit is only 42,900 yuan. There are circulating shareholders who say that because disclosure is extremely simple, its strength and holdings are questionable. The company's securities ministry responded by saying, "Before the company's plan is suspended, Hui Weiye is also prepared to use cash to subscribe for the set increase." If you don't have the strength, can you get a few billion in cash? "In addition, the SFC's inspection and equity disputes will affect the legal status of the Hui Weiye, and that person is not worried," he said. "No matter Zhejiang Zhonghe and Beijing BigRiver equity dispute final verdict, Hui Wei Albert are the 12.43% shares of the legitimate holders of the universal. As early as the May this year, Zhejiang and the Hui-Wei Albert for the above equity transfer procedures. If there is any problem, the registration company will not agree to the transfer. ”