Focus on the top ten sponsored packaging Black Hand: The most poisonous packaging Black Hand ping Lin Hui

Editor's note: Scenic mountains and rivers suspected of fraud was suspended listing, once again let people focus on the proposed listed companies behind the sponsors. IPO restart has been 1.5 of the time, a large number of "newborn" crazy born, up to now, total IPO 460, the first real fund-raising 651.434 billion yuan.　　The total cost of the issue amounted to 26.638 billion yuan, most of which went into the pockets of brokerage firms. However, in the previous listing of the 297 listed companies, there are as many as 45 of the first half of this year's performance, accounting for more than 15%. Some of the problems inherent in the company was sponsored issue or even packaging listing, the interests of the drive, the lack of responsibility, so that the original guidance of the listed investment banks and sponsors, have become the packaging "black hands."　　This newspaper will focus on the 2010 Top ten packaging "black hands", exposing their packaging path. No.1 Ping Lin Hui 5 projects, 2 three-year selling shell, 1 suspected fake scenery and rivers suspected of fraud was suspended listing, in the company's condemnation at the same time, as a listed sponsor investment bank of Ping An securities also was pushed to the cusp, and the sponsor of the Lin Hui is blamed for serious dereliction of duty.　　In fact, according to public information inquiries, Lin Hui as the star sponsor of Ping An securities, the sponsor of the 5 projects, 2 projects in three years announced to sell Shell, and the current scenic mountains and rivers are plunged into a huge "fraud storm." In an interview with this newspaper yesterday, Lin Hui the "failure" of the two projects to the impact of industry factors.　　However, regardless of its many "grievances", the market almost unanimously that its election as the "Top Ten packaging Black hands" deserved!　　Ping Lin Hui: the most "poisonous" packaging "Black Hand"? Scenery of the blatant false suspicion let hide behind the scenes of the Peace securities sponsor Lin Hui surfaced. Data show that the 5 projects sponsored by Lin Hui, 2 projects in three years to sell shells, the recent scenic mountains and rivers are suspected of blatant fraud. Lin Hui in the end is how a sponsor, why the sponsor of the company so unable to withstand the test of the market?　　Is it a tutorial or a package listing? Public data show that Lin Hui: male, 37 years old, Ping an securities investment bank division, Beijing Regional headquarters general manager, with more than 10 years experience in investment banking, has done 2006 *st Cotton (002072), Luyang shares (002088), 2007 Days Run Development (002113), 2010 Big North Agriculture (002385) the first listing project.　　However, *st Cotton 2006, the collection of funds 200 million, 2009 in the collection of funds depleted, then announced the sale of Shell, Days run development 2007 listing, raise capital of 178 million yuan, 2010 also announced the sale of shells. Scenic mountains and rivers: the responsibility of the sponsors are missing scenic mountains and rivers of the listing stranded, no matter how the reason, as a sponsor representative of the Lin Hui are out of the relationship. According to the "Hunan scenery of the mountains and rivers Bio-Technology Co., Ltd., the initial public offering of shares issued sponsorship work report", sponsored by Ping An securities January 30, 2008 has been involved in the scenic mountains and rivers of the IPO work, mainlyThe person in charge is Lin Hui. In the report, Ping an securities said: "The sponsor of the issuer of the initial public offerings and listed items to perform a rigorous internal audit process; The sponsor Representative has conducted a full due diligence on the issuer," especially "to see the issuer's main production department ... To confirm the authenticity and evolution of the issuer's main business and related assets, etc. "In the road speech time, Lin Hui also said," Scenic mountains and rivers specializing in the production of new rice wine, sales. Over the years focused on the market, deep industry, strong innovative strength, efficient implementation of the team, a comprehensive marketing network, reasonable utilization of resources has laid the landscape of mountains and rivers in the industry's competitive advantage. "And in the recent media carpet-type survey, the scenic mountains and rivers of a number of data suspected of fraud, Lin Hui's commitment appears to be fragile." Then the scenery of the mountains and rivers on the market postponed, peace at this time to stand out verification. Since the beginning of 2008 began to guide the scenic mountains and rivers listing, two years of time it has not dutifully investigated it?　　Is it not necessary to be responsible for the presentation of the sponsorship book and the Roadshow? *st de Cotton: After the listing performance of successive years of decline de Cotton shares (8.04,0.08,1.01%) October 2006 in Ping An securities under the sponsorship smoothly boarded the board, the company has become the national textile industry after the first IPO company.　　Raise capital 226.8 million yuan, pay ping An securities issue cost 22.6566 million yuan, of which underwriting and sponsorship fee is 14.7 million yuan.　　However, after receiving more than 200 million of the fund-raising, the company's two major investment projects are not as described in the company's prospectus to build a total of 42.5 million yuan per year of profit, but the loss of 1.6277 million yuan. Germany cotton is located in one of the country's key cotton-producing regions of Dezhou, although sitting on the cost advantage of raw materials, but listed in the past 4 years the company's performance has slipped.　　Instead, in the first two years of listing, the company can maintain a net profit of about 25 million yuan a year, and the financial indicators are relatively stable. However, a listing, the company's performance immediately face. 2007, the company only realized net profit of 25.517 million yuan, down 6.14%, 2008 is exposed to 53.2 million yuan losses, this loss will also be listed in the company's two years of net profit of the whole loss of light, the year-on-year decline of 309%;　　Net profit fell 120% year-on-year. August 2009, in order to protect the needs of the shell, the company will rely on restructuring to improve the company's performance, that is, with the love House holding a major asset restructuring plan, textile Enterprises Tak Cotton shares will be transformed real estate enterprises. However, because of the real estate control, the company sells the shell of the road also stranded.　　However, in the first three quarters of this year, the Beatles hat *st cotton still loss-22.7475 million yuan, the company faced the risk of delisting. A few days ago, *st Cotton is obtained the government 10 million yuan social security subsidy, the subsidy will be quarterly 2010 annual income outside the business. Hope the government subsidy can save the company 2010 of losses, to keep the company's shell resources.　　In addition, *st German cotton was warned by the SFC for its 2007 interim report and annual report, and was fined 300,000 yuan, and the company's director Deng and Supervisor Zhao won a warning. Days Run development: Raise investment project boasted data show, the development of the predecessor of the days of Yueyang chemical plant, main urea, compound fertilizer and other production and sales.　　February 2007 in the stock market of Shenzhen Stock Exchange, raise capital of 178 million yuan, the payment of ping an securities issuance costs 20.79 million yuan, of which underwriting and sponsorship costs for 15 million yuan, accounted for the 13.24%. After getting nearly 200 million of the fund-raising, days run development has been put into the project, that is 200,000 tons of urine base compound fertilizer technology projects and cogeneration projects. However, neither of the two fundraising projects is as described in the prospectus. 200,000 tons of urine based compound fertilizer project in March 2008, after the completion of production, the net contribution of only 925700 yuan in 2009, the contribution net profit to 130,000 yuan, and the profit forecast of the annual increase in after-tax net profit of up to 18.96 million yuan difference is very far. Another plan to invest nearly 200 million yuan in thermoelectric projects, because the Yueyang government to the urban construction of the project and the new plan conflict, the government called for a moratorium.　　As of the end of the project in June 2009, the thermoelectric project has accumulated 39.6461 million yuan loss, of which the cost of raising capital is 20.74 million yuan, the company's own capital loss of 18.9061 million yuan.　　As of October 30, 2010, when the company was listed 200,000 tons of urine base compound fertilizer project and cogeneration project has been invested 44.7742 million yuan and 20.74 million yuan, and the remaining 91.728 million yuan to raise funds. and *st cotton Similar, days run the development of the market since the performance is also years of decline. 2007 when the market, days run development profit of 2333.87 years, but the net profit growth rate fell 12.6%, 2008 year performance plummeted to 4.5819 million yuan, the year-on-year decrease of 80.37%; 2009 company loss to 71.4756 million yuan, down 1659.95%　　The company also lost 68.787 million yuan in the first three quarters of this year. Because of poor performance, companies have to choose between buying and selling the shell.　　At the end of May this year, the large shareholder Yueyang Finance Bureau announced the transfer of its possession of the days run development of 21.45% of the equity, the end of August, Guangdong Heng-run Hua Chong industry pick licensing, become the company's new controlling shareholder. Dialogue Lin Hui: the impact of industry factors in five projects, two companies in a short span of three years to become a "shell" company, facing the risk of delisting, can only hope to restructure. Lin Hui yesterday in the acceptance of "Investment Express" reporter interview quite helpless, it said, "We sponsor listed companies are strictly in accordance with the requirements of the SFC and procedures to handle the listing two years after the company is also in accordance with the provisions of supervision, but the situation in each industry is not the same, industry development prospects are also differentKind, specific industry to be specific analysis. Lin Hui finally said to reporters, "your media supervision to have objectivity, do not have to start with a report angle, with a tendency to report, as long as the objective is good." "The 2006-listed *st cotton belongs to the textile industry." Textile industry is a traditional fully competitive industry, homogeneity is more serious, production capacity is relatively surplus, and cause competition is extremely fierce. The two years of exports were affected by the financial crisis, the textile industry is even worse.　　*st de Cotton in 2008, 2009 Annual report, the company's board of directors of the two years, the huge loss interpretation is the same, are affected by the industry and the market, product sales, price drop and raw material prices, resulting in a sharp decline in gross profit margins, in addition to the appreciation of the renminbi, export rebate rate down and other factors affecting the　　According to a handful of industry-intensive chambers of commerce, the net profit margin of the industry will fall by 1% per cent for each 1% revaluation, compared with the current average net profits of these industries, which are only 3% to 5%. and *st cotton similar, Tian Run development dong Secret Rolinchon also attributed to the impact of the decline in performance, that is, the impact of the external environment of financial crisis, raw material prices rise, urea market continues to slump. This explanation may be justified in *st Cotton, but in St days run, the market person almost all think too far-fetched. Because July 22, 2008, Hunan Provincial certificate and Supervision Bureau on the development of the company's special management, found that the development of the days run in the internal system management, fund-raising use, information disclosure and financial aspects have many problems.　　and has always been about the development of financial fraud, fraudulent listing of words on the endless, and the capital market has always been smoke. Professional opinion Pihai: Industry factor is the excuse even if there are market factors, but this only reason does not seem to be convincing enough. In the opinion of financial commentator Pihai, Lin Hui's explanation is an excuse. "If it is an industry factor, he can choose not to sponsor such a company!" "The sponsor, as the name suggests, is the enterprise listed" recommend recommended ", play a securities issue listed in the" First gatekeeper "important role. In the sponsorship book, Lin Hui also vowed that "the designated sponsor representative and the sponsor of the relevant personnel have been diligent and responsible, the issuer of the application documents conducted due diligence, prudential verification."　　"However, the landscape of the" fake storm "let Lin Hui this promise appears so fragile. The reality is often, the sponsor only in close cooperation with the issue of listed companies to promote its successful listing, they can obtain economic benefits.　　In this way, the listed companies as clients of the sponsors can not maintain independence, only with the listed companies close "cooperation" in order to realize their own interests. Financial commentator Supeko pointed out that those in the market before the rapid growth of the gem companies, in fact, most of the performance of the "packaging" component, once the completion of the listing circle money began to return to the real, leading to the performance of listed companies have been a huge landslide。 "There are a lot of Chinese packaging companies, but too much junk assets to be packaged and listed, which is too challenging the public IQ!" "Pihai yesterday in the" investment Express "reporters said," The reason, or the cost of fraud is too low, the punishment is not enough to breed the Chinese securities market together with the case of fraud.　　In addition, the absence of a regulatory system is also a hotbed of malpractice. Attorney: Underwriters and sponsor representatives must have the responsibility to understand that listed companies to make the IPO fraud, the sponsor will bear certain responsibilities.　　If the issuer deliberately concealed, false, its ignorance, is dereliction of duty, punishment will be relatively light; If the sponsor is informed, it will likely be suspended or even removed from the sponsorship; If the sponsor is suspected of insider dealing, corruption and other issues, it may be criminally responsible. Mr Yan, a lawyer at Shanghai Mr Yan law firm, argues that investors ' interests are impaired when listed companies are listed as falsely packaged. Investors can claim rights and extract claims from listed companies. Underwriters and sponsor representatives must be responsible, because the sponsor represents the overall grasp of the role of people.　　The responsible person will bear the legal responsibility. Case Link Underwriters and sponsor representatives were held criminally responsible August 7, 2000, McCormack "fraudulent issue listing".　　Former Southern Securities Limited investment bank Shenzhen deputy general manager Tang Shengcheng, the former Macquarie Group Co., Ltd., the chief accountant of the wealth of the wealthy, McCormack Optoelectronics Co., Ltd. Vice chairman and general manager Gao Zhiqing was accused of involvement in fraudulent listing.　　Data show that red light industry is a a-share market is the first to be held criminally responsible for listed companies. 1997 Red Light Industrial company fraud listing qualification, and successfully listed. November 20, 1998, the State Council forwarded the SFC's investigation bulletin, exposing red industrial companies in the stock market in the process of the listing of 6 serious violations, one is to fabricate false profits, cheat listing qualifications; the other is to report losses, deceive investors;　　Four is not fulfilling the disclosure obligation of major events; the other is to misappropriate the funds to buy and sell stocks; After the issue, the original company chairman, the general manager was sentenced to 3 years in prison, the stock issuer of the main underwriter and financial consultancy company were confiscated illegally and fined.