0 The transfer of assets was questioned Changbao Steel Pipe said restructuring is a broken wrist

Newspaper reporter Liu Zhaopu nanjing, June 30, Jiangsu often Baosteel tube Shenzhen SME IPO success. The disclosure of its prospectus revealed that the company intends to issue 69.5 million shares and raise capital of 774 million yuan for all investment in "ERW660" welded pipe project.　　But outside of the company's restructuring process, "0 asset transfer" and stranded in Europe and America "double counter" investigation and other issues continue to raise questions. "0 Asset transfer" Baosteel dump the baggage Changbao steel pipe since 86.8% of the transfer of equity to Changzhou electromechanical state capital, leaving Baosteel support, Manter, survival pressure, the company began to privatize the pace.　　December 23, 2003, Changzhou electromechanical state capital will be held by the Chang Steel company 100% Equity transfer to Cao Jian and other 27 natural persons, Chang Steel Company become a private Changbao limited. The transfer of the "privatization" system is based on the evaluation report issued by Changzhou National Union assets appraisal firm, and the net assets are 15.4354 million yuan. After a series of asset stripping, profit and loss adjustment and policy stripping, 15.4354 million yuan assessment of net assets were adjusted to-57.6545 million yuan, and then through 57.6545 million of land assets compensation net asset, Chang Steel company into a transfer of zero net assets of the company, for the Cao Jian and other 27 people to facilitate the company, the move has also aroused strong doubts. July 9, the company's securities department pan manager in the "Huaxia Times" reporter interviewed that 2002 company from Baosteel transferred to Changzhou electromechanical state capital, starting from 1994, the company on a continuous loss, to 2001 losses have reached 255 million yuan. In the determination of loss of hope, was included in the state Economic and Trade Commission 50 closed bankrupt enterprises list.　　The company is insolvent, Baosteel then transferred shares, but also because the company was not in line with Baosteel's development strategy, the profits of its small contribution, the company is not optimistic. Pan manager said, later when the company privatized replacement identity, more than half of the workers choose to leave, but the reform is imperative, "reform must pay the pain, only the heroes broken wrist, enterprises can revive, and thus continue to operate steadily."　　"He said, Cao Jian and other 27 shareholders to contribute 10 million yuan, in the company's most difficult when there is a start-up fund, after the restructuring of the 2004 years, 2005 Steel pipe industry, the boom year to the good, the company and the industry as well as the momentum of upward development." Europe and the United States "double counter" investigation company to move space into the Middle East Company's prospectus report shows that the total amount of 773.816 million yuan, will be used to invest in ERW660 welded pipe project, after the completion of the project, can produce ERW welded pipe light tube 300,000 tons, finished products for oil and gas pipeline pipe, oil casing　　Caliber in 219mm-660mm. According to the reporter understands, April 24, 2008, the U.S. Department of Commerce decided to import from China's annular carbon pipeline pipe launched anti-dumping and countervailing investigation, the products involved in the outside diameter of 406.4mm oil and gas pipeline pipe, Changbao Steel pipe was included in the "Double counter"The list of compulsory respondent enterprises. Changbao Steel Pipe-raising projects produced welded pipe caliber in 219mm-660mm, some products will be levied anti-dumping duty rate of 101.1%, countervailing duty 35.67%, total 136.77% of the comprehensive tax rate.　　For Changbao Steel pipe, the "double counter" investigation of the proportion of products involved, the impact on corporate profits, the response measures, the company's prospectus has not been disclosed in detail, therefore, the outside world has aroused constant questioning. Pan manager responded to reporters that the "double counter" survey of products in about 100,000 tons. The strength of the company's technology, production caliber of more than 406.4mm steel pipe without any problems, as long as the market needs. In addition, the Middle East, Russia and Africa are also a large number of needs, can try to avoid the "double counter" survey of Europe and the United States, manoeuvre space is relatively large.　　The company is involved in "double counter" survey of two Chinese enterprises, quality Shande, the industry status is high, but because it can not predict the production of the project when the market conditions, so there is no detailed disclosure of profits affect the specific situation. Pan manager told reporters that they are the company's normal annual profit judgment is 180 million-190 million yuan, 2008 is a special year, the entire steel pipe industry is the best year. Steel tube prices have been rising since 2004, peaking in 2008, So the company 2008 profit reached 260 million yuan, 2009 is the normal year, this year in a flat level, the forecast profit is still low, about 163 million yuan, which is because of the first quarter of raw materials such as the price of material rose sharply, PetroChina and other companies with tube prices have not made corresponding adjustments, hysteresis. So embodied in the prospectus, the company's profits from 2008 to now has been declining, by the impact of the market boom is relatively large.