Query on the large number of old stock transfer

Zhuhai Zhi Technology Co., a group that was suspended for a while, (hereinafter called "All-local Technology") recently unveiled a return to the prospectus, and the embarrassing situation of last year's sharp decline in performance and the continued sharp decline this year has been fraught with worries. At the same time, before the listing of the crazy dividend Shang, the asset-liability ratio is too low a good financial situation, the transfer of shares of the old shareholders too high also let the market has a "circle of money" and "cash" question. Performance or will continue to decline the full log technology to intelligent Terminal application processor chip and intelligent power management chip design manufacturing sales for the main business, after the rapid development of the past year, the performance of the sharp decline caused many investors worried. The prospectus shows that from 2011 to 2013, the operating income of the journal Technology was 261 million yuan, 1.339 billion yuan and 1.65 billion yuan respectively, with net profit of 58.9151 million yuan, 571 million yuan and 419 million yuan respectively. According to this calculation, 2013 the total records of science and technology to achieve a year-on-year decline in net profit of 26.62%. In fact, according to the Good Times prospectus, the explosive growth of the tablet market in the previous years created nearly 10 times times the net profit growth of the 2012, but this was quickly broken by more intense competition. Quan Zhi Technology said, with the popularity of tablets increased, market scale growth slowed down gradually, resulting in the company's shipping scale slowed down, at the same time, due to the intensification of market competition, the company's product prices, gross profit margins and market share have been impacted, resulting in a decline in the company's operating performance. The downward trend is feared to continue in 2014. According to the above factors, it is expected that the net profit of the company in 2014 will fall considerably. At the same time, the comprehensive gross margin of the journal Technology also declined to a certain extent, from 56.6% in 2012 to 41.32% in 2013. The prospectus shows that 2014 years ago five months (without the audit data), the total records of technology shipments compared with the same period in 2013, but sales revenue fell about 25% year-on-year, net profit fell by about 70% per cent year-on-year. In this respect, Shanghai, a listed company executives in the "first financial daily" interview, said: "In the past few years to benefit from the flat market hot company performance explosion, but with the growing competition, product gross margin will naturally decline, the company level to solve is how to upgrade, So as to better products to maintain their high gross margin level. "Otherwise, even if you barely keep the same sales income, there will be a considerable decline in net profits," he said. The person said. The transfer of old shares is different from that of many of the listed companies that need further expansion for their funds. Full-log technology does not seem to be very short of money, very low asset-liability ratio, before the listing of the crazy dividends Shang, while the old share of the high transfer rate also let the market to produce a decline in the performance of the query sound. The company's assets and liabilities ratio was 14.96%, 20.21% and 15.1% per cent in the last three years, according to the full-log technology prospectus. PublicDivision explained that because the company belongs to the integrated circuit design industry, for light asset companies, less debt. The information found that in the financial statements for the three years from 2011 to 2013, no short-term borrowings and long-term borrowings were seen in Canzhi technology. At the same time, in the last three years, the full log technology dividend is not rich. A total of $1.5 (including tax) was distributed at the General meeting of shareholders in 2011 by a total of 60 million shares, totalling 9 million yuan per 10 shares. In 2012, the provisional shareholders ' meeting was again distributed by $5 per 10 shares, with a total of 30 million dollars in cash and 10 shares per 10 shares for all shareholders. The 2012 distribution scheme is to distribute $96 million per 10 shares to shareholders of 120 million shares of the total share capital. The distribution programme for 2013 continued to distribute $7 per 10 shares and a total of 84 million dollars in cash. According to this calculation, the total amount of cash dividends in the last three years amounted to $219 million, more than half of the amount proposed. In addition, according to the prospectus disclosed that the full log technology This issue includes public offering of new shares and the transfer of old shares, not more than 40 million shares, of which the number of shares transferred by the old shares of no more than 27.5 million shares, accounting for the highest 40 million shares issued the proportion of up to 68.75%, the proportion of old The prospectus shows that all-chi technology This IPO is a total of 36 shareholders to transfer shares, all of which hold the company's shares for more than 36 months, including the company's chairman, general manager, deputy general Manager, chairman of the Board of Supervisors, the Secretary of the Board, the chief financial officer and other top 10 shareholders appear in the transfer of Another issue that worries investors is that they are not yet listed, and the full log technology will have to face an embarrassing situation without actually controlling people. The prospectus shows that there are currently 85 shareholders in the journal Science and Technology, the shareholding is relatively dispersed, there is no controlling shareholder and the proportion of the largest shareholder is 12.77%. If a smooth listing, the equity will be further dispersed, which will undoubtedly become the way of its listing a major concern.