Fujian Hair Aluminum industry financial manipulation "secretly stolen" retail purse sea pass securities difficult to escape

Only through a financial arrangement before the IPO, soon to start the new shares of the "Fujian Province Hair Aluminum Co., Ltd." (hereinafter said: Fujian hair aluminum) has reached a number of purposes: both reduce the ratio of assets and liabilities, and increase the flow ratio and speed ratio, so that short-term solvency seems to increase significantly. With such a number of beautified financial indicators, Fujian Aluminum industry has obtained the qualification of issuing new shares, but because the financial manipulation does not really improve the company's fundamentals, Fujian aluminum Industry in fact only temporarily cover the short-term debt risk, and the debt and risk to the purchase of the company's shares of the two-tier market investors, insiders say,　　This ingenious financial manipulation is almost secretly stealing investors ' wallets. And the reporter found in the investigation, Fujian hair aluminum is not "a man in the fight", the financial manipulation of the behavior of the front and back of its sponsor-Haitong securities figure.　　Through its subsidiary of Hoi-Kai Kaiyuan investment in Fujian hair Aluminum, Haitong Securities in the adoption of various means to promote the listing of Fujian aluminum industry, has a lot of interests on the impulse. Financial manipulation. Fujian Hair aluminum Industry is mainly engaged in a variety of aluminum profile product design and development, production and sales.　　Its products according to the application of the field is divided into architectural aluminum and industrial aluminum profiles, construction of aluminum profiles are mainly used in all types of civil and commercial building areas, industrial aluminum profiles are mainly used in industrial areas. Since the Fujian aluminum industry in the industry competition is more adequate, and since 2010, a series of real estate control measures, so that the market for building profiles products demand is not optimistic, according to the usual logic, Fujian hair Aluminum industry financial indicators in the past 2-3 years should not fluctuate.　　In fact, some of the financial data is also in line with the logic: Fujian hair aluminum 2008-2010 years of main business income is 521 million yuan, 487 million yuan and 595 million yuan, the main business income is placid to 500 million yuan for the central axis, there is a rise and fall situation. Other financial data, however, varied considerably, with the company's asset-liability ratios at the end of 2008-2010 being 59.76%, 60.09% and 53%, respectively, 0.70, 0.75, and 1.43, with a fast-moving ratio of 0.36, 0.43 and 0.92 respectively.　　Liquidity ratios and quick ratios, which reflect short-term solvency, have changed most dramatically, and drastic changes occurred in 2010. Why is there such a change? A careful comparison of the 2009 and 2010 financial statements of the aluminum industry in Fujian province reveals that the problem appears in the two subjects of "short-term borrowing" and "long-term borrowing".　　At the end of 2009, Fujian Aluminum Industry short-term loans to 235 million yuan, to the end of 2010, down to 76.2 million yuan, a decline of 158 million yuan; in the end of 2009, Fujian Aluminum industry long-term loans to 0 yuan (at the end of 2008 is also 0 yuan), 2010 to 130 million yuan, the net increase of 130 million yuan It is easy to see that this approach to financial manipulation is to reduce current liabilities by turning short-term borrowings into long-term borrowings. In fact, the Fujian aluminum industry has reached this goal, its current liabilities at the end of 2009 amounted to $309 million, down to 154 million yuan by the end of 2010.　　The end result is that the Fujian aluminium industry claims to improve its debt structure, and the short-term solvency is effectively improved. Secretly stealing the interests of investors if it is true that the aluminum industry in Fujian is starting from its own debt structure, the short-term borrowings into long-term loans, so as to improve the operational capacity, this adjustment is understandable.　　But the crux of the matter is that the aluminum industry in Fujian is obviously not in this, but has a different purpose.　　Since the 2008-2009-year long loan of the aluminum industry in Fujian Province has been 0 yuan, this shows that the Fujian aluminum industry did not mind the existence of huge current liabilities until 2010, but only to 2010 years began to become "mind" and to focus on adjustment. "In terms of historical changes in financial data, this illustrates two questions: one is that companies are not really trying to improve their debt structure and improve their operational capacity by 2010, since they have already done so before, and the real operation of the company is worrying. Because of the large number of short-term borrowings, the company is actually dependent on short-term borrowing.　　Ms Zheng of an accounting firm in Shenzhen is an analysis. "It's actually a book adjustment, short-term borrowing is a long-term loan, and the company itself doesn't change, but it makes other financial indicators look good." Ms. Zheng added: "2010 is a critical moment for the company to go public, which should explain why the company has to adjust at such a time period."　　However, short-term borrowing to adjust to long-term borrowing in accordance with the general need for bank recognition and support, and this adjustment is generally in the end of a fiscal year will be to make adjustments, the Fujian aluminum industry This sudden adjustment said to do, there may be more stories behind. Such a financial operation after the completion of the purchase of Fujian aluminum investors are facing the risk from two: one is that the beautification of the financial indicators does not represent the real situation of the company, if the company's asset liquidity decline, the sales contract payment period is significantly prolonged or a large number of sales money can not be resumed on schedule　　The aluminum industry in Fujian province will still face a huge short-term debt-servicing risk; The second is that large amounts of borrowing are being adjusted to long-term borrowings, which means that the two-tier market investors, as new shareholders, have to shoulder the long-term liabilities together and need to pay more for the financial costs. Does the Fujian aluminium industry consider that the financial manipulation has harmed the interests of investors?　　The reporter tried to communicate with the aluminum industry in Fujian, but the other side said "do not care about this."　　Not a man. Before and after the 2010 years of financial manipulation, as the Fujian aluminum sponsor of Haitong Securities may be difficult to escape. In fact, it is on March 2, 2010, the founder of Fujian aluminum industry shareholders yellow long-term will be held in Fujian hair aluminum 6 million shares transferred to Haitong Kaiyuan Investment Co., Ltd., the transfer price is 4.65 yuan per share. And Haitong Kaiyuan is a wholly-owned subsidiary of Haitong Securities.　　The transfer of shares by the Fujian aluminum industry and the long-term family in the public called "improve corporate governance structure, the introduction of strategic investors", but this statement has obvious loopholes. The first is the price and time of the transfer of equity, in the proximity of the company's listing, at such a low price of the transfer of equity, has become a clear benefit of the transition, the founder of long-term ownership of shareholders did not get the equity listing premium, and the real benefit is the sea-pass Kaiyuan. Secondly, Haitong Kaiyuan is to enter the Fujian hair industry in the form of equity assignee from the promoter shareholder, this with the usual increase in the stock has a very different meaning-under the mode of ownership, Fujian hair aluminum industry is not a point from the Haitong Kaiyuan funds, for the time the ratio of assets and liabilities in Fujian hair aluminum industry,　　This is clearly not an advantageous model. "The urgent purchase of equity from the sponsor's shareholders at a low price before listing, this behavior is not the behavior of strategic investors, Haitong Kaiyuan If the real concern is the development of Fujian aluminum industry, hope that through the operation and development to gain equity value, should be in the way of cash shares, to alleviate the financial pressure of the Fujian hair aluminum industry. But the fact that Shanghai Kaiyuan just want to get the equity premium, and the Fujian aluminum industry and Hoi-kai Kaiyuan, there are more of the interests of peace.　　"There are close to the Fujian hair aluminum industry, the reporter said. In Hoi-kai Kaiyuan to obtain the shares of aluminum industry, Fujian aluminum industry began to accelerate the listing process, and very cleverly launched the financial aspects of the adjustment, and then the listing arrangements are also very smooth, all this and sponsorship of the Sea of the efforts of the securities are not unrelated.