Fuxing Xiao Cheng re Chong gem business chain to keep a lot of questions

September 13, 2010, the China Securities Regulatory Commission website announced that the GEM board will be on September 17, 2010 audit Beijing Fuxing Xiao Cheng Electronic Technology Co., Ltd. starting application.　　Beijing Fuxing Xiao Cheng Electronic Technology Co., Ltd. (hereinafter referred to as "Fuxing Xiao Cheng") This time is two degrees "knocking" gem. and November 2, 2009, Fuxing Xiao Cheng in the stock right flaw, raise investment project rationality and so on Doubt voice "go home" sadly.　　(this newspaper reported on November 3, 2009, "equity flaws or into a" fatal "Fuxing Xiao Cheng lost the Gem)" One year, the stock right flaw has not been a substantial solution, and the question of the rationality of the Raise investment project also "in a new way."　　However, the reporter further investigation found that Fuxing Xiao Cheng business chain still have many questions. More than 90% of its main business is a single core technology, but the core technology is doubtful; at the same time, its upstream and downstream industrial chain "deformity": 1 of its core technology products are outsourced manufacturers OEM production, 2 of the acquisition technology threshold of the low power meter factory, and nearly 3 years from the energy meter income accounted for its main revenue 47%,　　"Auxiliary" as the "main", 3 of its 80% of the operating income from the monopoly of the power industry-related customers, called "breeding fertile ground."　　Core technology doubts Fuxing Xiao Cheng was founded on November 6, 2000, the registered capital of 41.1 million yuan, the legal representative Lohanzhan, the actual control of the Hubei Hanchuan steel Wire rope factory.　　Its main business for integrated circuit design and application, is committed to power line carrier chip, such as series of integrated circuit product design, development and market applications, and for electricity companies, energy meter suppliers and other industry users to provide relevant technical services and complete solutions.　　The core technology of Fuxing Xiao Cheng is "power line spread spectrum communication modulation/demodulation (PL2000) Series core" (hereinafter referred to as "PL2000 technology"), while the current pl (power lines) series products and XC (Xiao Cheng) series products are based on this technology.　　2007-2009, the core technology products of Fuxing Xiao Cheng's income is 114 million yuan, 194 million yuan, 217 million yuan, accounting for the current operating income ratio: 96%, 97% and 98% respectively.　　However, through the National Intellectual Property Rights patent website did not retrieve the "core technology" of Fuxing Xiao Cheng.　　The inventor of PL2000 technology is a natural person Cheng, and the Invention (design) of the search "Cheng" also did not find the relevant patent.　　Reporter netizens, found that fuxing Xiao Cheng's "core technology" life is quite strange. 2000, Cheng is one of the 5 fuxing Xiao Cheng sponsors, Cheng to cash, intangible assets PL2000 Technology (equivalent to 6 million yuan) and its holding Beijing Xiao Cheng Industry and Trade Technology Development Company (hereinafter referred to as "Xiao Cheng Industry and trade") 60%　　Equity (2.229 million yuan) investment, subscription 10.5 million shares, accounting for 35% of total equity, while the remaining 4 legal person sponsors, are funded by cash. It's confusing.Is that the new version of the old two version of the book, "New Edition" of Cheng PL2000 Technology and Xiao Cheng trade and industry to avoid and brief talk.　　Reporter from the "old version" of the prospectus found that 1993, the joint-stock cooperative enterprise Xiao Cheng Industry and trade set up, Cheng capital investment of 300,000 yuan, Yang put out the capital of 150,000 yuan, Sho Jie investment 50,000 yuan.　　1998, Cheng using Xiao Cheng Industry and trade materials and technical conditions developed into PL2000 technology, Strange is, in the research and development process Cheng did not and Xiao Cheng industry and trade belong to form agreement documents.　　After successful technology research and development, Cheng has PL2000 proprietary technology and is free to use for Xiao Cheng industry and trade, reserves the right to recover and transfer the technology at any time.　　And in November 2000, Cheng will PL2000 technology stake in the Fuxing Xiao Cheng.　　The key question is, why Cheng occupy PL2000 technology privately?　　However, the prospectus suspected to clarify the core technology PL2000 technology ownership issues, said Xiao Cheng industry and trade Investors yang release, Sho Jie not actually funded, Xiao Cheng industry and Trade department Cheng individual unique. A brokerage researcher, who declined to be named, said, "Fuxing Xiao-cheng Core technology single, subsequent chip products are developed from this, and the company's business income from the basic technology; If the core technology appears the problem of unclear property rights, the company has become a common processing plant, does not meet the threshold of the gem "Industrial chain" deformity Fuxing Xiao Cheng's products are mainly integrated circuit design and integrated circuit applications.　　Integrated circuit design is mainly integrated circuit chip and integrated circuit module.　　According to the "old version" prospectus, "the company and most of the domestic integrated circuit design enterprises, belong to the pure integrated circuit design, research and development business, that is, no production line of the integrated circuit design company (fabless)."　　And Fuxing Xiao Cheng will chip and module production commissioned to outsource to upstream foundry manufacturers, the main manufacturers have Shanghai Huahong NEC Electronics Co., Ltd., Tianshui Huatian Technology Co., Ltd.　　2007-2009, integrated circuit chip and module production accounted for 49.56%, 46.01%, 39.03% of operating income. "No production of the collective circuit design company Although the cost reduction, but the industrial chain uncertainty risk increased, while its core technology can not be effectively protected."　　"The above brokerage people to the reporter evaluation."　　2007 years ago, Fuxing Xiao Cheng is committed to integrated circuit design, and since October 2007 acquisition of Beijing Fu Gen Energy Meter Co., Ltd., the company's integrated circuit applications in the field of rapid increase in the proportion of revenue. Fuxing Xiao Cheng entered the electric Energy meter manufacturing field by means of equity acquisition, aiming at building an integrated industrial chain from chip design, chip test, sales to end product testing, production and sales.