Green New Packaging Series equity movements around Hao investment whether to hide the secret

Shanghai Green New Packaging Materials Technology Co., Ltd. IPO application has been passed, from its public data, the main products for the vacuum aluminized paper, which is a kind of green environmental protection packaging materials, so its IPO also accords with today vigorously develop green environmental protection industry premise, it seems should be vigorously supported.　　But before the IPO, there seemed to be some doubt that could be relieved. From the company's historical evolution, it is divided into the following stages: First, from green new industry. Green New Industrial Department on January 21, 2002 by two natural Hong Wenguang, Lin Huan Cash Capital, registered capital of 8 million yuan. Mainly engaged in paper and printing packaging sales business, and involves a small number of vacuum aluminized paper and laminating paper, such as the production and sales of metal wrapping. But obviously, the company's operating conditions are not very ideal, so on February 10, 2004, Hong Wenguang, Lin Huan, respectively, their holdings of Green new industrial shares transferred to the Dr Lei, Wang Shaoling. And Dr Lei, Wang Shaoling is the current Shanghai Green New Packaging Materials Technology Co., Ltd. the actual control of Wang Dan's sister. The two were soon launched in the subsequent company's equity operation, so it can be argued that since February 2004, Wang Dan has become the actual controller of the new green industry.　　The emergence of Dr Lei and Wang Shaoling may simply be due to the fact that Wang Dan was not able to come forward directly for various reasons. After obtaining the actual control of the green new industry, Wang Dan, through his wife Zhang Shaohui, was registered in Hong Kong on May 12, 2004 to set up the Shun Hao investment, while the business of Shun Hao investment is mainly to manage the new green packaging equity, while engaged in international trade business such as original paper. Therefore, Shun Hao investment is for the subsequent capital operation and established. June 30, 2004, Zhang Shaohui will be held by the Shun Hao investment 50% of the equity transfer to Wang Dan.　　After the transfer was completed, Zhang Shaohui and Wang Dan held a 50% per cent stake in Shun Hao's investment.　　After the preparatory work is completed, the capital operation is entered into the second stage. In December 2004, Wang Dan controlled the investment of Shun Hao and should also be controlled by its actual green new industrial joint venture to set up Green New Limited. Among them shun Hao investment 1.188 million U.S. dollars, accounting for 55%, green new industry to assets and equipment to invest 972,000 U.S. dollars, accounting for 45% shares. Soon after June 10, 2005, Green new industry will 45% of the shares of 972,000 U.S. dollars to the transfer to shun Hao investment. At this point, Wang Dan has actually controlled the Green New limited 100% stake through the investment of Shun Hao.　　The new green industry and Wang Dan's two sisters also largely withdrew from the operation thereafter.　　At the same time, Wang Dan also launched a series of operations around the investment of Shun Hao.　　Wang Dan and Zhang Shaohui on June 8, 2005 in the British Virgin Islands to establish packingresources, and the same year July 21, two people will shun Hao investment 100% equity transfer to packingresources. January 13, 2006, Packingresources will hold the transfer of 3% of its holdings of Shun Hao investmentTo Zhang Shaohui, 12% of the equity transfer to everbenefitlimited. December 11, 2007, everbenefitlimited its holdings of Shun Hao investment 12% of the equity transfer to Goldleaf. December 31, 2009, Goldleaf and packingresources the transfer of their holdings of Shun Hao investment equity to Wang Dan.　　After the transfer of equity, Wang Dan holds a 97% stake in Shun Hao's investment and Zhang Shaohui holds a 3% per cent stake in Shun Hao's investment. It is well known that the creation of shadow companies in the British Virgin Islands has the benefit of tax avoidance, and that it has great benefits in hiding the identities of the behind-the-scenes shareholders.　　In a few years, the purpose of the series of transfers around the investment of Shun Hao is to avoid tax or other? From the rate of return on net assets, in the past few years, Green New is a windfall, 2007, 2008 and 2009 weighted average return on equity is 89.62%,37.25%,32.50%.　　In the first half of 2010, its net asset yield was 10.96%, and was it related to the disappearance of a series of shadow companies?　　At the same time as Wang Dan's constant adjustment to his own shareholding, the fast-growing company also attracted the interest of the VC companies. In the December 2007, Green New capital was added. The registered capital increased from $2.16 million trillion to $2.6667 million. The capital increase of 506,700 U.S. dollars by the first credit investment 12.74 million U.S. dollars subscription, the bid is based on the evaluation of June 30, 2007, at this time the new green net assets of 474.3799 million yuan, equivalent to nearly 65 million U.S. dollars. In contrast to the December 2004 Green new data, the total green new capital was $2.16 million. In 2.5 of the time value-added 30 times times, the growth is amazing!　　And from the evaluation value, the first investment of the capital increase market net rate should be less than 1. August 2008, the new Green had a share transfer, the transfer of the introduction of 4 venture capital companies. respectively for Groun letter, Hong New investment, Guo Jia Chuang, billion-wen Chuang. There are some puzzling things about the transfer of equity. Equity transfer at the same time, there are 3 kinds of Tian Shi different prices. Which transfer to Hong New investment 10% of the equity, 7.28 million, equivalent to 1% of the equity price of 728,000 yuan, transfer to Groun letter 3% of the equity, the price 12 million, equivalent to 1% yuan per 4 million of the equity prices; The equity price is 7.6 million yuan, the transfer to billion-article 2% equity, 15.2 million yuan, equivalent to 1% per cent of the equity price of 7.6 million yuan; the price gap is 10 times, is it not surprising? Green's new explanation is, of course, that the new investment is the company's management and technical backbone shareholding, so low price transfer, there is incentive. This also does not explain the other three venture investment prices nearly one times the gap in the confusion.Here may be speculation, perhaps with three of the major shareholder structure of venture.　　The shareholders who enjoy the preferential Groun letter are the two natural persons in the district and the local Chinese, while the other two major shareholders of the venture companies are mainly the companies. In fact, this is not the biggest issue of the transfer. The biggest problem remains in Hong's new investment. While the company's explanation is that the company holds a stake in the company's management and technical backbone, the biggest shareholder of the new investment is Zhang, which owns 36.625% of the new investment, or indirectly holds the green new 3.625%. What kind of person is Zhang? Zhang November 6, 2007, Yushung Investment appointed as director of the company.　　It has served as China tobacco Fujian Import and Export company cadres, Shanghai Heng Rui Intelligent Engineering Co., Ltd. General Manager, is currently the general manager of Heng Kang Co., Ltd., which has a strong background in tobacco industry. It is necessary to mention the green new main business, green new business is to provide tobacco industry with the production of cigarette labels and packaging paper. The astonishing growth of the green new in the actual control of Wang Dan can also be said to be entirely thanks to the relatively closed lucrative monopoly industry that has successfully entered tobacco.　　Green New in the prospectus to talk about the development of the company also repeatedly referred to the word "contacts", it is difficult not to develop a rich association. The sensitive monopoly profiteering industry, the sensitive network, what does it mean? Together with the rapid development of the company in the course of several years, a series of equity changes around the Hao investment, whether the hidden behind the more alarming secret?