Group Hing Toys to deceive the success of the capital maneuver to create rich myths

Li Zhikun Core Tip: If the company can successfully listed transactions, Liang and other 5 people will be in less than two years to achieve 20 times times the return on investment, to share the 640 million wealth feast brought by the listing.　　9th night, the SFC announced that at the 41st and 43 meetings held by the Commission today, the first application of Guangdong Group Hing Toys Co., Ltd. was approved, and the first application of Shanghai Union Ming Machinery Co., Ltd. was not approved. Group Hing Toys is the largest independent brand of electronic toy enterprises, focusing on electronic electric toys research and development design, production and sales business.　　The IPO is to be issued in 33.8 million shares, accounting for 25% of total equity after issuance and will be listed on the Shenzhen Stock Exchange.　　However, on the eve of the group Hing Toys, the media has exposed the company has a toy quality control, the sponsors deliberately conceal problems. The prospectus conceals the "quality inspection incident" and it is learnt that group Hing toys production of most of the toy consumer groups concentrated in less than 8 years old children, the state of toy manufacturers to produce toys quality and safety of strict regulations, whether domestic or export, the standards are very strict, especially for the 8-year-old baby toys under the safety requirements higher.　　If the relevant departments detect a certain batch of products unqualified, according to the requirements should be destroyed, and can not continue production. Prior to this, group Hing Toys in 5 tests were detected in 7 products have quality problems, by the State administration of quality Supervision, inspection and quarantine, Guangdong provincial Trade and Industry Bureau, Dongguan City Trade and Industry Bureau, Chengdu Municipal Bureau of Industry and Commerce and other departments identified as "unqualified."　　These products "unqualified" reasons can be roughly divided into two aspects: first, "identification and use of instructions" there are problems, the second is "children can touch the sharp tip." The company's products boarded the Aqsiq "blacklist", and received rectification notice. Yesterday, the company's securities business in the media interview, said the company's products have been "qualified", and the state Bureau of Quality Supervision issued red certificate. The company also said quality inspection issues do not affect the company's performance.　　But for the Chengdu Industry and Commerce Bureau, Guangdong provincial Trade and Industry Bureau, Dongguan City Trade and Industry Bureau test results, the company did not give a reply. Under article 37th of the administrative measures for IPO and listing, the issuer may not have any major changes in the structure of the business model, product or service, and will have a significant adverse impact on the issuer's continued profitability.　　Group Hing Toys have a variety of substandard toys, the company's continued profitability is tested, the company in the prospectus should be disclosed to the vast number of investors, but the prospectus did not mention the incident.　　Group Hing Toys Sponsor said that the company in the industry reorganization may have some problems, but has been well resolved, did not receive any fines, nor was the administrative punishment, but will not affect the production and operation of the group Hing Toys, so do not need to disclose in detail in the prospectus. The success of the sponsor will be "Do not do" group Hing Toys in a number of departments disclosed product quality inspection failure can still successfully impact the IPO,The sponsor later was "in the work."　　And this sponsor is not small, is the IPO sponsor of the leading brokerage-Ping an securities. According to wind information statistics, only a year in 2010, Ping An securities sponsored 38 companies to start, ranked first in all brokerage.　　Since 2011, Ping An securities has sponsored 8 IPOs, second only to the 13 of national securities. However, it is such an IPO sponsor leading securities company, but has concealed the problems of the listed companies. As at the end of 2010, Ping An security sponsor of the scenic mountains and rivers burst "false door", the listing process has been stranded.　　Group Hing Toys After the success of the roadshow will be carried out, and the sponsor will recommend the stock pricing, whether there is a transfer of interest is unknown. For Ping An securities so responded to "conceal quality inspection incident", one legal person believes that information that has a significant impact on investors ' investment decisions should be disclosed in the prospectus, such as the listed companies, including Annada, new Beiyang and so on, with a certain degree of clarification in the prospectus.　　Group Hing Toys to avoid products were identified as "unqualified", was required to rectify, and so on, and whether the rectification is completed, the product review is not qualified and other content is not disclosed, this to investors or misleading suspicion. The person also pointed out: "If the company has completed rectification, product review qualified, the company on the follow-up progress to give a brief explanation, but also more secure." "Capital-maneuver Equity has expanded nearly 6 times times in 1 years, with the registered capital at the end of 2008 at only 10.87 million, although 2008-2010 net profit was 22.745 million yuan, 39.036 million yuan and 57.608 million yuan respectively, so small equity is far from enough to market."　　But after the big shareholder's dazzling capital maneuver, the group Hing successfully shocks the IPO. November 28, 2008, by Lin Weizhang and other shareholders private to group Hing toys to increase the registered capital of 40 million yuan, the company registered capital from 10.87 million yuan to 50.87 million yuan. August 4, 2009, Lin Weizhang and other 4 people agreed that each shareholder of their shares in the registered capital of 50.87 million yuan transfer to the group Hing Investment, and the group Hing Investment is the above 4 people in August 2009 set up a shareholding company.　　Group Hing Investment in the shareholders, of which Lin Weizhang shareholding ratio of 40%, Huang hold 30%, two people are Group Hing Toys, Chairman and general manager, is the company's actual control person, Huang for Lin Weizhang table brother-in-law. November 13, 2009, Group Hing Toys agreed to Liang, such as 5 of natural persons to increase capital to become a group of toys shareholders, The registered capital of the group Hing Toys was increased from 50.87 million yuan to 63.5875 million yuan, 5 people paid a total of 26 million yuan for the registered capital of 12.7175 million yuan, and the difference between the increase and the amount of the registered capital was transferred to the capital surplus of 13.2825 million yuan, after which 5 owned the group Hing Toys 20% shares,　　Group Hing Investment holds another 80% stake. January 8, 2010, Group Hing Toys to November 30, 2009 netAssets of 129 million yuan, based on 1:0.78 of the proportion of 100 million shares, each shareholder in their holdings of toys proportion corresponding to the net worth of funds, subscribe to the corresponding proportion of shares. 2008 Group Hing Toys earnings per share of 1.33 yuan, the net profit of 22.745 million yuan, reflecting the conversion of the year's total share capital of 17.1015 million shares (corresponding to the current registration of 10.87 million Yuan), a short period of 1 years of capital expansion of nearly 6 times to 100 million shares (　　The registered capital is 63.5875 million yuan prior to the January 2010 change. and Liang and other 5 people at the end of 2009 shares of 26 million yuan corresponding to 20 million shares, the share price of 1.3 yuan/shares, relative to 2009 earnings per share of 0.48 yuan earnings ratio of only 2.7 times times. 2010 earnings per share of the company 0.58 Yuan, although the issue price has not yet been determined, but according to the February average P/e 55 times times the estimated issue price of about 32 yuan, if the company can successfully listed transactions, Liang and other 5 people will be in less than two years to gain 20 times times the return on investment, share the listing brought about 640 million wealth feast.