Guangdong Securities Blitz shares in Hong Li photoelectric question

Guangzhou Co., Ltd. (hereinafter referred to as "Hong Li Photoelectric") will be in the meeting today, and in the first year before, by the sponsor of GF-wide securities (000776.SZ) wholly-owned subsidiary of the German Investment Management Limited (hereinafter referred to as "Canton Letter de") 20 million Yuan shares,　　So that the broad letter Germany's shareholding ratio reached 6.9%, and regulatory requirements of the 7% demand only a gleam away; Star Model (300043.SZ) Chairman of the Chen Yan Sheng also and Canton letter to the same time assault low price shares, the current shareholding of 10%. 6.9% shareholding "Edge" Hongli photoelectric mainly engaged in LED devices and their application products research and development, production and sales, products used in general lighting, backlight, automotive signals/lighting, special lighting, special lighting, display and many other fields, the proposed release of 31 million shares and in the gem listing,　　The issue shares account for 25.26% of the total share capital after issuance. March 15, 2010, Hong Li photoelectric registered capital increased from 76.23 million yuan to 91.73 million yuan.　　Among them, the canton letter to 20 million yuan to subscribe to 6.33 million shares, of which 6.33 million yuan into the company's registered capital, 13.67 million yuan into the company's capital accumulation, Chen Yan rose to 28.99 million yuan to subscribe to 9.17 million shares. The above new shares price is 3.16 yuan/share, after the completion of the increase, the broad letter to the German shareholding ratio of 6.9%, Chen Yan Rose shareholding ratio of 10%.　　2010 Hong Li Photoelectric earnings per share of 0.716 yuan, in accordance with the above shares price of 3.16 yuan, P/E is only 4.4 times times, once the success of Hong Li photoelectric listed, assuming the 2010 earnings per share 40~50 multiples of the issue, the canton letter Germany is expected to obtain 10 times times even more, about 200 million yuan of income The 43rd article of the management measures of the sponsor business of the Securities issuing and listing stipulates that: The sponsor institution and its controlling shareholder, the actual controller, and the important affiliated party hold the issuer's shares of more than 7%, or the issuer holds or controls the sponsor's shares of more than 7%, The sponsoring agency shall be jointly performed by a non-affiliated sponsoring organization, and the unrelated sponsoring institution is the first sponsoring institution.　　Guang-letter Germany This time the shareholding of 6.9%, just evade the above-mentioned regulatory requirements. Some analysts believe that direct investment + sponsorship model will easily lead to excessive packaging companies in investment banking departments listed, and more willing to raise the price, but also one investment bankers believe that, because the investment and financing cycle often alternate, direct investment and underwriting business has a cyclical complementary role, thereby enhancing investment banks ' ability to resist risk. "Domestic brokerage direct investment is mainly for the investment before the IPO financing project, combined with the Securities Investment Banking Department of the listed resources and capital Operation experience, the opportunity cost is small, expected to yield high."　　"A well-known brokerage in Shenzhen, a sponsor representative said that the sponsor of the company's direct investment companies in a lot of shares in about 6.9% of this" edge "state, in the regulatory approval process will not necessarily have special attention. 46.58 million yuan purchase shareholder holding factoryHouse 2010, star-FAI car model to buy 46.58 million Yuan Chen Yan is located in the east of Shantou Chenghai area east of the industrial plant, and in early 2011 to complete the payment of the transfer price; star model said that the transaction is conducive to improve the utilization of the company's funds and eliminate long-term related transactions, conducive to the normative operation of listed companies Beijing Sino-China Assets Evaluation Co., Ltd. said that the use of cost and market comparison method to evaluate the above assets, on September 30, 2009, the evaluation value of 46.58 million yuan; and the star-FAI model on January 20, 2010 on the gem listing, the current Chen Yan 39%; it is worth noting that　　Star model of the sponsors also for the GF Securities.　　The sponsor representative of the Shenzhen Securities Company said that the listed companies to large shareholders to buy large assets of this transaction, if the price and market prices have a large gap, there may be a greater interest in the transmission of suspicion. Debt collection 500,000 nearly two years "still in the implementation of" Hong Li Photoelectric said, as of the signing date of the prospectus, due to outstanding litigation and arbitration of the formation of or something: Hong Li photoelectric in November 2009 to the Zhongshan second People's Court to bring a lawsuit, Request Decree Zhongshan Lighting Manufacturing Co., Ltd. to pay the outstanding payment as at June 15, 2009 of 360,000 Yuan and its deferred payment of interest; Hong Li Photoelectric filed a lawsuit against the first People's Court in Zhongshan in December 2009, Request for Decree Zhongshan Sigma Technology Lighting Co., Ltd. to pay the outstanding payment of $13.5 as at August 28, 2009 and its deferred payment of interest.　　The sum of the two sums amounted to nearly 500,000 yuan. Hong Li Photoelectric said that the two cases have been closed, "still in the process of implementation", the pending litigation will not form contingent liabilities, no significant impact on the financial situation. A securities lawyer said that the "still in the process of implementation" has been close to 2 years, indicating that the company is not likely to recover the money, but because the amount is small, I believe it will not have a significant impact on the firm.