Guangdong St Mei Yan sink vortex: Do the bureau or the victim?

Unknown Guangdong listed company St Mei Yan recently involved in a right and wrong. The story is a US company called the Global Hydroelectric Industry corporation, "Global Hydropower", which has signed a huge solar-power contract with several local governments in China over a year with the promise of "space solar power technology" and huge investments,　　But media enquiries have said that it has not performed its investment after signing the agreement and is suspected of cooperating with the government in finding Chinese companies.　　Yesterday, St Mei Yan's Dong Hu Suping, interviewed by reporters in the south, said the joint venture is currently only exploring the feasibility phase of solar energy projects, there is no substantive business, the company has not injected funds. St Mei Yan is so far the first clear and the company has cooperated with a shares listed companies. According to the company's announcement last November, it jointly funded 197.2 million RMB joint venture with "global hydropower" to set up "Guangdong Golden Ball Energy Co., Ltd." (hereinafter referred to as "Golden Ball Energy").　　Among them, St Mei Yan contribution amount accounted for 10%, is 19.72 million yuan.　　There are also media questioning its "unreliable" U.S. companies are to reduce the large shareholder to do the "bureau", the reason is that the news when the stock price rose, but the St Mei Yan major shareholders subsequently carried out a reduction.　　"International scam"? "Global Hydroelectric Corporation of the United States?" What do I look like when Cross-talker crosstalk inside the Universe Development Corporation?　　"Last November 12, an investor wrote in the stock bar.　　On the same day, St Mei Yan issued a notice that it held the sixth session of the Board of Directors 30th meeting, through the company's investment of 19.72 million yuan and the global hydropower joint venture to set up "Golden Ball Energy" resolution.　　St Mei Yan explained that the purpose of the move is to increase the company's Clean Energy project development, the two sides will jointly study the development of non-ferrous alloy solar photovoltaic technology and investment in solar power projects.　　At that time this matter did not cause the market particularly big reaction, but after more than six months, the question sound appeared. Media reports, is the global hydropower, in about a year time with Hunan Yiyang, Jiangsu Suzhou, Shaanxi Weinan, Hubei Qichun, Henan Xingyang, Shandong Shouguang, Shandong Guangrao, Jiangsu Xiangshui and other local governments signed the Investment Framework Agreement,　　The company announced that its China-contracted solar power generation Total is up to 500G W (1 billion watts), while China's total PV generation planning by 2020 is no more than 20G W.　　At the same time, the media survey said that so far the global hydropower has not been a substantial investment in China, instead of the government signed a "background" to find Chinese companies to talk about "cooperation." "In recent years, some companies have come to China to pack themselves into certain international companies, such as a global company, as if the strength is strong," said the report, citing a government official who has dealt with global hydropower. "The company said it did not pay if doubts about global hydroelectric power were sitting on the table, then St Mei YanThe amount of money invested is the object that must be paid attention to. Financial reports show that St Mei Yan last year's main business decline, the whole year loss of 59.2564 million yuan.　　Although the first quarter of this year to achieve a loss, but mainly rely on the transfer of Guangxi Liuzhou City Laurel Hydropower Liability Co., Ltd. 61.91% equity gains in investment income of 235 million yuan.　　Moreover, a quarterly display, St Mei Yan Current assets, although as high as 3, 6.6 billion yuan, but 2 of 3.3 billion yuan for accounts receivable, Monetary Fund is only 8.6483 million yuan.　　There are media reports that St Mei Yan is responsible for the project's vice-president Wen Zhanyong said that the current St Mei Yan has 3 million yuan funds into the joint venture account, but the global hydroelectric company's funding is not in place, only a very small part of the funds to the account. However, St Mei Yan's Dong Hu Suping yesterday in an interview with reporters in south, said the company temporarily did not fund the joint venture. "The company will do the risk control, according to the agreement is the foreign capital first in place we re funding, now they only a part of the funds, most of them are not in place." It is reported that May 28 this year, the Golden Ball energy to complete the business registration, organization code and tax registration and a series of registration procedures. And according to the agreement between the parties, investment in the joint venture company's business license issued by instalments, the first issue of the joint venture company's business license issued within three months, St Mei Yan Capital of 2.958 million yuan; the United States global hydroelectric industry companies to contribute 26.62 million yuan equivalent foreign exchange, the rest of the investment by the end of November 2011　　But so far, global hydropower has injected only 82,000 dollars into the gold Ball energy company for preliminary preparatory work. Hu Suping said the foreign funds are not in place, and there is no particular reason. Moreover, the main job of the JV is to do the preliminary feasibility study, so far there is no plan to invest any project. "Now there is only one office space, the personnel are jointly appointed by both sides, there is no factory." She said that the company will be the solar energy project as a follow-up development reserve, to engage in joint ventures is an attempt, but not on the project "All projects are to be done according to national approval, if the future progress we will be timely announcement." "Large shareholders continue to reduce another noteworthy thing is the large shareholder's reduction behavior."　　St Mei Yan and the global hydropower set up a joint venture company announcement, St Mei Yan on the trading, followed by the 7 trading day and pulled up 12.71%. December 1, 2009, the company announced that the largest shareholder in Guangdong Mei Yan Industrial Investment Co., Ltd. (hereinafter referred to as "Mei Yan Industrial") through the two-tier market to reduce the stock of 18.03 million shares, accounting for 0.95% of the company's total equity.　　As a result, some media questioned the formation of a joint venture is St Mei Yan for the convenience of large shareholders to reduce the "bureau". However, according to the public information, Mei Yan Industrial Holdings of St Mei Yan is not that time, and that time the strength of the reduction is not particularly high. The 2009 Annual report shows thatMei Yan Industry in the year to reduce the number of St Mei Yan shares up to 95.3674 million shares. This year January 23 and March 19, St. Mei Yan two announcements disclosed Mei Yan industrial through the Shanghai Stock Exchange system to reduce the St Mei Yan, the number of shares reduced by 1704 740,000 shares and 11.4613 million shares.　　In fact, from November 7, 2007 to March 18, 2010 Close, Mei Yan industry accumulated in the two-tier Market St Mei Yan 201 million shares, accounting for St Mei Yan Total Equity 10.604%, its shareholding has fallen to 5%. For the industry circulating St Mei Yan was SSE "investigation", Hu Suping said no such situation.　　According to people familiar with the matter, the exchange merely "inquired" of the company. "St Mei Yan and their shareholders have been very short of money, the majority of shareholders have been reducing is to cover the present." "Yesterday there are familiar with St Mei Yan to the south are reporters elaborated personal opinion:" St Mei Yan is now in operation is not very good but also not to sell the state of the shell, may be outside to find some projects to vote, may not understand the situation and was cheated. ”