Performance continued to decline or even loss, but because of a small number of production of tick-worm drugs and the popularity of the local Securities and Regulatory Bureau is a case for investigation, the stock price has even pulled four trading, with "demon shares" to describe the recent market concern Huayang technology (600532. SH) is not too much. Since September 8 ~9 month 15th of 6 trading days, Huayang technology shares from the highest 8.32 yuan to 13.75 yuan, up to 65%. However, a company announcement temporarily halted the frenzied rally. Huayang Science and Technology September 16 announced that, although the company produces a "chlorpyrifos" broad-spectrum insecticide is the drug, but its income accounted for less than 1% of the company's operating income, "the recent outbreak of tick events will not have a significant impact on the company's performance." "The investor newspaper learned from many sources that Huayang technology is a problem company." Listing for more than eight years, by the national pesticide industry before hundreds, because of the loss of the edge to embark on the restructuring of the road, but the reorganization is not reversed by the other side of the court, and because of suspected in the corporate governance, accounting and information disclosure and other violations by the Shandong Securities and Regulations Bureau investigation. Chlorpyrifos is less than 1% Huayang technology is a registered in Shandong Ningyang County Magnetic Yao Zhen Pesticide Enterprises, the company's major shareholder for the state-owned Shandong Huayang Pesticide Chemical Group, holding Huayang Science and technology 50.6905 million shares, accounting for 33.33% of the total equity, the actual control of the state-owned property management Ningyang County. The current pesticide sales accounted for the company's main income of 60%, liquid alkali, chlorine income accounted for about 20%, electricity, steam accounted for the main income ratio of about 17%. In 2002, the company set foot on the capital market, listed at the beginning of the national pesticide industry, the top ten companies, but not only after the listing did not do strong, but because of the edge of the loss to embark on the restructuring of the road. In the company's stock price for a long period of low shocks, the early September, a news of the occurrence of a tick in Henan ignited a long period of pesticide stocks, Huayang technology is due to the production of a "chlorpyrifos" broad-spectrum insecticide and large by the funds sought after. 6 trading days as high as 65% of the increase, Huayang technology by investors called "the most coquettish tick stock." In fact, Huayang technology can be used to poison ticks, its chemical name is clopidogrel, but it is not specifically to kill ticks pesticides. The investor newspaper learned from the company that "Chlorpyrifos" is only translated by its English name and is a medicament for controlling rice pests, leek, underground pests, and scale insects. A number of pesticide experts on the "investor" said that the drug is not unique to kill ticks, there are many kinds of drugs available, with Dichlorvos, 666 and other pesticides effect is even better. This means that ordinary pesticides can be used to kill ticks. Huayang Tech Securities officer also stressed that "chlorpyrifos" is only a common insecticide. From the company's performance, "Chlorpyrifos" products in the Huayang technology main revenue accounted for very small. 2009, "Chlorpyrifos" annual sales income of only 2.3038 million yuan, accounting for the company's current operating income of 0.57%;"Chlorpyrifos" Product sales revenue of 2.2013 million yuan, accounting for the company's operating income ratio of only 0.85%. Guotai Pesticide Chemical industry analyst Ningjing that even if large-scale drug application, but also is a small part of a large number of pesticide varieties, not enough to significantly increase the company's pesticide sales and profitability, "tick disaster is to stimulate the pesticide plate stock price of a short-term unexpected event, the impact on the stock price is short-term speculation." "Tomorrow Department" black-box operation to make investors plunge glasses is, Huayang science and technology share price greatly by the money hype at the same time, the company is receiving the case of Shandong Securities Bureau investigation, the reason is suspected in corporate governance, large shareholder capital occupancy, accounting irregularities and information disclosure and other irregularities. The current survey results have not yet come out, but the Huayang technology listing has been on the decline for eight years is an indisputable fact. The initial listing of the company was the national pesticide industry in the first 10, now reduced to hundreds of industry, once the fist products "Dragon Dan" Asia ranked first, the world ranked second, now also Mingluosunshan. Early in the IPO, Huayang Science and technology a series of irregular black-and-black operation on the outcome of the subsequent burial foreshadowing. Huayang Technology October 31, 2002 in the SSE listed, few people know that the market behind the launch is the capital market famous "tomorrow department." Moreover, Huayang science and technology before listing can find this well-known strategic partner, all is its actual control person Ningyang County Government credit. Before the IPO of Huayang technology is not high visibility, the chances of a successful listing is not, for this reason, the Ningyang County government to consider the introduction of a strong partner. and "Tomorrow Department" control person Sho Jianhua Origin Shandong Taian, also be a fellow, in the capital market has rich experience and deep contacts, so smoothly become Huayang technology listing partners. It is reported that "tomorrow department" with the Ningyang County government reached an agreement is, "tomorrow department" to buy 1.8 yuan per share Huayang Group held the Huayang technology stake in the 50%. But because the actual controller change will affect the listing process, this part of the shares did not transfer, "tomorrow department" only according to the agreement and personnel arrangements, to achieve the Huayang group and Huayang Technology control, especially financial control. The problem is that this kind of cooperation does not have a real transfer, similar to the holding, also equivalent to the "gambling agreement", the company because of inconvenient to disclose and to conceal, investors for a long time did not know. However, the subsequent changes in personnel have been the best interpretation of this. December 2002, the IPO less than two months of Huayang technology for the board of Directors, two from the "Tomorrow Department" representative appeared in the company's new board, one is Feng, one is Zhang Wei, Feng also as chairman of the company. After, Huayang Science and technology finance and other key positions on the continuous arrangement of "Tomorrow Department" members. Strange is, "tomorrow Department" in April 2007, with reference to net assets of 3.8 yuan per share price will hold the Huayang technology equity transfer to Huayang Group, Feng, Zhang Wei, etc. also resigned from senior positions. It also means that, in five years ' time, tomorrow's department, despiteThe realization of the Huayang science and technology of the actual control, but has not really carried out equity transfer. As for the specific reasons, a Shandong local enterprise personnel said, mainly because of local government officials change frequently, the two sides of cooperation than the original tacit understanding. Of course, good at Capital action "tomorrow Department" is not fuel-efficient lights, five years, Huayang Group for its set is now paid nearly billion cash. It is because of the cost of a lot of cash, coupled with the 2008 years of the global economic crisis, Huayang Group and Huayang Science and technology operating funds appear tense, Huayang science and Technology in 2008, the loss of the year net profit-73.4368 million yuan, and thus embarked on a reorganization of the road. Reorganization failure counter defendant on the court according to the common sense, a loss-making company for the development of the company or investors, at least a good news to look forward to, but the Huayang technology restructuring has staged a farce, not only restructuring failed, the reorganization of the Court against the party. Just like the initiative for Huayang technology to introduce "tomorrow Department" as a strategic partner, the reorganization of Huayang technology, Ningyang County government once again to exert their own ability. It is understood that since the second half of 2008, to seek funding if the company has contacted more than 30 of the intention to restructure the party, and even a reorganization party is willing to invest in advance 30 million deposit, but ultimately due to the local government in charge of change, the reorganization party did not get the new government leaders recognized. Until December 2008, Huayang group openly solicited the assignee, this time again by Shandong Taian another entrepreneur--Harbin Manhattan multivariate Group chairman Jantingko Fancy, when Manhattan is seeking to borrow shell listing to obtain the capital platform. Manhattan became the only buyer because of the withdrawal of another conscript group. Ningyang County Committee, deputy County Magistrate Zhu Lihui in the field visits to Manhattan after the recognition, and finalized last June, Jantingko and Ningyang County State-funded bureau, Huayang group in the Taian Taoyuan Hotel signed the Trusteeship Agreement. Under the agreement, Manhattan will be 3.31 yuan/shares to buy Huayang Group's 25.1% stake in Huayang Technology, and the use of debt to acquire the already insolvent Huayang group. The agreement also clarified that the Manhattan group has the right to operate the Huayang group, but does not have ownership, and the Government undertakes to provide 11 preferential policies for Huayang Group and Huayang Science and technology development. But there is a real difference between the escrow agreement and the public solicitation of the assignee's announcement. Originally a Huayang technology of the transfer of equity, eventually turned into the Manhattan Huayang Group and Huayang technology "father and son". But the fact that the Ningyang County government has achieved a high level of agreement with Manhattan is that the day after the deal was signed, Zhu Lihui announced government appointments. From Manhattan Fai, Lin Yujie, Gulimei respectively as Huayang Group Chairman, party secretary and General manager, finance director position. June 11, 2009, from Manhattan, Ningyang County Government, Huayang Group, composed of nine directors of Huayang Group New Board announced the establishment of the Fai, Lin Yujie and Gulimei occupy three seats. After this, Huayang Group has carried out the personnel organization reform, the management condition has greatly improved. But the transfer of equity has not been implemented. It is said that since the beginning of last July, the Manhattan side almost every month to send lawyers, financial advisers and other intermediaries to request and the local government signed a formal share transfer agreement, but the government has been slow to respond. Lin Yujie said to the media, "Ningyang County the government does not say not to sign, but also do not say." Until now, the county still told us to adhere to the three unchanged, that is, with the Manhattan cooperation unchanged, Huayang Group restructuring, Huayang group bigger and stronger unchanged, but is slow to sign the formal share transfer agreement. "A major turnaround occurred in December 2009, Lin Yujie was told by the local government not to be directly engaged in the operation of Huayang group." The sudden change in position and the stagnation of equity transfers, coupled with concerns that the fund's jittery Huayang group might divert 50 million of the Manhattan Group's security deposit, will Ningyang County the state-owned bureau and Huayang Group to the higher People's Court in Heilongjiang province on May 10 this year. Manhattan request two defendants will misappropriate the margin of 50 million yuan returned to the designated account, the payment of liquidated damages 50.1 million yuan, and at the contract price of 3.31 yuan per share of the implementation of the contract of equity transfer. "After entrusting us with the results, they want to raise the price of the purchase." "According to Lin Yujie, Huayang hopes that the Manhattan group to two-tier market prices to acquire equity, last December 11 Huayang technology opening price of 8.45 yuan, equivalent to the original agreement price 2.5 times times." At present, Huayang Group Holdings of Huayang Technology Unlimited sales conditions of the circulation of 29.99 million shares and fruits have been frozen by the court, freezing period from May 7, 2010 to May 6, 2012. "Investors," a few days ago on the proceedings of the company to interview the secret office, said the other party, "the key period inconvenient to interview, all the announcement as the subject." "The county government generous blood transfusion bold withdrawals in the Huayang technology listing and restructuring, the Ningyang County governments as a rule-makers, but also become spoilers." In fact, the listing for more than 8 years, the Ningyang County government and Huayang Group and Huayang Technology has also produced a series of funds to maneuver the interests of the relationship. A typical approach is to Ningyang County government subsidies for the various names of Huayang technology, especially after choosing Manhattan as the object of reorganization. December 28, 2009, Ningyang County to the Huayang technology two large subsidies, one is as the second half of last year, the company's environmental protection construction subsidy 15 million yuan, the other is as the company last year, electricity price subsidy of 22.66 million yuan. This subsidy is issued at the end of 2009, the last few days, the intention is self-evident. Also on August 17, 2009, Ningyang County for the first half of the Huayang environmental protection construction subsidies 15 million yuan, it is noteworthy that in the notice on this subsidy, Huayang Technology said, "because this subsidy is the first half of 2009 environmental protection construction subsidy, should be included in the 2009.5 Annual report statement, has certain influence to the semi-annual report profit and loss. "This subsidy occursOn the eve of the semi-annual report, there is the suspicion of urgent thickening performance. Although Ningyang County government subsidies to companies have been, but so frequent and large subsidies, Huayang technology has never been listed. "In the financial difficulties of Huayang science and technology, Ningyang County has provided more than 50 million of borrowings, and these three financial subsidies are essentially to reduce these borrowings." "According to a person familiar with the matter, relying on government subsidies, Huayang technology barely achieved the profits of the year, net profit of 4.3645 million yuan Ningyang County government to the company frequently blood transfusion, at the same time, not only to do a "live Lei Feng." Dafa subsidy at the same time, through large shareholders to reduce. From the announcement, last June 10, Huayang Group for the first shot in the two-tier market to reduce the Huayang technology about 1.5 million shares, July 13 again reduce the 1.521 million shares, August 31 to September 2 and reduce the 1.521 million shares, the November 27 reduction of 1.521 million shares. Last year from December 30 to this January 12, the reduction of 152.1 shares. At this point, Huayang Group has reduced the company's technology shares 4.99%. In a short period of time, Huayang group to reduce the shareholding to reach 7.583 million shares, to this time Huayang technology average price of 8.5 yuan, Huayang group recovered more than 60 million yuan. Guotai Senior Securities analyst Lu Evan said, "Huayang group frequently in the two-tier market, the desire for funds can be seen." "So where does this part of the cash fund go?" According to Zhu Lihui afterwards introduced, reduce the income of more than 60 million yuan, all through the borrowed way into Huayang technology. This means that the local government risked the loss of state-owned assets, the upcoming transfer of Huayang Group, Huayang technology to blood transfusion, and even to the listed companies. Such behavior, Huayang Science and technology has not been announced, this is the company was a case for investigation of one of the reasons. It is noteworthy that Huayang group's reduction Behavior and Huayang technology reorganization process and subsidy behavior in the time of the astonishing coincidence, each reduction before, there are restructuring concepts, government subsidies and the earnings of the report of good news. In the continuous blood transfusion Huayang technology, Huayang Group will land, assets, etc. sold to Huayang technology, from Huayang technology to draw cash. For example, December 9, 2008, Huayang Technology will spend 42.0745 million yuan to buy Huayang group part of the state-owned land use rights, to this May 28, Huayang technology again to 29.2299 million yuan to buy Huayang group wastewater treatment Reuse Project assets. According to the SFC's monitoring bulletin, the issue of large shareholder's capital is one of the problems of Huayang technology. Large shareholder Huayang Group also owns a number of holding companies, as of the end of last year, Huayang Group 7 subsidiaries occupy the Huayang technology operating capital of 3.27 million yuan. "Not to solve the Zhengqibufen, Huayang technology is difficult to fundamentally avoid the fate of the decline." "said a corporate governance expert who declined to be named. "Doing nothing" involved in the real estate business to the surprise of all, the asset restructuring and litigation-ridden embarrassing situation, Huayang technology has announced intoMilitary property field. June 1, 2010, Huayang Science and Technology Bulletin said it is proposed to spend 7 million yuan to acquire natural Chen Chengde, Yang Yonggui holds the Taian Jade Sea Real Estate Development Co., Ltd. 70% of the equity. Huayang Science and technology is the main industry of pesticides and related chemical products, but because the chemical products in the chlor-alkali products since 2008 began to fall in volume prices, resulting in the company's business costs upside down, gross margin is negative, but also directly led to the company 2008 net profit of 73.437 million yuan, down 748.73% than 2007. 2009, the company on the surface to achieve net profit of 4.364 million yuan, but deduct 49.85 million yuan after the non-recurrent profit and loss, net profit is-45.49 million yuan, in the non-recurrent profit and loss items, the government subsidy up to 55.725 million yuan. The first quarter of this year, Huayang technology continued to lose money, net profit of 4.664 million yuan. A company that cannot be guaranteed by its main business, why should it go into real estate, and choose to buy property companies in the 2010 years of the most stringent property control? It is also puzzling that the acquired company is a loss-making enterprise. Data show that Jade Sea Company was founded in 2009 by natural persons Chen Chengde, Yang Yonggui jointly financed the formation of the registered capital of 10 million yuan. January-April This year, the company's operating income of 0, net profit of 405,600 yuan. For this involved in the industry, Huayang technology obviously also some powerless, the company announced in the announcement, Jade Sea Company operating time is shorter, all aspects of management needs to be improved, at the same time the company first dabbled in the industry, lack of management and other aspects of experience.
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