Hui-feng farming is going through the meeting. 0 the reform of asset transfer raises questions

May 28, from Jiangsu Yancheng Jiangsu Hui Fung agrochemical Co., Ltd. (hereinafter referred to as "Hui Fung Agricultural Bank") landed in the first board of the first application smoothly.　　However, its prospectus makes life a lot of questions, 2009 Hui-feng Farming in the case of declining operating income, operating profit has slightly increased; at the same time, the company in the restructuring before the listing of the collective equity 0 asset transfer has become the focus of market attention.　　Revenue from the decline in profits from the Hui-nong-rich prospectus shows that the company's 2009 operating income from the last year's 835.28 million yuan to 689.54 million yuan, but the company's net profit in the year rose from 2008 86.37 million to 2009 116.42 million.　　The reporter survey found that as the company's flagship product of the 2009-year meter of the gross margin of only up to less than 20 million yuan, and another product, the gross margin of bromine is unchanged from the previous year. And the profit growth for the company is the other two projects two Cyanogen anthraquinone and fluconazole.　　In 2009, the total yield amounted to $71.81 million, which grew by about 60 million yuan over the previous year.　　However, such a substantial margin growth does not come from rising product prices and other factors, data show that in 2009, the average price of two products of cyanide anthraquinone and fluconazole, although compared with the previous year, but the increase is only about 10%. Among them, from the Hui-feng agricultural prospectus can be found in July 2008, the company completed the acquisition of JIANGSU, the capacity of its transformation, so as to build an annual output of 1000 tons of cyanide Anthraquinone production line and annual output of 5000 tons of glyphosate production line.　　But as the price of glyphosate declined sharply in the second half of 2008, the company transformed the production line into an annual production line of 200 tons of fluconazole.　　It should be admitted that the gross profit margin of both 43.04% and 48.49% was higher than the gross profit margin near glyphosate 20%, whether the newly built production line of two cyanogen anthraquinone or the production line of the product. However, in the pesticide API industry, the average gross profit margin of Hui-feng agrochemical 35.53% is still higher than the industry average, only a little lower than the first in the industry of the technology 37.29%.　　According to the 2009 annual report of the joint-technology, the 2009 gross profit margin of the joint technology increased by 3.76% compared with 2008, while the gross profit margin of the Hui-feng agriculture was up 10%.　　In this respect, Hui Fung agrochemical Dong Zheng Luming in an interview with reporters also said, Hui Feng agricultural gross profit margin although high, but not the industry to do the highest one, in the preparation industry, Nopsin's gross margin is higher than FAI Fung, beyond the Nopsin is FAI Fung future goals.　　In addition, it is worth mentioning that in 2009, the non-recurrent gains and losses of the Hui-feng agriculture increased significantly, with 16.5942 million yuan being 4.6 times times the same target in the previous year. It is understood that this mainly stems from a sum of up to 15 million yuan subsidy. But oddly enough, the company's prospectus shows that this pseudonym is a special grant for the research, development and industrialization project of the MIA series. The award date is 2006,But bonuses are paid for 2009 years.　　If this is not the subsidy, the company's net profit in 2009 will be only 101.42 million yuan, the growth rate of only 15 million yuan from the previous year, net profit growth will change from 34.8% to 17.4%; If the subsidy is received in 2008, then the company's 2009 net profit will be exactly the same as 2008.　　The reform of "0 asset transfer" and the reform of Hui-feng agriculture in the early period of the establishment of the system also have various suspense, of which 0 of the transfer of assets has become the focus of market attention. Data show that the Hui Fung-Nong was established in November 1998, the total amount of issued shares of 12.38 million yuan, each share value of 1 yuan. Among them, Xinfeng Town Economic and Trade Service center to subscribe to 7.8271 million shares in cash, accounting for 63.22% of the total capital, Dafeng agrochemical Factory trade unions to subscribe to 2.7229 million shares in cash, accounting for 21.99% of the total capital, natural persons Chen Yupan, Zunghangen and Wei Guangquan respectively in cash contributions, access to 12.44%,　　1.74% and 0.61% of the equity. By 2003, due to mismanagement and insolvency, Xinfeng Town Economic and Trade Service center decided to transfer the collective equity 0 assets,　　Of these, 1.358 million shares were transferred to the trade union, as a reserve unit for the company's subsequent introduction of talents, 5.7901 million shares were transferred to Zunghangen, 339,500 shares were transferred to Wei Guangquan and 339,500 shares were transferred to Hong.　　Hui Fung Nong's share transfer is based on the Xinfeng Town government hired in Yancheng in Bohua joint accounting firm issued on July 13, 2003, "Audit Report" (Salt Bohua Trial [2003]280), the report disclosed as at June 30, 2003, the company's net assets of 3335673.37 Yuan. Shanghai Bar Association, vice president of the four-dimensional Lok Ma law firm Shuming told reporters that the transfer of collective equity must be assessed and issued a capital verification report, the audit report can not replace the capital verification report. "There may be a problem with a negative audit report like this. "And the basis of the Hui-feng agrochemical is that in 2003, the Chinese Communist Party Dafeng Committee and the Dafeng People's government promulgated the" on further deepening of enterprise reform ", which mentions that 0 of assets and a small number of indebted enterprises, without escaping the financial obligations of the premise, can sell zero assets; Since then, the Dafeng Xinfeng Town government New Deal　　[2003]16 Dafeng Xinfeng Town People's government approved the transfer of shares of the town Trade Center agreed to Xinfeng Town Economic and Trade service center will be 7.8271 million shares of its company to the transfer of zero price, after the transfer of Xinfeng Town Economic and Trade Service center no longer hold the company shares. In this respect, the company Dong Zheng Luming gave the explanation is that, because the company is located in the remote areas of northern Jiangsu is rural, many procedures can not be like Shanghai and Beijing and other big cities such rigorous.