Hundreds of millions of dollars in the sale of the fight golden leaf jewelry and old Phoenix Xiang play tricks?

The 2012-year old Fung Cheung's report disclosed that the company's annual gold transaction generated income of 1.815 billion yuan, but the gold leaf jewelry disclosed to the Shanghai old Feng Xiang procurement of up to 3.155 billion yuan of goods, the difference is as high as 1.34 billion yuan in 2010, Zhu Jiawen, insurances by the regulatory authorities to give warning, and fined 30,000 yuan respectively, and Zhu Jiawen, Insurances has been the four-dimensional holding (now for the country to create energy, 600145.SH) of the general manager and the Secretary of the Board. In fact, Zhu Jiawen and Insurances in March 2008 after leaving the four-dimensional holdings, in April joined together to set up Shenzhen 95 Investment Co., Ltd. (hereinafter referred to, 95 investment). Years later, Zhu Jiawen and insurances with Wang Zhiwei and a PE again to kill back to the capital market, through backdoor main furniture business at that time Bright Group Furniture Co., Ltd., will be the main jewelry business Dongguan Golden Leaf Jewelry Limited (hereinafter referred to, Dongguan Golden Leaf) into the listed companies, Today's golden leaf jewellery (000587). SZ), at present the company chairman is Zhu Jiawen. After the reform, the Golden leaf jewelry corporate governance does not seem to be perfect, rival old Feng Xiang (600612. SH) has become an important customer of the company, although this is not enough in the market economy to be odd, but the 2012 annual purchase and sales data of the golden leaf jewellery and the old Feng Xiang's disclosure of the data "fight", so that the financial people questioned that it may have "to knock" the transaction of the behavior, or even exclude people "fattening" possible. Agency "Evacuation" now this February, the gold leaf jewellery threw out a financing and merger plan to acquire an oil field in the United States, and the company's Cross-border "Oil-digging" initiative has attracted market attention. Also in February of 2013, gold leaf Jewellery also opened a refinancing scheme to buy 5 jewellery companies, which ended two months later. The two merger plans differ in their underlying assets, namely oil and jewellery, and there is a similarity between the underlying assets and the losses. It is worth mentioning that the plan proposed by the Golden leaf jewellery in February 2013 was in fact a major refinancing scheme in the capital market after the company's share reform, and after the failure of the scheme, the company appeared to have a large number of transactions, a sharp reduction in shareholder households and an "evacuation" of the institutions. Public information indicates that the time for the announcement of the last scheduled increase of the Golden leaf jewellery is April 8, 2013. According to statistics, from May 2013 to December, gold leaf Jewelry A total of 20 large transactions, of which Huarong Securities Beijing Financial Street sales of the records of 17, the turnover of 159 million yuan. At the same time, the gold leaf jewelry behind also appears the organization "withdraws". As at the end of 2012, China Great Wall Asset management company with state-owned background (hereinafter referred to as the Great Wall assets) is the third largest shareholder of Golden leaf jewellery, with a shareholding of 20,348,407 shares and a 3.65% shareholding ratio. Since July 2013, Great Wall assets have been reduced significantly, and the top ten shareholders of golden leaf jewellery have been withdrawn from the list. According to data statistics, Great Wall assets in July 2013 23During the period of November 29, the number of shares in the holdings of gold leaf jewellery was 18.3748 million shares, which is now about 227 million yuan, while the shareholding ratio was reduced to 0.35%. Competitor into a big customer after 2011, after the completion of the share reform, golden leaf jewelry business income to achieve a burst of growth, a large part of the reason benefited from the contribution of major customers, including even hundred years old shop "old Phoenix Xiang." Public data show that the Golden leaf Jewelry 2012 to achieve business income of 642,682 220,000 yuan, an increase of 155.18%. As of the three quarter of 2013, the company's operating income was 624,784 820,000 yuan, an increase of 54.54%. In fact, the income of the golden leaf jewellery is mainly realized by the wholly-owned subsidiary of Dongguan, which is the only asset injected into the listed company by 95 of the shareholders ' investment in the reform. 2010, Dongguan Golden Leaf operating income of 635 million yuan, the first five customers contribute a share of 50.49%, of which there is no "old Phoenix Xiang" figure. 2011, Dongguan Golden leaf through the share reform into the listed companies, and Shanghai old Feng Xiang Jewelry Co., Ltd. (hereinafter referred to as Shanghai Old Phoenix Xiang) also first entered the Golden leaf jewelry of the top five customers, the contribution of the operating income of 169 million yuan. 2012 and the first half of 2013, Shanghai old Fung Cheung for the Golden leaf jewellery contribution of the operating income of 610 million yuan and 311 million yuan, the proportion from 2011 6.7% to 12.67% in the middle of 2013. It is worth mentioning that Shanghai old Feng Xiang is a listed company of Old Fung Cheung's subordinate three subsidiaries, mainly engaged in jewelry production, processing and processing business, and its business and gold leaf jewelry highly overlapping, is actually its competitors. Procurement data "Fight" in the market economy society, competitors to become partners is not surprising, but the golden leaf jewelry and old Phoenix Xiang This is a partner of the purchase and sale of data is contradictory, it is puzzling. In recent years, Shanghai old Feng Xiang continued to maintain the status of the golden leaf jewelry customers, and is constantly strengthening the trend. February 27, the "Securities daily" reporter in contact with the name of the consultation in Shanghai old Fung Cheung's parent company Old Fung Xiang, staff said that the golden leaf jewelry for the old Fung Cheung to provide processing services, but the old Feng Xiang is not to provide processing services. But Golden leaf jewelry and Shanghai old Phoenix Xiang, not only for each customer, but also for each other supplier. Golden Leaf Jewelry 2012 years reported that the company in addition to the Shanghai old Feng Xiang sales 610 million yuan merchandise, but also to the first supplier of Shanghai old Feng Xiang procurement of up to 3.155 billion yuan of merchandise. For the above phenomenon, the golden leaf Jewellery Securities Representative Han explained that from the customer's point of view, Old Feng Xiang gave the company some orders. From the supplier point of view, the old Fung Cheung is a member of the Gold Exchange, but the company is not, the company needs to use the old Fung Xiang such member units to purchase the standard gold for the production and processing of jewelry, and the production of a part of the order to sell the form of old Phoenix Xiang. According to Han's explanation, the gold leaf jewelry to Shanghai old Phoenix Xiang's purchase data has the question. Old Feng Xiang 2012reported that the company's annual gold transaction generated income of 1.815 billion yuan, therefore, Shanghai old Fung Xiang 2012 foreign Gold trading volume will not exceed 1.815 billion yuan. But the gold leaf jewellery disclosed the purchase amount, compared to Shanghai old Phoenix Xiang all more than 1.34 billion yuan. The "Knock on" deal? In fact, in the trading between the golden leaf jewellery and the old Phoenix Xiang, in addition to the large amount of procurement data contradictions, both sides of the transaction seems to have "to knock" suspicion. From the purchase of golden leaf jewelry, the company to the old Fung Cheung procurement is used for production and processing of standard gold, 2012 Annual purchase amount of up to 3.155 billion yuan, and its only Dongguan gold leaf and Chongqing Gold leaf two subsidiaries engaged in the production and processing of jewelry, the other 3 subsidiaries are mainly engaged in jewelry sales and investment consulting business. Old Fung Cheung 2012 reported that the Dongguan Golden Leaf for the old Phoenix Cheung contribution to the operating income of 1.76 billion yuan, and Chongqing Golden leaves for the old Phoenix Cheung contribution to the operating income of 937 million yuan. As a result, Dongguan golden leaf and Chongqing Golden Leaf in 2012 for the old Phoenix Cheung's contribution to the operating income of 2.697 billion yuan, and gold leaf jewelry up to 3.155 billion yuan of the purchase amount has a big gap. At the same time, the gold leaf Jewelry 2012 to the top five suppliers of the total purchase amount of 6.75 billion yuan, accounting for 96.09% of the total purchase, even if the company will be the remaining 3.91% percentage of the purchase amount of all the procurement of old Phoenix Cheung's products, The amount is only 275 million yuan, and the amount disclosed by Old Fung Cheung is still 183 million yuan. In contrast, the sales of gold leaf jewellery may gradually restore its intricate relationship with old Feng Xiang. Old Fung Cheung 2012 Annual report showed that the year of the Dongguan gold leaf purchase amount of 332 million yuan, while the top five suppliers list and no Chongqing golden leaf and gold leaf Jewelry 3 other subsidiaries. Among them, the fifth supplier for the construction Bank of Shanghai Hongkou Branch, Old Fung Cheung on the fifth supplier of the purchase amount of 146 million yuan. In other words, even if the old Fung Cheung in 2012 to Chongqing Golden Leaf procurement, the amount of money will not exceed 146 million yuan. According to the 2012 annual earnings of Golden leaf jewellery, in addition to the Dongguan gold leaf and Chongqing golden Leaf, the other 3 subsidiaries of the gold leaf jewellery total operating income of 11.2111 million yuan. And as the parent company's golden leaf jewelry, in the 2012 did not generate any income, there is no operating costs. From this, the old Fung Cheung in 2012 on the gold leaf jewellery purchase amount of up to not more than 489 million yuan. and gold leaf jewelry in 2012 reported that Shanghai old Fung Cheung in the year for its contribution of 610 million yuan of operating income. In other words, the golden leaf jewelry to the old Phoenix Cheung's sales amount than the old Fung Xiang gold leaf Jewelry purchase amount of more than 121 million yuan, it is puzzling. A financial personage analysis said, from the golden leaf jewelry and old Phoenix Xiang's supply and marketing situation, "knock" trading is very obvious, because the gold leaf jewelry procurement and sales data and old Feng Xiang contradictions between the phenomenon, which does not exclude people "fattening"possible.