Illegal fund-raising or lack of money Changhai shares into Money door

On the eve of the meeting, "privately dividing" state-owned shares, suspected of evading Social Security Fund transfer, the original shareholder "capital increase" source of funds is questionable;　　China Economic Times reporter also recently found that Changhai shares of actual control people spend a huge amount of money to increase capital at the same time to 158 of natural persons may be suspected of illegal fund-raising funds, the joint venture registered capital in place for six months and the performance of a large increase in the background, foreign shareholders will withdraw some of the equity,　　December 31, 2010, Jiangsu Changhai Composite Material Co., Ltd.  said that "Changhai shares" deep into the "capital door." Illegal fund-raising?　　Lack of money? Changhai shares engaged in glass fiber products and glass fiber composite materials production. According to the prospectus, Changhai shares are proposed to issue 30 million shares, with a total share capital of 1 after issuance.　　200 million shares.　　According to Changhai shares listed prospectuses, Changhai Fiberglass (the company predecessor) on May 20, 2004 convened general Manager Office, decided to the shareholders and their friends and relatives of interest-free loans for project construction, the loan expires after the one-time return of the principal. From June 2004 to November 2006, the company to shareholders Yang Pengwei and other 30 people in cash loans amounted to 691. 940,000 Yuan. As of November 29, 2006, the company to shareholders Yang Pengwei and other 23-person loan balance amounted to 309.　　970,000 yuan, "short-term borrowing". Changhai shares in the demand for funds more and more, October 20, 2006, Changhai glass Fiber management Meeting to confirm: (1) According to May 20, 2004 general Manager's Office resolution to the Changhai fiberglass shareholders and related relatives and friends of the loan has not been returned to the borrower on the basis of voluntary transfer to long-term loans　　(2) The Changhai fiberglass shareholders and their relatives and employees on a voluntary basis can continue to borrow Changhai fiberglass; (3) The annual interest rate of the loan is 6%, the one-time debt service after the expiry of the loan, (4) The loan period is tentatively 1 years, 1 years after the expiry of the borrower voluntarily based on the automatic renewal of 1 years, the interest rate unchanged. Thus, from November 2006 to October 2007, Changhai fiberglass to Du Jianjuan and other 128 people borrowed a total of 2563.　　660,000 yuan, the borrowing rate is 6%. In this respect, an unnamed lawyer told the China Economic Times reporter, "Interest-free loan or only 6% ultra-low-year rate, which in 2006 the national economic upsurge, especially the development of the folk usury in Jiangsu and Zhejiang region is really unimaginable!" "In this respect, Changhai shares Dong Xujiang, in a telephone interview with China Economic Times reporter, said," These cases are very clear in the prospectus, you look at the prospectus.　　"Changhai shares will be repaid in full on the eve of listing." Changhai shares from 2004 to 2008, to 158 natural persons with interest-free or low-interest loans suspected of operating illegally. According to the said lawyer, in accordance with the January 4, 2011, the Supreme People's Court published "on the trial of illegal fund-raising criminal cases specific application of the law on several issues of interpretation" of unauthorized issuance of shares,Corporate bond behavior. According to the Supreme People's Court website, "without the approval of the relevant competent authorities of the State, the issue of social objects, the transfer of equity and other means of issuing shares or companies, corporate bonds, or to a specific object issue, disguised issue of shares or companies, corporate bonds accumulated more than 200 persons",　　shall be deemed to be the act of issuing shares, companies and corporate bonds as stipulated in article 179th of the criminal law, and constituting a crime, to be convicted and punished for issuing shares, companies and corporate bonds without authorization. Changhai shares have been borrowing for years, in fact, the chairman of Changhai shares is not short of money.　　The prospectus showed that Yang Guowen, chairman of Changhai shares, to share more stakes in his son Yang Peng, in December 2006, Yang Guowen and Yang Fengchen couples increased their capital by 7 million yuan and 3.5 million yuan respectively, while the 24-year-old Yang Pengwei increased the capital by 24.5 million yuan.　　Data show that the Yang Pengwei of the 12.5 million yuan by the parents to give, and another 12 million yuan is borrowed, of which 10 million yuan from the Yang Guowen 3 friends Wang Hongquan, Go Yaoming and Yao Guo, 2 million yuan from the father of 6 brothers and sisters. Foreign shareholder is "live Lei Feng" May 8, 2006, Changhai Fiberglass and SPM Industries Inc joint venture, jointly set up a new Changhai. May 9, 2006, Changzhou Foreign Investment Management Committee approved the new Changhai total investment of 25 million U.S. dollars, the registered capital of 10 million U.S. dollars, of which Changhai fiberglass to equivalent cash in renminbi 5.1 million U.S. dollars, accounting for the registered capital of 51%;SPM Industries Inc, with a cash contribution of USD 4.9 million, accounts for 49% of registered capital.　　However, it was not until July 27, 2007 that shareholders accumulated 10 million dollars in money. Prospectus shows that the new Changhai main business for the production and sale of alkali-free glass fiber, the main products are alkali-free fiberglass yarn.　　Since its inception, the new Changhai main business has not changed.　　It is puzzling that the new Changhai company registered Capital has just been in place for half a year, foreign shareholders have opted to withdraw part.　　February 28, 2008, Changhai Fiberglass and SPM Industries Inc. signed the "Equity transfer agreement", which agreed that SPM Industries Inc. would transfer its new Changhai 24% stake to Changhai Fiberglass at a price of $2.4 million.　　Prospectus shows that the new Changhai specializing in the production of alkali-free glass fiber, with Jiangsu province's first annual output of 30,000 tons of alkali-free fiberglass pool kiln wire drawing production line, the Department of Stone Group, Taishan fiberglass after the third Master International Advanced natural Gas Pure oxygen combustion technology production enterprises. In fact, the new Changhai company has a huge growth potential.　　The prospectus shows that the Changhai shares from the new Changhai net profit, 2007 to 2009, 2010 1-June, respectively, 280,000 yuan, 17.9 million yuan, 162.7 million yuan, 2.84 million yuan. Besides, the new Changhai is a Sino-foreign joint ventureIndustry, enjoy the enterprise income tax preferential policy of the productive foreign investment enterprise, namely: 第1-2 year from the profit year to waive the enterprise income tax, the first 3-5 year pays the enterprise income tax, 2008 is its year of exemption year. "The foreign shareholder took tens of millions of yuan to turn a circle, did not earn a penny to leave the field, saw the huge profit that hand is Jiliuyongtui?"　　"An investment banker in Beijing said in an interview with the China Economic Times reporter. "These are the things that foreign shareholders own, how can we intervene," Xujiang said in a telephone interview with China Economic Times reporter. "The prospectus shows that on September 16, 2010, the European Commission made a preliminary decision on anti-dumping investigations of fiberglass products originating in China: Changhai shares and new Changhai can be treated in a market economy, with a levy of 8."　　5% Provisional anti-dumping duties.　　In embattled case, the company actually control the person Yang Peng How to fulfill the repayment pledge?　　Up to now, Yang Peng Granville has 12 million yuan interest-free loan has not been returned, in this respect, Yang Pengwei said it intends to "use the future from the Changhai shares to obtain dividends and income repayment."　　Public data show that Yang Peng 150,000 yuan a yearly salary, it is clear that 12 million of debt needs to be repaid through dividends, whether this means that after the listing of Changhai shares will face large-scale dividends? In this respect, some market analysts said that the current Yang Peng hold 47.25 million shares of estimates, at least 10 shares per 2. 5 Yuan to be able to repay 12 million yuan loans, in accordance with the issuance of 1. 200 million shares total share capital calculation, dividend total amount is about 30 million yuan. The prospectus shows that, as of June 30, 2010, the Changhai net profit of the shares was about 6767. 290,000 Yuan.