Jiangsu FAI Fungzhonghan Root 0 Price gain Control 5 Big mystery

Hui Fung-Nong Collective Equity in the "0 price" transfer, and did not provide a capital verification report in accordance with the provisions of the Financial weekly IPO laboratory researcher Xuntingting/Wen we saw an old play repeating itself.　　May 28, Jiangsu Hui Fung Agrochemical Co., Ltd. will be the first application, in the pesticide industry as a whole encounter cold winter time, Jiangsu Hui Fung bucking the trend, eye-catching. However, has the turnaround arrived?　　Difficult to solve the stock rights change, blurred growth, desire language also break competitiveness and contradictory funds raise motivation, these five problems, until the Jiangsu Hui Fung listed on the eve, still bewildering. One of the doubts: Collective equity "0 price" transfer and many other state-owned, collective ownership companies, Jiangsu Hui Fung also experienced restructuring and frequent equity movements. Looking back on the trajectory of its equity movements, especially a bit worth chewing-2003, Jiangsu Hui Fung 7.8271 million shares of collective equity, to zero price transfer to the trade union and other two natural persons, one of which is now Jiangsu Hui Fung's actual control of Zunghangen.　　In 2003, the transfer of collective equity, Zunghangen got 5.7901 million shares, through this one, Zunghangen shareholding ratio reached 48.51%, become the first major shareholder in Jiangsu Fai Fung, the actual controller. and financial management report, November 8, 1999 issued the implementation of the "rural collective assets management measures of Jiangsu Province," 28th stipulates: Rural collective assets through the transfer or because of the implementation of leasing operations, joint ventures and Sino-Foreign cooperative operations, and other means of the transfer of ownership or right to use,　　An asset assessment is required. But the transfer of equity, there is no capital verification report. The sole basis for the transfer of "zero price" is the audit report issued by the Bohua joint accounting firm in Yancheng, which said: As at June 30, 2003, the company's net assets were 333,500 yuan.　　Jiangsu Hui Fung into the quagmire of insolvency.　　It is questionable that the financial weekly in Jiangsu published 2005 accounting firms and Certified Public accountants punishment list, see Yancheng Bohua United accounting firm impressively in the column, was given warning punishment. In the above management approach, article 29th also stipulates that the assessment of rural collective assets must be carried out by an asset assessment institution with an assessment qualification.　　The results of the assessment shall be confirmed in accordance with the relevant provisions.　　However, the above-mentioned transfer of equity is confirmed by the 2009 office of the People's Government of Jiangsu province Su Office [2009]73, the provincial government office on the confirmation of Jiangsu Hui Fung Agrochemical Co., Ltd. Collective ownership of the transfer of the legality of the letter.　　That is, the letter after 6 years, the company listed before the hasty determination of the transfer of shares. So, what is Jiangsu Hui Feng doing in the past 6 years?　　Does the "zero price" nature of its collective equity have the loss of collective assets?　　Doubt two: What happened in 2009?　　And the financial data provided by Jiangsu Hui Fung, it seems that people do not get out of the maze. One of the most conspicuous mysteries is that income declines in 2009 yearsIn the case, margin and net profit are in reverse growth, and according to financial weekly Understanding, 2009 for the entire industry is a veritable annual, natural disasters, pesticide industry as a whole suffer from winter. Jiangsu Hui Fung's explanation is "the company's main product sales price remains relatively stable, the company's stable development has played a positive role." But at the same time, said that the Jiangsu Hui Fung's core products of the melamine, bromine benzene, the unit price is varying degrees of decline. Among them, the unit price per ton of melamine dropped from 74,500 in 2008 to 60,100 in 2009, the decrease was 19.33%, and the unit price per ton of bromine was reduced from 66,100 in 2008 to 61900 in 2009, with a decrease of 6.35%.　　So where does the gross margin of growth come from?　　In this case, the financial weekly confirmed some analysts, they are also puzzled, then what happened in 2009?　　Doubt three: Pre-IPO surprise takeover, what is intended?　　Even more so that the real profit can not be identified, in the reporting period, Jiangsu FAI Fung has acquired the related side Dubai plant protection and Jiangsu Ying Tai. Dubai Plant Protection Actual Control person Yang Trigong is Zunghangen's wife. June 3, 2007, Dubai plant Protection agreed to Yancheng the second agricultural production Resources Division will be held by the 260,000 Yuan stake in the way out of capital. July 10, 2007, Dubai plant Protection published the announcement, but the capital reduction plan until April 2008 party implementation.　　Only 260,000 yuan actually let Dubai plant protection bag in shy?　　Jiangsu Hui Fung said that the acquisition of Dubai plant protection is the main purpose of "to eliminate peer competition, reduce related transactions, improve the company's sales network." But incredibly, as a product of the competitive Jiangsu Hui Fung-specific vendors, Dubai plant Protection 2007, 2008 years are losses, 2009 is also a meager profit.　　A well-known accounting firm Personage pointed out, as under the same control company, Dubai plant protection appears this kind of situation is more difficult to understand, and before listing surprise takeover stake, there is the possibility of interest output.　　Next, Jiangsu Hui Fung continued to buy the river Su Yingtai with a high premium, allegedly to gain control and had to pay a high premium.　　Doubt four: Jiangsu Fai Fung in the end what is the core competitiveness?　　It is no secret that competition in China's pesticide market has always been chaotic. Jiang Su Huifeng said that the development of products with independent intellectual property rights is the key to its success. In fact, Jiangsu Hui Fung obtained patents, more than two times after the expiration of foreign patent development, although there are related to the application of synthetic technology patents, but can not be formed into other enterprises barriers.　　such as Jiangsu Fai Fung's star products of the original melamine and benzoyl bromide was developed by the Bayer Company and registered in China. Financial Weekly Consulting relevant industry researchers, to understand that Jiangsu Hui Fung and even the entire Chinese pesticide industry, are still in the post-patent pesticide production and sales, "if not solve this core problem, pesticide enterprises innovative ability, long-term development are empty talk." "In addition, Jiangsu FAI Fung sales to the primary drug products, customers mainly for large-scale agricultural trans-National companies and domestic professional trading company. During the reporting period, export earnings were 19,847.410,000, 36,930.770,000 and 22,573.80,000, respectively, accounting for each period of business income 46.02%, 44.21%, 32.74%. "Too much reliance on foreign big customers, but also to the big customers bargaining weights, at the same time, once other companies to keep up with production capacity, oversupply, trade protection issues are followed."　　The industry researcher told reporters that she was worried. Doubt five: fund-raising motives according to the Jiangsu FAI Fung Prospectus, the main products of the nearly three years of the production capacity of imidazole is 800 tons, 1550 tons, 3800 tons, the corresponding production of 919.91 tons, 1465.21 tons, 3145.32 tons, relative to the sales of 629.59 tons, respectively, 1102.83 tons, 2036.55 tons. The capacity of the melamine has not been fully played. Jiangsu Hui Fung said: "The company's current capacity is at full load production status, can not meet market demand." In order to ensure the company's sustained and rapid development, enhance the company's competitiveness, the company needs to further expand capacity. "Obviously, from the 2007-2009 capacity-production-sales figures, Jiangsu Fai Fung is not really in its self-proclaimed capacity full load state, as to not meet market demand, even more impossible to talk about." The fact is that the existing capacity is not fully played, capacity is greater than production, and existing production has not fully entered the market, to become a real sales.