Jiangsu Hongyuan Sell Shell 11 trading fog asset restructuring is questioned

Trainee reporter Wang Junxian nanjing, August 23, Jiangsu Hongyuan (002071.SZ) Once again a strong word trading. This month has been Jiangsu Acer's 11th consecutive trading board, the share price climbed to 17.18 yuan/share, before the suspension of up to 184.91%, approaching its historical high 17.56 yuan/share. Trading board production originated in Jiangsu Hongyuan August 8 Night a notice, because of the Great Wall movie and TV Group Co., Ltd. (hereinafter referred to as "Great Wall Group") to backdoor Jiangsu Acer, the company will "suddenly turn", become the popular film and television production theme. However, another asset restructuring of the Great Wall film and television, due to the May 31, 2013 application for the termination of the IPO review, but the industry questioned it does not meet the listing criteria, but to pass the backdoor curve listing. To this Jiangsu Hong Bao Dong Gug to "Huaxia times" reporter explained that is not the Great Wall film and television financial problems, but the Great Wall film and television talk about good backdoor Jiangsu Acer, the initiative to apply for the IPO withdrawal list. Suspicious "Gold" a great Wall film and television backdoor announcement, so that Jiangsu Acer stock price History of the first consecutive 11 trading board. Regardless of the success of the reorganization of the assets, for Jiangsu Acer, the Great Wall film and television will be its history of a pen. In the end the Great Wall film and television have what kind of charm, can support Jiangsu Acer stock price so strong rise? The main business of the Great Wall film and television is the investment, production, distribution and advertising derivative business, which belongs to the current concept of popular culture. Company 2011, 2012 years of operating income of 371 million yuan, 437 million yuan, the same period attributable to the parent company's owner net profit of 126 million yuan, 142 million yuan respectively. The assets into the Great Wall film and television, the audit of the book value of the rights of 476 million yuan, in accordance with the value of the evaluation of income 2.291 billion yuan, value-added 1.814 billion yuan, value-added rate of 381.06%. From the transaction report (draft) can be seen, the Great Wall film and television accounts receivable has been high. The accounts receivable at the end of 2012 was 337.2582 million yuan, up 63.33% from the beginning of the year. 2012 Accounts receivable turnover rate of 1.61 times, significantly lower than the industry average of 2.32 times. The high account receivable has also become the Great Wall film net profit "Gold" is not high main reason. In the recent two-year and one-stage cash flow statement disclosed by the Great Wall film and television, the net outflow of cash flows from operating activities is net. However, the reporter found that the Great Wall film and television 2012 accounts receivable turnover rate is actually lower than 1.61 times. Before January 1, 2013, the Great Wall film and television for accounts receivable and other receivables in the age of 1-2 years of money, bad debt preparation for the proportion of 20%, and such a proportion of bad debts is higher than the standard level of the same industry. Listed companies in the same industry, China Record Hundred (300291.SZ), New Culture (300336.SZ) 1-2-year accounts receivable rate of 10%, and Huayi Brothers (300027.SZ) is lower to 5%. So if you follow the 10%Must calculate the Great Wall film and television accounts receivable, the Great Wall film and television accounts receivable before 2013 should actually be higher than the data disclosed in the report. Great Wall film and television 2012 at the end of the book balance of accounts Receivable is 374.3961 million yuan, of which 1-2 years of accounts receivable book balance of about 100.844 million yuan, accounting for 26.94%, if according to the previous 20% bad debt preparation ratio, 1-2 years of accounts receivable bad debts prepared for 20.1688 million yuan, at the end of 2012 the book value of accounts receivable will be 337.2582 million yuan (statement data), and if the proportion of more reasonable 10%, Accounts receivable can be less than 10.0844 million yuan to prepare for bad debts, thus the book value of accounts receivable at the end of 2012 will rise to 347.3426 million yuan, an increase of 68.21%, than the original 63.33% rose nearly 5%. As the Great Wall film and television did not disclose its 2011 accounts receivable details, it is not possible to know the above more reasonable 10% to adjust the proportion of the 2011 book value of Accounts receivable. But if the combination of the Great Wall film 2012 business income of 437.2881 million yuan, the end of 2012 after the adjustment of accounts receivable 347.3426 million yuan, even in accordance with the original 2011 years at the end of accounts receivable 206.4948 million yuan to calculate, the Great Wall film and television 2012 accounts receivable turnover should be up to 1.58 times. It is noteworthy that the Great Wall film and television audit report showed that the Great Wall film and television recently carried out an accounting estimate changes: Since January 1, 2013, for Accounts receivable and other receivables in the age of 1-2 years of money, bad debt preparation ratio from 20% to 10% to mention. A CPA who declined to be named said: "This also shows the Great Wall film 1-2 years before the proportion of bad debts is unreasonable, in fact, the Great Wall film and television in the fiscal year before 2013 accounts receivable is higher than the number reflected in the report." In addition, although in the Great Wall film and television, the company's sales customers mainly for major television stations and mainstream video sites, the credibility of the customer is very good, but still can not rule out the accounts receivable existing bad debt risk, investors should be wary of their accounts receivable too high. "The mystery of the withdrawal although the performance of the asset reorganization looks good, but because the Great Wall film and television is in the proposed IPO and termination after, diverted backdoor Jiangsu Acer, time on the compact to the market left a lot of reverie space." "Great Wall film and television do not go to the IPO, and go backdoor this road to the listing of fund-raising, may be because the current IPO is suspended, can not determine when the gate, so want to backdoor as soon as possible listing." The CPA said, "In addition to the overall standard, the IPO audit and reorganization Audit is the same." However, the IPO review is more stringent in practice, and the procedures required are cumbersome. In particular, the financial self-examination of IPOs, but also to extend the review of the company's customers, suppliers and other content, and these content is not every company can meet the requirements of the review. In contrast, reorganization has no financial self-examination within thisAllow, not so detailed, to check the company's customers and suppliers. "Some investors in the stock bar directly questioned said:" The Great Wall film and television financial statements must be a problem, or how to exit the SFC's financial audit? "In this respect, Gug explained:" In fact, we and the Great Wall film and television both sides really contact talk about the reorganization is this year ' 51 '. At that time, the Great Wall film and television still queued IPO, they said that the current IPO suspension, not set the opening time, the company will be listed in the foreseeable future. At that time, the idea of the Great Wall film and television is not to give up the IPO, restructuring also talk. Later, as the two sides reached a consensus, the Great Wall film and television to withdraw the single, not the market rumors of the IPO is not or financial problems. Great Wall film and television is mainly hope to be able to pass backdoor early some listed. "Forced to sell shell in fact, before this, as a" hardware faucet "in Jiangsu Acer, whether the stock price or performance are not outstanding, since the listing of the limited trading board is also because of its previous PV concept. 2006 when the market, Jiangsu Acer to achieve ownership of the parent company's net profit fell 1.73%, to 22.1989 million yuan; the second year, the net profit fell sharply, down 88.14% year-on-year, 2008 net profit Year-on-year decline is as high as 419.36%, That is, Jiangsu Hongyuan in the third year of the listing is deep in a loss of 8.4816 million yuan situation. At the same time, three of its five IPO projects were suspended, namely, the Advanced Mold manufacturing project, the internal combustion engine high quality connecting rod project and the high-grade Pipeline tool project. 2009, Jiangsu Hongyuan began planning major asset reorganization, but because the reorganization plan did not reach agreement, that is, the end of the year. Plus 2009 only 1.8622 million yuan of net profit makes Jiangsu Acer had to find another way. Jiangsu Acer's photovoltaic concept is also in this case produced. 2010, Jiangsu Hongyuan and its wholly-owned subsidiaries invested 92.75 million yuan, together with the other 5 shareholders to set up Jiangsu Hongyuan Photoelectric Co., Ltd., total holding the latter 53% equity. Among them, 79.1784 million yuan is the balance of the IPO fund-raising, accounting for the IPO fund-raising net amount (179 million yuan) 44.23%. Then in 2011, the photovoltaic industry in a downturn, Jiangsu Acer and its subsidiaries with other shareholders of Acer and photovoltaic increased capital of 125 million yuan, that is, 53% of the shares of Jiangsu Acer and its subsidiaries will spend 66.25 million yuan. However, Jiangsu Hong Bao before and after the total investment of about 159 million yuan of Acer photoelectric, but is a "mess." Gug told reporters: "In hindsight, the company invested in Acer Photoelectric is not successful, photovoltaic business to the company formed a financial burden." "Because the photovoltaic industry situation is depressed, Acer photoelectric until the end of 2012 has not entered the normal production and operation status." The cost of the three-year construction and the loss of impairment of assets are as high as $120 million. In particular, the 2012 annual asset impairment prepared 97.06 million yuan, but also the Jiangsu Hongyuan directly pull down the abyss of losses, 2012, a huge loss of 5487.250,000 Yuan performance also directly prompted the Jiangsu Hongyuan now sell shell behavior.