Jing LUN electronic call missed sell shell opportunity Gossip object has Hubei daily

Fine-LUN Electronics has been backdoor rumors have been, gossip object including China magnesium, Acorn International, Hubei daily and so on large enterprises, but have no way of financial weekly important research group Yang Lui Mao/Writing from many aspects, no doubt, fine-LUN electronics (600355.　　SH) is a high-quality shell resource.　　In terms of market value, the total market value of Jing Lun is 1.26 billion yuan, less than 1.5 billion of the standard, the total share capital 246 million shares, less than 300 million shares of the standard, the stock price 5.12 yuan, just over the baseline 5 yuan. From the view of ownership structure, the proportion of fine-LUN electronic shares is extremely dispersed and the institutional shareholder is very small. As of June 30, 2013, the largest shareholder Zhang Xuyang shareholding 18.47%, the second largest shareholder Cai Yuanhong shareholding 5.66%, third, the fourth largest shareholder Rogen and Cao Johin, the shareholding ratio is less than 5%.　　The top ten shareholders of the other two institutions, the new shareholder Columbia University shareholding 1.14%, Shanghai Panda Machinery (group) shareholding 0.41%.　　From the asset-liability situation, the company's total assets of 538 million, total liability 102 million, net assets of 436 million, assets and liabilities ratio of only 18.98%, compared with other shell companies, such a low debt rate is rare.　　2013.5 Annual report shows that the company has no short-term loans and long-term borrowings, only accounts payable of 54.9957 million yuan, payable bills (Bank acceptance Bill) 20.673 million yuan, advance payment (money) 10.8809 million yuan, such as several major liabilities, no financial costs.　　In addition, the company also for the wholly-owned subsidiary Shanghai Bowmacks Electronic Technology company's 17 million-yuan bank loans to provide joint and several liability guarantee, the guarantee period until January 10, 2015, but its borrowing use is limited to pay the parent company processing money, the risk is very small. However, although it is good shell resources, but the company denies selling shell rumors. "However, at present we have a lot of partners in the industry chain, have been very familiar with, in this regard, capital cooperation or business cooperation, this is possible."　　"Jing Lun electronics Dong Zhang Wanhong said. Missed the best opportunity to sell the shell 2008, 2009 is the company's most difficult time, if sold shell, those years is the "best opportunity" since the 2002 listing, the company's holding shareholder has been Zhang Xuyang, the listed companies have a total of five promoters shareholder Zhang Xuyang, Cai Yuanhong, Rogen, Cao Johin, Liu, Holding 22.7%, 14.25%, 14.25%, 14.25% and 9.35% respectively.　　From the perspective of corporate governance, this is a very democratic consciousness, embodies the principles of modern corporate governance stock set of samples, the company has been two consecutive best governance structure listed companies.　　Ironically, although it appears to have a good governance structure, but operating performance has been depressed, the company's chairman and general manager Zhang Xuyang in 2007, 2009, the Forbes list of the worst CEO. In 2002, the net profit attributable to the owner of the parent company was 82.4972 million, and the figure wasAfter a 12-year peak, net profit fell sharply, to 2005, after a 112 million loss.　　After barely profitable in 2006 and 2007, the losses were 77.2321 million and 167 million respectively in 2008 and 2009. Dong Zhang Wanhong has said that 2008, 2009 is the company's most difficult time, if sold shell, those years is "the best time."　　However, Zhang Xuyang does not sell shells, but rather to the new business-Cloud AV Smart Machine products (that is, smart set-top box). In the 2010, the star-wearing of the fine-LUN electronics also ushered in a reversal of performance, to successfully protect the shell.　　But the new business is facing fierce competition, the company's profitability improvement is also a blip, since 2011 reached a small peak after the fall again, in 2012 only 3.402 million Yuan, 2013 first half of the loss of 32.4686 million yuan. Since the listing, fine-LUN electronic business is constantly changing. When it was listed in 2002, it was mainly engaged in the development, production and sale of public communication terminal products and its centralized management system. Since 2003, the main business has increased the intelligent monitoring products and control products, tax-controlled cash register products, second-generation card reading machine products and power negative control products, navigation products, but these businesses have withdrawn.　　The main business changes behind, is the company's five shareholders of the idea of great differences. With the main business merry-go-like transformation, in addition to Zhang Xuyang other founder shareholders have to reduce their exit. April 11, 2006, the founder shareholder Liu and his wife split the share of their shares, both in 2007, disappeared in the top ten shareholders, but also in 2007, with Zhang Xuyang relatives but the idea of the Rogen began to reduce; 2009 Jing LUN Electronics to new business, sponsor shareholder Cai Yuanhong　　, Cao Johin also began to reduce.　　February 26, 2013, fine-LUN Electronics released a new product-the world's first voice-controlled intelligent TV box, after the company's share price rose, at the same time, Cao Johin, Cai Yuanhong also took the opportunity to reduce the 7.436 million shares, 7.586 million shares respectively. Termination of reorganization, denial of being backdoor if restructured from the perspective of improved financial conditions, we will not consider, if the industrial chain in the middle of the capital cooperation can quickly put our existing products or business bigger and stronger, that will consider in many ways, fine-LUN electronics has been a high-quality shell resources,　　There have been rumors about the backdoor of fine-LUN electronics, including the Chinese magnesium industry, Acorn International, Hubei daily and other large enterprises, but they all went nowhere. Some analysts believe that Zhang Xuyang is a "just want to do something exciting" person, stubborn character, although years of investment activities repeatedly defeated, but his efforts to the determination has never changed.　　Even in 2008, 2009 the company's most difficult time, Zhang Xuyang did not sell shells, but turned to smart set-top box products, hoping to take off two times. Since then, the business has gradually slipped and lost 3246.8 in the first half of 201360,000 yuan, inventory backlog of products up to 139 million, but Zhang Xu still do not intend to sell shell, and even continue to expand business.　　For example, in March 2013, Jing LUN electronic investment of 70 million yuan set up three wholly-owned subsidiary, engaged in the business including public advertising video media terminals and the second generation of identity card reading equipment, such as research and development, sales and services. July 22, 2013, fine-LUN electronics due to the planning of major issues and suspension, at this time, backdoor electronic was the rumors of the rise. But August 26, the company announced the termination of the planning of major assets reorganization matters.　　Zhang Wanhong, the company's chief executive, declined to disclose the subject of the talks, what they were talking about and the reasons for the termination, but denied that the company would be backdoor. "The company's current project from 2008 to now pay a lot of tuition, but also wait for a long time, now all aspects of the conditions are very mature, we now feel the momentum of all aspects can also, this project is still hopeful." If a reorganization is made from the perspective of improving the financial position, we will not consider, but because this industry chain is very long, competition is also very fierce, if the industrial chain in the middle of some capital cooperation, can quickly put our existing products or business bigger and stronger, then we will consider. "Zhang Wanhong said.