Jingxing paper has not yet produced the benefit of the previous fundraising 950 million

The previous issue of raising funds to the investment has not produced benefits, a new round of additional issuance. This amazing scene happened in the case of Kyung Hing paper, the company announced today (August 14) the Non-public offering scheme to finance $950 million.　　The move attracted investors ' displeasure. The proposed financing production of high-end life paper announced that the issue for the company's controlling shareholder Zhu Jianlung, including not more than 10 investors, is not expected to issue more than 160 million shares, the issue price is not less than 6.23 yuan, raise capital of about 950 million yuan,　　The net amount after deducting the issue fee will be all used for the company annual production of 68,000 tons of green renewable Living Paper project, producing high-grade paper products, including toilet paper, tissues, napkins and so on. Jingxing paper's main business for the production of paper products and sales, the main products are Kraft cardboard, white cattle card, High-wattage paper and other industrial and durable goods packaging paper, business has not been involved in life-type paper.　　Through this issue to raise capital investment projects, the company will add high-grade paper products, enrich the company's product line. For the product target market, the announcement discloses, will be mainly aimed at Zhejiang, Shanghai, Jiangsu and Guangdong and other economically developed areas. In particular, the company attaches great importance to the market prospects of Zhejiang Province, the bulletin said, "Zhejiang province high-grade paper production enterprises are not many, the province's demand supply has a lot of development space." "Jing-Hing paper expects the investment project will be very good future earnings, investment profit margin is expected to reach 18.57%." But ordinary investors are obviously not so optimistic, the company's additional news, a well-known financial site many investors complain, because it is not far from the warning.　　More than three years ago, the company has made investors suffer, and some people think the issue is unlikely to be approved by the SFC. Previous fund-raising has not yet produced benefits before, the company on November 1, 2007, the use of online, under the network pricing additional 93 million shares, raise the net amount of 1.17 billion yuan. The prospectus promises to raise funds to invest in the project of "technical renovation of 600,000 tons of high-grade wrapping paper sheet", including 400,000 tons of Kraft cardboard items and 200,000 tons of white cow cardboard. The sudden economic crisis disrupted the company's planned plans, and the abrupt fall in demand led companies to consider cutting investment.　　April 2009, the company decided to terminate the implementation of 400,000 tons of cattle suitcase paper Project, the corresponding idle 550 million yuan to raise funds to change liquidity. After the change can be used to raise the investment project raised funds 621 million yuan, as of December 31, 2009 has invested 200,000 tons of white cow cardboard project 553 million yuan, still balances 83.91 million yuan. And just 2 months ago June 11, 2010, the company board of directors decided to 200,000 tons of white cattle cardboard production line to implement technical transformation. The company said that at present the company has previously raised the fund balance part of 83.91 million yuan all use finished. It is reported that the project has not reached production, has not produced any benefits, not to mention the company initially raised funds promised 20% of the proceeds.