Ka Lihende 6 years of investment show two big Strange Elephant

Every reporter Shaoyan Early period Bo Ying Investment (000760, closing price 9.10 yuan) because 2008 year performance did not reach the share reform commitment and chasing the prices, by the hot money a burst of stir-fry, temporarily become the focus of the market attention.　　However, the daily economic news reporter through the survey found that since Beijing Ka Heng de Real Estate Development Co., Ltd. (hereinafter referred to as Beijing Ka Lihende) in 2003 officially into the investment, the company's performance and management has started a frequent change in performance, such as "riding a roller coaster", frequent executive changes such as "merry-go." Strange as a performance as if "Ride a roller coaster" investment in June 2006 announced the prospectus of the share reform, the future three fiscal years, the total net profit of the company to achieve no less than 180 million yuan. Among them, the 2006 net profit is not less than 50 million yuan, 2007 degree is not less than 60 million yuan, 2008 degree not less than 70 million yuan. As a result, in 2004, when the company achieved a net profit of 153 million and 2005, the net profit in 2006 rose to 52.2 million and the net profit in 2007 was up to 62.32 million according to the commitment requirement.　　Surprisingly, the company lost 97.94 million in 2008, which triggered a return to the shares of shareholders in the stock price. In fact, since 2003 Beijing Jia Lihende approved by the Ministry of Finance, officially under Hubei China opened Bridge Group Co., Ltd. (hereinafter referred to as Hubei Huatong) of the shares, become the investment (then the name "Hubei axles") of major shareholders, the company's performance began to sit on the "roller coaster."　　The financial statements show that the main reason for the company's net profit "roller coaster" is the huge fluctuation of the company's management expenses and the loss of asset impairment (according to the accounting law, the loss of impairment of the company's assets is included in the management expenses before 2006, and the impairment loss is separately stated after 2006 years) 2003, the company's profits from the previous profit into a loss, that year, the loss of 42.8 million yuan, the cost of management increased by 162.34% in 2004, the company's losses soared to 153 million, in which management costs increased by 229.36% per cent, and 2005, The company's net profit suddenly from huge deficit into a profit of 10.63 million, the same year management costs decreased by 89.71%. The loss of impairment of assets has a strong subjectivity and unpredictability, which is also one of the main means of listed companies manipulating profits.　　An accounting expert told the Daily economic news reporter.　　"The changes in earnings over the years have been related not so much to the operation of the company as to the transaction between the company's two major shareholders," said one investor who has long been concerned about the investment. December 2003 Beijing Jia Lihende "director" and Hubei Huatong's false debt restructuring. In 2004, the company's debt restructuring agreement involved in the total of 85.83 million of other receivables in full compensation for the provision of bad debts 82.58 million yuan, this huge amount of bad debt accounted for the company 2004 loss of 54. 3%, the direct result of the 2004 loss amounted to 150 million yuan. In 2006, in order to successfully realize the commitment to share reform, Beijing Jia Lihende and Hubei Huatong to a series of debt disputes reached a settlement agreement, Beijing Jia Lihende in two years for Hubei Huatong repay 95.6651 million yuan arrears, and these arrears in 2004 has been full account of the provision of bad debts, so in 2006 the company to 40 million of bad debt losses were rushed back, in 2007 and then rushed back to the remaining 55.66 million yuan, which became the company's performance by the huge loss of profit is one of the important reasons. As a result of the company's performance from the target is still a short distance, so the company also mentioned before the depreciation of some of the fixed assets also implemented the Chong back treatment. As in 2006, the company's unused fixed assets for the previous year to improve, so that it can meet the process and production requirements, reversed the fixed assets impairment of 15.35 million yuan.　　Through these treatment, the company 2006 and 2007 years of performance have reached the major shareholder's share reform commitment standards. However, by the year 2008, the financial "efforts" made by the two years ago to achieve the achievement of the target, with a sharp mention of bad debts and asset depreciation, was a bit of a surprise to investors.　　Originally, in the Share reform commitment, the commitment of major shareholders in 2006 and 2007 to the company injected 95.6651 million yuan, and two of the shareholders to pay for the performance of the share reform.　　Data show that in 2006, Beijing Global Jing Cai International Information Technology Development Company (hereinafter referred to as the global Beijing color) to the judicial auction, total access to the original shareholder venture capital, economic development in Gong ' an investment company held 22.2237 million shares, accounting for 20.33% of the company's total equity, become the company's second largest shareholder. In January 2007, two shareholders Universal Jing-Cai at the shareholders ' meeting vetoed the company's acquisition of major shareholder Beijing Ka Lihende's affiliated party held the Jingzhou military and sand business plan. Will this act worsen the relationship between major shareholders and two of shareholders, leading shareholders to stop caring about the company's performance and then exert pressure on two of shareholders?　　The question is not yet confirmed. Strange as the second-change executives such as "Merry-go" since 2001 Beijing Jia Lihende began to intervene in the company, every year, a large number of corporate executives resigned. November 21, 2001, Guo Guihua resigned as chairman of the company. Over the next two years, several executives resigned. If at this time the transformation of senior executives can be understood as a new shareholder after the big change, then there are many senior executives resigned it is difficult to understand: such as February 2004 Chairman Chenhongshu resigned, October 2004 deputy general manager Wang Wenxu resigned, 2006 company general manager Pengdong Yang resigned, May 2006 Company Dong Wang Huiqi resigned, March 2007 chairman Feng Qitai had to serve as Secretary of the Board, September 2007 chairman Feng Qitai resign, December 2008 Chairman Chen Xuhui resign ... This does not include the resignation of a large number of directors and supervisors every year. Face soThe departure of many senior executives, the actual control of the company in January 2009 Hu Hechin finally came to the podium, as the chairman of the Bo Ying Investment. For the company's senior executives, such as "merry-go" the replacement, Bo Ying Investment workers on the daily economic news reporter said: "These are personal reasons to leave, and the company has nothing to do."　　"But is that really the case?" Liu Jipeng, a professor at China University of Political Science and Law, said in an interview with the Daily Economic news Reporter: "The frequent change of senior executives of listed companies is largely a result of abnormal factors, which is generally due to the disagreement between senior executives and their superiors or major shareholders, and the serious conflict between the executives of listed companies and the first major shareholders. He also pointed out: "Frequent turnover of listed companies is very unfavorable to investors, shareholders must be far away from this stock, and the regulator must be more regulation of such listed companies, the largest shareholder of such companies to raise concern." And as an intermediary of lawyers, accountants to such listed companies should be cautious enough.　　"It is noteworthy that the daily economic news reporter found that Liu Jipeng's name had appeared on the list of independent directors for 2002 years, but only a year after he resigned."　　News link major shareholder encroach on company interests?　　In fact, according to the company's announcement over the years, the large shareholders of Bo Ying Investment are suspected of encroaching on the interests of listed companies. December 2003 Beijing Jia Lihende directed a false debt restructuring with Hubei Huatong, 2004, the company's debt restructuring agreement involved in the 85.83 million yuan of other receivables in full the provision of bad debts, this huge amount of bad debt accounted for the company 2004 loss of 54. 3%.　　Some investors said that the original Lihende commitment to bear the debt, but dumped to the listed companies, and a mention of it. In April 2005, the company transferred Jingzhou Army and sand trade to Beijing Jia Lihende affiliated party Beijing Gold Collection Hao Investment Co., Ltd., the transfer price of 35.1 million yuan. December 2006, the company's board of directors also through the price of 53.63 million yuan to buy back the Jingzhou military and sand business plan, but the company did not hire a securities practitioners qualified intermediary agencies to the Jingzhou military and sand business audit, at the same time, without the general meeting of shareholders for approval, Before December 29, 2006 to the equity transfer party to pay the total price of 54 million yuan, and the completion of equity transfer procedures and industrial and commercial changes, obtained a business license.　　Finally the matter was investigated by the SFC, so the company in January 2007 to the acquisition of the matter to the general meeting of the shareholders, but was rejected. In addition, in 2007, the company moved its office address to Beijing, and the office building used by the company was acquired from Lihende, a major shareholder. The company's production and operation and sales are not in Beijing, why should the office moved to Beijing? To this, "daily economic news" reporters to the company, securities department staff said: "There is no reason!" "At present, Bo Ying investment major shareholder in Beijing Ka Lihende because of economic disputes with other companies, its holding of the company's shares have beenAfter being frozen by the judiciary, the more than 6 million shares that were auctioned earlier may be just the tip of the iceberg. If the status of Beijing Ka Lihende's largest shareholder is also precarious, it will be difficult to predict when the injected property project should start. Previous media speculation that two shareholders may replace major shareholders, but according to the announcement of earnings, two shareholders in the ban on restricted shares, may have the intention to sell. Bo Ying Investment in the future operation, performance more complicated and unpredictable.