National industrial Policy or the development of Delizhi Glass

A few days ago, Anhui Delizhi Glass Co., Ltd. (hereinafter referred to as "de Li Daily") of the first application to accept the SFC issued the Audit committee, if its success will be a a-share market, another member of the "New Ding." But the reporter found in the prospectus of German daily Disclosure, the company's development process there are 1 Yuan capital lock for many years, such as three big mysteries. And these strange images finally concentrated on a focus character-the company's actual control of the Schweidong body. It is noteworthy that, if the Delixi-day successful listing, according to the 25 times times the P/E ratio, Schweidong owns 41.1033 million shares (65.13% of the total shares of the former listed companies), a value of 1.028 billion yuan.　　It is more than 6,850 times times more than its original investment of 150,000 yuan, which is 24 times times higher than its total contribution. Yesterday, this reporter through a variety of ways to contact the German daily-use of the relevant responsible person, trying to solve the mystery. But as of press, did not get the German force daily response.　　This newspaper will continue to pay attention to the daily progress of the German force. Puzzle One: 1 Yuan capital lock for many years October 16, 2002, Huang Xiaozu, Schweidong, Shishui, and other 7 natural persons jointly launched the establishment of Anhui Province de Force Glassware Co., Ltd., that is, the predecessor of German daily.　　The limited establishment of virtue, the registered capital of 1.5 million yuan, the shareholders of the money to buy shares, the price per share is set at 1 yuan.　　As early as August 25, 2003, Gu Hongbin, one of the first 7 investors, transferred 150,000 shares to a 1 yuan/share price to another original investor Shizhang, and by April 15, 2008, the largest original investor Huang Xiaozu transferred 680,000 shares to 6 people such as Schweidong, still 1 yuan/share.　　As a growing company, the price of equity has been locked up for years. Mystery two: New shareholder everything prospectus shows that July 8, 2004 when the limited strength of the first time to increase capital, the new shareholders Schien, Cai Baoru, Zhang Boping, huangping, Hulle, Mr Raymond Kwing, Peng Yi, 7 people because of "optimistic about the future development of domestic glassware industry", respectively, the debt receivable from the company 2,759,983 Yuan,　　360,000 yuan, 350,000 yuan, 250,000 yuan, 200,000 yuan, 200,000 yuan, 160,000 yuan in accordance with the proportion of 1:1 to recognize the registered capital.　　However, only a year later, in addition to Schien, the remaining 6 new shareholders at the same time will hold all the shares in accordance with the price of 1 yuan/share transfer to the original investor Xungin. Interestingly, some of these shareholders later bought the stakes again.　　It is worth mentioning that Xungin, huangping, Zhang Boping are all the brother-in-law of Schweidong.　　Mystery Three: Family collections of financial shortage recalling the process of increasing capital in daily use, the main source is the debt-to-equity swap, and the majority of the creditors are members of the Schweidong family.　　According to the prospectus, in 2004, when the first replenishment was increased, the members of the family who participated in the debt-to-equity swap were Xungin, huangping and Zhang Boping, while the second replenishment in 2005 was Schweidong, Schien, Shizhang, Shikang, Shimeihua, Cai Baoru.In the case of debt-equity swaps, the prospectus explains that the company has limited access to financing, and the second is because of the growing capacity and tight capital.　　And the resolution of the debt-to-equity swap was unanimously agreed by the then shareholders ' meeting. But it is easy to see from the prospectus that the shareholder meeting is actually dominated by the family members. And then the financing channel is really difficult to let the family internal lending become the preferred way?　　Doubts remain.　　The industry says the family enterprise governance structure is not perfect a brokerage person who has been in business for more than 10 years said yesterday that from the prospectus, it can be seen that the daily is a typical family business, the corporate governance structure is not very sound. The industry also pointed out that years of capital to maintain 1 yuan, is contrary to common sense, in the meantime there are a number of relevant personnel of the shares and exit, do not exclude the suspicion of the transfer of interest.　　In addition, in some important information, the company's daily disclosure is not clear enough, such as involving major shareholder changes, debt to equity swap, these are actual impact on the performance of the important situation, so the prospectus should be more clearly explained to these matters. Growth is a "hidden worry" January 26, 2011, Anhui Delizhi Glass Co., Ltd., the first Board application was approved.　　The company plans to issue 22 million shares publicly, raising funds mainly used to build high-grade glassware production line and related technical transformation, the aim is to optimize the business structure, enhance competitive strength. German daily is the current domestic glassware production subdivision industry in the largest, the most complete variety of series, the most complete sales network, production technology in the industry's leading position in a large daily-use glass professional production enterprises. Company's products are mainly divided into water utensils wine type, kitchen utensils and other appliances category three categories.　　Water utensils Wine is the main source of revenue for the company's products, from 2007 to the first three quarters of 2010, the proportion of business revenue accounted for 69.74%, 69.57%, 69.5% and 68.38% respectively. According to China Daily-use Glass Association statistics, the company 2007 output, sales were 63,300 tons and 56,400 tons, of which output in the domestic similar industry ranked third, sales ranked second; 2008 production, sales were 76,100 tons and 81300 tons respectively; 2009 output, Sales were 85,200 tons and 86,700 tons respectively, the two consecutive annual sales are ranked first in the industry, with obvious scale advantages.　　However, because the company's daily glassware industry competition is fierce, many domestic manufacturers, industry concentration is not high cause vicious competition, therefore, the technical innovation ability will become the core factor driving the future sustainable development of the company. Company as a traditional glassware business, its growth and technical content has been the focus of the market. Data show that 2007-2010 years ago three quarters, the company realized operating income of 23,067.610,000 yuan, 33,991 240,000 yuan, 38,862.30,000 Yuan and 37,248.850,000 yuan, the growth rate from 2008 to 47.35% decline to 12.32% of 2009, the company's main business growth rate has become weak, coupled with the company's industry is not a very growth of the sunrise industries, the future is the ability to continue to grow doubtful. In addition, the company 2010 years ago three quarter company glass water utensils wine price per ton 4,623.46 Yuan, kitchen utensils for each ton 5,369 69 yuan, other appliances for each ton 4,909 51 yuan, the above three types of products per 500 grams of the price is only 2.31 yuan,　　2.68 yuan and 2.45 yuan, so low price of products not only reflects the entire domestic glassware industry low-end competitive environment, but also reflects the company's technical advantages. In addition, it is noteworthy that the company's performance data on the income and cost changes in the trend mismatch and other financial anomalies. Pre-disclosure data showed that the company's 2009-year operating income was 38,862, 30,000 yuan, up from the previous year only increased by 12.32%, but the same period of sales costs were significantly increased by 82.83%, management costs also increased by 32.45%.　　In addition, the company accounts receivable increased by 1,420, 410,000 yuan and an increase of 55.24% in the three quarter of 2010 years ago, with a small change in the year 09. In fact, there is a precedent for failed listings because of the mismatch between income and expense trends. August 13, 2010, Zhejiang HALs Vacuum Utensils Co., Ltd., the first Board application was not.　　After the Commission issued the Audit Committee pointed out that the company's main business income growth rate is lower than the increase in sales costs, is one of the important reasons. In fact, the daily and domestic many small glassware manufacturers, the body is in high energy consumption, resource-oriented labor-intensive industries, are faced with financing difficulties and product structure transformation and so on.　　Recently, the Ministry of Industry has just issued the "Daily glass trade access conditions", the production process and equipment, product quality and variety, energy consumption and environmental protection have made strict access requirements, the purpose is to speed up the promotion of daily-use glass industry restructuring and industrial upgrading. The company said in a fundraising project will be 265 million yuan to build an annual output of 35,000 tons of high-grade glassware production line and related skills (0) (0) Comments on this article other comments to launch a topic related information Forum please input verification code to transform, try to change from ordinary glassware to high-end utensils market. However, the relevant industry people have questioned, "the German force Glass main development of the domestic market, but domestic consumers of high-grade glassware consumption desire is not strong, very few people will spend hundreds of or even thousands of dollars to buy these glassware, the future market development risk is great." "Before, after the German-made application for the first time to obtain the CSRC approval, there have been media on the company's development process has been 1 Yuan Capital lock for many years, the new shareholder everything, funds shortage of family collections, such as multiple equity transfer to challenge, mainly for the company as a typical family business, May face the inevitable wind of governance in the futureRisk。