New mechanical and electrical illegal acquisition of chenguang plastic forehand increased backhand play peel

Financial weekly IPO laboratory researcher Guo Jitung/Wen pressure vessel manufacturer Branch new electromechanical head Lin Yu Hua actually has been very tangled. Condensed Lin's three brothers half of the work of new mechanical and electrical, with a paper prospectus announcement, began to enter the public eye. Branch of the new electromechanical set up more than 13 years, the business direction of the frequent dendrite, or is in the backhand selling subsidiary companies, or cheerfully involved in agriculture to the loss of the end of the write-off.　　Ambition and anxiety, enter and retreat, give up and abandon, tangled up in it.　　Now, determined no longer "left and right", determined to do the pressure vessel of the new mechanical and electrical, in the face of competitors inside and outside the "sinister" situation, how to stand out, no doubt let people Khanyi. Xianzhanhouzou, illegal acquisition of Chenguang Plastic Equity 1997, Branch New Limited (branch of the new electromechanical predecessor), the main pressure vessel type of equipment design and manufacturing.　　5 years later, the new limited will reach the plastic field of tentacles. March 15, 2002, Branch New Limited, China Blue Chenguang Chemical Research Institute and its trade unions and other 3 corporate shareholders, as well as Lin Yu Rong, Chapilong, furnishing and other 15 natural shareholders jointly funded the establishment of Chenguang plastic. Chenguang Plastic is a state-owned holding company, the China Blue Chenguang Chemical Research institute accounted for 23.33%, new limited accounted for 23.11%, the Sino-Blue Chenguang Chemical Research Institute of Trade unions accounted for 16.67%.　　Among them, China Blue Chenguang Chemical Research Institute for the Chinese Blue Star Group (superior unit for the group) subordinate units. "Bide the years" after 4 decades, the new limited began a big increase in capital of the morning plastic. August 30, 2006, the new division and the Sino-Blue Chenguang Chemical Research Institute, Lin Yu Rong, Lin Yu Fu, Furnishing and Chapilong signed the agreement on the transfer of shares, the acquisition of Chenguang Plastic 23.33%, 6.28%, 6%, 6% and 6% of the equity, the acquisition price is 988,730, 266,150,　　254,300, 254,300 and 254,300. It is intriguing that the transfer of shares in the operation of the illegal action.　　First, when the agreement was signed, the transfer was not approved by the two parent units of the China Blue Chenguang Chemical Research Institute. Second, the transfer of equity is not in accordance with the relevant state-owned assets disposal policy provisions in the equity exchange listing, but directly handle the registration procedures for industrial and commercial change.　　Both of the two conditions have not yet met, the new limited and the Chinese Blue Chenguang Chemical Research Institute hastily completed the transfer of equity, for the new limited twists "supplementary procedures" buried hidden dangers.　　Forehand overweight, in March, and lightning backhand transfer "first get in the car after the ticket" The play is officially staged, the new limited began to take remedial measures.　　October 12, 2006 and May 15, 2007, the Blue Chenguang Chemical Research Institute has finally obtained China Bluestar (Group) corporation and China Chemical Group to agree with the Chinese Blue Chenguang Chemical Research Institute to transfer its possession of the Chenguang plastic shares. Since then, the Sino-Blue Chenguang Chemical Research Institute in August 2007 on the light of the light of the transfer of plastic shares in the Beijing Equity Exchange listing, during the listing "happened" only the new limited one intention byThe assignee.　　Finally, the transfer price is set at 1.0566 million, according to the previous oral agreement, the Division of the new limited to 67,870 yuan for the difference delivered to the China Blue Chenguang Chemical Research Institute.　　At this point, the new limited to chenguang plastic shareholding increased to 70.72%, into the largest shareholder.　　To the people's surprise, only after three months, the new limited "whim" will be laborious twists and turns of the light of the morning plastic equity "clearance"-the morning light plastic 70.72% of the equity in the total price of 3.1825 million yuan and Lin Yu Rich and Chapilong two natural persons. The show is not over yet.　　November 30, 2007, Chenguang Plastic 70.72% Equity of the corresponding book net worth of 4.7129 million yuan, and equity transfer price exists 1.5304 million yuan difference. Therefore, two years later, June 5, 2009, the new Limited again deduction "first get on the bus", and Lin Yuhua, Lin Yu Rong, Lin Yu fu, Furnishing, Chapilong signed the "Equity transfer compensation agreement" by the five natural persons to the company to pay the above difference.　　The explanation given in the new department's electromechanical prospectus is "to better protect the interests of the company". It is quite interesting that, after three years of equity transfer and compensation, involved in the "protagonist" and "behind the scenes" are now the new mechanical and electrical current shareholders. Between natural and legal persons to switch back and forth, will be a struggle to get the stock of the whole sale, what is intended?　　New limited forehand to increase the backhand transfer of the practice of people confused. And branch of the new electromechanical "prospectus" to give a slightly far-fetched explanation, "Chenguang plastic business with the company's main business is not relevant, in order to highlight the company in the pressure vessel equipment and pipe product design, manufacturing business characteristics and competitive advantage, so the new limited possession of the Chenguang plastic 70.72%　　The equity is transferred according to the registered capital at the time.　　Blindly involved in agriculture, the loss of the end of the write-off so toss is not only the Chenguang plastic, branch New limited 7 years ago set up a subsidiary of New Agriculture also staged a similar story. 2003, the main business is still the pressure vessel of the new limited, "whim" to engage in the field of agriculture, and Wei Huachun and other 25 natural shareholders to set up a new branch of agriculture, main crop cultivation.　　Among them, the new branch of the total capital contribution of 60%, the remaining 25 natural person shareholders accounted for 40%.　　March 1, 2006, the new branch limited to 400,000 yuan by the new branch of agricultural 25 natural shareholders, the proportion of shares increased to 100%. Unthinkable things happen again.　　Only two months after the increase, due to new agricultural mismanagement, serious losses, the new limited decision to cancel it, and on August 1, 2006 obtained the approval of the Industrial and Commercial registration Department of cancellation. It is puzzling that, on the transfer of shares on March 1, 2006, the financial position of new agriculture was quite "messy" and its assets recorded a loss of 518,600.　　In the face of such a mess, branch new Limited why should overweight? More than 10 years, the main business of the pressure Vessel Equipment branch of the new electromechanical, repeatedly rushed to attackThere are no unrelated areas, hasty and reckless, which inevitably ends in embarrassment.　　Such strategic development logic, can not help but let people on the listing will be "relapse" is suspicious.　　Rely on Oriental electric, dwelling in the West as geometry? However, after the attention returned to the pressure vessel, the new electromechanical had to face the fierce competition situation. From 2006 to 2008, the new mechanical and electrical pressure vessel equipment market share of 0.35%, 0.38% and 0.43% respectively.　　Among them, the 2008 new mechanical and electrical pressure vessel products in the western region of professional manufacturing enterprises in sales revenue only ranked sixth.　　According to China Chemical Equipment Association statistics, from the national pressure vessel Industry regional distribution, 2008 East China Market share of 43.87%, northeast China's market share of 23.87%, while the western Region market share is only 5.44%. Such a low market share, to the east and central development, the new mechanical and electrical rely on what and many large enterprises to compete? At present, foreign multinationals have entered the domestic market through joint ventures.　　If continue to humble abode in the west, domestic and foreign giants once into this excavation potential of a huge market, the new mechanical and electrical competition with them the odds geometry? In addition, the new mechanical and electrical machinery is also facing a high degree of customer concentration risk. According to the prospectus disclosed that the new mechanical and electrical 2007, 2008 and 2009 of the company's top 5 customers sales accounted for the same period of main business revenue ratio of 67.23%, 54.67% and 52.3% respectively.　　Among them, from the Eastern Electric group subordinate enterprises accounted for up to 50.96%, 47.53% and 33.45% respectively. In addition, from 2007 to 2009, the new branch of Mechanical and electrical and subsidiary due to the Western development, enterprise technology reform and Wenchuan earthquake, such as enjoy a number of tax concessions, the cumulative income tax relief 30.0106 million. Between 2007 and 2009, the proportion of income tax credits to total profits was as high as 37.07%, 28.11% and 28.56% respectively. 2009 years later, these taxes will expire, and the new mechanical and electrical benefits of tax concessions will never be a good day.