Pihai: The era of technology issue has the benefit of transmission suspicion

November 9 Night, the time of the science and Technology issued a notice, the company proposed to add to the acquisition of large shareholders of the joint investment held by the Universal Spandex 28.835% Equity, after the issuance of the company will hold the world's spandex 72.25% of the shares. In the price of spandex continued to rise in the background, the era of technology to buy spandex assets looks like a good deal.　　However, it is not difficult for investors to find out, through the company's release of a stake-buying asset and associated transaction plan to a particular object, that the transaction has the advantage of conveying interest to major shareholders. The first is the time technology acquired large shareholder assets have performance of water injection suspicion. Time Technology acquired the Sihai spandex is not a good asset. The company 2008 operating profit loss of 12.09 million yuan, the net loss of 6.47 million Yuan, 2009 also only achieve net profit of 8.665 million yuan. However, this year, the company's effectiveness "by Leaps and bounds": 1 ~ September Although the company's operating income of 331.353 million yuan only increased by 7.28%, but operating profit reached 33.1092 million yuan, compared with the annual growth of 267.45%; plus 1~ The net income of 9.3996 million yuan was received in September, which amounted to 36.1512 million yuan for the first three quarters and a 317.21% increase over the whole year.　　It is in this context, the era of technology to buy Sihai spandex, Sihai spandex performance of the authenticity of investors can not but full of doubt. Compared with peers, it can show the disadvantage of the Sihai spandex. In the first three quarters of this year, the gross profit margin of the Sihai spandex is about 10%, while the gross profit margin of Huafeng spandex is 23%, and the gross profit margin of Yantai spandex is 22%.　　However, this is the asset, the era of technology has paid a high price to buy, the acquisition price P/E ratio of 55.93 times times (according to 2009-year performance), which undoubtedly has the benefit of large shareholders to transport the suspicion. Second, the value of the assets of Sihai spandex is significantly higher. According to the announcement, as of September 30, 2010, the book Net assets of Sihai spandex is 346.705 million yuan, the estimated estimate is about 484.9003 million yuan, the value-added rate is about 39.86%. Among them, the increment rate of land is 539.26%, the increment rate of stock product is 35.51%. Because of the current high prices, the value of land is also greatly overvalued, and in the current policy is to strengthen the regulation of real estate prices, who can guarantee the future price and land prices do not fall?　　Large shareholder choice at this time will Sihai spandex shot, is clearly high end of the move, as a listed company's era of technology has a high level of the suspect. Besides, what value can Rolls-Royce give to the time technology? The most absurd is to transfer benefits to major shareholders, and the technology of the Times has even been accepted with 3 of major shareholder's cars, including Rolls-Royce Phantom Extensions, Audi A6 and 1 Ferrari sports cars. A total of 3 vehicles were priced at 9.0692 million yuan. The valuation was even 24.58% higher than the net book value. Time technology is only a meager profit enterprise, the company since 1999For 11 years in a row without paying dividends to investors, why should the company purchase a Rolls-Royce luxury car? In fact, the company last year's profit has only 12.94 million yuan, the first three quarters of the net profit is only 20.03 million yuan, the company's executives have any reason and qualifications to sit such a luxury car?　　Can a Rolls-Royce car also bring profits to the company? In September this year, the SFC issued the "Merger and reorganization of the common issues of audit views on the main points", emphasizing on the fair price of transactions, profitability and forecasting, related transactions, sustainable management capacity and other 10 issues to give specific attention. Now, in the face of the era of technology to the large shareholder asset acquisition, it is the regulatory authorities to implement the "Merger and reorganization of the common issues of the review of the main points of concern".