Potential Heng Xin Chuang Gem Investment is not the biggest mishap

November 16, the potential of Heng Shin Energy Technology Co., Ltd. (hereinafter called Potential Heng Letter) into the gem. However, a senior sponsor said that the creation of the initial potential of the existence of the Trust fund is not real suspicion. This biggest "mishap" may be the "stumbling block" on its way.

November 2003, the potential of Heng letter was established. It is worth mentioning that, when it was set up with High-tech results for the non-patented technology, intangible assets Assessment value of up to 20 million yuan, the proportion of registered capital as high as 67%.

This is much more than the then "Company law" and the Ministry of Science and Technology, the State Administration for Industry and Commerce "National branch of the government" "1999]351" "on the issue of High-tech results of the relevant issues of the notice" (hereinafter referred to as "No. 351" text) in the intangible Assets capital contribution to the proportion The above regulations require that the proportion of intangible assets should not exceed 20% and 35%.

However, the company sponsors Huaxin Securities, issuing law firms in Beijing, the law firm, and the Declaration of Public Accountants in Rui Yuehua Certified Public Accountants Co., Ltd. have all in one voice, the company's actual control of the jinming, such as three of the intangible assets of shareholders for investment, although not the scientific and technological departments of High-tech achievements However, the investment has obtained the approval of the Business Registration Authority, which does not materially affect the validity of the limited initial capital contribution.

In this respect, the Senior sponsor stated clearly, "This is not in line with accounting standards." The registered capital of a company is generally not injected into intangible assets unless the expenditure in the development process can be capitalized. That is, it will be considered if the cost of the development of High-tech products can be collected. ”

"And in the listing review, the regulatory authorities will not because the business sector before the registration, the default corporate funding legitimacy." This only means that the company was established at the beginning there is no standard. The person added.

The financial contribution is not real "mishap"

Senior sponsors believe that the potential of the IPO's biggest "mishap" may be in its "core technology to finance" this point.

According to the prospectus, Beijing potential Heng Xin Geophysical Technology Co., Ltd. (hereinafter said the potential of limited, potential hengxin predecessor) when established, all shareholders for the financing of the physical assets and their common ownership of a proprietary technology, in which the physical assets of the jinming has an evaluation value of 10 million yuan of electronic equipment, proprietary technology is " Three-dimensional AVO technique ".

According to Jinming, Haitao and Zheng signed the "non-patented Technology Division Agreement", the tripartite Agreement, Jinming has "three-dimensional AVO technology" of 70%, Haitao and Zheng have the technology of 15% respectively. All shareholders will use all the "three-dimensional AVO technology" rights they have for their limited potential contributions.

Data show that the company's existing shareholders, Haitao for Jinming brother-in-law, Zheng as jinming nephew.

The "three-dimensional AVO technique" used for capital contribution was provided by Beijing Branch Positive Asset Assessment Limited liability company (2003]064) [Evaluation report of the assessment], September 25, 2003, on the basis of the evaluation date. The evaluation value of up to 20.007 million yuan, electronic equipment in real assets evaluation value of 10.004 million yuan, the value of all capital assets of the evaluation of 30.0111 million yuan.

This reporter noted that the "No. 351" text requirements, High-tech results to the limited liability company or non-corporate enterprises to invest in investment, and continue to implement the Ministry of Science and Technology, the Government of Industry and Commerce promulgated the Joint "new technology results of investment in a number of issues" provisions of the review of the Guo [1997]171] , but the high and new technology achievements in the amount of more than 5 million yuan, and more than the company or enterprise registered capital of 35%, the Ministry of Science and Technology to examine and identify.

According to the document requirements, as the company's core technology financing of the "three-dimensional AVO technology" evaluation value of up to 20.007 million yuan, should be recognized by the Ministry of Science and Technology to fulfill the relevant funding procedures. But the core technology has not been recognized by the Ministry of Science and Technology throughout.

In this respect, Huaxin securities gave the reason is that the company's predecessor limited potential in the Zhongguancun High-tech Park registration is based on the implementation of the January 1, 2001, "Beijing Zhongguancun Science and Technology Park Regulations" and the same year March 2 promulgated the implementation of the "Zhong Guan Cun Science and Technology Park Enterprise registration and registration management measures" carried out.

The reason for the higher proportion of the intangible assets of the company's registered capital is that the company engages in the intangible assets of the business, and the promoter wants to embody it in the company's registered capital.

But at the same time Huaxin securities also clearly stated that the sponsors for the financing of "three-dimensional AVO technology" and not High-tech evaluation and registration, only by the potential of the limited promoter shareholder jinming and Haitao, Zheng on October 31, 2003 issued the "High-tech results of the statement and confirmation," the Manual for "three-dimensional AVO technology "High-tech achievements of the identification, attribution, use and other circumstances are described.

"The so-called High-tech achievements without authority departments to determine, which have their own decisions?" This is too casual. said the senior sponsor.

In addition, our correspondent notes that the three-dimensional AVO technology, which is funded by the company's core technology, is not a proprietary technology.

AVO (amplitude variation with offset) technology is a more than 20-year study history of seismic prospecting techniques for the analysis and identification of lithology and oil and gas reservoirs with the variation of amplitude with offset. At present, a variety of AVO technology research and development of the carrier is mainly embodied in the development of the company's own core software modules. The three-dimensional AVO technique of potential constant letter only applies to the national copyright Administration to obtain the "Computer software copyright registration certificate". As of now, the company does not have a patented technology. Only two patented technologies were declared on March 12, 2010 and no corrections or dismissal notices have been received from the Patent Administration department under the State Council.

Physical Asset Questions

Another question is that, in the potential of the 30 million yuan registered capital, in addition to the core technology of 20 million yuan investment, there are 10 million yuan in physical assets. The crux of the problem is that the 10 million-dollar physical assets are unknown.

Information shows that the company's controlling shareholders and the actual control of the jinming in the establishment of limited potential before the creation of the potential of the constant faith in 1998. April 9, 1998, jinming and his spouse Zhang Ro, mother-in-law Wang Lijun together with monetary funds 1.6 million yuan as a contribution to set up a constant letter potential, of which jinming contributed 1.28 million Yuan, Zhang Ro (jinming wife) and Wang Lijun (Jinming's mother-in-law) respectively contributed 160,000 yuan.

However, after the establishment of Heng Xin potential, limited by the company's registered capital and other factors, business scale has been difficult to expand, poor operating conditions. Data show that the total assets of the potential 2002, the net asset is 4.7051 million yuan and 780,800 yuan respectively, 2002 sales revenue and net profit of 2.846 million yuan and 72,000 yuan respectively.

2001, the Beijing Municipal People's government promulgated the "Beijing Zhongguancun Science and Technology Park Enterprise registration and registration management measures", which stipulates that the proportion of registered capital investment in High-tech achievements does not limit, so as to use intangible assets to increase the registered capital to provide a possibility. In order to better embody the value of intangible assets, and fully enjoy the preferential policies of Zhongguancun tax, jinming and other decisions to cancel the potential of the permanent letter, a separate new company.

But the odd thing is that a small company with a net profit loss and an asset size of millions of is suddenly out of 10 million yuan in real assets as it prepares to write off the potential for a permanent letter.

In this respect, the company said, 10 million yuan of electronic equipment are jinming in the name of personal purchase, the actual use of the potential business development, is not in the book on the potential of Heng Xin. Jinming buys the above electronic equipment the source of funds mainly is its own fund and the friend borrows money.

The company explained that the main reason for this is: the potential comprehensive strength of the constant letter is relatively weak, normal business to obtain cash flow is not enough to buy large fixed assets, and no strength to obtain bank loans or other funds. Therefore, as the controlling shareholder and the actual control person, Jinming uses its own funds and friends to purchase the relevant electronic equipment in his own name, and provides the potential use of the constant letter free of charge to promote the benign development of the company's business.