Re-investigation of Taiyuan Corundum: Performance fog under high guarantee

Following last week NetEase finance launched the "Taiyuan Corundum concealed significant investment in the transfer of profits", according to NetEase Finance from Taiyuan Corundum office learned that the current Shanxi Securities Bureau has asked Taiyuan Corundum to its subsidiary of Zhejiang Ying Rockwell Magnetic Industry Co., Ltd. asked to conceal investment matters. and NetEase financial further found that similar concealment is not an example, another issue with foreign investment to enter new energy investments again surfaced. Why does Taiyuan Corundum frequently withhold investment from its subsidiary companies? is the subsidiary far beyond Zhejiang or is there something else? Where do the subsidiaries come from? Behind the fog, is it the capital player's big axe to empty the listed company?　　(This sentence, Geng teacher see appropriate) NetEase Financial exclusive investigation for you to uncover the mystery. Another hidden investment June 22, that is, Taiyuan Corundum joined the Korean Thai Chang N.E.T Company into the new energy industry 20th days later, the Korean Thai Chang n.e.t company appeared in Zhejiang Dongyang, however, he and Taiyuan Corundum wholly-owned subsidiary of Zhejiang Ying Rockwell Magnetic Industry Co., Ltd. (hereinafter referred to as "Zhejiang English Rockwell"　　) to join hands. That is, on the same day, Dongyang Daily made a front-page headline with the South Korean Thai Chang N· E.　　T Co., Ltd. has teamed up with the British Rockwell magnetic industry into wind power equipment industry. According to the Dongyang Daily report, Zhejiang British Rockwell Magnetic Industry Co., Ltd. Chairman Shang and South Korea Thai Chang N· E. T Co., Ltd. President Chi Renhu together to build a wind power equipment industrialization Project, which marks the official Ying Lohua magnetic industry into the wind power equipment industry. According to the report, the first phase of the project investment 100 million yuan.　　After the implementation of the project, the production capacity of 1000 units (sets) of small and medium series wind power generators and wind and solar power related devices can be formed, and the new annual sales revenue is 300 million yuan. "Why is there such a large investment in the project that Taiyuan Corundum has no announcements?"　　"A Taiyuan corundum investors again to NetEase Financial express his dissatisfaction and puzzled." To this end, NetEase Finance as an investor asked Taiyuan corundum Board office, after several calls to the company investor Relations Telephone, finally contacted the office of a female staff.　　She said, "At present she does not know this thing, such as leadership back, and then to the leadership to understand, when NetEase finance asked, specific when you can get the answer, the person said, she is not sure, and as of NetEase finance today, also did not receive any response to Taiyuan Corundum. In fact, according to the June 3 Investment Bulletin of Taiyuan Corundum,　　Taiyuan Corundum and South Korea Thai Chang N.E.T Company to invest in the formation of Sino-Korean joint venture Zhejiang corundum New Energy Co., Ltd., the new energy company registered capital of 30 million yuan, Taiyuan Corundum to cash capital of 22.5 million yuan, n.e.t company to the patented technology investment 7.5 million yuan, accounting for 25% of the registered capital. In addition, NetEase Finance in June 12 Dongyang News Network released a Dongyang of the 8 plots of the state-owned construction land use rights of the public information found, newly established in Zhejiang corundumThe New Energy Co., Ltd has bought 47,000 square meters of industrial land for 104,000 yuan in the ping ' an community of the town of Hengdian town.　　And for this buying behavior, Taiyuan corundum still no information bulletin. "According to our securities law and the listed company's information disclosure system, the listed companies ' investment situation, the listed companies must carry on the announcement," said an unnamed law firm partner to the NetEase financial analysis, according to the "Listed Companies information disclosure management measures," 37th section tenth requirements,　　The listed company should establish the Information Disclosure Affairs Management system, the Information Disclosure affairs Management system should include the Information Disclosure Affairs Management and reporting system involving subsidiaries.　　The worry of high guarantee whether it is a major investment in Ganzhou in the last period of 400 million, or just surface of the wind energy Equipment project investment, as a wholly-owned subsidiary of Taiyuan Corundum, the Zhejiang British Luo Hua can so rich shot, capital and from where?　　According to the 2009 Annual report of Taiyuan Corundum, Zhejiang British Rockwell Magnetic Industry Co., Ltd. registered capital of 60 million yuan, main NdFeB magnetic materials and related magneto-electric products, as of December 31, 2009, the total assets of 942 million. From 2007, 2008, 20,093 years of performance, Zhejiang British Rockwell as a subsidiary of Taiyuan Corundum, but also for its contribution to the most profitable subsidiaries, three-year net profit of 24.6017 million, 10.4364 million, 21.5536 million, in contrast, Taiyuan Corundum 2007, 2008,　　The net profit for 20,093 years is 8.5359 million,-189 million, 10.22 million. As early as 2003, Hengdian Group became the largest shareholder of Taiyuan Corundum, and its wholly-owned subsidiary Rare earth Permanent Magnet material General factory (after renamed to Zhejiang British Rockwell Magnetic Industry Co., Ltd.) injected into Taiyuan Corundum.　　June 28 this year, Taiyuan Corundum to 4.5 million yuan at the price of corundum international trade holding Zhejiang British Rockwell 7.5%, after Zhejiang British Rockwell officially become a wholly-owned Taiyuan Corundum subsidiary. However, since 2002 Hengdian Group has become the actual control of the Taiyuan Corundum, the development of Taiyuan Corundum has been depressed, the injection of Rockwell in Zhejiang, has not made a change for Taiyuan corundum, but worse.　　On the other hand, a thriving subsidiary, but a deteriorating parent, what is the heavy burden of this "mother" so overwhelmed and sluggish? NetEase Financial fine number from 2002 Taiyuan corundum all announcements after the surprise found, from the 2002 Hengdian, Taiyuan Corundum began to provide the Hengdian group mortgage, single from 2002 to 2008,　　The amount of up to 611 million, in this 6 years, Taiyuan Corundum Equity was pledged or guaranteed a total of 15 times, during the period, but also for Hengdian group to obtain bank loans were pledged, for the Zhejiang British Rockwell secured loans. According to the 2009 Annual report, Taiyuan Corundum total liabilities amounted to 1.175 billion, of which, short-term loans for 433 million, divided into mortgage loans, guarantee loans, and the other notes payable to reach 344 million, shouldThe payment is up to 104 million, others should be paid to 220 million.　　Among them, the single 2009, Taiyuan Corundum to book the original value of 15.74 million yuan of land use rights as collateral from the Huaxia Bank Hangzhou Liberation Branch for Zhejiang British Rockwell won the short-term loan of 50 million yuan. Similarly, 2008 Taiyuan Corundum to book the original value of 19.8 million yuan of land use rights to provide collateral, for Zhejiang British Rockwell to obtain short-term loans of 30 million Yuan, 2007, Taiyuan Corundum for Zhejiang Rockwell Magnetic industry to provide a guarantee of 20 million yuan.　　If the 2007-2009-year three-year calculation, Taiyuan Corundum has its own land use rights for Zhejiang British Rockwell to obtain a total of 100 million of the secured loan, accounting for the company's 2009 net assets of 235 million 43%. In fact, high security has been the capital market as a major shareholder hollowed out listed companies, a profit axe, in particular, the capital of XX department behind the player is familiar with this way (and this sentence, to see if appropriate), according to the 2010 SSE a group of statistics show that Shen listed companies in the presence of large shareholder guarantee situation of the listed companies have 155　　, accounting for 30.1% of the total, the city company for major shareholders or subordinate companies to provide a guarantee of nearly 30 billion yuan, accounting for the relevant listed companies more than 10% of net assets.　　Performance fog so opaque information disclosure, as well as heavy security, Taiyuan Corundum, the once known as "Asia's largest corundum production enterprises" gradually forgotten by the market. And with "Magnetic King" laudatory name of NdFeB, in emerging energy and new energy vehicles and many other new energy concepts driven, but has gradually become the focus of the market.　　NetEase financial discovery, the single Wanguo Institute has issued too many of the neodymium iron and boron industry in-depth analysis report, which also mentioned Taiyuan Corundum. "We just mentioned Taiyuan Corundum, but no research on it," Wanguo Nonferrous metals industry analyst, said in an interview with NetEase Finance.　　At the same time, Taiyuan Corundum production products are still concentrated in the middle of the field, from the product performance, but also belong to the traditional metal materials, not new materials. "Why study this stock?"　　I have not looked at him for many years ", in the face of NetEase Finance asked whether it is optimistic about Taiyuan Corundum, another reluctant to be named Securities Company's material industry researchers to NetEase Financial said has been for many years no longer research Taiyuan Corundum. Asked why, the analyst said, the most let him not understand the production and technical level of the Taiyuan Corundum NdFeB, the personage pointed out, as the Yong Magnetic materials industry listed companies, he has no way to know Taiyuan corundum Neodymium Iron and boron production to how much? Does production technology reach high-end level? How much is the market share of high-end products produced by the company itself?　　"It can be said that the development of its performance is a fog, in the industry is so good, the company's performance is still falling, do not rule out management issues," the analyst said. And today is Taiyuan Corundum held its first shareholder meeting in 2010, to consider Taiyuan Corundum in June 30 announced the proposed 22.5 billion yuan price stripping its Taiyuan Corundum Real Estate Development Co., Ltd., but also let people do not understand is that the assignee was an insolvent company.