Roe Island 800 million big loss truth: Be suspected falsely increase inventory capital chain to break

Financial Weekly reporter Wu Xuguang Tansudan Dai Jianmin/Dalian, Shenzhen East longitude 124°47′, north latitude 39°03′, this is the focus of the capital market, is also the origin of the story. 7.4 billion scallops were missing, butterfly wings, 800 million huge losses and 43,301 shareholders. In the face of this deep sea black hole, inventory, capital chain question is rife. The Roe, which lurks behind the island, "declined to comment", with more than 300 research reports of only 1 "sell" ratings, the East China Sea securities are in a bad position. East longitude 124°47′, Latitude 39°03′, this is the focus of the capital market, is also the origin of the story. The benefit of typical maritime climate brings the "gift", Dalian Changhai County Roe Island Town, become the world's best known sea treasures of origin. Winter in the November Sea Breeze rivalry, more than half of the women's head wrapped scarf royal wind, bright colors. The original harvest season is due to Roe Island (Roe Island Group Co., Ltd.) of the "absolute production" cast a Shadow. 7.4 billion scallops were missing, butterfly wings, 800 million huge losses and 43,301 shareholders. In the face of this deep sea black hole, inventory, capital chain question is rife. Butterfly wing: Huge loss 800 million from Dalian Port to the east, take "Roe Island 1th passenger rolling boat", through the canton Kashima, large Changshan, about 3 hours to reach Roe Island. Small town area 15 square kilometers, the population does not surpass 15,000, the roundabout only two bus. And here, October 30, Roe Island, the "Black Swan" incident, the company's first three quarters loss of 812 million yuan. According to the company, the end of 2011, the shrimp failures scallop, the total seedling volume of 7.4 billion, 80% died. For the cause of the accident, the company pointed to the "natural disaster"-the North Yellow Sea cold water group invasion. It is understood that the so-called North Yellow Sea cold water group, refers to the edge of the water with the periphery, with a low temperature, salt difference for its main hydrological characteristics of the dominant in the Yellow Sea in the middle of a water body. Dalian Ocean University, an expert to the financial weekly reporter introduction, with the Roe Island as the center, the radius of 4 nautical miles is its marine pasture, a total of 3.5 million acres, including three outer islands, Dalian Island, Big Shang, small Shang (three small islands attached to Roe Island), and the sea north of the border with the Sea island in the east. "And in these waters, on the south side of the area of the nursery area larger", the explanation said, "The seabed environment is complex, in addition to close to the cold water regiment guarding outside, there are some areas of the seabed there is mud regiment, not suitable for the culture of shrimp, scallop, because the fishing is large mud, scallops easily die "South," said Roe Island Company Dong Sun Fujun to reporters, "the south of Roe Island, the southwest Sea." "For local disaster Troubler, Roe Island group executive director of marine Pasture Business Group Liang explained," one is because the affected area or from the North Yellow Sea Cold water Group of the central region is relatively close, the impact is greater, and then there is the lower age scallop relative to the growing scallop has a stronger adaptability, so the 2013 end of the part of the seeding was unaffected. However, when the reporter asked where the cold water regiment came from and why only the Roe Island group had been affected by the disaster, Roe Island executives had silenced them. GroupSun Kun, director of the Office of the Financial Weekly reporter said that he is a dry sales, on the cold water group problem, reporters should go to the company related departments, experts and scholars to understand the situation. The head of the securities department is flashing to reporters, "you read the bulletin carefully." But all the announcements since October 31 have not been answered. Subsequently, the reporter sent text messages to the company's chief Sun Fujun, but as of press did not get any reply. "Although Roe Island is just on the north side of the cold water Regiment, it does not explain the immediate cause of the death of the scallop," he said. Ocean University, Ph. D., a doctoral tutor Dong Jilin, who has been in aquaculture for many years, has said publicly. The Dalian Ocean University experts said, "Roe Island production is an indisputable fact, may also have cold water group factors, but the comprehensive view of the reason is more complex, may involve all aspects of the problem." "Cold Water Regiment: Seafood companies in the same sea area unheard of, however, a local visit by a financial weekly reporter found that many locals knew little about cold water and even questioned it. "I've never heard of any cold water regiment, and we've had a disaster, but only a few floating raft farmed seafood has been affected, but the impact is not so great. "said a fisherman on Roe Island. October 31, the disaster description meeting, the participants introduced, not only the local Roe Island was affected, Changhai County fishery all suffered from this problem. In this regard, the Changhai County government issued a series of support and subsidy policy, but the policy does not include the distance from Roe Island near the ocean island. It is understood that Dalian Ocean Island Aquatic Group Co., Ltd. (referred to as Ocean Island Company) Sea latitude and Roe Island approach, the main business. The reporter understands the "disaster situation" of the ocean island through Changhai County officials. The official said, "The latest news is that the sea of marine operators have found that the 2011-Year-old scallop has been affected by the cold water Regiment, but has not been released, now the company's Chairman and the Secretary of the Board are abroad." "At the same time, the reporter contacted the exhibition in Qingdao, the Sea Island live Fresh Sales department, the head of the phone, said to reporters," We are not affected by cold water Regiment. and repeated the confirmation to the reporter. The official said that the company into the November is the seafood sales season, sales are very impressive, "only shrimp scallop, our monthly sales of about 5-6 million." At the same time, the reporter calls with the Bohai Gulf of Yantai listed companies Orient Maritime Securities Department, its staff said, "Our company is the main sea cucumber, in Roe Island, after the outbreak of cold water Regiment situation, we also to the company's aquaculture sector emergency inquiries, the result is that we did not suffer from cold water Regiment "For the Roe Island shrimp scallop disaster, she also questioned," may be our sea cucumber sowing water shallow, about 20 meters, and their shrimp scallops are in the 40, 50 meters of the Sham Shui Po. "Even on the island of Roe Island, the impact of millions of acres of scallop production on the market is negligible." Located in the Roe Island sandbags Village Square next to a Roe Island seafood store, simply placed a rowScallop, very homogeneous, about 10 cm in diameter. According to its sales staff, "price per catty 33.5 yuan." The price of the holidays may be slightly more expensive, about 35.5 yuan. The price of this period is basically unchanged. "4 years, 13 senior executives left the Roe Island group's huge losses, let the islanders deeply chilling." In fact, it has been a painstaking effort by many generations to trace the development of the group. As early as 1958, Roe Island was a people's commune, living a "Shing" era of collective economic life. Until the beginning of 2001, Dalian Roe Island Fishery Group Co., Ltd. was restructured into a joint-stock company, realized the separation of enterprises and enterprises. June 3, 2002, as Roe Island town party secretary and Roe Island Fishery Group Co., Ltd. chairman of the Wu Hougang unloaded the administrative duties, become a full-time professional manager. September 28, 2006 landed a-share market, which is now Roe Island, registered as Changhai County Roe Island Town Sandbags village, overnight, the entire town residents have become Roe Island's shareholders. Local fishermen Liu Fucai (a pseudonym) to the Financial weekly reporter, this piece of sea water deep, stormy, suitable for the culture of shrimp scallops. In fact, the whole island relies on farmed shrimp scallops. There are two nursery farms, six farms and one aquatic processing plant on the island. A Roe island staff and for the company's small shareholders, Ms. Bu told the Financial Weekly reporter, "in the nursery farm work, good year, one months to earn about 2500 yuan, the end of the dividend, but not much, seven thousand or eight thousand dollars." "At the end of the year, there is no more than 40,000 dollars for the deduction of various fees." "In the face of the poor harvest this year, Ms. Bu worries heavily," if the group will cut wages again, no one will be willing to do it. "In the blue uniform of the Roe Island group, staff Zhang told reporters," November 2 the same day, the company's internal bulletin, said the production was affected by cold water Regiment. At the meeting, the company described the disaster situation, causes, the company's current operating conditions and future expectations and planning. "Financial weekly reporter field visit found that every morning, sandbags village small square will gather the elderly people, they privately discuss this year's losses." The villagers are amazed at the "Roe Island group", but they are more concerned about the company's future development. In their view, Roe Island group today, is the island every employee brick accumulated. Tracing the history of Roe Island for nearly three years, the development is not smooth sailing. After 2009 years of explosive growth, the Roe Island's performance has stepped down. In 2012, Roe Island realized its operating income of 2.617 billion yuan, down 10.92% from 2011, net profit of only 117 million yuan, compared with 2011 net profit of 498 million yuan, a year fell 76.49%. After 2012 years of "performance diving", Roe Island did not regain its vitality in 2013. According to the annual report, the company realized operating income of 2.621 billion yuan in 2013, achieving a net profit of 94.9428 million yuan, down 8.27% year-on-year. Company performance is significantly lower than market expectations. For industryThe decline of performance, Roe Island explained, "The shrimp in the scallop unit per MU decline caused by the steep, floating raft culture of abalone affected by typhoons." An in-house breed denies it. A company from professional management to the financial weekly reporter pointed out, "there are some corruption inside the seed, this is the culprit." "Another investor doubts that," the Misting nursery work is Wu Hougang's younger brother Wu Hou Remember, probably did not throw so many seedlings. "In this respect, Roe Island securities staff denied that" the bottom of the marine pasture, sales, there is a basis for investigation, according to the basis. "It is understood that Roe Island in the local more like a family business." Inside the company, Wu's three brothers in charge of the company's main business, including Chairman Wu Hougang's brother Wu Houjing in charge of abalone business, brother Wu Hou is mainly responsible for the acquisition of scallop seedlings. For the corruption of seed, Roe Island Dong Sun Fujun said, "serious misrepresentation." "Nevertheless, it is an indisputable fact that there are loopholes in the management of the company." Wu Hougang has publicly stated that the company does have a place where governance is inappropriate. In fact, one or two of the company's senior turnover in recent years, as well as the frequent substitutions of the company's main positions, can be seen. As early as 2010, the company left 3 executives, 4 executives left in 2011 and more than 6 executives in 2012. September 2013, Roe Island issued a notice, the company's executive president, Mr. Cai Jianjun, for personal reasons, on September 4, 2013 to the company's board of directors submitted a resignation report. It is worth mentioning that in this series of turnover, Wu Hougang's brother, brother's position has changed. It is understood that the main responsible for the acquisition of scallop Fry brother Wu Hou has left the company. The former responsible for the acquisition of scallop Fry Business Unit, after a realignment into the marine pasture Business Group, by the company's CEO Liang management. and Wu Hougang brother Wu Houjing transferred to "sympathizers" as a senior engineer, without its abalone Business department general manager of the post. At the same time, the current structure of the company compared with 2011 years, there have been significant changes. Roe Island inventory ills difficult to eliminate "corporate governance", the question is also "high inventory problems." Wang Shiseng, a private-equity analyst, told the Weekly financial report, "In recent years, Roe Island inventory has been rising, and the company's operating cash flow performance is not good, the investment activities of cash outflow is increasing, the company's cash is mainly financed by cash flow support, it is likely to have a false increase in inventory suspicion "According to information, Roe Island Inventory growth, the main reason is attributed to the increase in the bottom of the shrimp scallop, while its total assets accounted for high." According to the Financial weekly reporter statistics, Roe Island's inventory has undergone three leaps. 2006-2008, the inventory size of Roe Island was 389 million, 763 million, 990 million, and total assets accounted for 31.41%, 48.41% and 54.41% respectively. 2009-2010, inventories were 1.173 billion yuan, 1.716 billion yuan respectively, the proportion of total assets 51.37%, 46.3%. 2011-2012, Roe Island inventory of 2.358 billion yuan,2.45 billion yuan, total assets accounted for 53.35%, 49.77%. At the end of 2013, Roe Island inventory amounted to 2.684 billion yuan, accounting for total assets of 50.5%. "The stock was high overnight and returned to liberation. "In the face of Roe Island's sudden bad, there are investors demanding millions of acres of scallop loss" to die to see shell. In fact, the current domestic a-share market of fishery companies in the eastern Ocean, good home, the National Union aquatic products, such as several of the inventory amount is not low. Good head balance sheet shows that the amount of inventory reached 1.42 billion yuan, accounting for more than 30% of the total assets of 4.58 billion yuan. The eastern Ocean, which was similar to the previous one, reached 908 million yuan at the end of the three quarter and accounted for more than 30% of the total assets. The third quarterly Bulletin of aquaculture shows that inventories exceed 1 billion, accounting for more than 40% of total assets. "The stock of fishery enterprises is relatively high, it is a common phenomenon," said a senior executive of a South China fishery company to the financial weekly. "The listed company executives explained to the financial weekly reporter that accountants in the sea area of hundreds of acres, only through the sampling method to achieve the audit, which also caused the audit inaccurate." The concrete operation method is, by dividing several different regions, then carries on the field investigation, uses the sampling sample to speculate the whole sample. "I suggest that investors prudently invest in the problems of agricultural companies ' inventories, which involve complex and even invisible biological assets. "The executive said. The capital chain is shaken and the current Roe Island is in the midst of an unprecedented crisis, the company will likely face a steady increase in bankruptcy, market capitalisation slump, the question of tight funding chain. It is understood that the Roe Island in recent years business expansion and capital expenditure required funds mainly rely on bank loans and short-term financing vouchers to solve the limitations of financing channels so that the ratio of asset-liability ratio, interest-bearing liabilities to the total assets of the proportion continued to be relatively high level. 2011 to 2014 September, the Roe Island at the end of each phase of the asset-liability ratio of 38.5%, 48.04%, 54.07% and 71.43% respectively, in the 8 aquaculture industry listed companies are the highest level. 2011-2013, the proportion of interest-bearing liabilities in Roe Island amounted to 47.39%, 75.04% and 98.25% respectively. Roe Island has tried to refinance the pressure of the capital chain. Companies in 2006 and 2011 through IPOs and targeted additional fund-raising 708 million and 800 million yuan. At the same time, Roe Island in 2010, 2012 and 2013 have issued a 4-time short-term financing coupons. According to statistics, the listing so far, Roe Island has been from the capital market has been financing more than 3.3 billion yuan. This year's June price increase may be an important factor in the success of the increase. Data show that the Roe Island before the price of 15.46 yuan/shares, if the recovery of more than three of the fall, Roe Island's share price will fall below 12 yuan, below the fixed increase of 12.6 yuan/share of the issue price. In fact, the Roe Island is facing severe financial pressure, as of 2014 three, the total debt of Roe Island amounted to 3.799 billion, itsThe current liabilities are 3.027 billion, short-term loans are 2.682 billion, and the company accounts for only 821 million of the money. At the same time, bank loans and short-term financing coupons have also brought high interest payments to the company. 2011, 2012, 2013 and 2014 1-June, the company's interest expenses are 33.3686 million yuan, 55.589 million yuan, 74.1948 million yuan and 47.7987 million yuan, respectively, accounting for the current operating profit ratio of 5.37%, 39.55%, 91.82 % and 101.61%. In addition, Roe Island controlling shareholder also appears certain capital risk. The announcement shows that at present, the company's controlling shareholder Changhai County Roe Island Investment and Development Center holds the company unlimited conditions of circulation 325.4288 million shares, accounting for 45.76% of the company's total equity, and holding shares in the holdings, in the pledge of the cumulative number of shares of 219.93 million shares, accounting for the company's total capital 30.93 %, that is to say, the Changhai County Roe Island Investment Development Center holds 67.59% Roe Island shares in the pledge state. At the same time, the company's second and third largest shareholder Changhai County Roe Island Investment Development Center, Changhai County Roe Island Dalian Economic Development Center holding Roe Island Unlimited sales of 77.95% and 35.91% of the circulation of shares in the pledge state. The Changhai County Roe Island Investment Development Centre may be required to add additional collateral if the Roe Island complex declines sharply. Analysts report "face" until the Black Swan incident, many analysts have defected to say that Roe Island is not suitable for investment. However, the financial weekly reporter comb found, according to the wisdom of investment research data, since the Roe Island 2006 listing, the domestic more than 50 Securities Institute total published more than 300 Roe Island of research, ratings for "strongly recommended", "recommended", "overweight." Among them, credit Securities analyst Zhaoqin, Yang Tianming push "Roe Island" the most fierce. In more than 300 research papers, and only UBS Securities in January to Roe Island to make a "sell" rating. According to the Financial weekly Reporter statistics, in all concerned about the Roe Island Institute of Securities, Haitong Securities, Qilu Securities, Wanguo [micro-BO], National Gold securities, China-created securities issued Roe Island stock Number ranked in the forefront, respectively, reached 28, 26, 19, 18 and 17 articles. Among them, Hua Chuang, Guo Jin has not had the Roe Island stock Research report since April last year to publish. This year, UBS, Qilu, Citic issued 5, 5, 4 Roe Island Research Report, ranked in the top three. A beijing-based brokerage analyst who has been to Roe Island, said, "before writing the paper, sometimes did not personally to the company, even to the Roe Island, but also the company to us to introduce the situation, to the field investigation of seedling situation is not realistic." "From the Roe Island," the Investor Relations activity record, this year, there have been 11 batches of institutions or small and medium-sized investment to Roe Island research, in addition to Yunnan Province, Kunming, Dalian Development Zone Golden Beach Street, the rest of the address is shown as the Secretary of the Board of Directors office. As a matter of factThis year, the agency in 11 of the Roe Island survey, almost every time there are organizations on the "yield of shrimp in the scallop yield" issues related to questions, and Roe Island every time the reply is almost the same. Roe Island, said that since 2012, the company began in accordance with the "good seedlings according to the standard precision delivery of quality waters, to ensure healthy survival," the bottom seeding strategy for the spread of the bottom, according to the 3-year round of shrimp Scallops production mode, the effect will be reflected in 2015. According to the stock survey, the survival rate of the scallop shrimp has increased significantly. This response has also become an opinion of the Institute. On March 18 this year, UBS Securities, Wang Peng, research Roe Island, on the same month 24th, published "Bad digestion, up to neutral" research report, from the scallop yield and unit price is expected to promote long-term, brand potential is still improving, as well as the expansion of subsidiaries and new equity incentive three aspects overturned January 2 published "Performance under pressure, Downgrade to sell the opinion in the paper. The only "sell" of Roe Island was only 2 months old. In addition, Citic Securities in the summer, Minsheng Securities Wang Yu in 1 this year July-2nd and July 14 Roe Island after the investigation of the Roe Island, which, in the summer, said, "Roe Island yield of the trend of a clear, 15 ushered in a resumption of ascension." Wang Yu said, "2014 from the shrimp production trend of scallop mu rebound." In the one months before the "Cold Water Regiment", Galaxy Securities also published a report entitled "15 per MU yield is expected to rebound," market + resources "strategy for steady improvement" of the research. The outbreak of the gun "Black Swan incident" by institutional investors has made people wonder "who was shot" and "who survived". According to wind data, the largest amount of "financing" has been concentrated in September-October this year. From September 5 until the suspension, the average daily financing amount amounted to $22.1829 million. This is not common in other months, in the past, "financing buy" more than "million" level. The huge loss event will undoubtedly bring disaster to the financiers. According to the industry analysis, according to the current maximum lever level, if the Roe Island after the 5 fall, and financiers do not add margin or collateral, will be forced to close the warehouse, which means that the financing of buying will not return. However, there are also "survivors". According to wind data, the shares of the two-tier Roe Island market fell continuously in October, before the suspension of business for 4 trading days, from $16.35 per share from October 8 to $15.46. During the period, the margin sales accumulated about 150,000 shares. This set of data is comparable to the "margin sales" in other months. Financial weekly Reporter statistics found that this year, the average trading day on the sale of coupons for 52,000 shares, that is, the October 4 trading days margin selling the same as usual. These "empty-looking" investors may now be thankful. From this view, Roe Island "huge loss event", for margin margin customers, neither psychological preparation, nor "gossip." From the institutional investors point of view, according to the three quarterly reports, 3 Social Security Fund portfolio, 1 Chinese life insurance dividend productionGoods, the state investment UBS Fund [micro-blog], China Merchants Fund, Peng Wah Fund, Huaan Fund [micro-BO], Changsheng Fund [micro-bo] for Roe Island institutional shareholders. Among them, the state investment UBS, China Merchants Fund, Peng Wah Fund, Huaan fund, Changsheng funds holding 1.2115 million shares, 1.2 million shares, 507,600 shares, 2000 shares, 1600 shares. In this respect, the investment fund said that the investment Anrun capital Preservation Roe Island, its position accounted for the fund ratio of 0.65%, accounting for the Roe Island, the proportion of circulating equity 0.18%. The lower proportion reflects that the allocation of the stock is a normal combination of configuration behavior, in line with the concept of decentralized investment, there is no heavy warehouse or gambling configuration situation. Since the publication of the Third Quarterly Bulletin of Roe Island, as of November 5, the net worth of investment Anrun Capital Preservation fund this week rose 3 consecutive days, the cumulative increase of 0.63%, the net performance is stable. Investment fund related People told the Financial weekly reporter, "after the incident, the Investment fund attaches great importance, has sent senior researcher to the listed companies to understand the situation, and actively obtain the latest and the information." We have made suggestions on the optimization of Roe Island Inventory, information disclosure and other related mechanisms, Roe Island management is also more agreeable and coordinated, we will also maintain continuous communication and concern on Roe Island. "At present, the investment fund decided since October 31, the fund held by the Roe Island Stock valuation adjustment, adjusted valuation price of 12.52 yuan." "We were lying on the gun just because we had not sold Roe Island," said another fund company. Our fund products hold less Roe Island, if the investment Roe Island losses to each investor, each loss 1 cents. According to the Financial weekly reporter understand that the "gun" fund loss is not serious. A number of fund companies have Roe Island in the two quarter, according to the report, and then they have been scaling back in three quarters. According to wind data statistics, at the end of the two quarter, a total of 93 products configured Roe Island, involving 45 institutions. One of the investment fund when there are 12 product holdings, the total shareholding amounted to 5.8786 million shares, as the seventh largest shareholder; in the third quarter, in addition to merchants Anrun Capital Preservation products, investment fund the rest of the products are withdrawn. A fund company in Shanghai two quarters of Roe Island, after the three-quarter withdrawal, the company insiders said, "or more fortunate not to hold, but not to comment." "A small fund company in Shanghai told the Financial Weekly reporter, the company has been not equipped with agricultural and forestry stocks," the industry basically no good tickets, we never pay attention, this is a small audience. "In the body of the action to lighten or withdraw, the country cast some of the products in the third quarter," bucking the trend. Wind data statistics show that the national investment UBS strategy selected in the third quarter to increase 490,800 shares, while the state investment UBS optimization and the country to invest in UBS beautiful China flexible third-quarter new configuration Roe Island, respectively, holding 257,300 shares, 318,200 shares. Anxious east China Securities were dragged into the storm, as did the sponsoring agencies. It is understood that Roe Island 2006 by Ping An securities [Weibo] sponsored listing, in March 2011, still hired Ping ' an securities as its sponsor, the private issue of shares, raise funds nearly 800 million. For the Roe Island "huge loss incident", Ping An securities said, "Roe Island is not in the company's ongoing supervision period." "And in June this year, Roe Island again issued a private issue of stock plans." According to the SFC [micro-blog] data show that the second increase in Roe Island, by the East China Sea Securities as a sponsor, the current increase in the "feedback" stage. It is understood that Roe Island this year to increase the plan, to raise funds between 1 billion-1.37 billion yuan, to supplement the company's liquidity, reduce the debt rate, reduce financial costs. The designated targets for the ping ' an capital, Asahi Investment, Societe Generale Global management of Hing-68th and 69th-grade-specific multi-customer asset management plan, Oriental Capital Management of the East-grade stock 5th and 6th Capital Control plan. According to media reports, Eastern Securities Capital Management related people said that the product because of customer problems, very early interruption. Societe Generale Global Fund company concerned Personage also said, early in the plan before the disclosure decided not to do this three-year plan. "On the one hand, if the original subscribers no longer subscribe, the plan will basically go down unless the institutional investors are found again," a Shenzhen insider told the financial Weekly. On the other hand, the issue of the ROE is not beneficial to the relevant shareholders of the island, because the cost and interest of the investment are basically not returned, so they should also take the initiative to apply for a cancellation of the increase. "Financial weekly reporter Xiangdonghai Securities Inquiry Promotion Exhibition and response plan, the company said" no comment. It is understood that aquatic enterprises landing Capital stage is not easy. In the A-share market, aquatic listed companies are few, only the Oriental Ocean, the National Union aquatic Products, Fung Lok seed industry, in the water fishery, one bridge Miao industry, the Hundred shares, Roe Island. In the IPO queue Enterprise, only one fishery company--Hangzhou Qiandaohu Sturgeon Dragon Technology, by the Guotai sponsor, intends to land the gem. On July 1 this year, Dalian Ocean Island Aquatic Group Co., Ltd. withdrew its IPO. It is understood that the ocean island and Roe Island are Dalian Changhai County, the main business is similar, also carried out shrimp culture scallop. More institutional sources revealed that the Roe Island was affected by the huge losses, aquatic industry part of the company backdoor frustrated, "there are aquatic companies plan to borrow shell listing, and Shell company has signed a good contract, and delivery of gold, did not expect Roe Island incident, the other side also considered the aquatic industry recession, Shell listed on the yellow off." "A number of investment bankers said that the reluctance to touch agriculture, forestry, animal husbandry, fishery projects, mainly in the" difficult to audit ", and often fake incidents occurred in such companies. A senior insurance generation who has been tracking the aquatic project for many years explained to the financial weekly reporter that "the Agriculture, forestry, animal husbandry and fishery industry in finance, there are cash transactions, assets are not easy to inventory, vulnerable to natural disasters and other special circumstances." For listed companies, the core is to fully and timely disclosure of investors accurate, real risks. "We will be more cautious," said one investment banker in Jiangsu and Zhejiang. There are many companies that have cost analysis,The difficult problem of inventory inventory, we need to have a reasonable way to calculate the existing inventory, can only be based on the actual situation of enterprises to design specific inventory plan. ”