Shanghai hundred-run super raise funds super total assets of the main business lack of competitiveness

This reporter Jing-xi on the Saturday, Shanghai embellish flavor completed the online and network under the purchase work. Public information shows that the Shanghai hundred-run flavor of the listing has been favored by a number of brokerage funds, including Social Security fund institutions are involved in the network under the purchase.　　The issue price is determined to 26 yuan/share, 51.38 times times the corresponding P/E, 2010, small and medium-sized plates average P/e 37.7 times times, so the distribution of Shanghai hundred-run flavor is higher than the small and medium-sized board average price-earnings ratio, if the listing on the same day there will be a high price/earnings Super Raise capital large super total assets public data show, Shanghai Baihui flavor is mainly engaged in edible flavors and tobacco flavor products research, development, production and sales business. 2008-2010 operating income of 87.2435 million yuan, 91.442 million yuan and 108 million yuan respectively, the ownership of the parent company's owner net profit of 19.5755 million yuan, 35.4637 million yuan and 42.9258 million yuan respectively. According to the data, the company can only say that it has maintained more stable growth in the three years before its listing. But it is worth noting that the company's net cash flow in the last three years is only 30.86 million yuan, 44.21 million yuan and 39.36 million yuan respectively.　　And the company's successful purchase, the cash flow will be greatly supplemented, however, this additional amount is obviously bigger than the Shanghai hundred-run flavor of the budget. Financial information shows that in accordance with its prior to the issuance of total share capital conversion, the company's last three years of basic earnings per share of 0.33 yuan, 0.59 yuan and 0.72 yuan. "In combination with equity size, industry classification and company growth, the valuation of the value of 40 times times the conversion of the price, its price should be around 28 yuan." "Analysts have made the above assessment of Shanghai's peregrine valuation," he said.　　According to this valuation calculation, the Shanghai hundred-run IPO will eventually be able to get about 560 million yuan of huge financing, which will be more than its current net assets of 4 times times the scale. Prospectus Disclosure, Shanghai Hundred run the IPO project mainly divided into two directions, including research and development center construction is the IPO plan plays, plans to invest about 120 million yuan, and the other direction of the company's investment is to expand the plant, expanding the direction of production, plans to invest about 69.34 million yuan.　　The total investment of two items can not be more than 180 million yuan, that is, the fear will be about 380 million yuan of the super raise money nowhere to go. At present, the company's purchase work has been completed, then this more than 380 million yuan has become a certainty of the matter, the company to this huge sums of money what arrangements? The reporter contacted the Shanghai executive director of the secret office staff, according to the unnamed staff told reporters: "The company asked us not to accept any interview before the listing, so I regret that I can not answer your question."　　"Some market analysts believe that the Shanghai Hundred run operation is small, it is obviously difficult to digest a large amount of IPOs in a short period of time, I am afraid the larger may be a large amount of funds will lie long in the bank to eat interest." The top ten shareholders are natural personsAs the SME board, gem new stock before the listing, is not a venture to invest in the news, it is because the transfer of equity is not clear to cause trouble, but these problems in the Shanghai hundred Run all are "clouds", because the company's top ten shareholders for the "exclusively" of natural persons.　　Let's take a look at this list: Liu Xiaodong, 31040000 shares, Liu Haibin, 14560000 shares, Liu Xiaojun, 4940000 shares ...　　Shanghai Hundred Run is a typical private enterprise, its equity evolution is very simple, neither the introduction of institutional investors, nor the complex reorganization of assets, since the establishment of the 6 share transfer, have been transferred to the hands of natural people.　　So, what is the disadvantage of the natural person shareholder more? China GU Law network lawyers told reporters that there are three main drawbacks, first, easy cronyism. Let the company be the place where a person or group of people speak. Second, the scarcity of social capital, the separation of two rights is very difficult. Third, the enterprise lacks the consummation decision-making mechanism and the long-term strategic thought. Although some family enterprises have introduced professional managers, important decisions have to be dictated by the owners of the business.　　Entrepreneurs, because of their easy success under the special conditions of the entrepreneurial period, often have an extremely inflated self-confidence, and still make decisions with experience on many important issues, and decision-making is very arbitrary, and the influence of emotion and relatives is greater. Lack of competitiveness in the main business although there are over the two major abuses and natural persons, but compared with the company's main, it is "pale." Love Jian securities food and beverage industry analyst Wu Zhengwu told reporters: "Main is our survival and core competitiveness of the industry, a company even the main business is not prominent enterprises, how can occupy a place in the market?" "According to the prospectus, the sales revenue in the industry has been ranked mainly as an international flavor and fragrance Company in China." such as fen-kindness spices (China) in 2009 to 742 million yuan sales revenue accounted for 2.7% of the market share. By this reckoning, Shanghai Hundred run 2009 86.22 million yuan sales revenue, its market share almost negligible, only 0.3%. In the environment of foreign capital alone, how to break through, become the reality test of Shanghai Hundred run. According to the data, its edible flavor is lack of stable big customers. Since 2006, Shanghai Hundred Run successively to the Wahaha, farmer Spring, Coca-Cola and other major customers, but the scale of business is not small. For these customers, Shanghai run is not a major supplier. "This industry has a feature, is the stability of taste, customers to change the price of suppliers is also very large."　　"In this industry characteristics, Shanghai Hundred run to rob Big customers, according to its current situation is difficult to do." At present, with the Shanghai Hundred Run main similar has the Hong Kong stock Market Treasure International, 2010 Shanghai Hundred Run sales revenue 108 million, while the Warburg International 2010 sales revenue of HK $2.37 billion, reduced to about 2 billion RMB, equivalent to 20 Shanghai hundred run. From the prospectus, Shanghai Hundred run engaged in independent research and development time is not long, currently has a utility model patent 6, invention Patent 2, 9 independent researchDomestic leading formula production technology, are in the production phase. The only competitive advantage is its tobacco flavor business, but there is a single customer risk. The prospectus disclosed that its 2008-2010 sales of tobacco to Gansu province accounted for 37.59%, 42.56.% and 42.56% of the total sales revenue in the current period respectively.