Shanghai super-day gem to change into the board to raise capital doubled

Reporter Isa in the replacement of sponsors, add two new investment projects, the highly criticized Shanghai Super Day comeback, but the company will aim at the SME board, rather than the gem, and raise funds than the last one doubled. However, if the company's fundamentals and risk factors have not changed, the replacement of a sponsor, you can make Shanghai Super Day successful listing and raise funds to double? The audit committee is the company itself or the sponsor?　　Shanghai super-day two-degree barrier once again attracts the attention of the market. Re-packaging in the gem opened, Shanghai Super Day preparation, hoping to become the first batch of gem listed companies.　　As a sunrise industry, Shanghai Super-day meeting is very high, but in the July 15, 2009 review Meeting, the results were unexpected, the company's initial application was not approved.　　Shanghai Super Day 2003 involved in solar energy industry, after several increase in capital stock, the company gradually has the scale of the industry, the current business scope includes solar materials, solar equipment, solar lamps and other products, in the domestic, the same type of enterprises have Wuxi Suntech, Yingli Solar, Jiangsu Solarfun and Trina Light, and the Shanghai area to the size of the only one. Because the Shanghai Super Day is the first single IPO business of Pacific Securities, there are market speculation that the company's fall is due to the lack of IPO experience in Pacific Securities.　　So then, after a brief contact and choice, Shanghai Super Day abandoned the previous sponsor of the Pacific Securities, hired Citic built for its new sponsor. The previously disclosed prospectus shows that Shanghai Super Day plans to issue 40 million shares and raise capital of 600.89 million yuan to invest in a project of 100MW polysilicon solar cells.　　Coupled with the introduction of 2006 annual output of 20MW monocrystalline silicon solar cell production line, in order to improve the company in the field of solar cell up and down the industrial chain. In the new prospectus, the number of companies issued increased by 65%, 66 million shares were proposed, and the amount raised from 600.89 million to 1,293,728,900 yuan, raising the size of the capital increased by 115%. The project has also been added to three from one project, one for capacity matching and expansion, including an annual output of 100MW polysilicon solar cell projects (from silicon ingots to solar cells), an annual output of 50MW Monocrystalline solar cell projects (from silicon ingots to solar cells), and an annual output of 100MW crystalline silicon solar module projects The second is the Research and Development Center construction project;　　The total fund-raising amount reached 1,293,728,900 yuan.　　At the same time, Shanghai Super Day gave up the previous goal of the gem, changed into a large and medium-sized plate. Deep doubt the mire Shanghai Super Day last time the gem, the outside of the company's query is quite a lot.　　The audit committee and the Han Ding consultation data show that Shanghai Super Day could not be, because the production capacity expansion of investment projects too fast, its marketing ability does not match; "The entire PV industry chain is in fact in a state of oversupply, so the company may be able to raise funds to expand upstreamIn a certain problem (Crystal Australia is the largest battery manufacturers in the operating rate of Crystal Australia less than 50%).　　Analysts said. Financial expert Charlot also questioned the company from three aspects. From the financial point of view, Shanghai super-day 2008 net profit decline or even a sharp decline, the company's 2008-year performance has been suspected of packaging, from the corporate governance point of view, the suspicion of financial independence, irregular funds frequent.　　From a legal point of view, the company is suspected of engaging in illegal import business. In fact, most analysts believe that Shanghai's 2008-year performance has been marked by significant accounting earnings manipulation.　　2008, the Shanghai Super Day accounts Receivable is 7,796.340,000 yuan, compared with 2007, a significant increase of 109.56%; Inventory (finished goods) volume and sales growth, but raw material growth, so, in the analyst view, the company at the end of the Yahuo insurance performance is very likely. Meanwhile, at the end of 2008, the company received only 2.1963 million yuan in advance, compared with 8,451 at the end of 2007, with a reduction of 8,232 280,000 yuan and 97.4% per cent.　　In this respect, the Shanghai Super Day explanation is that from the second half of 2008, due to the impact of the financial crisis, the company's European clients to obtain bank credit support reduced, have changed the method of payment, from the previous high proportion of advances to the credit period payment, resulting in a sharp reduction in prepaid accounts. "Comprehensive, it is likely to be 08 by the financial crisis, the company sales decline, in order to achieve good financial statements, the end of the year (can also be the fourth quarter planned) a large number of Yahuo to suppliers (manufacturers), the formation of a large number of accounts receivable, sales revenue increase, the proportion of finished Increase the amount of advance payments to the sales revenue confirmed the extent of increasing sales revenue, the formation of profits.　　Analysts said. Another analyst added that PV module enterprises are in fact labor-intensive production mode, the main reason for the larger value of the company's material is the high price of the company's materials, for the Super day, its advance is not much, meaning that the 08 company mainly from the spot market to purchase silicon wafers, then the 08 gross margin should not exceed　　However, the prospectus shows that the comprehensive gross margin of the 2008 Shanghai Super Day was 12.85%. In the cusp of Shanghai Super Day, once again attracted the attention of the market, the company's two-degree success? When the company's fundamentals and risks are unchanged, the replacement of a sponsor can make the Shanghai super-day IPO and raise funds double? The audit committee is the company itself or the sponsor?