Shuguang shares sink credit crisis subsidiary performance Description paradox

Securities Times reporter Fan Biao shuguang shares (12.56,0.06,0.48%) (600303) integrity will face a severe test. In the course of reviewing the information on the transfer of the Shuguang shares to Shanghai Manhattan, the securities Times reporter found that, in addition to the transaction mentioned yesterday, the deal is suspected of concealing related transactions, but more serious, in view of Shanghai's profit situation in Manhattan, intermediary agencies in the asset assessment report "sustained losses" description,　　It was completely different from the 3 annual report on the Dawn stake. The evaluation organization is stated in the "selection of Evaluation methods": The basic methods of enterprise value evaluation include market law, income method and cost method.　　Based on the asset characteristics of this assessment, as well as China's current market-oriented, information-based degree is not high enough, it is difficult to collect a sufficient amount of similar business cases, it is not appropriate to adopt market law; In addition, the Shanghai Manhattan in recent years continued to lose money is not suitable to use the income method to evaluate, so the evaluation is determined to use The statement said that "the Shanghai Manhattan in recent years, the continued loss is not appropriate to use the income method to evaluate", however, the reporter looked at the dawn shares in recent years of the annual report, found an incredible fact: Shanghai Manhattan not only "sustained losses in recent years", on the contrary, 2006, 2007,　　20,083 years of continuous profit, 2009 1-September, Shanghai Manhattan also realized operating income of 65.8146 million yuan, the total profit of 7.5887 million yuan. In the light of the 2006 Shuguang Share report, Shanghai Manhattan total assets of 56.69 million yuan, to achieve a net profit of 3.71 million Yuan; the 2007 Shuguang Annual report showed that Shanghai Manhattan total assets of 61.3 million yuan, net profit of 4.69 million Yuan; the 2008 Dawn shares report shows that Shanghai Manhattan's total assets of 65.14 million yuan, to achieve a net profit of 3.9765 million yuan.　　In the first three quarters of 2009, according to the December 31, 2009 Shuguang shares announcement, Shanghai Manhattan's total profit is 7.5887 million yuan. In recent years, Shanghai's Manhattan has been profitable and profitable, according to these public figures.　　At the same time, the size of its assets is expanding. It is believed that intermediaries should be more aware of which assets are more suitable for evaluating the assets. A fair price can be reached only if the assets are evaluated with appropriate assessment methods. However, in the case of the continued profitability of Manhattan in Shanghai, the intermediary has been "Shanghai Manhattan in recent years," The reason for the "sustained losses," said the income method should not be used for evaluation, why?　　is the intermediary organization clerical error, or is behind the interest drive and intentionally? The motives for the transfer are even more questionable if the facts discussed in the report yesterday, combined with a combination of the Twilight shares report and the assessment report on the performance of the Shanghai Manhattan. Shanghai Jinyu and the dawn of the relationship between the shares or the group looks really strange, otherwise it is difficult to understand, obviously the quality of the assets of Shanghai Mann, but hard to be called "sustained losses" by the evaluation agency. While the transfer of Shanghai's Manhattan stake is only tens of millions of, the discrepancy between the annual report and the assessment report on Shanghai's Manhattan performance is enough to reassure people about the credibility of the dawning stake. Shanghai Manhattan is a subsidiary of the Shuguang stake, and the Shuguang shares are not aware of its profitability? In the end, it is an intermediary's fault, or the company's previous annual report errors, we look forward to the company's timely response.