Significant insider: Insider exposure to Suning's fur market interests entanglements

Raise the investment project sluggish capital high pressure October 2012, Wordsworth shares (market, interrogation) throws 300 million to increase the plan, the outside question, this raises the investment project and the IPO raise project coincide to pass high October 15, 2013, Wordsworth shares announcement will this year the first three quarter net profit increase from 20%-50% revise to 1%-10% , the reason is the acquisition of a subsidiary of Beijing-South fur City Company (referred to as the Beijing-South company) 34% of the equity, the ratio of shares into 85.5%, in view of the Beijing-South fur city is in the net investment period, the combined statement resulted in a decrease in net profit. BEIJING-South Company is Wordsworth shares in order to build Suning County Shang Village Original Fur Market Phase II project (hereinafter referred to as "Phase II project") and was established, it is understood that the project has entered the investment period. Inexplicably, why should strategic investors Yunlong group opt out of the upcoming harvest? There are close to Yunlong group of people to the financial weekly reporter revealed that Yunlong group is forced to withdraw, the Beijing-South Company's shareholders have long been deadlocked, in the construction costs of the differences. In addition, the Beijing-South company due to default arrears related to the project liquidation, was "Phase II project" West 16 building original project owner Chen Yaru a paper petition, to Hebei Cangzhou Chinese Academy. However, Chen did not think that, just before the trial on October 11, the Beijing-South Company's lawyers to the settlement agreement is invalid for the application to terminate the trial. What kind of feud is hidden? Suning Project revenue potential is greater in Hebei province Cangzhou Suning County, known as China's "fur capital." In this, you can find the most complete fur market industry chain and the most large-scale fur distribution market, fur semi-finished products and finished products wholesale Trade Center. This is also the fur industry raw material prices and finished product price formation center. But still village, this in the outside looks ordinary small town, even the environment some dirty, but is the fur sale and purchase business perennial shuttle place. 2005, people in the village has built a fur market, the fur trade of the hot scene has been continued to the present. Mention He Shi son (He Guoying, He Secheng), the village of the local people almost nobody. They are at the helm of the company's shares, the fur tycoon stationed in the village, has become the recognized fur industry leading enterprises. 2011, Wordsworth Shares in order to seize the market opportunity to further develop upstream resources, began to build a second fur market in the village. In order to better build and develop the "second phase Project", May 28, 2011, Wordsworth shares use 50 million super raise funds and 15 million own funds to set up a wholly-owned subsidiary of Beijing-South company. 3 days later, Wordsworth announced the introduction of strategic partners Yunlong Group, luxury real estate investment 42.91 million, 18.3 million to the Beijing-South company to increase capital, respectively, obtained 34%, 14.5% of the equity. The Wordsworth stake is the largest shareholder in 52.5%. Data show that "Phase II project" is located in the town fur phase of the project West, covers an area of more than 80 acres, plans to invest 300 million yuan, as of 2013 has invested 186 million yuan. "Phase II Project" Business scope for the purchase and sale of fur, leather market development,Leasing and marketing services. Former construction project manager Chen Yaru said, at present, the main building has been completed, the total construction area of 130,000 square meters, a total of 752 shops, has entered the hot investment stage, and the market demand is relatively fire. Financial Weekly reporter to the village of the local fur business to understand: "Phase II project," The sale price is about 5000-5500 yuan/square meters. And according to Chen revealed that at that time Wordsworth to take the price is relatively cheap, the price is about 1500 yuan/square meters. A person close to Yunlong group to the financial weekly reporter said: "The results of Yun-long investigation, even cover up the cost, not to break through 3000 dollars a flat, do not ask to earn double, earn a 70%-80% can always." "Unexpectedly, August 30, 2013, Wordsworth shares announced to the cash to buy the Yunlong Group held 34% of the Beijing-South company." Yunlong Group Why watch the Ducks fly away? The partner was accused of losing a loss, said the person close to the Yunlong group that the Yunlong is forced to withdraw, the Beijing-South Company's shareholders have long been deadlocked, in the construction costs of the differences. Wordsworth and Yunlong hand, to go back to the Cangzhou government to Guangzhou Convention and Exhibition Center to attract investment. Yunlong Group chairman as the vice President of Guangzhou Chamber of Commerce, see this project prospects are good. and Wordsworth and Yunlong all Fancy "Suning County still Village Market East side, market south North" of this piece of land, after the government coordination, the two sides decided to jointly invest. According to the people close to Yunlong said, at that time Wordsworth agreed to the conditions of joint investment is: a big shareholder, the other is a shareholder of luxury property lack of funds, hope Yun-long to lend to Howe. In the end, the Grand Mercure real estate investment 18.3 million yuan, by Wordsworth and Yunlong each lend out half together. According to public information, Regal Property was founded in April 25, 2011, legal representative Wang Zhihong, founded less than one months, entered the Beijing-South company. In this way, Yunlong took more than half billion of money came to Champ do investment. In addition, "Two Phase project" start-up, due to insufficient funds, by Wordsworth and Yunlong each lent out about 20 million yuan to Beijing South Company, this part of the loan in the project after three or four months after the start back to Yunlong, but so far did not pay the yunlong interest. Moreover, because "Phase II project" is Wordsworth first commercial real estate project, Wordsworth has no experience, and Yunlong has rich experience in commercial real estate, so the whole project from planning, planning to how to build, are mainly in Yunlong. "Guangzhou Huadu Lion Ridge Project is very successful, yunlong from there to find talent to design, planning, including electronic platform, merchant management and planning, how each layer do." Those close to Yunlong said. In the end, Yunlong will transfer 34% of the equity, the transfer amount of 42.42 million yuan. "Not only in two years no return, no interest, but also a loss of exit." Those close to Yunlong said. Investment in such a large financial, human and energy, if not really reached a consensus, Yunlong will not give up this piece of fat. According to the people close to Yunlong said, in the project construction process, Yunlong as shareholders, have the right to understand how funds spend, so want to see the financial statements, but Wordsworth to listed companies can not be disclosed in advance, unwilling to provide, eventually although agreed to the village to see the local, but not allowed to take pictures, not to leave a copy, the document immediately back. In addition, Yunlong stationed in the Beijing-South Company's shareholder representative Yingjian, because in the project details and Beijing-South company deputy general manager Wang Zhihong dispute, was threatened by the king. and Wang Zhihong Another identity is the Beijing-South company another share Donghao the general manager of the real estate. Therefore, in order to resolve the shareholder deadlock and the construction cost differences, April 9, 2013, Yun Long proposed four solutions, one is the right side, by the shareholders to buy all or part of the equity, to obtain the price of the shareholders to withdraw from the Beijing-South Company; The second is the shareholder contract construction, contract construction area and share proportion And each shareholder contract construction cost Unified implementation 1290 yuan/square metre; third, Wordsworth as the major shareholder proposed superior to the above plan, four is to dismiss Wang Zhihong deputy general Manager position. But the Hua-Yu side, and did not agree to the construction of shareholder contract, but buy back to the hands of the Beijing-South company shares. "At that time, a third party was willing to give 10% of the proceeds of the Beijing-South company to buy shares, but Wordsworth also did not agree." Those close to Yunlong said. Financial weekly on the above differences to Wordsworth shares to verify, as of deadline, did not receive a reply, and Chairman He Guoying's mobile phone has been unanswered. Arrears of works, Wordsworth into the defendant Yunlong group for the first time out of town, received is not a huge profit, but a bitter lesson, and encounter the same unfortunate is, is with Yun long out of the Chenya road. In the construction phase, the Beijing-South company will be "two-phase project" divided into two sections, one of the marked section is 16 buildings in the west, Chen Yaru was appointed by the company as the project department head. As a result of the previous Chen Yaru and Yunlong had cooperation, July 2012, in Yunlong's introduction, became the head of the Section project. In the construction process, because the project contract requirements cushion and the duration of tight, so in order to solve the project funds tight problem, Chen Yaru in the term of the Cushion fund cash assistance construction. On the one hand, because the funds are not in place, on the other hand, site management difficulties, as well as the local climate diet is not adapted, so 6 months later, Chenya Road application for exit the project. Chenya the paper from the financial weekly reporter said: March 29, 2013, the company decided to remove Chenya Road, the project department head of the job. Through the company, Beijing-South Company and the plaintiff negotiated liquidation, Tripartite concluded the "Exit settlement agreement", in accordance with the agreement: the company is still owed Chenya road cash 5.04 million yuan, by the Beijing-South company in the "Exit settlement Agreement" signed three days to pay cash 5.04 million to Chenya Road designated account. However, the liquidation agreement signed, the Beijing-South company has been delayed by agreement to perform, although the Chen Yaru many times after the Beijing-South company did not pay for the Dodge refused to the present. On May 17, 2013, Chenya to Cangzhou China Institute for the Prosecution of the Beijing-South company, asked the South Beijing company to return the arrears and seize the capital south of the company's property. October 11, 2013, the first session. What Chen Yaru didn't think was that before the trial, BeijingSouth Company lawyers with the "exit settlement agreement" is forced under the Chenya road signature, the contract is invalid, and has to the Suning County People's court to bring a lawsuit, the application for termination of trial, but the court did not adopt. The Beijing-South company also did not testify in court. Chen Yaru said that up to now, has not received the Suning County People's court summons. He said the signing of the liquidation agreement was reluctant, because more than 8 million to recover costs, 5.04 million or loss. What is the truth? October 16 Two o'clock in the afternoon, financial weekly reporter Shanghuas shares confirmation, as of deadline, has not received a reply. Many projects, financial constraints 2012 and the first half of 2013, the company's net profit loss of 1.1 million and 4.22 million respectively. However, a fund researcher who went on site research said that in the four quarter of this year, "Phase II project" will have a pre-payment, usually a sign of three years or five years, the first year of rent-free. A long-term follow-up to the shares of the Chinese researchers said that from the first phase of the market, the Pischen two investment may exceed expectations, which will provide a good foundation for future performance contributions. Based on the area of 110,000 square meters, we assume that the sale of 10% per cent would contribute about 25 million of the performance. However, all this will have nothing to do with the Yunlong, while the company's shares need it to contribute profits as soon as possible. In the "Phase II project" Implementation process, whether the project start-up lack of funds or engineering arrears, both sides reflect the capital turnover difficulties of the fact. The 2013-year report showed that the net amount of cash flow of Wordsworth shares was 7.2587 million yuan and the asset-liability ratio was 16.85%, the highest since the listing. "There are many projects in the company, most of which are in the investment period." "said the long-tailed researcher. Wordsworth shares were pledged in November 2010, IPO funds will be used to include "fur clothing, apparel refined deep-processing technology," "fur clothing, apparel production base", "direct Shop and distribution center" and other 4 projects and supplementary operating funds, the total investment of 210 million yuan, the construction period is one year. Outside the question, the progress of the project is far below the promise. As of the end of June 2013, listed in the last two years of the company's shares, only "fur clothing, apparel refined deep-processing Technology" project completed, and "fur clothing, apparel production base" investment progress of only 66.12%, "Direct Shop and distribution center construction" Investment Progress of 24.49%, The investment progress of the fur engineering technology Research and Development center construction is 78.23%. In this respect, Wordsworth shares insiders said that because of the investment environment, investment conditions are different, so the project progress will be adjusted. When the newspaper was announced, it was not a good season to build a direct store, it would be quicker in the three or four quarter. In addition, in October 2012, Wordsworth shares thrown 300 million yuan of the plan, raised funds mainly for the fur apparel production base relocation and upgrading projects (referred to as "production base relocation Project"), direct shop construction projects, respectively, invested 215 million yuan, 84.699 million yuan. Outside doubt, the investment project and IPOThe pitching project coincides with the high. In this respect, said the said: "The previous investment project in the technical renovation project is to update equipment, the house repair, but also not all moved past, nitrate dyeing and raw material links do not move, clothing manufacturing and office moved past." While the open shop is in line with the goal of the shares, the company hopes to the north of the Yangtze River to cover the city slowly. "It is understood that there are more than 10 shares in the company." "Phase II Project" is the first commercial real estate project Wordsworth shares, in addition to the upstream extension, Wordsworth shares continue to extend downstream, the establishment of fur products trading center (and fur Industrial Park Phase I) project, to invest 180 million yuan. It is understood that the project's civil work has been completed soon. October 16, Wordsworth shares announcement, chairman He Guoying will hold 10 million shares (8.81% of the company's total share capital, accounting for He Guoying total of 20.83%) pledged to Huatai Securities (market, inquiry) for the management of stock pledge repurchase business, the pledge period of 360 days. In this respect, Wordsworth shares insiders said that this is the Chairman's personal behavior, do not know the purpose of financing.