Sinovel Wind: 16 The risk of the company's assault on the stakes is still

"Investor newspaper" researcher Liqingfeng Bamboo only in 5 years time, Han Junliang to bring Sinovel wind power to the door of China's capital market. February 2006, Sinovel was formally established in October 2010, the China Securities Regulatory Commission issued the Audit Committee has canceled the application of Sinovel IPO review.　　Now, Sinovel will again. This is a large company, in addition to the new Horizon Capital as institutional investors, the original Shanghai Stock Exchange, the first general manager of Shing, the original Shen Bank Securities President Geo Jidong and other capital market star Crocodile also appeared.　　These are the most important forces to promote Sinovel's rapid growth in the past 4 years. 2008, after a series of capital increase and equity transfer, a group of institutional investors completed a surprise investment in Sinovel wind power.　　As most companies are set up to make a stake, the problem of PE corruption could breed.　　The Low-cost market in the first half of 2010, Sinovel wind power to achieve operating income of 7.55 billion yuan, net profit of 1.27 billion yuan, and its old rivals, 8 years older than it Goldwind technology, the first half of the operating income and net profit of 6.3 billion yuan and 770 million yuan respectively. In fact, from 2009 onwards, Sinovel in sales and net profits on the implementation of the Goldwind to the top of the industry leader's throne.　　In that year, Sinovel realized operating income of 13.73 billion yuan and 1.89 billion yuan, compared to goldwind technology respectively 28% and 8% higher. By the end of 2009, the company's market share of 25.3%, compared to the second one of the Goldwind high 5.6%. The reason why we can seize such a huge market share in a short span of 5 years, low price is the important strategy of sinovel wind power.　　Comparing the sales of Goldwind, the investor newspaper found that Sinovel's product prices have been far below rivals in the past few years. For example, 2007, Sinovel's main products 1.5MW wind turbine average price of 5088 yuan/kw, and Goldwind has reached about 5800 yuan/kw.　　In 2009 years, Sinovel wind power 1.5MW wind turbine average price dropped to 4970 Yuan/kw, but still less than Goldwind, the latter price of about 5333 yuan/kw.　　Because of the low price strategy, Sinovel's gross margin level is also relatively low, with 2007-2009 years of 12.5%, 16.9% and 20.8% respectively, while Goldwind is 29.8%, 24.3% and 26.8% respectively. This shows that, because sinovel early pricing is relatively low, so in recent years the extent of lower prices. With the cost of decline, the company's gross profit margin gradually increased. However, with the continuous price reduction of goldwind, from 2010 's situation, Sinovel's product price has no advantage.　　The first half, Sinovel wind power 1.5MW wind turbine price of 4814 Yuan/kw, and Goldwind December successful 267 1.5MW fans, the average price of only 3852 yuan/kw. It is worth affirming that sinovel wind power product structure has certain advantages. Company's products, 1.5MW fan still dominate, the first half of 2010 sales accounted for 90%. At the same time, the company's 3MW wind turbine sales have reached 750 million yuan, accounting for nearly 10%.　　Anti-View Goldwind, also from the 1.5MW fan composition revenue-led, accounted for 91%, but the company also has 750KW wind turbine products, accounted for 5.4%. As the average cost of 1.5MW fan only 3200~3400 Yuan/kw, therefore, Sinovel still has a larger price reduction space, and in accordance with the December price of Goldwind products, the price of the space has been smaller.　　From this point of view, Sinovel's future market share growth still has a large space. 16 companies raided the stake in 2008, after a series of capital increase and equity transfer behavior, a large number of institutional investors have successfully realized the surprise investment of Sinovel.　　Among them, a number of companies immediately after the establishment of a stake, indicating that it may be hidden in the PE corrupt behavior. After the establishment of the company in February 2006, the shareholding structure is: Large weight sets hold 30% of the equity, the new Huaneng, Senghaisenghui, Oriental Modern and the new Tibetan Alliance four shareholders hold 17.5% of the shares.　　The shareholding structure remained unchanged until 2008.　　March 2008, the days of central China Taihe Future to the company to increase capital, become the company's second largest shareholder, are holding the company 25 million Yuan capital contribution, the contribution ratio of 16.67%.　　When the end of the year, the company's shareholders to carry out a series of equity transfer, so that Shenzhen Fudinshon and other 17 legal shareholders to achieve surprise shares.　　Through the inspection of the establishment time, of these 17 companies, 16 were set up in the second half of 2008, only Shaanxi Feng Heng, a company established in 2005, and only the main business of the company for investment advisory or management outside the trade, the remaining companies are investment advisory or investment management companies. The company explained that, in addition to the days of Huazhong Thai shares to Huafeng and future will transfer to Sinarin, the other transfer of equity for the original shareholders to their respective shareholders to transfer, the purpose is to simplify the company's shareholding level, clear equity relationship.　　However, the investor's report found that this explanation is not reasonable, because, the 16 companies are set up late in Sinovel when the founder of the shareholders. In any case, the institutional investors who raided the stakes in 2008 will be earning more than 50 yuan on the 30 times-fold price-earnings ratio after the dilution.　　The investment companies, which are the biggest beneficiaries of the feast, are expected to yield more than 10 times times as much as the private shareholders who hide behind them. Control right risk from the ownership structure, at present, heavy lifting for Sinovel Wind Power's largest shareholder, the shareholding ratio is 20%.　　However, the company does not exist in the actual control of people, which for the company's future operation and management of the hidden dangers, do not rule out the future of the company will have serious business rights disputes. The company's second largest shareholder for the days of central Thailand, this is the SinovelThe legal person represents the company that Han Junliang controls, the proportion that holds the issuer shares is 13.33%.　　From the shareholding structure can be seen, once the Han Junliang with the third, fourth or fifth largest shareholder, from the shareholding ratio should be more than heavy lifting, to make state-owned enterprises privatized.　　If the Han Junliang who is born heavy work is regarded as the same as the first major shareholder, the control of the company is still unstable. At present, the former general manager of the Shanghai Shing control of the Tibet New Union holds sinovel 11.67% of the equity, Rui Huafeng, Huitong Funda, in Heng Fortis and Shanghai Yuan Qi each holding 3.97%, 3.15%, 3.15% and 1.4% of the equity, and then 4 corporate institutions total held 11.67% Of the shares are from the original corporate shareholder in Shenzhen Oriental. If the five shareholders join forces, the total shareholding will reach 23.34% of the total equity, thus exceeding the shareholding ratio of the first major shareholder heavy lifting.