St days run: Malicious circle money Supervision missing

Operating income of 186.69 million yuan, total profit-339.13 million yuan, net profit-341.24 million yuan, basic earnings per share-2.88 yuan. Among them, operating income, total profit and net profit fell 47.89%, 360.72%, 374.99% respectively. This is the St. Days run 2010 years of operating conditions, a loss of 2.88 yuan per share of the "feat" basically let the company become a A-share market 2010 years of "loss king."　　A company that has been on the market for 4 years, how has it fallen into such a position? More than 4 years of market changes in St days run in February 2007, the first 3 years before the listing, the company's operating income of 256 million, 328 million and 354 million yuan, to achieve net profit of 26.14 million Yuan, 2151, 26.7 million yuan.　　But after the listing, the company's performance rapidly changing face, from 2007 to 2009, the company's performance all the way down, net profit of 23.34 million yuan, 5.32 million yuan,-71.48 million yuan, until 2010 huge loss of 340 million yuan. St days run not only performance face, information disclosure also many face, since the listing, St days run letter put up 7 times notice. July 2008, Hunan Provincial Bureau of Certification and supervision of the company for special treatment.　　The report shows that there are many problems in the company's internal system management, the use of fund-raising, information disclosure and financial aspects. Last year, the company also "fooled" a Shenzhen. ST-day run Urea production line on April 6, 2010 parking overhaul, May 20 to complete the maintenance task, but the production line has not been resumed. May 12, 2010 Shenzhen on its production and operation of the company inquiries, the company actually lied "production and operation of basic normal, external conditions and production environment is basically normal."　　Until June 1, the company issued a notice that the production line is in production. Not only that, the St. days run fundraising projects also become a circle of money an excuse. Public data show that the St-day-run IPO has raised a total of 178 million yuan, deducting the issue cost of 20.794 million yuan, the actual amount of money raised net 157 million yuan.　　According to the prospectus disclosed in the plan, the fund-raising will be the annual output of 200,000 tons of urine base compound fertilizer and CHP comprehensive utilization project. The progress of these two projects is not as good as the one described in the company prospectus. 200,000 tons of urine base compound fertilizer project in March 2008, after the completion of production, the net contribution of only 925700 yuan, 2009 contribution net profit to 130,000 yuan, and earnings forecasts of the annual increase in after-tax net profit of up to 18.96 million yuan difference is very far. and plans to invest nearly 200 million yuan of thermoelectric projects, because the Yueyang government of urban construction has been planned, the project and the new planning conflict, the government called for a moratorium on implementation. As of October 30, 2010, the company's IPO project 200,000 tons of urine base compound fertilizer project and cogeneration project has invested 44.7742 million yuan and 20.74 million yuan, the remaining fund-raising 91.728 million yuan. And according to the company's announcement at the end of last year, this remainsThe remaining 91.728 million yuan for the bank, the court mandatory transfer and so on, so far only 1.6026 million yuan. "St days Run" more than one St days run this listing immediately after the situation is not a case. October 2006, St de Cotton landed in the SME board raised funds 200 million yuan. Before the listing, the company's net profit is basically about 25 million yuan per year, but after the listing results have plummeted, in 2007, the company achieved net profit of 25.517 million yuan, the year-on-year decline of 6.14%, 2008, a loss of 53.2 million Yuan, 2009, the company's loss limit increased to 117.28 million yuan, 2010 years ago in the 3 quarter, the company still lost 22.74 million yuan, finally by virtue of the local government to give the 78 million yuan of red envelopes just barely profitable.　　In addition, St Cotton had been warned by the SFC because of the 2007 interim report and annual report, and was fined a fine of 300,000 yuan, the company director Deng and Supervisor Zhao Quan was also warned. St Titanium dioxide is the same. August 2007 when the market was a loss, ultimately, the debt restructuring gains to turn the profit.　　2008, the company lost 268 million Yuan, 2009 years loss of 149 million yuan, after the listing of 3 years of the situation in a a-share market is rare, there are investors that the company's sponsoring agencies in the IPO did not objectively analyze and describe the market environment facing the company, the shareholders caused by false information transmission. The lack of supervision in 2008, the well-known financial experts Charlot (blog) has been on St days run rectification notice expressed doubt. He argues that, according to the Rectification report, the company is also suspected of cash fraud, fictitious proceeds and fictitious money, and may involve concealing liabilities. At the same time, he also raised questions about the security of the sponsors of St days and the omission of the relevant accounting firms.　　From the above several companies can also see that the relevant sponsors did not play a corresponding monitoring role. Quite coincidentally, St. Days run the sponsor Hui is also St de cotton sponsor, in addition, last year, hit the scenery of the landscape of the IPO sponsor is also this person. Charlot that, "originally, the sponsor and the sole director belong to the management of the listed company, is checks and balances the company management, but now once the listed company accident, must implicate the sponsor and alone dong, this causes the sponsor and the sole Dongcheng for the listed company's umbrella, becomes a rope three grasshoppers, with the adversity altogether survives. "Chen, a professor at Yale University, has divided market regulation into five tiers, in addition to the traditional view of the role of the Board of Directors, the SFC and the judiciary, and highlights two very important forces-media supervision and market participants ' supervision." Charlot that the market-oriented capital market needs to be regulated by market, and the most important thing is to introduce punitive damages and collective action system, so that market participants can solve the problem of securities fraud mainly through legal means, and the capital market supervision should be dominated by market participants rather than government. If there is no civil compensation, all corporate governance improvement measures may changeTaste。