Star Yu shares: Market share water injection major shareholder violation of funds

"Investor" researcher Liqingfeng Bamboo in accordance with Changzhou Xingyu Lamp Co., Ltd. ("Xingyu shares") prospectus, the company is the largest domestic auto lighting manufacturing enterprises, the company's market share data naturally attracts attention.　　Disclosed under its prospectus, the company's 2010 first half of the headlamp market share of 5.33%, after the combination of light market share reached 9.29%, however, as the company calculates market share only with company sales divided by domestic passenger car output, neglected for repair modification of the part, therefore, the market share data there is obvious moisture. Another interesting phenomenon is that, due to the intermediary agencies hired at that time, the company ceased to be listed in 2008, and in September 2007, the Shenzhen Two PE (Private equity investment fund), which had just entered the capital, was transferred to the company's major shareholder Zhouxiaoping in October 2008.　　It is noteworthy that Zhouxiaoping for the acquisition of Dongfang, deep venture investment and other shares of the funds are paid by the star-Yu shares, the company advance funds did not pass the company's legal procedures for approval by the illegal related party funds occupied. As for the company's business development, after two consecutive years of rapid development in China, the auto industry is expected to decelerate significantly in 2011 due to consumption overdraft, cancellation of purchase tax concessions, and the setting of car-buying restrictions in some areas.　　As a result, corporate performance growth may also face a risk of falling. Overvalued market share is a car lighting manufacturing enterprises, the company's customers concentrated in Chery, FAW Volkswagen and other domestic major automotive manufacturers, and there is a certain concentration of customer risk.　　From the customer object look, the company's product positioning mainly in the low-end.　　According to the 2009 sales data, the company's sales of Chery cars accounted for 35.1% of the total income, FAW Volkswagen's sales accounted for 20.05%, once the two major customer procurement decline, the company's performance will constitute a relatively large negative impact. Xingyu shares prospectus disclosed, according to the China Automotive Industry Yearbook 2008 data, the company is the fifth largest automotive lighting manufacturers, but also the largest domestic enterprises.　　Leading the company's 4 companies are Shanghai Small series, Guangzhou Stanray, Changchun Hella and Hubei Law, the 4 companies are Sino-foreign joint ventures or wholly foreign-owned. Since for the industry leading enterprises, market share data naturally attracted investor attention, according to the disclosure, the company's 2009 headlamp market share of 4.29%, 2010 in the first half of the increase to 5.33%.　　After the market share of the combined lamp in 2009 for 7.76%, 2010 in the first half also significantly increased to 9.29%.　　Xingyu shares explained that the market share data is based on the company's product sales divided by the domestic passenger car output calculated, two headlights and two rear combination lights to assemble a vehicle, and the domestic passenger car output data from the Chinese Automobile Industry Association.　　This method makes the company's market share data significantly overvalued on the grounds that it ignores the sales of products used to repair the modified market. Companies also wearLu, the company's products are sold to the vehicle manufacturing enterprises, the product through the entire vehicle manufacturing enterprises to be used for new car matching and repair modification of the two markets.　　Since it does not include the market stock of the lamp used for repair, the calculation of the company's market share is underestimated and the result is obviously overestimated.　　PE early major shareholder violation accounted for the September 2007, star-Yu shares absorbed two PE company deep investment and Dongfang to the company to increase capital, cash capital of 9 million yuan and 13.5 million yuan respectively, the increase in the price of 7.12 yuan/registered capital.　　However, only a year later, the two PE companies chose to exit. Xingyu shares disclosed that, in 2008, due to intermediary agency reasons, the company stopped listing work, Deep Ventures, Dongfang and 5 other natural person shareholders will be in the hands of the transfer of equity to the company's actual control Zhouxiaoping,　　Deep Venture Investment and oriental credit transfer prices are 13.95 million yuan and 9.135 million yuan respectively, in the original acquisition price a slight premium.　　There is no doubt that, as a veteran venture investment company, Deep venture investment in the star-Yu shares a little bit of the gas, if the current motherboard companies to sell the average price-earnings ratio, deep venture lost investment is expected to benefit more than 50 million yuan, Dongfang is more than 80 million yuan. It is noteworthy that the Zhouxiaoping for the acquisition of Dongfang, deep venture investment and other shares of the company is paid by the Xingyu shares, a total of 26.835 million yuan, the time for April 2008 and July two times, and until November 18, 2008, the company's first board of directors seventh meeting to recognize the above behavior.　　By December 2009, Zhouxiaoping had returned the above arrears and paid 2.8106 million yuan for the cost of the loan in accordance with the actual occupancy time of the funds and the bank lending interest rate in the same period.　　Therefore, the company to advance the large shareholder Zhouxiaoping funds actually did not pass the company's legal procedures for approval through the illegal related party funds occupied.　　However, in February 2010, the company also absorbed the state Development Investment company's National fund to increase capital, the increase in prices 3.94 yuan/share, a total of 34.88 million yuan, of which the new registered capital of 8.86 million yuan. At present, the National Development Investment company holding shares of auto parts companies, including Yapp Automotive Parts Co., Ltd., France-Austria auto air conditioner Hubei Co., Ltd., Changchun Sea Wagon Lamp Co., Ltd., State investment fund Management Innovation (Beijing) Fund Management Co., Ltd. current general manager Gao from October 2007 to 2010 He served as an independent director of the company in February and currently serves as Director of the company.　　Gao also served as director of Faw four-Ring Automobile Co., Ltd. (now Changchun FAW-rich-dimensional Auto Parts Co., Ltd.) and vice chairman of Changchun Sea-Wagon Lamp Co., Ltd.　　From this point of view, for the star-Yu shares, the state investment fund is stone, the company has not only obtained funds, but also won the shareholder side of the company's operating level of support. Performance growth deceleration risk Xingyu shares in recent years the financial data reflectA better performance growth capacity, 2009 years of operating income and net profit year-on-year growth of 19% and 21%, 2010 in the first half, operating income that reached 418 million yuan, the equivalent of 2009 year 78%, net profit reached 64.62 million yuan, the equivalent of 2009 year 82%, the annual high growth momentum established.　　But as a supplier of automotive parts, the company's business growth and downstream of the passenger car market is closely related to the next two years, the overall slowdown in the industry growth trend is more clear.　　2009-2010 years, China's automobile industry has gone through two years of Take-off, a leap into the world's largest auto sales and marketing countries, the reason, the economic stimulus policy of car purchase tax concessions and energy-saving subsidies and other policies are the important reasons for the rapid growth of the industry. By 2011, the domestic car purchase tax concession will be abolished, although energy-saving subsidies will continue, but after all, the latter only for small vehicles below 1.6L, so this will have a more significant impact on the car market consumption.　　Moreover, these two years of rapid growth has been to a large extent overdrawn 2011 years of car consumption capacity, the industry has a higher rate of decline risk.　　Profitability, by the industry boom, the company's gross profit margin in the first half of 2010 to 29.48%, compared to 2009 of the year level increased by 3.41%, by this promotion, sales net interest rate has reached 15.6%, compared to 2009 the whole year increased by nearly 0.8%. However, the company's net assets yield of 2007, 2008, 2009 and 2010 1-June, respectively, 35.53%, 30.29%, 27.39% and 20.29%, shows that although the company's sales profit margin is improving, the operation efficiency of the assets is declining.