Sun Hung Kai re-involved in asset transfer doubts

This is a messy and bushy-hung Hongji (000040, closing price of 6.07 yuan).　　As early as August 26, "Daily economic news" exclusive report on the Shenzhen Hongji transfer of Xi ' an subsidiary, the company's former senior executives Guan Zhenfang through the control of the Cylon company, 4 years easy to profit nearly 300 million yuan news. After further investigation by reporters, it was found that there were more doubts surrounding the sale of Sun Hung Kai assets. June 22 this year, Sun Hung Kai has announced the transfer of its Shenzhen Yu Tai Export Supervision Warehouse Limited (hereinafter referred to as Yu Tai) and other assets, the assignee is a natural person Lin Jongxu of the unrelated party, but the relevant industrial and commercial data show that the above assets are a natural person named Wu Yaoxi, whose identity is the former senior executive of Hongji and the chairman of Yu Tai Company.　　More interesting is that, according to the announcement, the transfer price is only 52.2 million yuan, compared to the book value of the sale of assets has a substantial discount. Sale of storage assets Lin surname Natural person to take the notice shows that June 18, 2010, Sun Hung Kai's wholly owned subsidiary Shenzhen Hongji Logistics Co., Ltd. (hereinafter referred to as Hongji Logistics) and natural person Lin Jongxu signed the transfer agreement, Hongji logistics will hold the 70% stake in Yu Tai,　　Shenzhen Golden Hongji Container Yard Co., Ltd. (hereinafter referred to as the Yard company) 72% Equity, Shenzhen Hongji Foreign Trade Declaration Co., Ltd. (hereinafter referred to as the Declaration company) 80% Equity and Hongji Logistics part of the transfer of assets to Lin Jongxu, negotiated the transfer price of 52.2 million yuan.　　Shenzhen Hongji said that because Lin Jongxu is not a company, so the transfer of assets does not constitute a related transaction, and the transfer, Hongji logistics no longer hold Yu Tai, the yard company, the declaration company's equity. It is understood that Yu Tai Company and other companies mainly engaged in port warehousing, customs and other business.　　Sun Hung Kai said that the sale of these assets is to implement the company's focus on resources, the development of real estate business strategic objectives, to speed up the separation of traditional industries.　　Industry and commerce data show that the party is Wu Yaoxi but let the market is surprised, the notice appears in the Fanglin Zhongxu, in Yutei and other three companies of the latest industrial and commercial registration data are "no this person."　　According to the Shenzhen Market Supervision Bureau produced the Industry and commerce information, Yutei and other three companies are indeed in the recent stock change records, but from the hands of Hongji logistics is not Lin Jongxu, but the Wu Yaoxi of other natural persons.　　Among them, Yu Tai and the yard company in June 17 this year, the share change: by Hongji Logistics holdings of Yu Tai 70% shares changed to Wu Yaoxi holding 42%, Wu holding 28%, by Hongji Logistics holdings of the yard company 72% shares change to Wu Yaoxi holding 40%, Guo Zhaochun hold 30%.　　It is noteworthy that the above changes in the business registration time was actually before the signing of the transfer contract.　　In addition, July 1 this year, the declaration company also took stock changes, Hongji Logistics held 80% stake in the final by Wu Yaoxi.　　Obviously, this is completely inconsistent with the description of "transfer of equity to Lin Jongxu" in the Sun Hung Kai announcement. Well, this mysterious WuWhat is Yao Tin's identity?　　The Daily economic news reporter survey found that Wu Yaoxi previously for the Shenzhen Hongji subsidiary of the senior executives, has served as Yu Tai, the company's chairman, legal representative and other positions.　　Company: Wu Yaoxi just the agent in respect of the above information disclosure and actual discrepancy, the daily economic news reporter yesterday (August 31) deliberately called the Shenzhen Hongji Company, the company's securities representative Liu interviewed.　　"Daily Economic News" (hereinafter referred to as NBD): Why the announcement of the party for Lin Jongxu, but actually in the industry and Commerce information is written Wu Yaoxi and other people's name?　　Liu: At the time of signing the contract, the company has received Lin Jongxu a letter of attorney, clear Wu Yaoxi is its agent, and require listed companies in the processing of business information changes, the shares will be changed to Wu Yaoxi name.　　NBD: Why not disclose it to investors in the announcement?　　Liu: The company is just selling assets to Lin Jongxu, and as for what arrangements he has with other people, it's not about the company.　　NBD: Why was the contract signed on June 18, but the change in business information happened on 17th?　　Liu: Although the contract was signed 18th, in fact, all kinds of work has been carried out at the same time, there may be a problem with a lag.　　The evaluation value is much lower than the book value in addition to the true face of the party is not clear outside, the sale of Sun Hung Kai Discount company assets such as Yu Tai's behavior also let the market confused. The announcement shows that according to the assessment report issued by the Shenzhen Tianjian National Union, with December 31, 2009 as the base day, Yu Tai's evaluation value of 4.6052 million yuan, but the company's book value of 4.6291 million yuan, and 2009 years of net profit of up to 4.0638 million yuan, and in 2008, In 2007, its net profit was more than 6 million yuan.　　Even with the net profit of 2009, it is only 1.13 times times more than the company's sales earnings. "Generally speaking, the price of a profit-making company is higher than its book value, which is the so-called acquisition premium, which is so much lower than the book value of sales.　　"The investment director of a PE company in Shenzhen told the Daily Economic news reporter. In this respect, the evaluation company explained that, Yu Tai since its inception has been a loss, 2005 years loss as high as 9 million yuan, since 2006, the main income dependence on DHL International Logistics (Hong Kong) Limited, but its contract with the expiry of 2011.　　According to the statement issued by Yu Tai Company, it is considered that the uncertainty of renewal is too great to predict the income of the following year and the period of income.　　In addition, the total book value of the assets transferred by Sun Hung Kai is 71.8145 million yuan, the value of which is 54.8187 million yuan, but the final transfer price is only 52.2 million yuan, at a discount of 19.6145 million yuan on the book value and a discount rate of up to 27.31%. The company said that this was mainly because the date of the transfer contract was dated 5 months from the assessment base date, the related assetsMonthly depreciation and amortization, and the yard Company 1 ~ May continue to lose, the assignee to bear the yard company's operating losses.