Sunflower and Oriental Sunrise Mutual revealing whose prospectus is false (figure)

Not friends don't meet. In the solar cell industry, the same in Zhejiang province, Ninghai, the Oriental Day of the IPO application June 28, Shaoxing Sunflower will also be the next day. Two companies in almost the same period to enter the same industry, customers and suppliers are Jiangsu Shunda, overseas markets in Germany and Spain. A rising, a day, the fate of the destiny. As competitors, both sides meet not only business, capital market also together.　　However, from their respective prospectus, if the east of the previous meeting said the truth, then, after the sunflower will certainly have told lies. Two prospectus data fight Sunflower admits that "in the next few years, the domestic PV cell market will become increasingly competitive." In the prospectus, said, "At present, China is engaged in silicon ingots and silicon wafer manufacturers more than 100, engaged in solar cell production of about 50 enterprises, and have the ability and production line on the battery chip packaging production of more than 200 enterprises".　　Sunflower and Oriental Sunrise both admitted that Wuxi Suntech is the eldest in the same industry, but both sides deliberately do not mention each other. Sunflower Prospectus shows that the company's PV cell design capacity of 175MW, capacity scale is significantly larger than the eastern Sunrise 139.58MW solar cell and component capacity, the company's main products in the past three years, solar cell and component production composite growth rate of 174%, the total assets of the annual composite growth rate of 86%, The annual compound growth rate of business income was 74%.　　According to the 2006-2008 China solar cell production ranking data from the prospectus, the Sunflower 2008 solar cell production was 41.46MW, and the production industry ranked 10th. However, the Oriental daily rise of the prospectus disclosed the output rankings, but with the Sunflower's Great Mystery (schedule). If this is the different ranking of different organizations, but not so wide gap.　　Careful identification of these two tables can be found that the first 9 of the Sunflower table, and the Eastern daily rise in the table of the Basic agreement, indicating that both data sources are more reliable. However, one of the problems is that the Oriental daily rise in the prospectus on the 2008 solar cell production rankings, Ningbo Solar energy production 175MW, ranked 6th in the country, Zhejiang Chint, Jiangsu Downwind are 50MW, the industry tied ranks 11th, Shanghai Jiaotong University topsolar 48MW, the industry ranked 12th. The company's 2008 solar cell production was larger than that of sunflower. This is not consistent with the Sunflower 2008 output industry ranked tenth, indirectly proved that the sunflower prospectus exists data fraud. Solar cell production pattern (daily rise of the table) the second is, if the sunflower 2008-year output of 41MW ranked 10th True, then the east of the table there is fraud, because the production of sunflower than Zhejiang Sun Valley, row industry 14th.　　Solar cell production pattern (sunflower table) In this phase, if both sides believe that they are true, it will be a false one side. "Fraud and insider trading have been rife in China's capital markets for many years.Little Weirdo. But the problem is that two companies are almost at the same time, the prospectus is so inconsistent, there is no doubt in the review process? "Many IPO companies will beautify themselves, posing as industry leaders or top-ranked companies in competitive power, helping to pass through the IPO and helping to sell a good price when recommending an inquiry," said one investment banker. "Rapid expansion of the life of the door as the 2005 after the establishment of photovoltaic industry, sunflower in the capacity expansion period, the main business income also maintained a high growth rate of 2007-09 composite growth of 74%."　　Company products sold in Germany, the first half of 2010 foreign market income accounted for 88.31%, of which the German market income accounted for 78.05% of overseas markets. The risk of eggs in one basket is being presented. Haitong Securities researchers pointed out that in early July this year, the House of Lords in Germany to support the downward adjustment of solar industry subsidies, roof power system down 16%, agricultural land cut 15%, open space down 11%, the new subsidy policy will be fully implemented in October this year.　　Therefore, Germany's support to the photovoltaic industry weakened or to a certain extent to affect the company's 2011-12 product sales, and give a reasonable value range of 7.59-8.74 yuan. Sunflower 2007-2009 received the tax return of 38.63 million yuan, 125 million yuan, 100 million yuan, the company's net profit is only 10.88 million yuan, 76.42 million yuan, 119 million yuan respectively.　　Should the sunflower continue to show its attractive high growth image to investors if the government's tax returns are deducted or tax breaks reduced? Core technology, according to the prospectus, considering the reasons for commercial confidentiality, sunflower main technology has not applied for a patent, also did not fold stock.　　The only patent for invention is licensing, is in March 2009 with the Zhejiang University signed technology transfer contract, Sunflower Light Division to obtain "on the surface of silicon solar cell composite wavelength conversion-antireflection film method" of exclusive license to use, to Zhejiang University to pay permission to implement the application fee of 200,000 yuan, the period of 6 years. The Oriental Sunrise has a slight advantage in this area, with 9 core technologies related to solar cells (including two invention patents, a technology transfer from Shanghai Jiao Tong University, a patent owner who has been changed to the issuer, and a patent certificate for independent research and development).　　The issuer has 12 core technologies related to solar cell components (one of which has applied for invention patents). Considering that Suzhou has been a permanent cause of the IPO failure due to patent problems, sunflower can be successfully listed, this newspaper will continue to follow.