Suspicious trading and abnormal dividends Yantai spandex play "selfish"

Yesterday, the Shanghai Securities newspaper reporter to interview the in-depth investigation of "Yantai Spandex suspected forged" Birth certificate "fraudulent listing" was published, the market shocked, the Shenzhen Stock Exchange also made an emergency suspension deal.　　However, the reporter through dialysis found that the Yantai spandex not only in the process of listing fraud, strange related transactions and abnormal dividends, the same people criticized.　　People familiar with the situation to reporters bare one of the mystery, in order to gain greater equity value, Yantai Spandex management in the company before the listing, lending to buy Yantai spandex holding shareholder Spandex Group Equity, repayment pressure is heavier. Strange related transactions on the one hand, before the listing, the rental of their own property to the controlling shareholder, by the controlling shareholder to pay the company rental fee whitewash performance, on the other hand, after the listing, not only for no reason to reduce the disclosure of the prospectus disclosed by the controlling shareholder of the property leasing fees, and Yantai Spandex is then paid to buy the property and land of the controlling shareholder.　　Recently, Yantai Spandex and its large shareholders Yantai Spandex Group Corporation (spandex groups) between a series of related transactions, people surprised. April 27, 2009, Yantai Spandex release announcement, proposed to 17.1542 million yuan Price, buy holding shareholder spandex Group is located in Yantai Development Zone I-2 Community 20846 square meters of land and 11280 square meters of real estate, and the company to raise funds one of the project "1000 tons/year to the Aramid Industrial project"　　, changed from the original place of implementation to the newly purchased land. This is a confusing move. Because Yantai spandex on June 13, 2008, its IPO "prospectus" said: "Spandex group initially to avoid with Yantai spandex competition, all operating assets are loaded into Yantai spandex.　　2006, spandex group because of the new Aramid Paper project, had to hire Yantai spandex land and plant. If the Spandex group own property, why did the original rent Yantai Spandex property? Yantai Spandex and what is the need to buy the property of the controlling shareholder, and change the location of the implementation of fund-raising projects?　　Moreover, Yantai spandex This secondary purchase of land property procedures are not complete. Yantai Spandex said: "1000 tons/year on the Aramid Industrialization Project" is the company 2008 listed two fund-raising projects, a total of 250 million yuan plan investment. Originally planned to be built in the company is located in Emei Mountain Road, the Western Industrial Park (Yantai Development Zone J-1 community). After the pilot project Technology exploration, the company found that the production of aramid to the steam system is very high, the Western park due to the construction of its own steam boilers, it is difficult to meet the technical requirements of the industrial aramid. In addition to the company's eastern factory has steam boilers, the existing other public works such as air compressor, freezer, etc. can also be part of the technical requirements of Aramid Engineering.　　Can also meet the position of aramid capacity expansion of 3 to 5 times times the need.　The company said that the industrial park in the west of the public steam system for the steam pressure of 6 kg, while the demand for aramid pressure to 12 kg, and the Western industrial park heating instability, intermittent.　However, the reporter interviewed for the Yantai Economic development zone for the steam of the Thermal corporation and the Western Thermal Power company, but got a different argument. Emei Road West Industrial Park to provide public steam is the Western thermal Power Company, the company's production department Wang told reporters: they supply the pressure of the export of 9.8 kg, has been normal for the Yantai spandex current Aramid production normal supply steam. The reporter asked, "If the pressure is 12 kg, can the western thermoelectricity be satisfied?" Mr. Wang said that the steam pressure could be improved by technical renovation, but it depends on the amount of steam and whether it is used for a long time.　　If used for a long time, Western thermoelectric can be solved. This statement has been for Yantai Spandex East Factory supply steam heating head of the Planning Institute in charge of the confirmation.　　The official told reporters that last year, in order to ensure the Yantai Spandex Industrial park in the West Aramid production and other enterprises in the region to provide steam, Western thermoelectric specially laid a special pipeline from the J-1 neighborhood pass by, and the Western Thermal Power company itself and Fang Lun adjacent to the factory, mainly for the steam mouth in the factory next to. Fund-raising projects generally have to undergo careful argumentation before deciding. In June 2008, the company also said in the IPO: "To the Aramid project company has carried out nearly 10 years of research and development, has completed an annual output of 100 tons of pilot production line, is in commissioning phase, is expected to end in the first half." The heating is supplied by the thermoelectric company on the west side of the factory, then the existing heat station in the factory is divided and the steam points are supplied for each process, and the recycled condensate is used as the hot circulating water for the process production. "Visible, up to June 2008, Yantai Spandex in the development of Aramid project, there is no pressure enough problems, and even decompression." December 3, 2008, Yantai Spandex in the para-aramid pilot through the authority of the State Department of Technical identification. During this period, the company also did not say that the pilot found the problem of gas supply.　　Why has it been dragged on to 5 months after the company has made a change to the question of how to raise capital for the project and to purchase land and property from the group? With doubt, the reporter came to Spandex group field view. The registered address of Spandex group and the plots sold to listed companies are 9th Heilongjiang Road, Yantai Economic development zone. However, the reporter found 9th Heilongjiang Road, but impressively found that this is a Yantai huaxing Towel Products Co., Ltd., and a busy, machine roaring production of towels, there is no production to change the signs of his use.　　This makes reporters feel puzzled and puzzled.　　Yantai Spandex Prospectus Commitment, to the Aramid project three years of construction completed, now, a year has passed, the project even the most basic civil construction has not yet begun, how will the company in accordance with the pledge of the IPO? There is more to the puzzle than this related transaction.　　Spandex group rented Yantai Spandex property, the same strange. Yantai Spandex "Prospectus" shows: Spandex group initially in order to avoid with Yantai Spandex industry competition, all operating assets are loaded into the Yantai spandex, 2006, spandex group due to the new Aramid Paper project, had to hire Yantai spandexLand and plant. 2007, the two sides signed land, building leasing agreement, Yantai Spandex in the Western Park, Aramid Paper Project Factory leased to the Spandex group. The plant covers an area of 3500 square meters, construction area of 8626 square meters, the lease period from May 1, 2007 to April 30, 2012. The rental fee is as follows: The building lease fee is 31099.92 yuan/month, the land lease fee is 1366.18 yuan/month, another to the Spandex group charge a certain management fee, 200,000 yuan per month. The program not only passed the company's board of directors, but also at the 2007 annual shareholder meeting, the shareholders ' meeting was voted on. 2007, Yantai Spandex total to the Spandex group to collect the above fee of 1.8597 million yuan.　　2008 received 2.7896 million Yuan. However, Yantai Spandex has just completed the listing, but suddenly no longer carry out the contract with the Spandex group has not yet expired. April 18, 2009, Yantai Spandex in the 2009 daily related Transactions Bulletin said: "Yantai Spandex has not yet with the Spandex group signed the plant leasing and integrated services agreement, but the two sides have agreed on the main provisions of the agreement: the lease cost of 8 yuan/square meters per month, a total of 70608 yuan. In addition, Yantai spandex to provide sewage treatment, canteens, security, shuttle, dormitory and other services, Spandex group monthly payment management costs 20,000 yuan. The agreement will be signed after the adoption of the authority of both parties, valid for January 1, 2009 to December 31, 2009.　　"From this, the rental costs are expected to fall to 1.0873 million."　　Before the listing of the contract, the listing has changed face, a whole less than the original contract 1.7 million yuan. This is the same thing about the daily relevance of the 2009 bulletin shows that the 2008, Spandex Group for Aramid Paper project to buy Yantai spandex aramid as raw materials, the total amount of sales of only 3.0645 million yuan.　　But Yantai spandex issued at the same time, "2008 annual holding shareholder and other related party funds occupy situation report" but shows: during the spandex group has occurred to Yantai Spandex accounts receivable reached 6.375 million yuan, than the total sales is still high. Abnormal huge dividends in Yantai Spandex annual shareholder meeting a small shareholder's question, bare a series of questions.　　The small shareholder, Yantai Spandex in the listing, the company's management of many people to buy the company holding shareholder Spandex Group Equity, repayment pressure is very big. May 18, Yantai Spandex held the annual shareholder meeting, the company chairman Zhu Minying Detailed introduction of the company's production operations and distribution policy. Zhu Minying said that the company is facing the production and management situation is very grim, by the industry's disorderly expansion of enterprises and the downstream textile industry, the impact of sluggish demand, since the second half of 2007, the spandex industry's supply and demand again imbalance, sales prices quickly lower. After entering 2008, the market situation has not changed any more, the competition between spandex enterprises is more intense, the vicious price competitionIn the second half of the year, the entire industry lost. At present, the national spandex industry capacity reached 320,000 tons, but the actual demand is only 200,000 tons, the entire industry capacity utilization only 62%. In the last two months, there has been a small upsurge of spandex sales, but the price is still not ideal, not the increase in downstream demand caused, but a burst of manufacturers cut production too much caused.　　At present, the textile industry exports did not recover, the short term spandex industry-wide losses will continue. Zhu Minying said the company had hoped to offset the negative impact of spandex prices and sales declines through Aramid products. But now, this wish will be dashed. Into the 2009, foreign large companies will gradually shift the focus of competition to China, DuPont, in particular, adjusted the sales strategy in China, began to reduce prices, because the domestic manufacturers of Aramid and DuPont compared to the existence of a certain gap, so DuPont's price so that the domestic aramid competition pressure suddenly increased, market risk increased rapidly. At the same time, a private enterprise around Shanghai also began to produce aramid, increasing the competition between domestic manufacturers. Affected by this, the company in the first quarter of 2009, the production rate of Aramid has dropped, clothing with a Aramid project has been temporarily discontinued. When to open is uncertain.　　The company relies on the position of aramid fiber to dissolve the risk of the industry downturn is facing greater challenges.　　The company's net profit fell sharply, and its earnings per share fell from 3.74 yuan in 2007 to 1.66 Yuan in 2008, and in the first quarter of this year, it slipped by 91%, with only 0.07 yuan per share. Although the company's business situation is grim, but Yantai Spandex has implemented a super profit distribution, Zhu Minying said, the company's dividend rate ranked among the top listed companies. In 2008, after the implementation of the 10 faction 10 yuan, the end will be 10 to send 10 yuan, and to increase 3 shares.　　Only to dividends, 2008 on the allocation of 251 million yuan, far higher than the company realized the profit of 183 million yuan. However, for such a dividend policy, small shareholders do not appreciate. A Yantai local shareholder at the annual shareholder meeting, made clear to the management of the company: different groups have different interests. He said that Yantai local shareholders are aware that Yantai Spandex management of many people holding the stock of Spandex group, because at that time to buy the group equity, most of the loans, there is pressure to repay; so yantai spandex increased the intensity of dividends.　　He called on Yantai Spandex Board of Directors to consider the interests of small and medium-sized shareholders, the formulation of distribution policies to give a balance. All sorts of mysteries begin to find a reason. June 8, 2007, in Yantai Spandex on the eve of listing, Yantai Sasac will the company's holding shareholder spandex Group 49% stake to 199 million yuan Price, out of Yantai Spandex 84 to Yantai Yufeng Company and Yantai Yu and the company as the carrier of the senior management layer. While the company's prospectus tells of the transfer, it says there is no law-and-order financing for the purchase of the Spandex group, some of which are borrowed by executives from other private enterprises rather than bank funds. However, the investment banking Department of a joint-stock bank in Shandong ProvinceTold reporters that they often do some MBO projects in the bridge loans, such as the transfer of shares of some enterprises. Yantai Spandex executive layer to buy spandex group stake is whether the bank loans, reporters difficult to verify. However, the prospectus clearly tells you: it boils down, 84 shareholders to Yantai Yufeng Company and Yantai Yu and the company's funding and lending mainly two parts: its own funds and various types of loans.　　Obviously, there is a debt repayment pressure. The reporter further looked at Yantai Spandex first 3 years of cash dividends, but also quite surprised. 2005, the net profit of 35.679 million yuan, but the company did not carry out any cash dividends, 2006 net profit of 47.665 million yuan, but the total amount of cash dividends in the year is as high as 187 million yuan, beyond the net profit achieved 392.32%. Reporter noted that it was during this period, the ammonia LUN group shares transferred to Yantai Spandex senior management layer.　　2007, Yantai Spandex net profit of 349.866 million yuan, because at that time the company is reporting the listing process, also did not carry out cash dividends.　　Yantai Spandex Special Annual dividend of the high will have a reasonable annotation. However, this high dividend from Yantai spandex this year's business situation to look very difficult to continue. The only way is to increase the benefits of the Spandex group. This seems to be the only way to reduce the pressure on the executive layer to buy the spandex group's stake.