Tengda Construction main decline big shareholder 14% Easy Breakout

Tengda construction 75.93% of the asset-liability ratio, decentralized ownership structure, production and operation of the problems presented by the market backdoor considerations. Financial weekly major Research group chapter Zhang Hai/writing IPO opening period is undecided, investors seem to have lost patience, shell listing become the current "popular" channel. Listed companies, such as low market capitalization, clear debt obligations and large shareholder, are the targets of institutional investors.　　Tengda Construction is a number of alternative "shell" one of the objects. Tengda construction market value of 2.32 billion yuan, the total share capital 737 million shares.　　Although the market value, equity and institutional investors in the eyes of the ideal of the target has a certain gap, but a single operating income, decentralized ownership structure, poor financial situation is that it becomes the main cause of market concern.　　Profitability weakening the company belongs to small and medium-sized private enterprises, in the bidding process of the project is far from the large state-owned construction units, business environment is increasingly grim. Tengda Construction predecessor is Huangyan Municipal Engineering company, by Yu Yangyu and other 28 natural persons jointly funded by the establishment, in 2002 successfully landed in the capital market.　　The company's main highway construction and large bridges, highways and other infrastructure projects, the business is mainly located in the Yangtze River delta area. As of June 30, 2013, Tengda construction total assets of 4.95 billion yuan, earnings per share of 0.19 yuan per share of net assets of 1.59 yuan.　　In the past year, the company's stock price remained at about 3 yuan, the company market value of 2.32 billion yuan.　　Although from the above data, TENGDA construction of asset scale, profitability, market value are good, but from the further analysis of the situation found that there are many problems behind Tengda construction.　　Tengda construction from the main business, although its business involves engineering facilities, road and bridge operations, ship transportation and other fields, but the engineering facilities are still its main income, accounting for more than 90% of the total revenue, and mainly in East China region.　　In the first half of 2013, Tengda construction successively won the bid for Hangzhou, Taizhou, Shanghai, a number of major projects, operating income than a year earlier growth of 41.16%. However, due to the construction industry and the economic environment closely linked, in the market demand is lower, the industry competition intensified, the gross margin gradually declined.　　The first half of the gross margin of 9.52%, down 1.65%.　　In addition, the company belongs to small and medium-sized private enterprises, in the bidding process in the project is far from the competitive bidding capacity of large state-owned construction units, business environment is increasingly grim. Tengda construction in the first half of 2013 disclosed earnings report, the first half of the company to achieve revenue 786 million yuan, the same period grew 33.75%, net profit of 138 million yuan, the year-on-year growth of 7.11 times times. However, the disclosure of information from Tengda Construction revealed that the reporting period, the subsidiary Louze Road Company received the government under the agreement to pay a reasonable income compensation of 102 million yuan, the total amount of compensation to increase the net profit after the current period of 119 million yuan.　　After deducting the above compensation proceeds, the actual net profit of Tengda construction is 19 million yuan, an increase of 11.8% over a year earlier. The single business is not only asThis, the high customer concentration also for Tengda construction business buried hidden dangers, the company's top five customer revenue accounted for 51.65%. Main business single, gross margin downturn, to tengda the construction of capital chain brought a heavy pressure.　　As of June 30, 2013, the company's short-term borrowings of 845 million yuan, expired within one year of the non-current liabilities of 371 million yuan, the total flow of liabilities of 3.43 billion yuan, accounting for the proportion of debt to 91.37%. The company's gross profits are maintained at 140 million per annum, with net profits of 2010-2012 in more than 20 million.　　Although the company's asset-liability ratio has been decreasing since the end of 2012, the asset-liability ratio remains at a high of 75.93% as of June 30, 2013.　　Not only that, high customer concentration also for tengda construction of the operation of hidden dangers.　　The company's top five customers accounted for 51.65% of the revenue, mainly in Hangzhou municipal public construction and Development company, Yunnan Tengda Express Real Estate Co., Ltd. and the Hangzhou City Infrastructure Development Center. 2002, Tengda construction into the capital market, raised funds for the bridge to Zeguo to Taiping Highway Road and Bridge section of construction and acquisition of construction machinery and equipment projects, the yield rate is 15.44% and 23.98% respectively.　　2008, the company implemented a fixed increase, used for municipal engineering construction Equipment technical renovation project, Highway Engineering construction Project Technical transformation, bridge engineering construction technical renovation project and replenishment Company and Hefei subsidiary liquidity. But the financial crisis that broke out in the second half of 2008 has seriously affected the domestic economy, the construction industry has also been impacted, the number of projects has been reduced, the project starts to delay, the industry competition intensifies and so on. 2010 Tengda Construction will raise funds in the 299 million yuan to the Tengda Xinhui Plaza project.　　As of August 26, 2013, the project has invested 98.18%.　　2008, the company will increase the actual net amount of 456 million yuan, after 5 years of input and operation, nearly exhausted, as at June 30, 2013, fund-raising projects dedicated account only 158,900 yuan.　　Equity structure or institutional breakthrough industry insiders revealed that TENGDA construction of decentralized ownership structure is likely to become an external backdoor breakthrough. When market buyers are looking for "shell", Tengda construction becomes one of the objects that institutional investors consider.　　Market rumors, there are private placement and TENGDA construction management contacts, to negotiate acquisitions reorganization matters. In this respect, TENGDA Construction Board of Directors of the Office of the relevant people in the interview with the Financial weekly reporter denied that, "the company has no major restructuring, management authority to transfer the possibility of business is in the normal process."　　But according to industry insiders, its decentralized ownership structure is likely to become a breach of the outside world. Tengda Construction before listing, its shareholders are all natural persons, including the company chairman Yu Yangyu and related relatives and friends 29, with 10 couples, 4 pairs of father and son and 5 siblings of the complex relationship. After the listing, the company's ownership structure is more dispersed, not holding more than 5% of the sharesEast。　　The top ten shareholder's shareholding ratio equals 23.48%. The company's largest shareholder is Chairman Yu Yangyu, the shareholding ratio is 4.49%.　　The Yu Yangyu family of 8 people total held shares of the company's total share capital of 14.69%, Yu Yangyu for the company's actual control. At present, the Leaf clan occupies the main position in the company management level. Yu Yangyu is chairman of the company, his son Ye Linfu as general manager.　　Brother Ye Xiaogen, Yakana also as deputy general manager in the company's business management. "The company's founders and family shareholders are in charge of the operation and will not be able to sell their shares lightly."　　"The board office doesn't agree with the news that the stakes are being sold." From the change in the shareholding of TENGDA Construction management, there are only three senior executives with Chen Huazai, Shangwei Thunder and Ye Yang. Yakana 2012 from the two-tier market increased by 97,400 shares, the shareholding reached 2.14%. But it is also the top ten shareholders of only one by one pledged company stock.　　By the end of 2012, Yakana had pledged 15.68 million shares, accounting for 99.43% of its total holdings. Whether there is litigation, but also the main concern of institutional investors to seek shell. Tengda Construction and Yunnan High Concrete Co., Ltd. dispute has been the result of the verdict. The intermediate Court upheld the original judgement and the corresponding loss expenditures were counted in the financial data. At present, only the Qinglian Expressway A5 Construction contract dispute case, the funds involved 8.514 million yuan.