The big shareholder holding position of Ke da shares embarrassed invisible money transaction chaos

The relationship between the listed company and the major shareholder is too complicated, so the stake is not a good shell. Unless the group is determined to sell its shell, it will not improve its shares. Financial weekly major research group Chan Wenjun/writing 4.61 yuan stock price, 335 million yuan plate, 1.53 billion yuan total market value. The company shares a certain appeal to investment banks. But, like all companies looking to restructure, the shares are facing a variety of problems. In the past three years, the asset-liability ratio of the company's shares has been high and rising. Since 2010, the ratio of assets and liabilities was 65.06%, 2011 its ratio of assets and liabilities was 71.84%, and the ratio of assets and liabilities in 2012 was 75.95%. Fortunately, however, the semi-annual report showed that the Division had no major litigation, arbitration and media challenges. The ratio of 2.7 billion-yuan liabilities to total liabilities was also high, with a ratio of 2010 to 97.48%, 2011 to 97.95% and 2012 to 98.48%. As mentioned earlier, the asset-liability ratio of the company's shares has been high. 2013.5 Annual report shows that its short-term liabilities of 520 million yuan, long-term liabilities of 320 million yuan, 500 million yuan notes payable, accounts receivable 778 million yuan, the total liabilities reached 2.7 billion yuan. The ratio of current liabilities to total liabilities has also been high, with the ratio of 2010 to 97.48%, 2011 to 97.95% and 2012 to 98.48%. There will be a huge repayment pressure in the short term. Such a high debt rate, but also reflects its operational capacity worrying. From the operating point of view, the profitability of the company's shares has been very poor, semi-annual report showed that the main business of branch Tatsu shares of 310 million yuan, down 42.48% year-on-year, the net profit after the deduction is 10.04 million yuan, down 72.83%. In the past two years, the net profit is 20 million yuan and the operating income is 1.31 billion yuan and 1.51 billion yuan, the corresponding net interest rate is only 2% and 1.35%. At present, branch Tatsu shares in the real estate development business and infrastructure construction business. During the reporting period, real estate development business income of 18887929.00 yuan, 91.22% lower than the same period last year, infrastructure construction business realized operating income of 264,537,907 96 yuan, increased 8.75% from the same period last year. And real estate sales accounted for 6.08%, the same period last year, commercial housing sales revenue accounted for 39.83%, commercial housing sales revenue accounted for the total operating income ratio of 33.75%. The main reason for the decline in the proportion of gross income of commercial housing is: the company developed Qingdao "Providence Huayuan" project, dongying "mansion Zoo Hua" project and Binzhou "Jing to the Bay City" project in the reporting period there is no revenue recognition, real estate sales for the Kodawa Yuan project sales, resulting in the current period of commercial housing sales income reduction. The first major shareholder of the equity diversification Shandong Hkust GroupWith a shareholding ratio of 18.37%, the big shareholder, the group's discourse power, is not big enough. In the choice of shell resources, the most taboo is its excessively dispersed ownership structure. An ideal shell resource, should be the controlling shareholder and the consistent action person's shareholding ratio exceeds 40%, to the listed company vote to hold the great discourse power. However, from the perspective of the shareholding structure, Shandong Branch Tatsu Group holds 61.58 million shares, the shareholding ratio of 18.37%, the proportion is relatively low, the second largest shareholder for Guangrao County Investment Co., Ltd., holding 51.76 million shares, the shareholding ratio of 15.44% semi-annual report, The first major shareholder of Shandong Dakota Group Co., Ltd. and the second largest shareholder Guangrao County Jin Run Investment Co., Ltd. does not exist between the relationship and the consistent action of human Relations, Shandong Dakota Group Co., Ltd., Guangrao County Investment Co., Ltd. and other shareholders do not exist between the relationship and the consistent action of human relations. As a result, the voice of the big shareholder, Dakota Group, is not big enough. Among the top ten shareholders, we found two credit guarantee accounts, one of which is a securities account for Hengtai securities customer credit transactions, holding 2.57 million shares, and the other is a credit guarantee account for securities clients, holding 787,000 shares. Since the end of last year, Hengtai Securities customer Credit Transaction security account has been lurking in the company's shares, and in the first quarter of this year to increase holdings. Branch Tatsu shares have not been favored by the fund, has not been a fund for many years of concern and buy, as of September 16, the closing price of 4.61 yuan/share. November 12, 2010, the shares have climbed to 12.61 yuan/share, since the stock price has been falling. The lowest ever fell to 3.78 yuan/share. The group has no intention of withdrawing from the group's 500-strong private-sector business, which has been expected to inject all its bridges and real estate assets into listed companies. As a shell resource, whether or not the group is willing to withdraw is the most important factor that can be achieved by the transaction. Branch Tatsu Group was established in 1984, to Shandong Branch Tatsu Group Co., Ltd. as the main body, with the branch Tatsu Group Co., Ltd., Dongying Bridge Limited liability company, such as 18 enterprises. Today, the group of 500 private enterprises, the group is not short of money, the capital market has been expected, the group will all of its road and bridge and real estate assets into the listed companies. It is also expected that the group will be listed companies of the road and bridge and real estate business all stripped, under the group, and then inject its semiconductor companies into the listed companies. However, both of these expectations for a variety of reasons, unable to achieve, so the shares of the company's share price has been very depressed, the performance is not go. Occasional asset injections are expected to only briefly stimulate stock prices. What is the position of Dakota in the strategy of the group, perhaps we look at the history, we can find some clues. September 28, 2011, the company's shares announced that on September 26, the Chinese Securities Regulatory Commission received the "Administrative penalty decision" and the "market Prohibition decision book." According to the then regulatory investigation, the 2007 departmentTatsu shares to the then second largest shareholder in Shandong Branch Tatsu Group accumulated funds of 52.22 million yuan; 2008, Branch Tatsu shares to the group accumulated funds of 883 million Yuan, branch Tatsu group to the total share of funds allocated 797 million yuan; 2009, the company's shares to the group's total allocation of funds of 786 million yuan, the branch Tatsu group to the total share of funds allocated 997 million yuan, branch Tatsu shares of the above related transactions are not in accordance with the provisions of the disclosure of information. At that time, the company said that it was fully aware of the seriousness of the problem and took active measures against the problem of the parent company's non-operational occupation of listed companies during the period from 2007 to 2009. Shandong Xinda Group repaid all payments on April 20, 2010 and paid interest on the company's funds at the same time as the bank loan rate. It is too complicated for investment banks to have a messy relationship between a listed company and a big shareholder. This is also the relationship, the branch of the stock is not a good shell, the relationship involved is too complex. Unless the group is determined to sell its shell because of the pressure of funds and so on, the shares of the company will continue to be in the past, will not be improved, and there will be no pressure to withdraw from the market.