The four heavy fog of Kyushu pass the punishment within 36 months before release

Zhang Yunzhou CSRC will review the first application of Kyushu Tong Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Kyushu Tong"). "First Financial daily" reporter to check its prospectus (hereinafter referred to as "prospectus") found that its actual control people Liu's three brothers Liu Baolin, Liu Shulin, Liu Chaonen successively through 14 times natural person increase capital, 5 natural person equity transfer and 13 investment company capital injection and so on, in the capital market skillfully playing "left hand inverted right"　　Capital game.　　The flow of money behind it is confusing. According to Kyushu, 2009 company revenue of 18.9 billion yuan, net profit of 303 million yuan, and the matching is the "debt rate of 68.33%" data.　　And to repay the debt, Kyushu Tong even proposed from the IPO of the 899.8 million yuan to take out 320 million yuan to supplement the liquidity.　　In addition, the company has many irregular business, in the first 36 months before the listing has been subject to administrative penalties, which is suspected of violating the CSRC listing documents related provisions. 8 Years of capital High-frequency "Resell" March 9, 1999, Liu Baolin and Liu Shulin respectively in cash 1.54 million yuan and 460,000 yuan jointly funded the establishment of Wuhan are large storage and transportation Company (hereinafter called "Wuhan are Big").　　Since then, the two people have three times to increase capital in cash, just six months, Wuhan are the largest registered capital to 11 million yuan, compared with the establishment of the growth of 450%.　　The following 3 years, Liu's three brothers have 14 times to increase capital in cash, as of July 2002, Wuhan Capital of the large register amounted to 76 million yuan. Since 2003, Wuhan has introduced Zhongshan Guang Yin, Shanghai Hong Kang, Wuhan Chuchang, Beijing Point Gold 4 investment companies, Liu's three brothers through 5 equity transfer, successfully set up 86 million yuan.　　These 4 investment companies are under the control of Liu's three brothers.　　According to the prospectus, the capital of the 4 investment companies is largely derived from the profits earned by the three brothers and their families in "sporadic real estate, hotel business" and from the late 1990s to the beginning of 21st century, operating in the pharmaceutical markets around the world.　　"Sporadic real estate, hotel business" involved in the name of Liu Baolin another subsidiary of Wuhan Silver, the enterprise is mainly engaged in real estate business, once in the Wuhan area has KTV nightclubs.　　Since then, as the 4 investment companies in the actual control of the three brothers Liu, and successively 13 times to the listed companies injected 196.55 million yuan, and the company name has been changed, from Wuhan have become Kyushu Tong, and established "medicine wholesale, retail chain and drug research and development production" as the main business of the new positioning. Finally, Liu's three brothers a series of movements caused by international PE body Lions Dragon international attention.　　July 2007, the Lion Dragon International to the company to increase the capital of 60 million U.S. dollars, so that its assets immediately doubled to 783.2 million yuan, in order to enter a a-share market lay the foundation. 63 Natural Lightning "copy bottom" since the international capital injection, Liu's three brothers no longer to the Kyushu pass crazy cash capital increase. October 20, 2008, the company completed the unitReform, the total share capital of 1.171 billion shares, each share value of 1 yuan. August 16 last year, Liu Shulin and other 63 natural persons in cash mode in accordance with the price of 1.03 yuan per share of the total increase of 103 million yuan, equivalent to 100 million shares.　　At this point, Kyushu Tong Total equity from 1.171 billion to 1.271 billion shares. Reporter according to the proposed issue of 150 million shares, raise funds 899.8 million yuan data calculation, not a premium, Kyushu Qualcomm per share price of at least 5.99 yuan. Thus, in a year, 63 of natural persons "Lightning" shares of the increase in capital action can bring them at least 6 times times the value of wealth.　　Waiting for the listing time than the 2007 investment in The Lion Dragon International (463 million yuan, 232 million shares) shortened two years, the cost of investing halved, this is how to "copy Bottom" trick? As an example, Liu Shulin, vice chairman of Kyushu Tong, has added 35.0172 million shares to the status of natural person shareholder, plus its three major shareholders, Beijing Point Gold, Zhongshan Guang Yin and Wuhan Chuchang 24%, 47.37% and 25.85%,　　Liu Shulin's personal assets are likely to rise to 986 million yuan after 18th this month. Similarly, Liu Baolin accounted for 45.63% of the equity, according to 5.99 yuan per share of the lowest price calculation, the wealth will reach 3.471 billion yuan, Liu Shulin 11.71% of the rights, wealth at least 890 million yuan.　　At this point, Liu's three brothers to expand the wealth at least 5.347 billion yuan.　　But previously did not share the Company party committee deputy secretary Cheng Potao through last year Lightning shares, to be listed after the company can gain 781,700 yuan, and its stake in the cost of only 134,400 yuan. 36 months before the release of the punishment according to the prospectus, in the company all disclosure executives, in addition to Wen Xumin, Prof Chan Kai, Sheng have medical skills, the rest of the senior executives are not a medical background.　　The prospectus also shows: "From 2007 to 2009, the company and its affiliated companies in violation of drug control laws and regulations of the provisions of the drug regulatory authorities to be punished by economic administrative sanctions." The above penalties include three categories: upstream manufacturers or distributors of the drug quality defects and the drug regulatory authorities to punish the situation in a total of 35 cases; subordinate enterprise Fuzhou Kyushu Tong has employees illegal sale of drugs, individuals involved in the arrest, Fuzhou Kyushu Tong was the administrative punishment　　, subordinate pharmaceutical production Enterprises Jing Feng Pharmaceutical production of drug quality problems by the Drug Administration authorities identified as inferior medicine, and was punished. According to the second item "The issuer shall not have the following circumstances", "the first public offering of shares and listing management measures 25th" of the Securities and Futures Commission No. 32nd has been subject to administrative punishment and serious circumstances in violation of business, taxation, land, environmental protection, customs and other laws and administrative regulations in the last 36 months　　It is suspected that the administrative punishment of the issuers of Kyushu and its subsidiaries violates this stipulation, and it also involves how to define the problem that the circumstances are not serious. One-third raise money for debt repayment in the case of Kyushu, it is the domestic business scope of the country to cover the major areas of the two pharmaceutical commercial circulation enterprises.　　Tens of thousands of pharmaceutical business enterprises in the country ranked third in 2006-2008, the market share of 3.83%, 3.96% and 4.05%, showing the trend of increasing year by year. At the same time, the company financial report disclosed that its revenue last year 18.922 billion yuan, net profit of 303 million yuan. This group of figures is very alarming, because as a private enterprise, its revenue after a a-share medicine plate revenue leading Shanghai Medicine (601607.SH), but the net profit is far higher than Shanghai medicine.　　Shanghai medicine revenue of 19.5 billion yuan last year, net profit is only 170 million yuan. Even so, the prospectus suggests that a $320 million raise will be used to improve the company's financial structure and replenish the liquidity needed to expand its business.　　In other words, more than One-third of the fundraising will be used to repay the debt.　　According to the prospectus, the company supplemented a large amount of liquidity by introducing foreign investors, bank borrowings and Bill financing, but also resulted in higher asset-liability ratios and increased financial expenses. The figures show that the company's asset-liability ratio rose from 51.14% in 2007 to 68.33% in 2009.