The huge vapor trade balance ratio of nearly 90% sales revenue less than 10%

Hebei huge Steam trade Group Co., Ltd. (hereinafter referred to as "huge steam trade") has been successful on February 14, become a domestic car dealers in the first single a-share IPO.　　According to the prospectus, the company's net profit was 420 million yuan, 602 million yuan, 1.011 billion yuan and 633 million yuan in the reporting period (2007, 2008, 2009 and 2010 1-June), and the results were quite eye-catching. The company's flawed property problem is difficult to be solved in a short period of time, as the profitability of the huge steam trade is enhanced year after day.　　At the same time close to 90% of the asset-liability ratio, will the investors pay back? High debt rate forward to see "policy" under the dish for a large car trade, the main source of funding before the listing is the bank, and thus generates up to 89.98% of the debt rate. And the booming domestic automobile market, stimulating the car dealers expand business nerves. In the prospectus of the giant vapor trade, the funds raised are invested in the construction of new and renovated distributors and supplementary funds.　　However, investment in the store requires huge funds, according to the brand, investment millions of, tens of millions of. After the success of the IPO, Pang Qinghua, the chairman of the vast auto trade, said it would optimize capital structure and reduce asset-liability ratios. But at this time of "optimization", "reduction", is to take into the capital to improve the structure of funds, investors will not take money to improve the ratio of assets and liabilities?　　Although the ratio of assets and liabilities in the dealer industry is basically over 60%, there is still a greater risk of the large amount of steam trade in nearly 90% of the assets and liabilities. In addition, according to the industry analysis, car management belongs to "see Policy eating."　　This year's auto market various preferential policies have been canceled, instead of Beijing limit purchase and other bad news spread, dealers circle money if blind expansion, it will be difficult to achieve sustained growth. For the current industry status quo, the huge steam trade in the prospectus prompts, the company in Beijing, less distribution outlets, sales revenue accounted for only 8.86% of the company's share.　　 But the huge steam trade also pointed out that the current high oil prices, the company's car distribution business will have a negative impact. Defects of land assets It is understood that the current automobile circulation service industry is faced with the general problem is that, because most of the dealer's shop land is leased, even if the own land to build shops, there are also the nature of land use problems. Some investment bankers say the lack of clarity in asset values due to the land problem will also be a major obstacle to the company's IPO.　　As a typical automobile circulation enterprise, the huge steam trade has more outstanding problems in this aspect.　　According to the disclosure of data analysis, a total of 559,800 square meters of large trade in the home ownership certificate, 253,000 square meters company's own house did not obtain home ownership certificate. Large steam trade in the collective lease land has not been first built 74,700 square meters of housing, in the state-owned leased land has not been approved first built 32,100 square meters of housing. According to the prospectus, the large auto trade has reached an agreement with the lessor of the land concerned about the construction of the state-owned land, and agreed that the lessor should receive the house ownership certificate, whether the matter is completelyhas not been fully disclosed.　　And for the collective land in violation of the costs involved in building houses, the huge steam trade can only be cost accounting, financial treatment. In addition, even if the huge trade lease uses the house, its property rights are not clear enough.　　The legality of the company's lease is not certain of the building area of 245,200 square meters, legal rental area of only 111,100 square meters.　　According to the prospectus, as at June 30, 2010, the company and its subsidiaries owned or used in various ways, the legality of the existence of various defects of the building area of the company and its subsidiaries used by the total floor space of 46.52%. This is a huge proportion that worries everyone. Although to the present company said has not been told must stop using the defective property or pay fines, compensation, etc., but because of the uncertainty of land policy, the company still exists because of the irregular property caused relocation of the business site hidden dangers. This will cause significant disruption to the company's normal business activities. In addition, the company's fixed assets flawed, resulting in the asset value can not be accurately quantified, although the luck will, will be listed after the routine valuation of the assets buried hidden dangers, which will inevitably lead to price fluctuations.