The investigation of Asahi-fei investment "Shell Cheats"

It's sad. For some of the listed companies that are running out of business, this is no doubt their voice.　　And this reporter investigation found that in a a-share more than 2000 listed companies, and there are many such "empty Shell" company.　　And at the end of the year, these "shell" companies, will invariably staged "shell drama." "Eight Immortals Crossing, recount. "A CPA who has long been involved in the audit of listed companies, describes the performance of such shell companies in the drama of Shell-keeping," he said.　　And another senior accountant because of the listed company that it serves, is angry unceasingly for the shell to make unreasonable request.　　And in a variety of "shell" in the past 10 years, the main business has 7 years of loss, but has never put on the St hat Xu Fei Investment (000526.SZ) is undoubtedly a master.　　What is the secret of Asahi investment?　　10 7 losses in the last 10 years, China's real estate market continues to hot, and in Shenzhen, Asahi Investment is based on real estate industry, but the once called "Good Time" of the listed companies, in the hot property market, but did not lead its investors experience good times.　　Relevant financial data show that Asahi investment in recent years the main business continued to shrink, since 2001 to the decade, the company's highest operating income of 2005 years of 18.466 million yuan, most of the years are hovering over 5 million yuan. "The company has almost no business, these years purely by some fragmented business support, can be said to be an empty shell company."　　Shenzhen Real Estate Circle A senior analyst to this reporter frankly.　　As of 2010 years, Asahi Fei Investment in the main business has disappeared from the real estate figure, leaving only real estate leasing, property management and agency services three, when the main income only 3.56 million yuan.　　Reporter investigation found that from 2001 to present 10 years, Asahi Investment net profit only three years (2010 is the first three quarters) loss, but reflects the main business profit status of "deduction of the net profit after the Non-recurrent" data shows that from 2006 to date, Asahi Investment almost years of losses. The above data show that 10 years of Asahi Investment in the main business in 2001, 2002 and 2005 to achieve profits, the remaining years are losses.　　Affected by this, the company since 1996 has never been a dividend and Shang.　　Quite magical is, although the main business is increasingly depressed, but the relevant data show, since backdoor, Asahi Fei Investment has never worn St hat. "It shows that the company has always been profitable by non-recurrent earnings, most typically including some investment income, the disposal of equity or other assets, and government subsidies, etc."　　The accountant mentioned to this reporter.　　According to the professional analysis, listed companies most direct and simple non-recurrent profit and loss, often from the disposal of some equity and assets, "said the image point is Zaguomaitie." Take 2007 years as an example, that year Asahi Fei investment transfer including Shenzhen good Time Culture Development Co., Ltd., Beijing Xu FeiReal Estate Development Co., Ltd. and Shenzhen City in the best fly Real Estate Development Co., Ltd. (hereinafter referred to as Shenzhen Jia Fei), including a number of subsidiaries.　　According to Asahi Investment Bulletin, only to sell Shenzhen in a good fly a transaction, produced nearly 10 million yuan in investment income, and the company's main business losses amounted to 8.4369 million yuan, in the harvest of this "windfall" after the net profit reached 2.8994 million yuan.　　The same pattern has been the investment of Asahi Fei.　　2010 years before the three-quarter Asahi investment to achieve revenue of 4.6499 million yuan, net profit of 3.8593 million Yuan, November 9, the company to 36 million yuan to sell the price of Xu Fei Hua Tian Yuan podium floor two property, the deal again let Xu Fei investment gain more than 10 million yuan investment income. Shell trick "If the listed companies are difficult to continue to operate, the majority of shareholders will generally choose to give up the shell resources or control status, the introduction of the reorganization of new assets to save the company."　　Shanghai Securities Investment Banking Department in charge of the reporter told the newspaper. Asahi Fei Investment has also tried this way.　　July 20, 2009 Asahi Investment suddenly suspended, and on August 20, the announcement of a duplicate of Guizhou Yongji Printing Co., Ltd. to restructure assets. But the reorganization has not succeeded, Asahi Fei Investment finally announced on August 17, 2010 to terminate the above major asset restructuring.　　The sudden failure of the reorganization has undoubtedly made the shell issue once again a subject of concern to all investors in the company.　　In the view of the professional investment bankers, although the end of the line, but similar to Asahi investment, such as shell companies still have some "special" means to maintain performance, "such as through the Association of unrelated transactions to the listed companies to transport profits."　　As early as 2009 years ago in the three quarter, Asahi Fei Investment to achieve revenue of 5.0555 million yuan, net profit only-2.0743 million yuan, due to 2008 the company has lost 11.8516 million yuan, if 2009 can not achieve profitability, will take the St hat.　　In this context, the November 30 of that year, Asahi Fei Investment subsidiary Shenzhen Xu Fei Real Estate Consulting Co., Ltd. (hereinafter called Asahi Fly Home) and Shenzhen ha Dragon Property Development Co., Ltd. (hereinafter referred to as the company) signed a special agreement.　　The above agreement to determine, Asahi-Fei and Xiamen Dragon Company operating in the Shenzhen Zhongxing Garden of the overall property, which Xiamen Dragon Company to the overall property as an input, and Xu Fei home to 14.8 million yuan in cash as input.　　One months later, Xu Fei home to the price of 19.6 million yuan to the above property rights transfer to the South Development (Singapore) Limited, the transaction for Asahi Investment has brought 3.84 million yuan investment income. "This is obviously a baffling transaction, the 2009 real estate market so fire, people have a good property, why find a person to cooperate in business."　　"said the investment bankers who did not want to be named.　　The bizarre deal, "inexplicably" by the professionals, eventually failed to escape the eyes of the auditor. According to the registration meeting of Asahi Investment audit workThe survey found that, in the previous 12 months, Xiamen Dragon Company shareholder shareholders of Shenzhen Huayuan Park Real Estate Development Co., Ltd. and Asahi Investment is actually controlled by the same actual controller, the transaction is considered to be affiliated transactions.　　In the initial announcement, Asahi Fei Investment announced that the transaction is unrelated transactions.　　Because of this, 2009 SSE made the 2009 Annual Information Disclosure Assessment of the results show that Asahi investment letter draped was identified as unqualified.　　November 9, 2010, Asahi Fei Investment announced a "on the reduction and regulation of related transactions Rectification Program Bulletin" document, the bulletin shows that Asahi investment on the reduction and regulation of related transactions specifically formulated a number of rectification programs, and promised to reduce and standardize the occurrence of related transactions.　　A comeback. An interesting phenomenon is that, in the announcement of the above rectification plan, Asahi Fei Investment also announced two agreements.　　According to a person familiar with the matter, the disclosure of the two agreement shows Asahi investment began again.　　Reporter found that, one of the agreements, Asahi Investment and Hebei New Peng Construction Co., Ltd. (hereinafter referred to as Hebei New Peng) signed the "Cooperation Agreement" on November 3, 2010, agreed that the construction of new Peng building projects in the required steel will be provided by Asahi Fei Investment.　　The agreement also agreed, Hebei New Peng to ensure that the first batch of the company to purchase the total price of steel will not be less than 20 million yuan, after each purchase of steel not less than 500 tons.　　The other agreement shows that the same day, Asahi Investment and Shenzhen Huamei Steel Co., Ltd. (hereinafter said: Huamei Steel), Shenzhen city, China Green Sheng Trade Co., Ltd. (hereinafter said: Hua Qingpai Renheshengye) signed the "Strategic cooperation agreement."　　The agreement shows that Asahi investment will carry out its never involved in the steel trade, while the Huamei steel and Hua Qingpai Renheshengye is determined, the first batch for Asahi investment to provide 80 million yuan value (about 18000 tons) of steel. "Steel is not what the tight goods, the new middle base why to through Asahi Fei Investment on behalf of the purchase, and then Hebei is the steel big province, why buy steel from Shenzhen?"　　"Although Asahi investment in the announcement stressed that the two agreements are unrelated transactions, but the above investment banks again expressed doubts about the deal."　　So, what is the new middle ground of Hebei holy, why would make such a strange purchase action? The aforementioned announcement shows that Hebei Xinghai formerly known as the first base of Hebei Sea Construction Engineering Co., Ltd., founded in April 30, 2003, registered capital of 26.53 million yuan.　　The company is mainly engaged in construction and other business, its shareholders are 70.01% of Shenzhen in the good fly and holding 29.99% of the Zhuhai Jia Yue Investment Planning Co., Ltd. (hereinafter referred to as the best Yue investment).　　According to a person close to Asahi Investment restructuring party, the above two shareholders are not the original shareholders of Hebei new base, but before the agreement was signed before the acquisition of the company. "In fact, we all know that the company is Xu Fei to buy their own, you go to ask the company in Hebei know." "The above messagePeople said.　　On the afternoon of January 13, this reporter called Hebei new middle Base, but its external telephone has not been able to connect, the information finally failed to be confirmed. But at the same time, a clue caught the attention of our correspondent.　　The above name is Shenzhen in Jia Fei's company has repeatedly appeared in Asahi Fei Investment announcement. Subsequently, the newspaper reporter investigation found that Shenzhen in the good flying as early as October 2007 or Asahi Fei investment subordinate Sun Company.　　The company was founded in March 2000, is Asahi Fei investment for Huaan Park project development and construction and sales of specially established companies. NET assets of 9.04 million yuan in Shenzhen in the good fly was finally on October 22, 2007 by Asahi Investment foreign sales, of which 90% stake to 16.2 million yuan to Linde, 10% stake to 1.8 million yuan transfer to Li Zanmei.　　Through this transaction, Asahi Investment gained 8 million yuan of investment income.　　and Asahi Fei investment deduction after the non-recurrent profit and loss of only 843.69 yuan, it is by virtue of the above investment income, the company ultimately avoid losses, and achieve a net profit of 2.8994 million yuan.　　Xu Fei Investment and Shenzhen, the fate of the good fly did not end. September 8, 2009, the same year's buyers Linde and Asahi Investment signed "agency agreement" agreement, Asahi Fei Investment by Linde commissioned, agents of its 13 million yuan for the transfer of the price of Shenzhen in the 70% equity, agency fees 1.2 million yuan.　　Linde also pledged to pay a premium of 20% more than the reserve price.　　Finally, the above equity by Xu Fei Investment, transfer to the investment, and Asahi investment from the transaction both sides charge a total of 4.36 million yuan service charge.　　A year later, the company has become a major shareholder in Hebei New Middle-base, and once again becomes the "partner" of Asahi Investment, and the road of the insurance shell of Asahi Investment always seems to rely on the help of the "wealth of the money". "Formally, the deal is very similar to the one in the previous violation, and does not rule out the suspicion that this is still a related transaction." "The former said investment bankers analysis," restructuring is not successful, the premise does not rule out Asahi investment for the 2011-year profit to prepare the motivation.　　"The story of Asahi Investment is far more than that," he said. "The actual control of the company may be false, the real control person should be Huangshaoliang Brother Huangshaohui (voice)."　　The source said frankly.　　According to its disclosure, Huangshaohui early in the Shenzhen government, after the sea business, founder Asahi Industry and successfully borrow Shell listed, but because of its government department background, this person has been behind the scenes, but according to the source said, Xu Fei investment real decision-making power in the hands of only one person in Huangshaohui. January 13 Afternoon, this reporter on the above content to Xu Fei investment verification, but its phone has been no answer.