The overnight mbo of Yantai Twin Towers food reform

23rd, Yantai Twin Towers Food Co., Ltd. (hereinafter referred to as "Yantai Twin Towers") IPO application will be submitted to the SFC issued the audit committee. As the largest Longkou vermicelli production and sales enterprises, Yantai Twin Towers This plan in the Shenzhen stock issue 15 million shares, issued after the total share capital of 60 million shares, after the collection of funds will be mainly used for the company's annual output of 20,000 tons of fan projects. If the initial application is approved, Yantai Twin Towers will become the first domestic fans.　　The economic leader of the survey found that the Yantai Twin Towers in the history of the registered Hong Kong shareholders and the actual investors do not match the situation, and its executives on the eve of the joint-stock transformation through the ownership, successful implementation of MBO, for today's wealth buried a foreshadowing. Commissioned a 15-year IPO (report) showing that Yantai Jinhua Vermicelli Co., Ltd. (hereinafter referred to as "Jinhua vermicelli"), is the Yantai Zhaoyuan longkou vermicelli processing plant (renamed in March 2009 "Zhaoyuan June Xing Investment Management Center", hereinafter referred to as "processing plant") and Chanfhuli (Hong Kong) Trading Co., Ltd. in 1992 jointly invested in the establishment of joint ventures.　　Jinhua Vermicelli set up when the registered capital of 2.05 million U.S. dollars, processing plant with its own plant, machinery and equipment and the right to use the site for a total of 1.05 million U.S. dollars as a contribution, Chang-fu Company to cash 1 million U.S. dollars as a contribution, both sides of the contribution ratio of 51.22% and 48.78%.　　However, when the Jinhua fans in the establishment of the case of Entrustment, Hong Kong shareholder Chang-Fu Company 1 million U.S. dollars in the amount of investment by the overseas Chinese Mr. Lin Rong and his wife actually provided, Chang-fu Li only as a nominal investor to fulfill the relevant legal formalities, Lin Rong couples are Jinhua fans of the actual owner of the stake. The reason why there will be commissioned to hold the situation, the Yantai Twin Towers said that 1992, the Japanese overseas Chinese Lin Rong and Jin Ling government to town-run enterprises Yantai Zhaoyuan longkou vermicelli processing plant as the basis for joint ventures to establish vermicelli production and management enterprises to achieve investment intention.　　Only because of the establishment of Jinhua fans, Lin Rong couples only to obtain the right of abode in Japan, does not meet the relevant provisions, only by Chang-Fu Lee as a nominal shareholder, for the relevant joint venture approval and registration procedures and holding the name of Jinhua fans of this part of the equity. Subsequently, the two sides in 2003, 2004 and 2007 3 times to the Jinhua fans to increase capital, the final formation of processing plant capital of 3.1685 million dollars, accounting for 51.37%; the Lin Rong couple contributed 3 million U.S. dollars, accounting for more than 48.63% of the equity structure.　　The status of such entrustment has been maintained until the end of 2007, with the expiry of Jinhua vermicelli joint venture, the Lin Rong couples to use the transfer of shares to exit the joint venture to be completed. For this kind of nonstandard entrustment, Yantai Twin towers of the sponsors of the securities that the issuer's history of irregular shareholding has been cleaned up, and the Shandong provincial government confirmed that the existing shareholder qualification and ownership structure of the determination has no effect on the issuer of the legal establishment, legitimate survival also has no substantive impact.And for the possible loss, the actual control of Yantai Twin Towers and the controlling shareholder Jin Ling Government and June Hing investment are committed to its commitment. The advance completion of MBO data shows that after the third replenishment is completed, Jinhua fans enter a high-speed development period.　　2007, Jinhua Vermicelli realized net profit of 20.38 million Yuan, 2008, 2009 net profit increased to 28.83 million yuan and 42.95 million yuan respectively, earnings per share from 2007 0.46 Yuan/share climbed to 0.64 yuan/share and 0.95 yuan/share. At the same time, Jinhua fans of the joint venture expires, the two major shareholders through consultations no longer extend the period of cooperation, Lin Rong couple in just a big increase of 2 million dollars a year after the choice of exit. The IPO (report) shows that as of September 30, 2007, Jinhua fans audited net assets of 62.3469 million yuan, Lin Rong couples holding 48.63% equity corresponding net worth of 30.3193 million yuan. March 20, 2008, Lin Rong and his wife to 33.037 million yuan, transferred to Zhaoyuan Investment Co., Ltd. (hereinafter referred to as "gold investment"), Beijing Yi-Wealth Investment Consulting Co., Ltd. and other 6 companies, the transfer price is only 10% of the value of net assets floating, the price is quite favorable. Data show that the investment in gold was set up in January 2008, is the Jinhua fan executives for the Lin Rong couple holding a stake in the company set up, and in one months after the establishment of a 23.08% of Jinhua fans, successfully realized the management of shareholding (MBO). According to the disclosure, Gold has invested 20 million yuan in registered capital, of which Jinhua Vermicelli chairman Yang Junmin personal contribution of 17.2 million yuan, by 5 natural persons commissioned 800,000 yuan, and gold investment legal representative Eringring 2 million Yuan capital is entrusted to other 16 natural persons. Subsequently, gold investment in the end of 2008, the transfer of equity, the addition of 16 shareholders, so that the number of shares reached 38, are Jinhua fans of senior executives, middle managers, core technical personnel or business backbone. And on the second day after the Lin Rong, Jinhua fans decided to change the whole to a joint-stock company, and in April the Ministry of Commerce approved, named Yantai Twin Towers Food Co., Ltd., total equity 45 million shares, and embarked on the road to the IPO. If the Yantai Twin Towers IPO application is approved, the gold capital will invest in the market value of the stake in hundreds of billions, Yantai, the executives of the Twin Towers will also deduce the myth of wealth. And for the outside world, the early 2008 equity movements are intriguing, which has both the Lin Rong couple "low-cost" transfer of equity, but also let people feel the Yantai Twin Towers executives "foresight." (According to: Economic Herald reporter Chai Haitao)