The Social Security Fund encounters the state-owned transsexual, the shareholder of the venture capital to privatize

Zhu Yimin July 27, Dalian Yi da New Energy Development Co., Ltd. (hereinafter referred to as Dalian Isida) Gem issue 15 million shares audit. Dalian Yi da Main Heat power generation technology, environmental protection, energy saving, new Energy engineering design, technology development, technical services and technology transfer and engineering installation and general contracting. 2007-2009 in the past three years after deducting the extraordinary profit per share of 0.62 yuan, 0.95 yuan, 1.07 yuan, weighted average return on net assets of 36.7%, 80.77%, 39.82%, the net profit compound growth rate of 196.06%,　　The composite growth rate of owners ' equity attributable to the parent company is as high as 256.8%. The appearance of beautiful performance and Low-carbon energy-saving environmental protection halo, destined to Dalian Yi-da Impact of the gem will be another Men Yuelong, the value of doubling the beginning. (The "Key Mister" riddle behind Dalian's rise to high growth in 27th challenged the company's dubious performance growth), however, at the time of the capital-rich splendid fireworks bloom, the two originally owned by 100% state-controlled ventures in Dalian, Beijing Bing Original Venture Capital Co., Ltd. (　　Under the "original vote", Dalian Hai Rong High-tech Venture Capital Co., Ltd. (SEA-investment) the actual control of the people from the state-owned to natural persons, holding the nature of Dalian Yi-da shares with the corresponding change from state-owned shares to Non-state-owned shares.　　Dalian easy to reach the prospectus on July 21 this year signed, Bing original cast control in the March 18 into natural Kamma water, the actual control of the sea-melt venture into the natural Lin Aihua on June 21, and the Dalian Property Exchange until June 28 will this state-owned enterprise equity reform results officially announced. Two state-owned venture capital company why so rapid restructuring, anxious to Dalian easy to the world of PE investment victory to control the right to surrender to others, is not a flagrant naked benefits of transport?　　Why are the two 100% state-controlled VC companies so eager to "privatize"? The state-owned venture to "privatize" September 10, 2009, Dalian Yi Tatsu before the IPO of the last increase in capital expansion shares, Bing original investment, sea and investment, such as 4 units and 42 natural persons (including: the original natural person shareholder 12, the new natural person shareholders 30) to the company's new investment 88 million yuan,　　Increase the price of 8 yuan/share, Bing Original investment, the sea-melt venture capital of two investment companies began to officially enter the public view.　　After the release, Bing original investment in the company's shareholding ratio of 1.64%, the number of shares in 967200 shares, the sea-thaw venture investment after the issuance of the proportion of 1.08%, the number of shares of 636398 shares.　　Bing original cast in Beijing on July 31, 2008, the establishment of a registered capital of 200 million yuan, Henan Zhongyuan Expressway Co., Ltd. (hereinafter said: Zhongyuan high-speed) for its sole contributor, the actual control of the people's Government of Henan province. Hai Rong Venture was founded on December 29, 2007, when the registered capital and Paid-in Capital was100 million yuan, the controlling shareholder is Dalian Hai Chuang Investment Group Limited, the actual control is the Dalian high-Tech Industrial Park management Committee.　　Apparently, the two companies were 100% state-controlled venture companies before the surprise restructuring. December 23, 2009, Bing original vote for the first restructuring, to survive a separate way to form two companies, in which the survival of the original investment registered capital changed to 60 million yuan, after the division of the new Bing original Investment Holdings Limited registered capital of 240 million yuan, as of this time,　　The controlling shareholder and the actual control person of original investment have not changed. February 8, 2010, Zhongyuan high-speed to hold 100% of the original stake in Bing Original Investment Holdings Limited to increase capital, after the original investment Holdings limited to become the sole shareholder of the original vote.　　Bing original investment of the controlling shareholder change to Bing Original Investments Holdings Limited, the actual control of the people are still Henan provincial people's government. However, by March 18, Bing original investment suddenly decided to increase capital, natural person Kangma to invest 70 million yuan, increase capital, Bing original investment registered capital increased to 125.13 million yuan.　　The controlling shareholder and the actual control person change to Kamma water. According to the network Public Information survey, KANGMA for Zhengzhou 12th session of the CPPCC Standing Committee, Sheng Mao Photoelectric Technology Co., Ltd., the chairman of the Zhengzhou Industrial Development Zone investment in the construction of optoelectronic solid-state lighting industrialization project.　　Kang for Overseas Chinese, Fujian Huian people, rely on real estate, has been involved in optoelectronics, biotechnology and other High-tech industries.　　Compared with the Hires of the original investment state control, the state-owned degeneration of the sea-thaw venture came late, but more direct and urgent.　　June 21, Dalian Bao Hong Investment Co., Ltd. to 110 million yuan of money to the sea to create investment capital increase, after the increase in capital, the sea of investment in the registration and the actual income increased to 210 million yuan, the controlling shareholder changed to Dalian Bao Hong Investment Co., Ltd., the actual control of the change to Lin Aihua. According to the Dalian Equity Exchange on June 28 issued the 49th Bulletin of 2010, the venture investment holding shareholders from the state-owned to natural persons is to introduce strategic investors. After the audit, December 31, 2009, the total assets of the venture capital for the total assets of 98.9612 million yuan, the total liabilities of 0, and the Dalian high-Tech Industrial Park Management Committee confirmed the total amount of sea-investment evaluation assets of 85.3711 million yuan, net assets of 85.3711 million yuan.　　The value of the net assets evaluation of the venture investment into the strategic investors was 13.5901 million yuan lower than that of the audit denomination. Pure SEA-melt venture investment in the balance of assets, the liability of the state-owned venture capital companies do not lack of money, but the initiative to introduce strategic investors, and willingly to find a wealthy boss, more strange is that such a low price assessment of state-owned assets,　　Obviously to the natural person Lin Aihua benefit transmission suspicion of restructuring unexpectedly received the relevant department generously answer, this is baffled. Dalian Bao Hong Investment Co., Ltd.and its actual control person Lin Aihua Public information nearly to zero, through the network public inquiries, the outside world can not know why it is sacred, but also can not infer that the venture in Dalian, the market will be listed on the eve of the hasty transfer of control of the real motives.　　It's also a puzzle, Bing original investment in becoming a private holding company, the central Plains high-speed fully capable of independent completion of the separation, increase capital operation, but also like the venture into the sea, inexplicably to increase capital to expand the share of the way to complete from state-owned holdings to private holding of the transsexual surgery. The reporter had a telephone exchange with a staff member of the Board secretariat of the Central Plains high speed listed company. The staff told the reporter, "The original investment reform work from last October began to promote, but the approval process is complex, until the Dalian easy to reach the signing of the prospectus was finally approved, giving a sense of urgency and haste."　　The staff said that the central Plains high-speed and Kangma privately agreed, Kang can not intervene in the day-to-day operation of the original investment, the relevant equity investment project benefits Distribution also has another agreement, the implication is: Kang is the original vote in the name of the control, there is no outside question of the benefits of transport, the company just changed a vest. However, the motives of the original cast hasty replacement vest is still very suspicious, in order to eliminate the reporter's doubts, the above staff is not very willing to disclose, "let natural persons holding the original vote, mainly in view of the Social Security Fund state-owned shares of the transfer, although the restructuring of the 1.5 million shares of Dalian Yi Tatsu shares have more than 500,000 shares to be turned over, But after all, there are some left, otherwise, according to the rules will be all taken away. "The senior executives of a listed company in Shenzhen have invested in the original the practice of the sea-thaw venture was deeply shocked, especially when the actual controller of the venture has changed from less than one months to the signing of the prospectus, and the senior personage said," The venture company is really bull, and the document is being submitted for successful restructuring and modification, Show that there is support behind the company Ah! "The head of a Shanghai Securities Company's venture capital company is deeply disturbed by this, he told reporters," Close to the IPO companies from the state to private control, although the circumvention of social security state-owned shares of the transfer is a high-sounding excuse, but the outside world can not know how the relevant companies are in the name of the control of the natural person how to agree, It is difficult to avoid the transfer of interest, especially by public companies, such as VC companies, so that the interests of small investors may imply potential infringement.　　"Involving the Social Security Fund?" Although before the listing, the state-owned capital of Henan province, Dalian Sasac successively issued the official approval document, that the original investment, the Sea of venture capital holdings of Dalian has become a non-state equity, no longer fulfill the obligations of state-owned shares transfer, but intriguing is that The two companies that have completed the sex change operation are still issuing a promise to the National Social Security Fund Council to continue to perform their share transfer obligations, in which the original investment promises to transfer 532,800 shares to the National Social Security Fund Council, and the 613,602 shares of the venture capital to the National Social Security Fund CouncilHold。 From this view, the local SASAC to the two venture capital company held in Dalian, the nature of the shares of the official reply can not be its failure to carry out the state-owned shares of the highest amulet of obligations, perhaps based on anxiety's sake, the original investment and sea-melt venture to the National Council of Social Security Fund, although,　　A total of two companies transferred 1,146,402 shares to the Social Security Fund, but they also saved most of their chips. "The domestic securities market transfers some state-owned shares to enrich the National Social Security Fund implementation measures," 6th, where the initial public offering of shares in the domestic securities market and listed in the state-owned shares of the stock company, unless otherwise provided by the State Council, shall be in the initial public offering of the actual number of shares　　Transfer some of the state-owned shares of the company to the Social Security Fund, the state-owned shareholders less than the number of shares should be transferred, according to the actual number of shares to be held.　　The National Social Security Fund Council attaches great importance to the work of state-owned shares, and considers that the National Social Security Fund should be maximized to maintain the seriousness of the State Council policy, and the state-owned stocks should be turned over without approval from the State Council.　　Bing original investment, the sea to invest in a policy, under the measures of the practice of "evade" state-owned shares to transfer social security policy provisions? The reporter contacted the staff of the National Social Security Fund Council. In the knowledge of the original investment, sea and the operation of the venture, the staff was surprised to say, "the domestic securities market to the state-owned shares to enrich the implementation of the National Social Security Fund" is in the share-splitting reform, the new and old break down the background, did not fully take into account the state-owned venture capital shares, before received a number of comments, But any policy needs a stability, seriousness, while the new policy has an essential time cycle, in the new approach, the state-owned shares should be transferred in strict accordance with the current policy implementation. "And the head of a Shenzhen state-owned brokerage firm has different views on this, the official complained to reporters," the current state-owned stock transfer method is very bad for our state-owned venture capital companies, VC projects are usually not a lot of shares, once the actual number of shares issued 10%, The shares of the company we hold will be transferred to the Social Security Fund. As a result, our venture capital may not be able to achieve a reasonable return on investment, sometimes even the principal can not be returned.　　"It is understood that the original investment, Hai-Rong venture is not the first in the industry to do so, in fact, many state-owned VC companies have already begun to do so." Bing original investment, sea-melt venture, although taking evasive measures, but after all, but also to the National Social Security Fund Council to turn over some of the shares, if those who have already changed the vest of the state-owned venture capital companies, in the future will not perform the state-owned shares transfer obligations, state-owned shares to the supplementary Social Security Fund resources to go where?