The State science and technology circle Money does not turn the enclosure high-level infighting defeated whole industry chain

October 16, the state-owned technology (002157.SZ) Bulletin disclosed that the company intends to set up a jinan public and agricultural Development Company, subsidiary at the same time to invest in the establishment of sun company in Xinjiang happy Canadian Aquaculture Company. At this time from the company formally terminated the allotment of October 9 but one weeks. Since 2010, is the state of science and technology in the capital market frequently "Happy circle money": directional additional, corporate debt, rights allotment, capital financial technology, until the end of the rights issue, the pace of the circle of money slowed slightly. Correspondingly, the company's "Happy enclosure" in the middle and lower reaches of the pig industry chain never stops. However, despite the large amount of money from the capital market, the state of science and technology has not changed the capital, the ratio of assets and liabilities has risen sharply each year. At the same time, the company's feed farming main industry profitability is also declining. From 2011 to the first half of 2013, the company's net profit was 126 million yuan, 80.33 million yuan, 4.72 million yuan, the trend of cliff fell. "Is the state of science and technology started in the feed, but after the listing blindly into the aquaculture, meat and other downstream industries, the front pull too long, coupled with the actual control of the 2010 Lin Yinsun and professional managers Li Xurong of high-rise infighting, industry experienced Li Xurong Ching, and thus the entire industrial operation Shuin." "Close to the state of science and technology to reporters analysis." August 17, 2007 soon after the listing, is the state of science and technology to pig breeding, slaughter, meat processing and other industrial chain downstream frequent. 2010, the company will be the core of the main business from the original feed production into pig farming, began a strategic transformation, and set the "2016 company live pig slaughter to 10 million, can multiply sow slaughter 500,000" strategic goals. Reporter learned that, in just a few years, is the state of science and technology in Heilongjiang, Guangdong, Shandong, Hunan and other sites to establish a pig breeding base. As the pace of expansion accelerates, the company's capital is increasingly inadequate, which has started to "circle the money" frequently. March 2010, is the state-level technology directional additional, to the big shareholder is the state group, investment fund, Warburg Trust and other 8 objects to issue 43.52 million shares, raise the net amount of 438 million yuan, for breeding, pig slaughter, meat processing 10 projects. 2012, the State of technology to provide 550 million yuan corporate debt issuance program, the bond coupon rate of 5.69%. Almost at the same time, the state-made technology to throw out a rights issue plan, to the total share capital of 431 million shares, to all shareholders 10 shares placing 3 shares. However, the market is expected, the state of technology in the first half of 2013 began to play "retreat", the initiative to withdraw the rights issue materials. Although the allotment has not become, the company IPO, directional additional, plus the issuance of corporate bonds, the state technology has been total from the capital market to 1.181 billion yuan, but the money has not brought about the improvement of the company's financial structure. Since 2010, the company's asset-liability ratio has been rising, from 2010 to 2013 January-June, the ratio of assets to liabilities was 56.85%, 58.57%, 69.61% and 75.42% respectively. "We were a rights issue last December, but now the companyThe main business is a loss, so it is estimated that the issue of the issue of the Securities and Futures Commission will be relatively long, so choose to withdraw to do not engage in other plans. October 10, the state science and Technology Dong Sun June to reporters to explain the termination of the issue. And in this industry transformation, there is a part of the past, is the state-controlled science and technology of the actual control of Lin Yinsun and the company chairman, professional manager Li Xurong of the high-level infighting. Li Xurong was chairman of State Science and Technology in 2004. 2010 Li Xurong want to hold its own 6.3593 million shares of the state of technology to reduce, when the company's stock price of about 14 yuan. According to people familiar with the situation, Lin Yinsun was planning to fry the share price to 20 yuan and then reduce, fearing that Lee selling shares will make his plan frustrated, so at that time did not agree with Li reduction. Both sides of the collapse, and finally, Lin Yinsun Group finance director Zhou Jian replaced Li Xurong as chairman, perimeter in the capital operation, but in the industrial management experience and Lee is a far cry. Since then, the state-run science and technology industry chain strategy is "Waterloo." 2012, 2013 1-June, the company's net profit is 80.33 million yuan, 4.72 million yuan, respectively, a significant decline of 36.33%, 94.68%.