Thousands of workers miss 200 million wealth the investigation of the liquidation of Blue Fung Biochemical workers ' unit

The 21st Century Economic report Zheng Shanghai on the magical capital markets, there are always people who are happy and unhappy.　　Will officially embark on a a-share of the foreground of Jiangsu Blue Fung Bio-Chemical Co., Ltd. (hereinafter called Lenfeng Biochemistry) staged is the story.　　In the actual control of the company Yang Zhenhua the net worth of a night to 525 million yuan behind, but the company 1447 ordinary employees will be more than 194 million yuan wealth to hand over.　　As a private listed company formerly a state-owned enterprise, behind the mysterious transformation of huge wealth, there may be many hidden secrets. Thousands of workers missed nearly 200 million of the wealth of 43.20 yuan per share.　　On the evening of November 18, Blue Fung Biochemical (002513.SZ) finally determined its own price.　　Despite the gap with the previous market expectations, but as long as the issue of success, the company will receive 821 million yuan of fund-raising, this figure is still the company's original 541 million yuan to raise more than the total amount of more than 280 million yuan.　　At the same time, the Blue Fung biochemistry of a senior executives and hidden in the major legal shareholders behind the natural person shareholders will also drum up. With the actual control of the Yang Zhenhua, Yang Zhenhua, as an example, by holding three of shareholders Green investment 51% of the equity, indirect control of the Blue Fung biochemical 15% of the shares, in addition to the Green Investment holdings of the SU Chemical group indirectly control the company's 41.61% stake, the total indirect control of the company 56.61%　　Shares. According to the above indirect shareholding ratio calculation, before listing Yang Zhenhua through the green investment and the SU Chemical group holds the blue abundant biochemistry about 12,152,179 shares.　　According to the price of 43.20 yuan per share, Yang Zhenhua personal wealth will be increased by 525 million yuan.　　Under the structure of Lenfeng and biochemistry of the shareholders, except for the 5 shareholders of Suzhou Green Group, the 第二、三、四名 shareholder of Blue abundant biochemistry is the 112 natural stockholders including Yang Zhenhua.　　This means that the 111 natural-person shareholders will also be together with Yang Zhenhua the legendary experience of a rich night.　　However, at the same time that more than 100 natural persons have been rich overnight, blue Fung biochemical more than 1000 ordinary employees with nearly 200 million yuan of wealth missed.　　The story goes on from 1997.　　1997 Blue Fung Biochemical predecessor Xinyi Pesticide Factory restructuring Jiangsu Xinyi Pesticide Co., Ltd. (hereinafter called Xinyi Pesticide), through the Xinyi Enterprise property System Reform command approval, the company 1468 employees by joining the employee shareholding will be the way to the Xinyi pesticide investment 4.5341 million yuan.　　By July 2000, the total number of employees will be 1473, the total amount of capital contribution is 4.6666 million yuan.　　However, it is strange that from 2000 to 2004, the 1000-plus workers ' shareholders were cleared out of the company's shareholder structure. During this period, a total of 1447 people withdrew from the staff holding, the total withdrawal amount of 4.4901 million yuan, in fact, alsoIt was this round of clean-up that led these workers to finally miss nearly 200 million yuan of wealth. In accordance with the June 30, 2007 Blue Fung biochemical restructuring of each yuan into a share of calculation, regardless of years of dividends and to increase the share capital situation, the above employees should be funded in the restructuring should be 4.49 million shares.　　Corresponding to the blue Fung biochemical 43.2 yuan issue price, the above 1447 employees lost at least 194 million yuan.　　Workers ' stocks clean up the huge wealth evaporation behind, blue Fung biochemical Why to clean up the staff shares?　　This reporter learned that the blue Fung biochemical staff unit clean-up is not a case, before listing clean up by the staff and workers of the trade unions and staff holding, almost has become an investment bank in the IPO process must carry out a task.　　"The Securities and Futures Commission has largely stopped vetting and approving employees ' shareholdings and the issuance of trade unions as promoters since 2002," the head of the investment banking Department of a Shanghai Securities company told our correspondent.　　Reporter from a dealer who did not want to be named to know that the blue Fung biochemical cleaning up the workers ' shares is another reason may be that the new company law and securities law enacted in 2006 stipulates that the direct or indirect promoter shareholder of a AG shall not exceed 200 persons.　　However, the blue Fung Biochemical Workers ' unit clean-up took place in 2000, when the policy has not yet begun to implement or even has not been introduced.　　The head of the investment banking department even told reporters that even after 2002 years, the Blue Fung biochemical workers are not to be cleaned up, "they can set up an investment company, the stake will be transferred to the investment company, all employees into investment company shareholders."　　As for the provisions of the 2006, the investment bank's senior opinion, because the blue Fung biochemical workers ' stocks produced earlier, belong to the above two laws formed before the introduction of the listed companies have no substantive obstacles.　　The Lenfeng is clearly aware of the problem, and the prospectus has a considerable length of explanation for the liquidation of the Workers ' unit.　　The prospectus, compiled by Soochow Securities, shows that the basis for the cleaning up of the company is from June 16, 2000, a document issued by the Xinyi Municipal party committee entitled "New policy opinions on deepening the reform of the Enterprise property system" (2000]41).　　The prospectus quoted the document as saying that Xinyi Municipal party committee requirements "all the city has not restructured enterprises and restructuring enterprises, regardless of the size, type and industry, must be thoroughly restructured", and the blue abundant biochemical (when called Xinyi Pesticides) is to respond to the call, began to clean up the staff shares. "According to these contents, the document does not require enterprises to clean up the meaning of the stock, in fact, before 2003, the Government is to support the staff shareholding, and the state-owned enterprise restructuring almost all in the form of employee shareholding."　　"Great Wall securities Mergers and Acquisitions department general manager Yun Shongyu told our correspondent." The supporting information is that the Nhwa pharmaceutical (002262.SZ), a listed company in Xuzhou with Lenfeng Biochemistry, was formed in 2000 12Month。 and a Xuzhou Enterprise restructuring work command issued on October 27, 2000, called "Xu Pengchang Finger Hair (2000) No. 03" "On the shareholding system in the adjustment of equity structure in the treatment of staff shares of the document even stressed," in order to safeguard the interests of workers and employees to protect the enthusiasm of investment shares,　　We should verify the real amount of state-owned capital and keep the amount of the employee's share capital in the adjustment of shareholding structure of joint-stock enterprises.　　In fact, the Xinyi is a Xuzhou subordinate to a county-level county, Blue Fung Biochemical in the higher administrative units expressly required to "keep the amount of staff capital unchanged", still adhere to the completion of the liquidation of the employees.　　So whose hands did the lost stakes end up in the hands of workers?　　A list of Lenfeng biochemistry shows that the shares of more than 1000 employees were eventually sold to 38 natural persons such as general manager Lianghua. Oddly, in addition to company executives such as Lianghua, there are also shareholders from outside the company.　　Reporter investigation found that 38 people, including Zhang Yi hodginsii, Sun Hansung, Wu Niuming, including many shareholders are not blue Fung biochemical internal staff. "The transfer of employee shares to the company executives, it is easy to arouse the contradictions between the staff and the executive, transfer to the outside people, workers have no concept, but not easy to cause disputes."　　Said the investment bankers frankly.　　In this respect, the blue abundant biochemistry has not been denied, in the risk hint, the blue abundant biochemistry admits: "The history has existed the staff stock holding meeting and the entrust shareholding situation, although the company to the staff shareholding will and entrusts the shareholding to carry on the norm, but still does not rule out the ownership dispute possibility"　　In spite of the final steps to be completed on the market, the troubles in the future will obviously not begin. November 23 Afternoon, this reporter on the above issues call Lenfeng biochemical aspects of verification, but the company's telephone has never been answered.