Tian Hua Ultra net internal offset dew "cheat" financial data or fake

Tian Hua Super Net has entered the countdown to the listing, the release date is expected July 23. For the days of the net, the company's 2013 annual operating income and net profit growth both sharply reduced, growth capacity or insufficient, and the company appears to be more willing to face "gold", in the prospectus announced that the company's main business income overall maintained rapid growth. The more urgent the time, the easier the sword to walk slant. Tian Hua Ultra Net 2013 the main growth rate of the dramatic slowdown behind, but revealed the internal offset of operating income "fighting" phenomenon, this seems to be contrary to normal financial logic. Revenue net profit growth suddenly reduce growth capacity or less than the main anti-static products of the days of the Super net, 2 years or so the long road of impact on the capital market finally have the results, the company started on May 16 successful meeting, and in July to get approval, the listing has entered the countdown. It is understood that the company's stock issue date is expected to be July 23, the proposed issue of new shares and the number of shareholders intend to open the sale of shares in total not more than 20.8 million shares. Although the A-share market is keen to "play new", there are still many value investors, and its focus is more on corporate profitability and growth capacity. According to the July 15 announced the IPO letter of Intent, the company nearly three years of comprehensive gross profit margin of 27.81%, 26.5% and 25.86% respectively, showing a trend of decline. Looking at the revenue, Tian Hua Super Net 2011-2013 operating income of 272 million yuan, 335 million yuan, 346 million yuan, of which 2012 and 2013 years of business income year-on-year growth rate of 23.24%, 3.35%. Not only that, Tian Hua Ultra net 2013 net profit growth rate of decline is also more obvious. During the 3 years of 2011-2013, the net profit of the parent company was 26.4031 million yuan, 36.4199 million yuan and 36.8405 million yuan respectively, of which the year-on-year growth rate of net profit in 2012 and 2013 was 37.94% and 1.15% respectively. What is puzzling is that the company's main business receipts have continued to grow rapidly, as it has said in a prospectus. Some investors said that, in the context of a sharp decline in operating income and net profit growth, even though the Chinese super net is more willing to "gold" on the face, and the growth capacity of a slightly inadequate situation seems unavoidable. Internal offset dew "Get away" financial data or fake the more urgent the moment, the easier the sword to walk slant. Tian Hua Super net in the past two years the main industry growth rate of the dramatic slowdown behind, but revealed the internal offset amount of operating income "fighting" the bizarre phenomenon. According to the July 15 announcement of the IPO letter of Intent, the company has a total of 6 wholly-owned subsidiaries, Suzhou Industrial Park Tianbao Shoes Co., Ltd. (hereinafter called Tianbao Shoes), Suzhou Shi Tong Electronic Technology Co., Ltd. (hereinafter called Shi Tong Electronics), Wuhan Tian Hua Super Net Products Co., Ltd. (hereinafter called Wuhan Tian Hua), Suzhou Branch Arts Purification Technology Co., Ltd. (hereinafter called Science Art Purification), Shenzhen Tian Hua Super NET Technology Co., Ltd. (hereinafter referred to as Shenzhen Tian Hua), Beijing Tianbao photoelectric materialMaterial Co., Ltd. (hereinafter called Tianbao Photoelectric). 2013, Tianbao shoes, Shi Tong Electronics, Wuhan Tian Hua, Science art purification and Shenzhen Huatian business income of 10.7078 million yuan, 50.0768 million yuan, 1.4277 million yuan, 13.6847 million yuan, 2.9974 million yuan, of which Beijing Tembaodan no income. At the same time, according to the China Super Net Audit report, 2013 annual operating income of the parent company is 299.0986 million yuan. In 2013, the business receipts of the Tian Hua Super Net parent company and 5 revenue subsidiaries were summed up at $377.993 million, which was 32.1143 million yuan more than the company's combined caliber of 345.8787 million yuan, and this part of the amount should be the result of the combined cancellation. It is noteworthy that Tian Hua Super Net recently announced the IPO letter of intent to show that the company in 2013 with Tianbao shoes, Shi Tong Electronics, Wuhan Tian Hua, ke yi Purification and Shenzhen Tian Hua and other 5 subsidiaries exist internal transactions, the final merger offset the amount of 2,967.60,000 Yuan, The disparity in the amount of money that should be offset by 32.1143 million dollars seems to be contrary to normal financial logic. The problem should not arise unless the company buys its subsidiaries in the middle of the year, a finance source said. And China Daily Web page to read the Super Net public information, the company's 2013 merger scope has not changed, that is, the company's 6 wholly-owned subsidiaries in the scope of the 2013 has not been a new acquisition. But some analysts pointed out that internal transactions are again common, but the internal offset "fighting" phenomenon is not rational, do not rule out the possibility of fraudulent financial data.