Tianlong photoelectric was suspected of dismantling orders to evade the letter of the customer production into a killer

This reporter in the South Tianlong photoelectric seems to be its share price of the sharp collapse found "excuse." On the one hand, the company's major shareholders in the planning of more than 3 months of "equity transfer" fell through; on the other hand, since the exposure of last year "quietly" signed a huge order, also has been discontinued by customers, at any time may become "bad debts." But in terms of share prices, from the January 2, 2014 opening of the 8.2 yuan/share, until February 28 the closing price of 9.92 yuan/shares, in the planning "equity transfer" before the suspension, Tianlong photoelectric 37 days of cumulative gains have been nearly 21%. But then, Tian Long photoelectric Recovery Day (June 4), its share price has been close to the fall (9.98%%), reported at 8.93 yuan/share. Compared with those who had been lurking in the past year and boarded the "billboard" of the deal, the rollercoaster-like market had made the markets "empty and happy", and more likely to have lost some investors. Now it seems, Tianlong photoelectric "equity transfer" and huge orders are well worth pondering, first of all, the "transfer of equity" only involves "actual controller change", unrelated to "asset injection", only from the "Shell listing" one step away, and huge orders two times with the same trader signed, and does not violate the CSRC [Weibo] related " The contract amount of the company's most recent fiscal year main business income more than 50%, and the absolute amount of more than 100 million yuan, should be timely disclosure of the provisions. "Prior to the SFC has repeating gem companies can not borrow shell listing, but only ' actual control changes ' does not belong to ' backdoor ', and split ' huge orders ', also make the company in the control of disclosure information rhythm. A brokerage analyst who declined to be named, speculated to the securities daily, "This is a masterpiece of ' a loophole '." Equity transfer "Empty Joy" March 2014, Tianlong Photoelectric Bulletin said, the company took the holding shareholder Changzhou Noah Technology Co., Ltd., Tianlong photoelectric Chairman Feng Jinsheng notice, the company's controlling shareholders and the actual controller may change. And just before, Tianlong photoelectric shares have experienced from the January 2, 2014 opening to February 28 close nearly 21% of the rally. Tian long photoelectric respectively in 2012, the loss of 510 million yuan, in the first half of 2013, the loss of 23.33 million yuan, prior to the 2013.5 Annual report of the PV industry described as "a significant recovery in a short period of time" ..., judging from this, Tianlong photoelectric 2013 years difficult, there is "ST" risk. However, Tian long photoelectric on February 28, 2014 released the 2013-year Performance Express is a surprise, on the basis of successive losses, the company last year to achieve the ownership of the listed company shareholders of the net profit of 6.09 million yuan, compared to 2012 a big increase of 101.19%. Soon thereafter, Tianlong photoelectric performance "face" all the way down: The company lost 5.01 million yuan in the first quarter of 2014, Tianlong Photoelectric said, "PV industry is affected by overcapacity, the overall demand atrophy, resulting in poor operating conditions." "In addition, April 22, Tianlong photoelectric release of the 2013-year Performance Express revised bulletin, will come easy to 6.0852 million yuan net profitRun, the amendment to the loss of 130 million yuan, the reason is "some important customers have major business and financial difficulties and other factors, the company's accounts receivable bad debt preparation, fixed asset impairment, some of the product income, the cost of a substantial adjustment." Finally, the performance and two consecutive years of losses involved, Tianlong photoelectric planning more than three months of "equity transfer" fell through. In addition, the company said that "the counterparty and the controlling shareholder of the transfer price is not agreed", but also the transfer of the shares did not implement one of the reasons. Low-key signature not disclosed last November 30, the Securities and Futures Commission issued the "on the Shell listing audit strict implementation of the initial public offering of stock listing standards Notice", clear gem not to borrow shell listing. Not long ago, the Shenzhen stock market [micro-blog] director Chen Dongzheng also publicly said that the key to the gem delisting policy is "no backdoor". "This market mechanism is not only conducive to the company's fittest, but also to curb the speculative speculation in the market wind." "The securities dealers said to reporters," just ' backdoor ' brings benefits to both sides of the transaction is very attractive, so many people in the market will try to "curve backdoor". In fact, Tianlong photoelectric only involves "the actual control person changes", but not the asset injection "equity transfer", only a step away from the listing criteria. According to the relevant provisions, only the actual control of the change and injection of assets occurred at the same time, only to be listed by the shell, if only one case is not. "At present, the identification standard of shell listing, there is indeed a loophole can be drilled." In addition, the securities dealers added to the reporter, "Tianlong photoelectric last year signed the ' huge orders ' not disclosed, there are ' loopholes ' suspected." According to Tianlong Photoelectric Bulletin, the company in April 6, 2013, October 13 and the same transaction party "Xinjiang Nalati" signed the "equipment procurement and supply agreement", Xinjiang Narati to the company procurement drf85a fully automatic direct-pull silicon single crystal furnace 106 units, drf95e fully automatic direct-pull silicon single crystal furnace 74. The two order amounts are 58.4 million yuan and 75 million yuan respectively. Theoretically, this sum involves 133.4 million yuan of huge orders, more than Tianlong photoelectric 2012 years operating income of 176 million yuan 50%, in line with the "listed companies one-time signing and day-to-day production and operation related to procurement, sales, The contract of engineering contract or the provision of labor services and other contracts accounted for more than 50% of the company's most recent fiscal year, and the absolute amount of more than 100 million yuan, should be timely disclosure of the provisions. But its final did not disclose, Tian long photoelectric to give the reason is "the company and Xinjiang Narati successively two times signed sales contract, not one-time sign." The Company believes that the disclosure standards have not been met. "From the existing rules, Tianlong photoelectric practice is beyond reproach, but experience so much, the company is afraid to leave the market and investors leave a good impression." Analysts said.