Today's point of view: Chang Changyang response to the "disclosure door" too hard to criticize Guilin three gold unreasonable

Changyang response to "disclosure door" too hard to criticize Guilin three gold no reason-Shangyuan as after 9 months after the first IPO issue listed new shares, it is the first share issued after the reform of the IPO system, plus a relatively high premium of 19.8 yuan, the three gold in Guilin is not to be questioned by the attention of the market parties.　　It is not difficult to find a little "problem" once it is placed under a microscope for such a normally mediocre pharmaceutical company. So, on the eve of the listing of three gold in Guilin, a financial media reported that some people reported that there are irregularities in the restructuring of Guilin three gold.　　Taking into account the fact that before the release of the company was issued by people reported problems were forced to shelve the listing plan, this article quickly spread on the network, but also caused the investors worry, worried about Guilin three gold will repeat the mistakes of Li-li? The cause of the matter is actually not complicated, from the current disclosure of clues, the end of 1997 Guilin three gold reform, Guilin three gold executives, The middle-level and the ordinary staff total 563 persons to invest 51.4866 million yuan to buy the Guilin three gold Pharmaceutical Group company All equity, the state-owned shares realized all withdraws, the Guilin three gold management layer and the staff shareholding each accounted for 37% and 63%, thus, the Guilin three gold transformation becomes the private enterprise. From this perspective alone, Guilin three gold does not seem to have any problem, but all things as long as the next chase, the problem emerges, that is, according to the shares at the time, some of the executive cadres to buy four hundred thousand or five hundred thousand shares, some people want to buy millions of shares, at that time, Guilin three gold wage level,　　These executives do not have the money to buy such a large number of shares, then, where do these funds come from? In order to solve the investment, Guilin three gold adopted the then general "borrowing" way, that is, through the middle of the senior executives to the financial sector to borrow money to provide funds for their options.　　It was this popular "borrowing options", which is now the key to the market questioning the integrity of the three gold in Guilin, because Guilin did not disclose the matter in its prospectus.　　Facing the question of the market, Guilin three gold chairman Jiaming, Guilin Three Gold Co., Ltd., the company listed sponsor and the main underwriter merchants Securities, as well as its issuer lawyer Beijing trade law firm has issued a talk and statement, that its prospectus does not state inconsistencies. In a way, the three gold in Guilin even feel a little wronged. Because at that time all over the company restructuring, "borrowing state-owned enterprises to buy state-owned shares," a lot. In the 90 's listed companies, many listed companies in the internal staff stock issue management is not standardized, some companies are to lend money to workers to buy, some companies have to sell the internal staff shares outside the company's society, which also created the "first-half" market of the booming scene.　　Compared to the confusion of corporate equity purchase and management, the three gold companies in Guilin think they are doing more normative work. It should be said that, as the IPO system after the reform of the first share, management of Guilin three gold audit is strictand strict.　　This is the courage to face the market challenges of Guilin three gold. Monday is Guilin three gold online purchase date. On the same day, Shanghai and Shenzhen stock index have to Changyang, just become investors to Guilin three gold "disclosure door" the most authentic reaction. In view of this, Guilin three gold encountered restructuring questions did not shake investors to the market, the issue of new shares of confidence.