Weather information financial data three years two big strides are questioned

China Securities Regulatory Commission March 11 evening notice, after the Commission of the Board of the 2011 10th Meeting Audit Committee, Jiangsu Tianyi Information Industry Co., Ltd. (Tin ze information) first application was approved.　　This means that the sky-ze information from the formal purchase, the final move to the market is a step closer.　　According to the prospectus, the tin Chak Information proposed 20 million shares, issued after the total share capital of 80 million shares, raise capital of 211.0227 million yuan, to this estimate, the shares will not be less than 10.55 yuan. As we all know, since the GEM board, its "high growth expectations + policy support" and overvalued value of the controversy has been the focus of the market. Currently listed in a shares of the gem companies broadly divided into two categories: first, the company involved in new technologies, the company has a better growth, the market to give a high premium. Second, policy support companies, including seven strategic emerging industries.　　Growth, innovation is the soul of the gem company, it is a fancy gem has a high imagination space, the listing since the GEM has been actively sought after by the funds. As mentioned above, according to the P/E valuation method, the 50.64 million yuan in the 2010 net profit, the total equity will be 80 million shares, the 2010 annual earnings per share of 0.63 yuan, referring to the current new shares of 50 times times the price-earnings ratio, then the price of tin ze information will reach 31.50 yuan.　　According to the calculation, the final financing amount of tin ze information or up to 630 million, the company's total market value will reach 2.52 billion yuan. However, there is still a place for investors to be vigilant behind the low-key listing of the sky-ze information. According to the prospectus disclosed in the last three years of financial data, the company 2008-2010 respectively to achieve operating income of 70.0629 million yuan, 89.1475 million yuan and 142.6421 million yuan, belong to the listed companies shareholder net profit of 20.9 million yuan,　　27.8158 million yuan and 48.033 million yuan. According to the data, the company's operating income and profit situation have shown a doubling of the development trend. Among them, 2008-2009 annual operating income and profit only maintained 27% and 36% growth, but in the 2009-2010 year, the corresponding index growth reached 60% and 77%, the growth rate increased far faster than the market size growth.　　At the same time can be seen, the company's net cash flow is far less than this data, 2010-year profit of 50.64 million yuan, and the net flow of cash is only 36.11 million yuan, it is doubtful that the authenticity of the data, or there may be hidden related transactions, beautify the information of the weather report data, to achieve the According to the information disclosed in the prospectus, comb the growth history of the information can be seen, the issuer of the predecessor of Jiangsu Tin Ze was founded in May 25, 2000, since its inception has been continuously through the absorption of mergers and capital expansion to improve the overall size of the equity, the stock will be transformed into a merger, and finally achieve the results of the equity concentration. Operation mainly through the related party transactions, in the capital operation to elevate the value of the enterprise, from the beginning of the company's registered capital5 million yuan, soaring all the way to 2009 's 60 million yuan.　　In the course of many years ' stock right carding, there have been many times when the small shareholders of natural persons transferred their shares to the large shareholders, and the protection of the rights and interests of these small shareholders has not been disclosed clearly.　　In addition, the company's prospectus to strengthen the company's ability to operate capital, the business operation and market prospects, including the use of fund-raising, is very general, not convincing enough to ensure the interests of investors.　　News background: Tian Ze information stock changes East China technology willing to miss the exposure? According to the Tin Ze information prospectus, as early as 2001, East China Science and technology has been a stake in Jiangsu Tin Ze (Tian ze information predecessor).　　June 25, 2001, Jiangsu Tin Ze Natural person shareholders Li Hongzhi, Fang Jianguo, Ji Fung, Yuanping, Chailly will be held in Jiangsu Tin ze 100,000 yuan, 50,000 yuan, 100,000 yuan, 50,000 yuan and 50,000 Yuan capital contribution to the original capital price transfer to East China Science and technology.　　After the transfer of equity, the East China Science and technology investment of 7.35 million yuan, the shareholding ratio of 36.75%, and the Sino-foreign trade tied to the first major shareholder in Jiangsu Tian Ze. July 10, 2003, Jiangsu days Ze original shareholder jersey electronics, Dream, Eugingen, Chowa, Wang Qin, Tian Wei-ping will be held in the part of Jiangsu Tian Ze equity (total 9%), the price of the original contribution to the investment in residential and trade and East China technology.　　After the transfer of equity, East China Science and Technology and residential investment in Jiangsu Tin-Ze Capital contribution is 8.25 million yuan, the shareholding ratio of 41.25%, is still tied major shareholder. December 24, 2004, Jiangsu Tin-Ze through the shareholder resolution, agreed to increase the registered capital of 3.6 million yuan, of which, the East China Science and technology in the form of money to invest 1.485 million yuan, in the investment and trade in money in the form of 1.485 million yuan, Jiangsu salt industry in Jiangsu Tin Ze enjoy the debt capital of 594,000 yuan, Chen the money in the form of 36,000 yuan.　　The investment in East China Science and Technology and China-residential investments are 9.735 million yuan, the shareholding ratio is 41.25%, Jiangsu Salt Industry and Chen shareholding ratio are 16.5% and 1% respectively. May 25, 2005, Jiangsu Tin-Ze through the shareholder resolution, agreed to increase the company's registered capital to 30.9 million yuan, of which Jiangsu salt industry with its credit to Jiangsu days, the creditor's rights to invest 906,000 yuan, the Chinese residential group in the form of money to invest 6.394 million yuan.　　This round of increase in capital, East China Science and technology due to the lack of capital, in the completion of the replenishment, the East China Science and Technology holdings in Jiangsu days from 41.25% down to 31.505%, but still with the Sino-Residential group and listed as the largest shareholder. August 1, 2007, Jiangsu Tin Ze through the shareholder resolution, agreed that Jiangsu Salt industry will hold its 15.53% stake in Jiangsu Tin Ze Transfer to the Sino-Residential group, each 1 yuan transfer price of 1.15 yuan.　　At this point, the Sino-Residential Group Holdings in Jiangsu Tianyi rose to 47.035%, East China Science and technology become the second largest shareholder. Only after two months, East China Science and technology will hold the Jiangsu Tin Ze Equity to be transferredLet。 October 30, 2007, East China Science and technology will evaluate the value of 21.5163 million yuan in Jiangsu days Ze shares to 30 million yuan for the transfer to the Sino-Residential group and Chen, of which 16.18% shares transferred to the Sino-Residential group, the transfer price of 15.408 million yuan, 15.33% equity transfer to Chen,　　The transfer price is 14.592 million yuan, the transfer price is 1.39 yuan for each 1 yuan contribution. At the same time, the Sino-Residential group again in the currency of Jiangsu Tian Ze registered capital of 29.1 million yuan. At this point, the Sino-Residential Group Holdings in Jiangsu Tin-Ze shares rose to 81.06%, while the East China technology is all out of the sky ze information.