What is the role of reorganizing the leading technology PE?

In just three years, the Chinese oil jinhong after 5 times to increase capital and 6 equity transfer, 7 equity investment funds have become shareholders, this dazzling capital operation behind, in the end hidden what kind of business interests chain after one months of suspension, The leading technology (000669), which runs almost stagnant, has been transformed into a natural gas pipeline operator after it has injected the "premium assets" of Jinhong equity into China through private offerings. And the company will pay 177.71 million shares, to announce the disclosure of the 12.38 yuan calculation, worth 2.2 billion yuan.　　It is noteworthy that the current total equity of the leading technology is 92.5 million shares, the reorganization of the assets will expand its total equity capital to the original 300%. Subsequently, the leading technology is a continuous trading limit, due to abnormal fluctuations in stock prices, July 15 from the exchange of temporary suspension, visible market for the transformation of the leading science and technology reported how to expect.　　It was supposed to be a happy one, but I was skeptical. The first question is the asset appraisal process. Using the future cash flow discount method to evaluate the equity value, more than the book net assets premium of 96.73%, in this process for the discount rate set will greatly affect the valuation value of equity. I have noticed that the discount rate refers to the "weighted capital cost", "the average capital structure of listed companies in the same industry as the target capital structure", that is to say, the corresponding ratio of assets and liabilities is 60%, while the Jinhong June 30, 2010 asset-liability ratio is 53.36%, The level of assets and liabilities of Changchun Gas (600333), which is similar to that of the company, is comparable to that of the listed company. Generally speaking, the equity capital cost is higher than the debt capital cost, under the same condition, the higher the asset-liability ratio, the lower the weighted capital cost.　　The Jinhong simulates an asset-liability ratio that is higher than the current real level and the same industry level, apparently to pull down the discount rate, raise the valuation value of the equity stake, and get more advanced technology shares in the restructuring process. At the same time, the cost of debt capital calculated by the company is also baffled. If the disclosure of equity capital cost of 12.84%, corresponding to 40% of the capital structure, weighted average capital becomes 10.34%, then calculate the debt capital becomes 8.64%, after 25% of the income tax rate adjusted to 11.52%, which is the country's lending rate?　　But thanks to the agency's failure to adopt lower lending rates, it will only give the leading technology a bigger stake. The second question is whether the subsequent replenishment of the Equity investment Fund has fully delivered the additional funds? Only the 4th and most recent increase in capital as an example, in November 2009 to Ping An venture investment, Fu Ning Investment and prosperity scene 3 companies to raise capital of 500 million yuan, So that the Chinese oil jinhong book 2009 at the end of the money to increase to 854 million yuan, and by June 30, 2010, only 651 million yuan book money, reduced by 200 million yuan, while the company's other receivables but the end of the year increased by 127 million yuan. We know that other receivables are used to account for non businessThe nature of the money, if these other receivables are business qualification margin and so on, if the shareholders "borrowed" out of it is not become a capital flight?　　Since there are no notes to the financial statements, I am not jumping to conclusions, but this is not in the case of other big stakes in listed companies. The last question is what role does equity funds play in them? I noted that the exchange of the counterparty of the investment and the middle-farmers Fung wo Two companies are natural persons, and 2009 years operating income of zero, a typical shell company. At the same time, at the end of 2009, the introduction of 3 equity investment funds of a total of 500 million yuan capital is really necessary? In less than a year, the 3 investment companies enjoy the "discount IPO" Rich Feast, who will pay the bill?　　What role did PE play in the process of asset reorganization in leading technology and Jinhong? In the short span of 3 years from 2007 to 2009, the Jinhong has undergone 5 additional investments and 6 equity transfers, and 7 equity investment funds have become shareholders, which is behind the dazzling capital operation, what kind of business interests are lurking in the chain? These "Ching" PE after the end, the development of oil jinhong can be as smooth as before? Perhaps only time will be the touchstone of this reorganization.