Xiang Electric shares acquisition of wind energy assets by small shareholders injured large shareholder profit

An oily fat, just to the mouth of his son, but his father robbed. Two years later, the son door-to-door repay, dad patted chest guarantee: Before the end of the year will be back!　　But the new year is over, but the son has not even seen the fat shadow.　　This is not a fairy tale, but the current Xiang Electric shares (600416, closing price 26.81 Yuan) is staged, Xiang Electric shares is the injured son, Xiang Electric Group is a strong dad, and the price than the net assets of the purchase of the Xiang Electric wind power, that is the oil fat.　　2007 only 1% equity information showed that Xiang Electric wind was established in 2006, is the Hunan Electric shares and Japan Co., Ltd. Harakosan production of joint ventures, the registered capital of 310 million yuan, the two sides accounted for 50% of the shares, was to form an annual output of 300 units (sets) of wind power generation machine capacity.　　The situation of Xiang Electric shares and Japanese Harakosan production accounted for "half of the country" changed at the end of 2007. December 13, 2007, Hunan Electric shares issued the Board of Directors resolution announcement, the Japanese Harakosan agreed to sell its electricity in Xiang Electric wind 23% of the equity. Since Xiang Electric shares is another shareholder of Xiang Electric wind power, this part of the stake in the acquisition of net assets price will be extremely cost-effective, logically Xiang Electric shares will be the 23% of the total income in the bag. But the odd thing is that Xiang Electric shares only 1% of the output of the Japanese Harakosan, the amount of the 3.1 million yuan, the remaining 22% shares were cut off by the big shareholder Xiang Electric Group. In this regard, Xiang Electric shares of the argument is, "in view of the company's current capital situation, the company gave up 22% of the equity preemptive right."　　"After the completion of the transaction, the ownership structure of Xiang Electric wind power changes to: Hunan Electric shares 51%, the original Hong production shares 27%, Xiang Electric Group shareholding 22%." According to industry analysts, Xiang Electric Wind is one of the two most important operating subsidiaries of Hunan Electric Power.　　Xiang Electric shares from the announcement can also be seen, since the establishment of the 2006, Hunan Electric Wind turbine machine production, technical research, market development and other work has made great strides.　　In 2008, the opportunity to abandon the Low-cost acquisition is such a good prospect of high-quality assets, at the end of 2008 again faced with "ultra-low price" of the opportunity to let the shares of Xiang Electric once again abandoned the "big fat", "cheap" large shareholder Xiang Electric group. November 8, 2008, Hunan Electric shares issued a notice that the impact of the financial turmoil, Japan's harakosan production of the main business encountered a larger problem, the funds are facing great pressure.　　In view of this situation, the original Hong production agreed to sell its wind power in Hunan Electric 27% stake.　　As the Hunan Electric Power is a major shareholder of the wind power, the above shares enjoy a "preemptive right". On September 30, 2008 as the benchmark day, the total assets of Xiang Electric wind energy is 1.05 billion yuan, net assets is 420 million yuan. It can be calculated that the Japanese Harakosan output to the 27% equity corresponding to the net worth of 113 million yuan, but can be seen from the announcement, this part of the share price is only 83.7 million yuan, compared to itsNet worth is also cheap 29.3 million yuan, can say is very economical. Outrageous is, Xiang Electric shares but once again in vain gave up this part of the stake, will give it to the big shareholder Xiang Electric Group. The reason is, "the company needs a lot of money to produce and operate, taking into account the current financial situation, the company decided to give up the preemptive right." "Therefore, Xiang Electric group to assess the fair value of 1 yuan/share price, all in cash by the Japanese Harakosan output let the 27% of the equity."　　After the completion of the acquisition, Xiang Electric Group's shareholding increased to 49%, Xiang Electric shares of the stake is still 51%.　　Xiang Electric Wind power group's shareholding ratio from zero to 49%, can be said to be listed companies in Hunan Electric shares of credit, is because Xiang Electric shares two times to give up preferential rights, only to make Xiang Electric group sitting on the wind power nearly half of Hunan, easy to share profits.　　Big shareholders and small investors to Hunan Electric shares of the capital situation is really "miserable", need to let go of the opportunity to be readily available?　　The Daily economic news reporter survey found that this is not true. The first time to give up the Japanese Harakosan output of the 22% equity, from the 2007 annual report of the Hunan Electric shares that it has a monetary capital of 469 million yuan, not lack of money.　　Xiang Electric shares once again give up the sale of Japanese Harakosan production of the 27% Hunan Electric Wind power shares, from the third quarter of 2008 can be seen in Hunan Electric shares of the money up to 777 million yuan, even if the use of 83.7 million to buy equity, still more than 693 million yuan, far higher than when the balance of 469 million yuan.　　At the same time, the reporter also noted that, in August 2008, the Hunan Electric wind power shares in the sale of Hunan Electric wind power to provide 500 million yuan of bank credit guarantee, but Hunan Electric Power group has not provided the corresponding bank guarantee for Xiang Electric wind.　　The reason for the shortage of funds is not convincing, on the contrary, the Hunan Electric group and Hunan Electric Power stock competition is increasingly obvious. According to an industry insider, after more than two years of development, Xiang Electric wind at that time is in the breakthrough in the balance of the important turning point, the future prospects by the industry unanimously optimistic.　　The fact has also proved that 2008 years still have 20.47 million yuan of losses of Xiang Electric Wind Energy, 2009 year to realize the profit of 97.24 million yuan. However, the rapid development of Hunan Electric wind did not allow many investors to enjoy the return, because nearly half of the profits were divided by major shareholders.　　According to the net profit of Xiang Electric Wind 2009 years, Xiang-electric group took 47.65 million yuan in the same year. Although Xiang Electric group has pledged to exit from Xiang Electric wind power within 2010 years, Zhou Jianchong, chairman of Hunan Electric Power, also said in an online exchange on the 2010 issue that the stake would be acquired at an assessment price, but industry insiders pointed out that the assessment price would be much higher than the original Japanese Harakosan transfer price,　　Large shareholder Xiang Electric Group is expected to make another big profit.　　Even so, the Hunan Electric group eventually "ruthless" abandoned the end of 2010, the commitment to quit the wind power, again let the vast number of investors chilling. Simultaneous broadcast of Hunan Electric power group PeopleDoubled in a few days yesterday (January 12), "Daily economic news" exclusive coverage of "Hunan Electric shares violated the commitment of more than 40 small shareholder group Rights", has been a high number of investors response.　　Many investors have called reporters, saying that they are also the victims of the company's share of the breach of the pledge, hope to be able to contact the activist group to join, to Hunan Electric shares and Xiang Electric group to claim. A more than 10-year-old investor, Mr Zhu told reporters: "Because see Xiang Electric shares of many public information clearly mentioned Xiang Electric group in 2010 to quit the wind power, so in the last November or so, near the commitment due date, I and my friends and I bought a lot of shares of Xiang Electric shares, There are almost 1.5 million shares in total. But did not expect Xiang Electric shares at the end of 2010 issued a notice that can not be injected as scheduled, the company's share price has fallen continuously, we are carrying losses nearly tens of millions of dollars, the loss of heavy. "And a lady surnamed Chiang also mentioned that from the trading software information column to see the Xiang Electric Group's commitment, so in the middle of August last year to buy Xiang Electric shares." Last December, considering the time is approaching, a large increase in the position, the whole warehouse holding Xiang Electric shares waiting for injection. However, the company issued a message that it could not complete the injection within the deadline.　　Ms Chiang also pointed out that the term "striving for completion in the first half of 2011" was too vague to "strive for" from "commitment", which really cast doubt on the sincerity of the capital injection of Xiang Electric group. According to the reporter, as of press, the rights group in a day to join the new more than 40 investors, the number of people doubled rapidly than before. At the same time, a core activist group also told the Daily Economic news reporter, the activist group is in the statistics of shareholder holdings, holding time and other related circumstances, statistics will be commissioned as soon as possible lawyers, to bring lawsuits.