129823520694531250_352New IPO: many stubborn problems plagued the development prospects of poor
In April 2012, new Earth bio-technology company limited in SFC published a prospectus, plan to issue 12.68 million new shares. The company is dedicated to modern agricultural enterprises of oil-tea Camellia industrialization, main business of Camellia oleifera seed seedling cultivation and promotion of Camellia oleifera and its deep processing products of research and development, production and sales. From the perspective of public information, theCompany there are many problems, the poor prospects for development in the future. , Transfer of interest, causing damage to the interests of other shareholders in fact on June 2, 2008, new limited shareholders held, Beijing HL agreed to increase investment and development limited, Ling Hong, xiaowenwei, Huang Wenguang, Zeng Yunxiang, qiufujin, Lin Jianfei and 7 other new shareholders. Beijing HL investment development limitedCompany, and Ling Hong, xiaowenwei, Huang Wenguang, Zeng Yunxiang, qiufujin, Lin Jianfei contributions respectively registered capital of $ 5 million and $ 500,000, $ 500,000
wow power leveling, $ 500,000, $ 300,000, $ 600,000, $ 100,000, in which Ling Hong, Huang Wenguang capital increase of price for 1 Yuan/RMB registered capital, capital increase and the price of the remaining 5 new shareholders for 3.2 Yuan/RMB registered capital. WithA stake when, but there was a clear difference in share price, this one, what is the secret? It turns out that Ling Hong, Huang Wenguang and the issuer's controlling shareholders, and the actual control human relationship between close relatives, Ling Hong Ling Meilan relationship between brother and sister, Huang Yunjiang and Huang Wenguang brotherhood. Is this relationship between close relatives, have such low price. But the move to increase prices for 3. $ 2 for other shareholders, has created a de facto benefit practices. According to the audit data, June 30, 2008 the new Earth's net worth of $ 1.81 Yuan/RMB registered capital. Ling Hong, Huang Wenguang only due to the capital increase, asset value 81%. Second, family management are detrimental to business growth of new controlling shareholder and in effective control of the Earth human Huang Yunjiang andLing Meilan, and the two men for relations between husband and wife. Two persons together holding company 2,469.620,000 shares, before the company issued shares in proportion to the 64.99%; after the smooth issuance of new shares, both held shares in proportion to the total of 48.73%, still holding company shareholders and the actual controller. In fact after the IPO, held by two people on a number of other shareholdersSome shares will have enough influence. Such as, Ling Hong, Huang Wenguang their holdings of 1.25% shares, Ling Meilan brother Ling Yueping 1.48% shares held by spouse �C Liao Dongmei. Therefore, even after the IPO, and Ling Meilan Huang Yunjiang couple and their relatives the shares reached 51.81%
Diablo 3 power leveling, occupies an absolute majority. On the company's BoardAnd in the management of the company
Diablo 3 CD-KEY, the family-style management is also very obvious, such as the company's Board a total of 9 people, including independent directors 4 people. While the remaining 5 per cent, in addition to Huang Yunjiang, Ling Meilan couples outside, Director Huang Xian Lu and Huang Yunjiang cousins. In addition, in the management of the new Earth, Huang Yunjiang as Chairman and General Manager, while Ling Meilan long served as Finance ChiefThe post of Commissioner, while in October 2010 by Ling Meilan brother Ling Hong took over the post of financial controller. Therefore, in the new Earth, family-style management mode is complete. Under this situation, once the company is listed, how to effectively protect the interests of small investors will be is a difficult issue. Third, the high degree of dependence on preferential market share dropAs can be seen from its prospectus, high dependence of the company for tax. For 2011, 2010, 2009, effects of tax relief on net profits of the company as a whole is $ 2.0681 million, and $ and $ 77,300, respectively of the company's net profit in the year 5.77%, and 0.54%��
For 2011, 2010, 2009, company income tax relief effect on net profit of $ 3.5809 million, and $ and $ 1.659 million, respectively, per cent respectively of the company's net profit in the year 9.99%, and 11.56%. The two together, the 2011 and 2010And in 2009, company that each of the two effects of tax relief on net profit to $ 5.649 million, HK $ 3.3137 million and HK $ per cent respectively of the company's net profit in the year 15.76%, and 12.1%. Not only that, the company is a typical regional enterprises, according to its prospectus shows, 2011 81.05% from the main business income in the Guangdong region. Even then, its market share in the Guangdong region is also a downward trend. It based on tea production in Guangdong Province and its refined Camellia oil production projections, 2010 new led products in the Guangdong market share of only 6.4%, 2009Market share for 7.34%, share a downward trend is clear. As the competition in the tea market has intensified, more international well-known enterprises have joined, the company will face a more difficult test of survival.
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