Industry news

2016August

Sick listed punished LED company repeatedly in the approval letter "quagmire"

From: www.szbako.com Data:09/08/2016

2012 in October 9,, due to not 2012 first quarter sales revenue and net profit appears to have fallen sharply and have a significant impact on other matters for the full year results a truthful description, gamma Wei shares SZ.300317 and sponsor institutions Guotai Junan, signed insurance on behalf of the responsible body by card inspect will be named accountable.

2013 years in January 4th, south big photovoltaic (SZ.300346) issued a notice that the Commission issued the administrative regulatory measures decision, the company was issued a warning letter to the company's regulatory measures.

2013 in March 7, Foshan Lighting (SZ.000541) announcement said on March 6, received a commission of Guangdong authority issued the administrative punishment decision, parties involved in violation of laws and regulations of the company on the letter phi, including the company itself in a timely manner of any six executive chairman Zhong Xincai, the administrative punishment.

recently, a number of LED related listing Corporation exposed illegal information disclosure. Jiawei shares, South photoelectric, FSL, and other enterprises, KingSun optoelectronics have caught. The number of LED listing Corporation because of false letter batch was the SFC punishment.

the LED industry in an uproar, the market reacted strongly, the related enterprise stock price by the sharply lower, implicated the LED sector performed poorly.

brokerage researcher said recently exposed such listed company problems in information disclosure, there are many reasons, some because the enterprise itself to information disclosure rules don't know enough about, do not understand what must be disclosed, clear understanding of the related party transactions; some belong to is had to sprint listed, intentional.

related party transactions as & ldquo; heavy disaster area & rdquo;

, which is listed on the exposed led company information disclosure of problems, involved in related party transactions did not disclose the problem became the focus. KingSun, FSL, and other companies are involved Sanan optoelectronics.

“ listing Corporation affiliated transaction is a kind of commercial transaction behavior which refers to the mutual transfer of resources or obligations between the listing Corporation and its affiliates. & rdquo; a certified public accountant told the high led "reporter, related party transactions because of its widespread and is different from the general business transactions has become the emphasis and difficulty of supervision of the securities market.

at present in China listed companies associated with the transaction is very common, according to the Shanghai and Shenzhen Stock Exchange listed companies annual statistical data shows, only in 2010, listed companies in Shanghai and Shenzhen stock total 991 occurred related party transactions, 48.55% percent of the total, the number of related party transactions amounted to 2614, amounting to 8328.36 billion yuan, the amount of related party transactions accounted for 4.74% of all listed companies main business income.

above the registered accountant said that the related party transactions are not illegal, but the related party transactions must be disclosed in the annual reports, quarterly reports or temporary announcements.

had KingSun into the IPO&ldquo group; letter ” public opinion storm. After the resumption of the stock price fell to 10.14 yuan, compared to the exposure of 13.56 yuan before the stock price, down more than 25%. the logistics on the photoelectric announcement said, according to the company law, the relevant provisions of the "Shenzhen Stock Exchange Listing Rules", KingSun and Shang photoelectric existing relationship, in 2010 and 2011 transaction shall be deemed as related party transactions. But also said, and crystal Cham energy-saving, Parton lighting and goods is between light and electricity trading and to undertake the project, the scale of the project is consistent, well documented, are the real deal; related transaction price was fair, and with the market price agreement, there is no fictitious sales, fake listed and other circumstances.

“ company prior to the approval letter does not reach the designated position, had not known the matter could be involved in related party transactions, lack of understanding of related party transactions, but cosmetic results, fraud of the listed for us, there is no need, no motivation. ” KingSun chairman Li Xuliang said in an interview.

KingSun secretaries Wei Li revealed that currently the checking materials company has been reported to the Guangdong securities regulatory bureau, awaiting regulatory finalized.

and FSL was punished by the SFC is FSL in 2010 to 2011 between the two failed to legally or truthfully, in a timely manner to disclose many matters.

Foshan Lighting not in accordance with the law or a truthful, timely disclosure of many items, respectively, for the 2010 of a subsidiary of the company for its affiliates to provide 40 million yuan bank loan guarantee, company that year and nine affiliated companies up to nearly 80 million yuan of the related party transactions, company and related parties of the joint venture, capital and acquisition of equity to related parties; 2011 the holding company, a subsidiary of 25 million yuan from related party loan, then the company and nine affiliated companies up to more than 8300 million yuan of related transactions.

at present, a number of activist investors have submitted a lawsuit to the Guangzhou intermediate people's court, the hospital has confirmed the admissibility, which means that the collective action of the collective investor claims against FSL officially opened the curtain.

the brokerage researcher believes that many companies prior to listing, and venture capital signed a agreement on gambling, if not listed on schedule, payment of shares or cash, may lead to a loss of control of equity, which also allow enterprises to have the related transactions to conceal or fraud motivation. Enterprises listed on the success of the return is a huge return of these companies are not reckless driving force.

“ &rdquo

&ldquo sick listed; punishment; sick listed ” is another fatal LED listing Corporation. South optoelectronics, gamma Wei shares are due in the listing process failed to performance decline make truthfully explain by the Commission to take regulatory conversation or (and) issued a letter of warning measures.

last May 11th, Jiawei shares listed on the Shenzhen Stock Exchange, the issue price of 11 yuan per share. Subsequently, on July 14, announced its first half of the face of substantial performance notice, triggering market in an uproar, known as the new performance & ldquo; King face & rdquo;.

from gamma Wei shares prior to the disclosure of prospectus and announcements of listed in the book, in 2009, 2010 net profit of gamma Wei shares respectively, an increase of 36.5% and 114.7% for 2012, the first half of the performance of the a face without any risk warning. Gamma Wei shares in its prospectus said that the next three years to improve sustainable profitability, is expected to achieve 30% annual growth rate of main business income and profits.

last August 23, gamma Wei shares released the 2012 semi annual report, in the first half of the company to achieve operating income 2.08 billion yuan, down 54.63%, net profit 334.91 million yuan, year-on-year decline 94.21%. This performance in the first half of last year the newly listed companies released results notice the largest decline. Third Quarterly Bulletin show that last year, the first three quarter attributable to owners of the parent company net profit for 341.61 million yuan of year-on-year decline 92.61%; operating income was 2.79 billion yuan, compared with the same period last year dropped 42.10%; basic earnings per share 0.02 yuan, compared with the same period last year dropped 94.45%.

the SFC investigation thinks, gamma Wei shares in the process of IPO, for company 2012 first quarter sales revenue and net profit appears greatly declined and will result in matters of great influence on the performance of the annual, gamma Wei shares and related agencies in to card inspect will be submitted on major matters of the gamma Wei shares after the commitment letter did not truthfully that nor in the IPO process do relevant supplementary notice or explanation. To this end, the Commission on the Jiawei shares to take regulatory measures issued warning letters and conversations.

and South optical power, in January of this year received securities will be issued the administrative regulatory measures decision book ", said the company was the Commission to take regulatory measures issued a warning letter. The reason for the decline in the performance of the south is due to the decline in the performance of its listed embarrassing situation. South big photoelectric disclosure in July 26th last year, the initial public offering and the gem listing announcement, said the first three quarters of the company's net profit is expected to decline by about 20%. And in August 7, listed on the first day of the risk prompt announcement is disclosed in the & ldquo; attributable to issue the shareholder's net profit decreased 27.71%”, and preliminary estimates years ago in the third quarter net profit fell by about 40%.

and in the actual disclosure of the three quarterly, in the first three quarters of the south to achieve net profit attributable to shareholders of listing Corporation for the quarter, compared with the same period in 2011 fell 52.42%.

the Commission considers that, South photoelectric and the relevant agency on July 18 last year submitted on major matters of the company after the letter of undertaking not these matters were accurately described, nor in the IPO process in a timely manner do relevant supplementary notice. In accordance with the relevant provisions of the decision to take a warning letter to the south of the supervision and management measures, to remind the strengthening of information disclosure quality.

for the decline in performance, the companies said, the reason is due to the poor economic situation at home and abroad, LED industry overcapacity, the downstream demand insufficient objective factors, but there are still many investors have questioned the & ldquo; sick listed & rdquo; and in information disclosure has many flaws.

it was unwilling to disclose the name of investor said, a few years ago a large number of funds into the industry, now have to withdraw from the stage, and IPO is domestic venture capital exit the main channel, inevitably have some enterprises listed in order to hide something.

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