IPO project failed to meet the expected Xingyu shares 1 billion LED car light project questioned

The IPO project failed to meet expectations and a new project worth 1 billion yuan was invested.

Xingyu Co., Ltd. (601799), a company engaged in the manufacture of LED lights, entered the capital market in early 2011. The only fundraising project of Xingyu's IPO is an annual production of 1 million sets of vehicles and other projects, raising a total of 1.274 billion yuan. According to the “Construction Engineering Construction Contract” signed at that time, the commencement date is April 8, 2010. The investment plan of the project is known to be 3 years from the prospectus, so the investment progress should be completed in the first half of 2013. However, Xingyu's "Special Report on the Deposit and Actual Use of Funds Raised in the First Half of 2013" shows that the investment progress of the annual output of 1 million sets of lamp projects is 96.86%, and the project has not yet completed the investment progress.

Not only that, but the IPO project of Xingyu shares failed to achieve the expected benefits. At the time of listing, Xingyu shares clearly stated in the prospectus that after the annual production of 1 million sets of headlights was completed, it is estimated that the annual main business income will be 560 million yuan. The data shows that in 2012, the progress of the above projects of Xingyu Co., Ltd. was 95.07%, and the realized income was 371,104,200 yuan. In the first half of 2013, the investment progress was 96.86%, and the income was 156,580,300 yuan.

Under the premise that the progress and income of the IPO project have not reached the expected level, Xingyu has successively launched two large-scale investment projects with a total amount of more than 1 billion yuan. These two projects are respectively “500,000 sets of LED headlights and supporting projects with an annual output of 500,000 sets of headlights and construction projects in Changzhou National High-tech Industrial Development Zone”. The accumulated investment is 10.88 billion yuan.

500 million yuan investment project has not been announced, or suspected of breaking the law

Xingyu shares in Jilin Changchun to promote the "annual production of 1 million sets of lights construction project", the total investment of up to 500 million yuan, but the company's historical announcement did not disclose the project's investment plan.

Li Jian, a senior partner of Zhejiang Yufeng Law Firm, said that the investment amount of the Changchun project is 500 million yuan, accounting for more than 20% of the latest audited net assets of Xingyu. According to the Shanghai Stock Exchange Listing Rules, 9.2 It belongs to the “transaction that should be disclosed”, but Xingyu has not yet issued an announcement according to law, and it is obviously suspected of being in violation of regulations. Although the resolutions of the board of directors of Xingyu and the resolution of the shareholders' general meeting agreed to use the over-raised funds to purchase the land use rights of the Foshan and Changchun projects, this does not exempt Xingyu from the disclosure of 500 million yuan of disclosure obligations for the Changchun project, especially In the case of the official website of the Changchun project, the disclosure method of “smashing sesame seeds and losing watermelons” seriously infringed on the legitimate rights and interests of investors, and may also lead to illegal activities such as insider trading.

Buying land with super-raised funds, the purchase price is doubtful

At the end of 2012, Xingyu shares signed the “State-owned Construction Land Use Right Transfer Contract” with Changzhou Land and Resources Bureau, and purchased a plot of 68,716 square meters in Sanjing Street at a price of RMB 64,428,800. The plot number is GX12030504. The nature of the land is industrial land.

However, for the purchase price of the above plots, there are two different versions.

According to the data of Changzhou Land and Resources Bureau, the industrial land located in the west of Huashan Road in Xinbei District and 31,407 square meters south of Hehai Road was sold on May 7 at a price of 105.527 million yuan. The bidder was acting in Sanjing Street, Xinbei District, Changzhou City. The price per square meter is 336 yuan. A staff member of the Xinbei Branch of the Changzhou Municipal Bureau of Land and Resources also said that the land use right of Changzhou industrial land was implemented at the minimum protection price of 224,000 yuan/mu. This price has been the price for two years. The above is sold to Xingyu headlights. The price of the GX12030504 plot is also 224,000 yuan / mu.

According to this calculation, the area of ​​GX12030504 purchased by Xingyu shares is 68,716 square meters, which is about 103 acres. According to the sale price of 224,000 yuan/mu, the price of 103 acres of land is 23.072 million yuan per square meter. It is about 336 yuan, which is consistent with the market price.

Then, why is the purchase price in Xingyu’s announcement more than twice the market price? What is the purpose of multi-costing? Is it suspected of financial fraud?

On the above question, this magazine interviewed Xingyu shares Dongshou Huang Hefa, after several twists and turns, as of the deadline for the release of Xingyu shares, the reporter did not reply to the above question.

(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)

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