Thursday, January 20, 2011

Sichuan Jiuzhou equity interest in subsidiaries

 Yesterday Sichuan Jiuzhou announcement that the company intends to enter into agreement of intent with the Jiuzhou Digital will transfer 95% equity Ferrer Cheung to Jiuzhou Digital, the transfer price will be based on assessed value. Note that, due to digital for the Jiuzhou Jiuzhou Group, a wholly owned subsidiary of the Sichuan Jiuzhou Jiuzhou Group Holdings shareholders 64.07 percent stake in the transaction therefore constitutes a connected transaction.

according to the audit report issued by the accounting firm, as of September 30, 2003, Ferrer Cheung 18.51 million yuan total assets, total liabilities 8.43 million yuan, shareholders equity was 10.08 million yuan; January-September 2003, Ferrer Cheung main business income of 14.85 million yuan, net profit of 2.37 million. According to asset evaluation report, as of September 30, 2003, Ferrer Cheung total assessed value of the net assets of 10.04 million yuan. In 2003, according to the assessment of Sichuan Jiuzhou price is 95% of transaction pricing.

former foster profit growth performance has become the hands. Yesterday, Sichuan Jiuzhou (000801) announcement that Cheung intends Ferrer held 95% stake transfer to digital Kyushu (Kyushu Group subsidiary), the transfer of money still need evaluation. But the concern is that this is part of the shares seven years ago, to 9.54 million yuan Kyushu digital transfer of the same part of the equity of listed companies. Apart from the

After investigation, the reporter also found part of the year Andrew Ferrer promotional materials: Ferrer Cheung has a plant area of 2 million square meters, more than 2,500 employees, professional development and technical personnel more than 80 people ... ... company's monthly production capacity reached 200 million, and can be amplified with the actual needs of customers, the company also owns the United States authorized by UL laboratories and laboratories in Germany TUVGS.

falling instead of rising equity

years ago, part of the shares is expected to soar! Confidential! Market institutions will soon be reversed capital flows have changed dramatically! Main layout


Since then, Ferrer Cheung's performance seems to occur a The company has been to nurture profit growth for the purpose of buying assets, but accidentally build into performance Ferrer-cheung, pocket full circle, turn back the hands of the original owner, and may only be earned in Sichuan Jiuzhou

2003 年 12 months, Sichuan Jiuzhou Jiuzhou Electronic Signature with the The original data, Ferrer period Cheung 9 1999 Shenzhen Economic Development Bureau approval, by Jiuzhou Electronics and Information Industry Wang co-investment, in October 20, 1999 to set up limited liability company. Cheung registered capital of 10 million yuan Ferrer, the main producing power, and digital satellite receivers and VCD products.

company released the information yesterday, Ferrer Cheung unaudited closing the end of 2010 the total assets of 344.48 million yuan, 341.88 million yuan of total liabilities, equity is 260 million, operating income was 75,523 million, total profit for the -1185 million.

7 亿 loss of business income was actually

Let us gaze back to 2003. Xiang Ru Furui equity company has bought that year, he had expressed his intention: Ferrer Cheung has extensive digital satellite receivers and other digital products, production experience, strong technical force ... ... beneficial to the company develop new profit growth point.

growth has become a stumbling block to build

money is plotting a new buyer-seller roles were reversed

7 years, Sichuan Jiuzhou is prepared to share the part of the However, Ferrer Cheung generated equity and net asset value has changed greatly, the net assets increased by seven years, not only does not appear, but reduced a lot.

That is, if the net assets of seven years ago, trading standards, this part of the equity transfer price of only 2.47 million, compared to seven years ago, but has shrunk by 74%.

and Ferrer's performance in 2009, Cheung also not satisfactory. Andrew Ferrer 366.28 million yuan in 2009 the total assets, total liabilities 343,700,000 yuan, equity 22,580,000 yuan, but operating income was up to 684.66 million yuan, and total profit is as -872.62 million. In addition, the company's operating income in 2010 reached 755.23 million yuan, the profit loss but also further expanded to -1185 million.

In fact, seven years ago, the transaction is a continuation of a deal, but trading the

is worth mentioning that, Sichuan Jiuzhou Xiang Ru Furui bought shares in 2003, the company's registered capital is only 10 million yuan, Cheung Ferrer now has reached 23 million yuan registered capital.

see from the above material, there is a certain as Ferrer Cheung. However, this part of the shares into the listed company, everything seems to become a In 2006, Ferrer Cheung received the main body of economic crime across the Industrial Development Co., Ltd. Shenzhen, false invoices 5,920,000 yuan of value added tax proceeds, the processing in accordance with the tax department, Ferrer Cheung has five export declaration requirements for local consumption tax treatment. 

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