Zhu Jian Wen │ correspondents
2010 12 7, China Securities Regulatory Commission issuance examination committee of the U.S. Bureau of Zhejiang Industry and Trade Co., Ltd. Bein (hereinafter referred to as Beingmate) starting ( IPO) for the stay to vote, this home However, the Commission did not disclose the reasons for suspension of voting, Beingmate nor an explanation. For a time, the company withheld negative information reported by consumers, Meanwhile, the company prospectus show, set up 11 years after five Bein U.S. capital increase, seven times the equity transfer. The complicated process or storage vulnerability listed company itself has not only blocked the separate ways in this rush to raise capital and hence rich-quick dreams run aground.
investment speculators gathered
brand positioning as a because the U.S. Food Co., Ltd. and Xie Hong, 43 other co-sponsored by natural persons.
initial registered capital of 32.841 million yuan the company, of which 31.25% stake Xie Hong, the largest shareholder, the U.S. Food Co., Ltd. Hangzhou Bay for a 20% stake, is the second largest shareholder. The other 43 individuals, in addition to serving a small number of executives who did the prospectus for details of their identity.
11 years later, after the capital increase and share transfer complex, Beingmate There are currently 48 shareholders, of which 16 corporate shareholders, individual shareholders 32. Beingmate the largest shareholder group, Bein holds 43% stake in the United States. Tony, who is also chairman for the United States, the United States shares Bein chairman, general manager Xie Hong, Bein by holding 55% stake in U.S. group and indirectly holds 23.65% of Bein U.S. shares.
is worth noting that, in the United States and the shareholders Bein, PE total of 15 non-local corporate shareholders, there are as many as six, and five occupy the top ten shareholders as well. Which, JVRInternational Limited, the China International Capital Corporation as the background of the Perpetual Treasure Limited in second and third largest shareholder ranks, the total shareholding of 12.57%; and China Everbright Holdings's direct investment fund established by the three project company CEL Baby FoodI nvestments Limited, SeaBright China Baby Products Company (Hong Kong) Limited, First Solution Limited, together hold pre-release beta for 6.23% total share capital of the United States. In addition, the joint West Holdings, the new Lake Holdings, Zhejiang, Zhejiang venture capital and other local PE, Bein also positive about the United States, a strong stake.
complex changes in the share capital
in accordance with the listing prospectus, Tony has been established by the United States, there were five and seven equity transfer capital increase, on stage for all shareholders, move in out from the lowest investment costs 1.15 yuan / share to a high of 28.55 yuan / share, disparities.
which in May 2002, Hangzhou He Xiaohua from Beingmate Storytelling at the original natural person shareholders, to 1.2 yuan / share the price of the transferee Beingmate 300 million shares, becoming the company's third-largest shareholders; Two years later, the third time the U.S. capital increase Bein, Haley Overseas Holdings Limited $ 3,068,000 in cash (at the prevailing exchange rate of 25.425 million yuan) 1695 million capital increase, the increase of the price is 1.50 yuan / share. Beingmate this change to Sino-foreign joint Ltd., Haley Overseas become the second largest shareholder. Few people know is that, Haley Overseas legal representative, is also He Xiaohua, while He Xiaohua holds JVR International Limited30% of the shares.
former manager of Zhejiang Huaxin Furniture Co., Ltd., Zhejiang, China Furniture Co., Ltd. Deputy General Manager of Vietnam, the general manager He Xiaohua, now Bo Ju (Hangzhou) Garden Furniture Co., Ltd. Legal representative, apparently she was very good at the operation of international capital, and its several homes in the British Virgin Islands registered company. January 2008, He Xiaohua held 300 million shares of its U.S. equity Bein Bein transferred to the U.S. group, the transfer price of 2.1 yuan per share. The transaction count alone, was less than 6 years benefited twice. But she quit Beingmate 2 months, Haley Overseas holdings of 1,350 shares of its Beingmate transferred to JVR International Limited, the latter accounts for Beingmate 10% of the total share capital. June 2008, Haley Overseas turn its holdings of 345 million shares to Manful Worldwide Limited; two transfer prices are 7.5 yuan / share. From 1.5 yuan to 7.5 yuan, 4 years, Haley Overseas harvested 4 times premium. As Haley Overseas legal representative, He Xiaohua profit nearly billion. December 2008, JVR to 16.67 yuan / share price of 300 million shares of its holdings of U.S. equity transfer Bein city of Mianyang Science and Technology Industrial Investment Fund, only 9 months of achieving price doubled.
present, He Xiaohua by holding JVR International Limited, an indirect holding Beingmate 1.93% of the shares, and as a director in the company. But in the prospectus, no mention of foreign companies working in the above He Xiaohua experience.
involves the transfer of benefits Beingmate change of equity, though often complex, but the process has no significant flaws. It also believes that criticized China's stock market suffered a
so-called Beingmate full of
disclosed in the prospectus, the company the shares to be issued not more than 4300, is expected to raise funds 870,000,000 yuan, Ping An Securities is the lead underwriter. Ping An Securities, a wholly owned subsidiary of Direct Investment - Ping Wise Investment Management Limited, the United States in 2009, Bein in the fifth capital increase in cash capital increase shares Beingmate 8 million yuan, holding Bein the United States before the company issued 4.91% of total share capital for the company's fourth-largest shareholder.
Industry pointed out that the model is investment bank brokerage firm before IPO to its own direct investment and institutions grouped by sponsors to get cheap shares listed on the grounds - Meanwhile, direct investment and the broker is often considered the issuer may have helped cover up the problem, overestimated value of the company to raise the issue price of such acts in order to maximize their own interests.
aware of inside information and acquire the company's development strategy; the two bundles is a typical insider trading, which is very unfair to other investors. 'model suspension Beingmate, then began to notice that the Commission has this problem. Previous Next
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