wot power leveling the market share of 6.45% - CNB

Two years ago, associated trade and competition folded JI IPO, after two years, with chronic illnesses, tvh e-return, although they will, but only mixed with new and old diseases like this can give investors expected earnings of new shares, does not seem optimistic about the rule of law over the weekend by reporter Li Fei two years ago in March, tvh Electronics Corporation IPO failed to pass through.　　After two years of preparations, Hong Chang e to take a replacement sponsor institution, whitewash series of measures such as the prospectus, finally comeback in January 2012, through IPO approval mark. "The second success rate at a high level so that more businesses are keen on this. It inevitably appears a new bottle. "To engage in securities business lawyer Liu Jinhai said。 Public information displays world of tanks power leveling, tvh e is mainly engaged in electronic technology in fine chemical industry and chemical industry production and sales of electronic grade epoxy resin, is one of the leading electronic grade epoxy resin manufacturer. However as early as 2010 listing of tvh e-but because the associated issues such as trade and competition was rejected by the Committee to be made by the SFC. TheWhether it's past the tvh e has already "correct its past mistakes"?　　Press survey found that not only the above questions still exists, and-enabler electronics may also become "pseudo high-tech" one of the members of the enterprise. Related trade even further as a Sino-foreign joint ventures, tvh e-controlling shareholders of tvh in effective control of Hong Kong people is in fact Taiwan "Camp of God "the eldest son of Wang Yung-Ching Wang Wen-Yang.　　Due to the tvh e is mainly engaged in manufacture and sale of electronic grade epoxy resin, Wang Yung-ching family has great influence but obstacles to tvh e-listing for the first time. In March 2010, the Committee not to approve venture electronic files listed in the said Formosa Plastics shares and Nan Ya Plastics is the actual controllers of tvh e-up around theForeign enterprises and their family members to exert great influence.　　Formosa Plastics shares, Nan Ya Plastics is the world's leading Bisphenol a and epichlorohydrin (main raw material of the applicant) one of the vendors, which means shares Hong Chang e to the Formosa Plastics, Nan Ya Plastics purchasing of raw materials, see defects in venture electronic independence. Two years later, but reporters available 2012 found when tvh e-prospectus, Hong Chang supplier of electronic raw materials for nearly 3 years, can also be found associated with shares company Formosa Plastics, Nan Ya Plastics of the shadow.　　And Wang Yung-ching family owns 5.46% shares of Nan Ya Plastics, Formosa Plastics shares controlled 9.87% shares of Nan Ya Plastics, complex relations between three. For this, tvh, electronic claims reporting periodInside, in addition to normal business activities, Formosa Plastics, Nan Ya Plastics Corporation does not exist-related shares any conventions of business, markets, customers, production and business activities of the company is not dependent on the related transactions. Company purchases shares Formosa Plastics, Nan Ya Plastics related products only because of its product quality and production capacity to meet the company's raw materials procurement standards and production plans. And procurement of raw materialsPrice instead of external quote the same, not higher than their offer to third parties, company from desktop plastic stakes during the reporting period, and Nan Ya Plastics and its subsidiaries purchase amount for purchasing raw materials account for the same period the total amount of a declining trend. But tvh electronic financial data is not displayed. Only the first half of 2011, tvh e-procurement of raw materials to the associated party for 4.07%Than per cent in 2010 and per cent in 2009. Prospectus data also show that tvh e to the associated purchase is much higher than the non-related parties.　　Among them, Nan Ya Plastics purchasing raw materials from other non-related parties with maximum price difference even for procurement of raw materials to 20.92%. More surprising is that in two years, macroChang of electronic transactions associated not only "entry" no block, but both "exports" was also occupied.　　According to the earnings show 2010 and the first half of 2011, tvh e-largest customer was Wang Wen-Yang and her daughter control macro benevolence Enterprise Group of subsidiary companies and on the sales amount per cent of operating revenues and 9.79%, respectively. Does not control costs"High-tech" related party transactions ills is not modified, Hong Chang e was found "high-tech" save identity questioned. Data show that tvh e-December 29, 2008 by high-tech enterprise qualification, made by the Guangdong Provincial Science and Technology Department, Finance Department, State Taxation Bureau of Guangdong Province, Guangdong Province, Guangdong local tax Bureau approval number is GR200844000969 high-tech enterprise certification, be eligible for high-tech companies 2010 corporate tax incentives, income tax rate of 15% per cent, are listed on the company at that time if you wish for a big good news. However according to the provisions of the measures for the management of high-tech enterprises based in China, research and development of high and new technology enterprises in recent 3 fiscal year total cost in total sales revenueAmount should not be less than the ratio of 3%. And-enabler electronic financial data does not disclose this expressly on research and development of specific amounts.　　On this, the rule of law over the weekend reporter to call the venture electronic, but did not receive a positive response.　　Insiders told reporters that the actual research and development expenditure is not displayed, but were whitewashed in the prospectus. Tvh e-prospectus shows that ventureElectronic management costs accounting for sales income of the first half of 2010 and 2011 respectively to and 2.15% only. Definition of administrative expenses and for companies, Hong Chang e, giving its included consultancy fees, labour, research and development expenses, depreciation and amortization expenses. "In other words, tvh, electronic research and development are certainly less than 3% per cent sales did not meet the highDetermination of new technology enterprise standards. Coat of high-tech enterprises, since in the last 1.5 years, tvh e-savings income more than millions of dollars.　　"Industry analysis mentioned above.　　Tvh e-hard "savings" tax costs at the same time, the production costs have continued to rise. Determined by the Commerce Department, on June 28, 2006 in China originating inRussia, and Korea, and Japan and the United States imposed anti-dumping duties of epoxy chloropropane; as of August 30, 2007 in China originated in Japan, and Korea, and Singapore, China Taiwan Bisphenol-a collection of anti-dumping duties; as of June 9, 2008 on the originating in Japan, and Singapore, and Korea and Taiwan areas of acetone imposition of anti-dumping duties. And-enabler electronic production of epoxy resin productsRequired for Bisphenol a, is the main raw material of epoxy chloropropane and tetrabromo Bisphenol a and acetone. Implementation of the anti-dumping measures made tvh e-production cost of worse. Measure, during the reporting period the company due to imports of acetone, epichlorohydrin and Bisphenol a in the first half of 2008, 2009, 2010 and 2011 respectively by the imposition of anti-dumping duties of 494. $ 80,000, $ 4.216 million, HK $ 4.843 million and HK $, lead to higher production cost more than 0.4%. Anti-dumping duties were imposed on, reflecting the tvh e-suppliers of the raw materials is highly concentrated. Including Japan, two exporting companies of five vendors, in addition to the 2009 year, always taking up the total venture e-procurement of raw materials60% above, resulting in high levels of anti-dumping duties.　　In response, Liu Jinhai believed that core dependent on imports of raw materials for the company's business risk impact, and long-term effective measures are not taken, the company's cost control was questioned. Oral dreams play wind and string instruments to breaking according to tvh e said wot power leveling, extending its raise money will be mainly used in the venture in Zhuhai epoxy resin capacity, is expected toIncrease the production capacity of 80,000 tons, added 119 million yuan in net profit for the year. Company's 2010 net profit of $ 61.29 million.　　If productivity increases smoothly and sold well, net profits could reach 180 million dollars, estimated net profit per share of $ 0.45.　　However new project really can profit of 180 million Yuan as expected? One industry source for journalists accounts: According to data announced its prospectus, company 2010 sale 64400 tons of epoxy resin, profit $ 61.29 million, these carriers per tonne net income of only about $ 951. Even if the new project increase of 80,000 tons, expects profits of only $ 76.1366 million, claims to $ 119 million and project truth. This is the capacity was completely market digestThe ideal result. In fact, tvh e-2010 annual production capacity is 73,000 tons, but only sold 64400, design production and sales at 88%. From almost 3 years ago and five customer sales shows that customers for small venture of viscous products, a few large customers often changed hands. Current annual sales of several companies before epoxy resin industry shall not exceed100,000 tons (Nan Ya Plastics 9.8 tons, three wood 6.7 tons, tvh e-6.44).　　Tvh e suddenly 80,000 tonnes of new capacity, before the big squeeze both of market share, can cause friction in the market or even a price war, non-viscous customers vulnerable to loss, when corporate profits will suffer. But more worrying is, epoxy resin has long been aIntense competition and market saturation. Tvh e-prospectus shows that even the tvh e-one of the most important customer group---macro, or losing half the subsidiary 2010 year. Tvh e-business also does not have a stable income. 2007 tvh e-operating income $ 1.379 billion, in 2009 fell to 868 millionYuan, rising slightly in 2010, is $ 1.251 billion, but still did not exceed the 2007 year. Despite this, tvh e still painted a bright future for investors, said in recent years the company's rapid development of epoxy resin industry, 2011-2013 China's demand for epoxy resin compound annual growth rate of up to 8% per cent. ProspectusAlso suggests that in 2010, tvh electronics 64400 tons of sales of epoxy resin, 8.02% market share, according to the projections, and 2010, capacity of 803,000 metric tons for the entire market. Reporters access to tvh e-discovery 2010 prospectus, in 2007, tvh 61,500 tons in epoxy resin for electronic sales wot power leveling, the market share of 6.45%, total market capacity of 950,000 tons.　　800,000 tons of 950,000 tonnes from 2007 to 2010 and prospects of epoxy resin industry seems to be so optimistic is not what Hong Chang e imagine. Epoxy resin industry will ultimately tend to the harsh facts of the data also is depicted Hong Chang e oral dreams, also need to test market. Tvh e-threeCompany first for tvh on 16th electronic will save raw material supply and price risk venture electronic applications for the first three companies, such as Han Ding on the 16th consulting: tvh e-IPO is not the four main reasons tvh e-longi silicon materials and the first application is not _