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China'S Clothing Limit "Catch Up" Craze Reappear 20 Listed Companies Performance Commitments To Be Fulfilled

2008/4/18 12:37:00 34

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China'S Clothing Limit "Catch Up" Craze Reappear 20 Listed Companies Performance Commitments To Be Fulfilled.

Yesterday, the annual report of Chinese clothing showed that the net profit of 6 million 21 thousand and 700 yuan in 2007 was lower than the 20 million yuan of the share reform commitment. However, due to triggering the conditions of chasing shares, the circulation shareholders would get 5 million 200 thousand shares, and the price of Chinese clothing would turn out to be a blessing.

Statistics show that in the companies that have disclosed annual reports, there are 65 agreements on performance in the share reform. Among them, Chinese clothing, suoft and Heng Shun vinegar industry failed to fulfill their performance commitments in 2007.

Three companies will compensate shareholders in circulation.

The performance commitment in share reform is a guarantee for investors, while the management of listed companies is a constraint, pushing the company to improve its performance level.

However, due to various factors such as operating level and market environment, Chinese garment, Soft and Heng Shun vinegar industry failed to fulfill their performance commitments in 2007. These companies will also make corresponding compensation to the circulation shareholders.

From the perspective of compensation, Chinese clothing and suoft will carry out the pursuit of shares.

China's apparel promise reached a net profit of more than 20 million yuan in 2007, but it only realized 6 million 21 thousand and 700 yuan. The company will send 5 million 200 thousand shares to the circulation shareholders. The net profit of 2007 was increased by more than 20%, but the net profit was 77 million 643 thousand and 700 yuan, the performance decreased by 23.96% compared with the same period last year, and the number of chased shares was 6 million 480 thousand and 200 shares.

The way of Heng Shun vinegar industry is cash compensation.

Heng Shun vinegar industry announced that the total share capital of 127 million 150 thousand shares at the end of 2007 as the base, 0.73 yuan for every 10 shares (including tax); according to the company's commitment to split share structure reform, the company's net profit margin growth has not reached 30%.

In addition, the different interpretations of new and old accounting standards make some companies' ambiguity in terms of delivery.

For example, a company promises that the net profit growth rate will exceed 15% in 2006, 2007 and 2008. Otherwise, the company management team will increase its stock by 50% of the total annual salary in the three trading days announced in the annual report.

After the annual report was disclosed, the company's net profit growth rate in 2007 was only 9.83%, but it has not yet seen the announcement of the increase in shares.

The company's staff explained to reporters that the net profit growth rate in the commitment should be in line with the 2007 performance and the net profit under the old accounting system in 2006, so that the performance growth rate has reached the promised standard.

62 companies grew by 112%

Of the listed companies that have completed the share reform, 124 companies are involved in performance commitments. Among them, the performance commitments for 2007 are relatively concentrated, and the commitments of 87 companies are being fulfilled.

Excluding companies whose performance commitment data are not clear, according to the financial data of 06 or 05 years, the total performance commitments of 77 companies in 2007 amounted to 7 billion 683 million yuan, and performance commitments would at least help these companies to increase their performance by 25.14%.

From the annual reports disclosed, the performance of listed companies is better than expected.

Of the 65 companies that have agreed on performance, 62 have fulfilled their commitments and realized net profit totaling 10 billion 499 million yuan, an increase of 112.36% compared with the net profit of 4 billion 944 million yuan after adjustment in 2006.

Among them, 31 companies promised to cash in the net profit. The net profit totaled 3 billion 582 million yuan, an increase of 87.31% compared with the same period last year. The 14 companies that cashed in the net profit increase made a total profit of 5 billion 612 million yuan, an increase of 120.38% over the same period last year.

20 companies performance commitments to be examined annually

As of yesterday, 22 listed companies that made performance commitments did not disclose the 2007 annual report.

As part of the company has failed to meet the standards, the companies that have not disclosed their annual reports have also become the focus of investors' attention.

Excluding the two companies that made performance commitments on some assets, 10 companies were ahead of schedule in the first three quarters of 2007 from the remaining 20 companies.

In the 10 companies that did not meet the standards, the announcement of the sea king's biological performance indicated that the 2007 annual performance notice was amended to make a profit of 3000-4000 yuan. If the net profit of the company was below 100 million yuan, the majority shareholder would propose a share pfer plan and increase the capital shareholder's 35 million yuan to the circulation shareholder.

In addition, Zhongguancun, century Guanghua, ST Baihua and ST national agriculture suffered losses in the first three quarters of last year.

Among them, if Zhongguancun's performance pledge is below 2007 yuan net profit in the year of 67 million 484 thousand and 700, the non tradable shareholders will make an additional stock in the proportion of 10 to 0.3 shares. As of the last quarter of last year, the company's net profit was -7757.24 million, which still had a big gap from the commitment standard.

//cn.daxia123