Snow Lett Executives Cash 58 Million Yuan, The Performance Fell 21%, The Share Price Rose.

Leaders took the lead to reduce their holdings, less than two months to reduce 3 million 740 thousand shares.

Chai Guosheng, the chairman of 002076.SZ, has been amazed by the crazy reduction.

The intensive reduction took place in November 13, 2009 ~2009 December 30th. In about one and a half months, Chai Guosheng held a total of 12 times, with a total cash of over 3700 yuan.

Similarly, snow Light Company executives are also constantly reducing.

In the first half of May this year, Wang Yi, chairman of the secretaries general and vice chairman of the board of directors, and chairman of the board of supervisors Huang Yunlong also reduced their holdings of shellet shares. In half a month, 3 people held a total of 9 shares and reduced 1 million 670 thousand shares to 20 million 380 thousand yuan.

The same as the reduction is that snow lett's performance is not good but its share price keeps rising. Moreover, the reduction of chairman Chai Guosheng happened just before the company's "bad" performance announcement in 2009, and cash in the company's share price was high. The other three executives' reduction happened just in May this year, which is the period when the company's share price hit a new high. It is called the most senior manager of the stock market.

In May 20th, the investor newspaper interviewed the company's secretaries on the company's performance and executives' reduction intention. A staff member, who did not want to be named, said, "I do not want to explain the specific reasons for the reduction."

Dong Xian Xian Zhong said that the company's high salary is entirely the needs of the company's management.

The investor newspaper has recently learned from another industry insider that the company may accept an investigation in the near future, but the news has not yet been verified by the company and relevant departments.

Chairman of the 12 reduction of 3 million 740 thousand shares

Snow Wright is a high-tech enterprise specializing in developing and producing energy-saving lamps, xenon metal halide lamps, ultraviolet lamps and other special light sources and matching electronic ballasts. The main energy-saving lamps, automobile HID lamps and ultraviolet lamps are produced and sold.

In addition to the domestic market, the company's products are exported to many countries and regions such as the United States, Japan and Europe.

Overseas market share accounted for about 30%.

Since October 2006, the company has landed on the small and medium-sized board. It is a typical listed company controlled by the sponsors. The main executives are dual identities. They both exercise executive rights and are the main shareholders of the company.

Among them, chairman Chai Guosheng held 87 million 620 thousand shares, accounting for 47.74% of the total share capital, holding an absolute controlling position. The vice president and director of the company, Wang Yi, held 7 million 150 thousand shares, accounting for 7.41% of the total share capital, ranking second largest shareholder of the company.

In November 2009, Chai Guosheng, chairman of the board, held a three year ban on the sale of shares, and began to reduce the holdings. In a short span of two months, the company reduced its holdings of shares for the 12 time, totally reducing 3 million 740 thousand shares and cash 37 million 510 thousand yuan.

"The company's high salary is entirely the needs of the company's management," he said.

And Chai Guosheng's answer is obviously more direct.

"I may later become chairman of the board and be a shareholder."

In February this year, Chai Guosheng showed the intention of leaving or leaving the office in an interview with the media.

3 executives cash 20 million 380 thousand yuan

In less than half a month from ~5 17 May 5th this year, three other executives, Xian Shuzhong, Wang Yi and Huang Yunlong, have also reduced their holdings.

Three people 9 times reduced 1 million 670 thousand shares and cash 20 million 380 thousand yuan.

Among them, Wang Yi, vice president of snow lett, has reduced the company's stock holdings for three consecutive times, accumulative amounts of 750 thousand shares, and cash in the amount of 9 million 224 thousand and 900 yuan; Dong Xian Shin Zhong was also the three consecutive intensive reduction and 7 million 145 thousand yuan in cash; the chairman of the board of supervisors, Huang Yunlong two times 220 thousand shares, and 2 million 787 thousand and 600 yuan in cash.

Looking at the company's past information, the chairman and founder Chai Guosheng donated a lot of shares to other executives and entrepreneurial elders before the listing of the company. At the beginning of the listing, there were 21 natural shareholders, but the incentive effect was not good. After the lifting of the restricted shares, some shareholders began to sell the company's shareholdings, followed by management changes.

At present, after more than two years of adjustment, the professional managers have been re hired from the outside. The current management system has been basically established, laying the foundation for the company's future growth.

But the reduction has become a routine for some executives.

The company prospectus shows that in 2004, the company changed the whole set up Limited by Share Ltd, Chairman Chai Guo produced 26 million 628 thousand yuan; the amount of Wang Yi's contribution was 2 million 400 thousand yuan, Xian Shuzhong's contribution amount was 2 million 400 thousand yuan, and Huang Yunlong's contribution amount was 1 million 680 thousand yuan. Obviously, 6 years ago, these executives not only recovered the cost, but also obtained great profits through reducing cash holdings.

"Mainly executives' personal capital needs, and several executives who are holding down are all sponsors. They own more shares and will not rule out the possibility of further reduction in the future."

The above secretaries staff said to the investor newspaper.

It is worth noting that it is not just Chai Guosheng, chairman of the board, who threatens to resign.

As early as July 2008, Zhang Ming, former director and chief engineer of the company, resigned as director of the company for personal reasons. In May 15, 2008 ~30 days before his resignation, Zhang held 8 consecutive reductions and cash in 3 million 140 thousand yuan, which was 1.74 times the amount of sponsorship. In May of the same year, because of his original resignation from the company's supervisory position, Li Yueqi held 11 reduction before and after his resignation, and the total cash flow was 8 million 830 thousand yuan, which was 8.8 times the amount of his contribution.

Earlier in July 2007, Li Zhenghui, the former vice president of the company, resigned to the company on the grounds of physical discomfort.

As the company listed, Li Zhenghui accepted the offer of chairman Chai Guosheng's shares, and promised to serve the company for at least 5 years, but Li Zhenghui broke the contract ahead of schedule. Therefore, Chai and Li were in court until the end of last August. Therefore, it was also known as the "resignation incident" by the industry, and Li Zhenghui after resignation was also a substantial reduction of the company's shares.

To this phenomenon, a broker told the investor newspaper that since the listing, the company's main stockholders are all in the hands of the natural shareholders, and the biggest disadvantage of the relatively large number of shareholders such as natural shareholders is that it is difficult to restrain them, and the management is also very difficult. Moreover, apart from the chairman, the company's share distribution is very fragmented, and the pfer of shares and reduction are even more difficult to control.

Performance fell 21%, share price rose

In fact, in recent years, the performance of the company has dropped.

The company's total revenue in 2009 was 324 million yuan, down 8.08% compared to the same period last year. Net profit was 10 million 720 thousand yuan, a decrease of 20.99% compared with the same period last year; earnings per share were 0.0582 yuan, down 20.92% compared to the same period last year, and net profit has declined for two consecutive years.

From the point of view of the main revenue, although the company has maintained steady development in the country, its foreign business revenue has declined by 39.87%.

It is worth mentioning that the company's efficient lighting has been promoted to 10 million 320 thousand last year, and it is understood that last year the total amount of nationwide promotion is about 120 million.

In the past years, the net profit of the company in 2006 and 2007 has been increasing. However, in 2008, the net profit of the company has declined sharply under the condition that there is not much change in operating income.

After the internal rectification of enterprises, although the total profit growth has been achieved in 2009, there is still a big gap compared with 2007.

"This is mainly due to the intensification of competition in the industry, which has led to a decline in product prices, and because of the great efforts made before the introduction of talents, it has led to an increase in management fees," the company's secretaries general, Xian Shu Zhong, told reporters.

What's interesting is that although the company's performance is poor, its share price is strong.

From the top ten shareholders of the company's annual report, there is no appearance of the organization, except the other high-level companies are natural persons.

Compared with the three quarter, there were 4 new faces among the top ten shareholders of the company. Among them, Wang Yi became the second largest shareholder in the 3 months with 7 million 148 thousand shares and one shares.

It is worth noting that in the context of declining performance, snow lett's executive compensation in 2009 still rose by more than 20%, and management fees increased by 10% in the first quarter of this year.