Anju Bao: Tens Of Millions Of Tax Concessions Integrated.

Since most start-ups may not systematically consider the integration of their assets in the initial stage, the overall consideration before listing is particularly important for the founders who want to make the company public.

The Guangdong Anju Bao digital Polytron Technologies Inc, which has been the gem, is a company providing building intercom system.

Before the listing, the company obtained huge tax concessions through the integration, and made high profits. At the same time, the contracts for sending money to the related parties after the listing were signed.

Such integration seems to be more technical than standard.

Hardware + software: soaring tax incentives

Anju Bao said in its prospectus that it provides "security" products, and belongs to the "building intercom" industry, which sells "building intercom system" and "smart home system".

From the point of view of production characteristics, it buys liquid crystal displays, lenses, IC chips, cameras, electronic components, and so on, welding and assembling, and then selling.

The concept of capital market is not fashionable.

So, in November 7, 2007, the controller of anjubao was Zhang Bo and Zhang Pin, who injected the 80% stake of Guangzhou Yi Shi communication network technology Co., Ltd. (hereinafter referred to as "Yi Shi communication") to Anju Bao.

Anjubao summed up the advantages of the acquisition of easy to see Communications: "to avoid competition and related pactions", which is conducive to forming a complete business system for issuers, concentrating superior resources, enhancing R & D strength, and "improving the performance of issuers".

Of course, there is no problem, because the concept of easy to communicate software is more in line with the needs of capital market.

The prospectus said, "easy to communicate in business only provides software for building intercom systems and smart home systems for issuers".

This is understandable.

Entrepreneur found that amalgamated in September 2006 when it was identified as a software company's easy view communications, anjubao was recognized as a software company in 2008.

According to the relevant provisions of Article 1 of the circular on encouraging the development of the software industry and the development of integrated circuit industry (fiscal and taxation [2000]25), sales of software can be collected for 17% or 14%.

In order to enjoy this preferential policy, anjubao specially applied to become a general taxpayer at the end of 2007.

With tax concessions, the performance of anjubao has greatly improved.

During the reporting period of the prospectus, the company's value-added tax rebate is 22 million 311 thousand and 800 yuan, accounting for 63.23% of the actual value added tax (35 million 281 thousand and 300 yuan) paid in the same period. The value-added tax rebate accounts for one year or even 30.45% of the current net profit.

Obviously, VAT rebates have become an important source of profits.

This is a very exaggerated thing.

Value added tax during the reporting period

However, before the merger of easy to see communications, anjubao always emphasized that it was not significant for the company to prevent mergers and acquisitions as a major paction.

According to the prospectus, Yi's revenue in 2006 was 1 million 83 thousand and 600 yuan, 10423371.24 yuan in 2007 and 14678128.83 yuan in 2008 1-11.

There are only two possibilities, or Anju Bao, who lied about the financial situation of Yi's communications in order to avoid a major paction. The greater possibility is that after the acquisition of Yi Shi communications, Anju Bao will sell its original hardware products at a low price and sell the software products at a high price, and then apply for more value-added tax rebates for software products.

If a breakfast booth sells fried dough sticks and another breakfast booth sells tofu brain, the tax law announces that the bean curd brain is the tax rebate, and only the bean curd brain's income can be refunded.

But the fried bean curd stand and the bean curd brain were announced to be merged. The new breakfast stand only sells packages, a fried dough sticks and a tofu brain, and tells the tax bureau that the tofu in the package is much more expensive than the bean curd sold alone. It also proves that the price of the bean curd brain is reasonable in the package. According to the regulations, the tax bureau must give the tax rebates of the tofu brain in the package.

But why?

But how exactly did anjubao do? No one knows.

Brother company built a building to raise funds to support.

The integration of an easy to see communication has won tens of millions of tax concessions, and promoted the growth of company performance; and after the listing, the company has also found reasons for the related parties.

Anjubao has a brother company, de Juan (Guangzhou) Electronic Technology Co., Ltd. (hereinafter referred to as "Guangzhou").

This is another company that actually controlled the investment.

In June 30, 2010, Guangzhou's total assets amounted to 69278937.83 yuan, net assets of 33480245.65 yuan and liabilities of 35798692.18 yuan.

Of the 35 million 798 thousand and 700 yuan liabilities, at least 22504500 yuan comes from Anju Bao, which is "prepaid" to de Juan Guangzhou to buy the building's money.

In April 16, 2007, anjubao signed the "contract for the assignment of the right to the use of state-owned land" with the Guangzhou land resources and Housing Authority. The contract is located in the north of Guangzhou science and Technology Development Zone, the north of science Avenue, and the KXC-E1-1 plot east of the cloud road. The area is 46581 square meters, the land pfer fee is 360 yuan per square meter, and the total pfer fee is 16769160 yuan.

At that time, anjubao and Guangzhou city land resources and housing authority agreed that the contract target will be used as the construction land of item company De Juan Guangzhou.

Anjubao paid the land pfer fee, but de Juan Guangzhou subsequently applied to the Guangzhou land resources and Housing Authority. The Guangzhou land and Resources Bureau and the housing authority agreed to change the predecessor of the contract from the predecessor of the contract to de Juan Guangzhou.

By November 2009, anjubao had already been unable to meet production and operational needs with its production base. At the price of 45 million 9 thousand yuan, it purchased part of the land and construction works at ground level in Dejuan Guangzhou, and paid 50% advance payment in advance.

Perhaps anjubao really needs new buildings, because many IPO companies have a lot of infrastructure projects being planned for the use of fund-raising funds. Perhaps anjubao is really busy with security products and has no time to build buildings to hand over the land to the brothers company. Perhaps anjubao really doesn't care about the interest cost, rather than borrowing 20 million yuan from the bank, it also needs to pay 22 million 504 thousand and 500 yuan for the advance payment of the building.

Anyhow, senior managers and sponsors, lawyers and Accountants of anjubao believe that the construction project of Tak Ju an Guangzhou from beginning to end is legal compliance and does not harm the interests of issuers.

Now, anjubao has to go on the market, and some of the funds raised are still on the account of Guangzhou, an affiliate of Tak Ju an.