Hongli Optoelectronics Will Be Lawless, &Nbsp; Sponsors Rush Into Shares.

Guangzhou City

6.9% shareholding "edge ball"

Hongli optoelectronics is mainly engaged in R & D, production and sales of LED and its application products. Its products are applied to many fields such as general lighting, backlight, automotive signal / lighting, special lighting, special lighting, display and so on. The 31 million shares are issued and listed on the gem. The issue shares account for 25.26% of the total share capital issued.

In March 15, 2010, Hongli photoelectric registered capital increased from 76 million 230 thousand yuan to 91 million 730 thousand yuan.

Among them, Guang Fa Sindh subscribed 6 million 330 thousand shares for 20 million yuan, of which 6 million 330 thousand yuan was included in the registered capital of the company, and 13 million 670 thousand yuan was included in the capital reserve of the company; Chen Yansheng subscribed 9 million 170 thousand shares for 28 million 990 thousand yuan.

The above new shares are priced at 3.16 yuan / share. After the completion of the capital increase, the shareholding ratio of GF is 6.9% and that of Chen Yansheng is 10%.

In 2010, Hongli photoelectric earnings per share of 0.716 yuan, according to the above share price of 3.16 yuan, price earnings ratio is only 4.4 times, once Hongli photoelectric listing success, assuming that according to the 2010 earnings per share earnings of 40~50 times the price earnings ratio issued, Guang Fa Xin De is expected to get ten times or even more, about 200 million yuan yield.

The forty-third provision of the "measures for the management of the sponsorship business of securities issuance and listing" stipulates that the total number of shares held by the sponsor and its controlling shareholders, the actual controller and the important related party holding the issuer is more than 7%, or the issuer holds or controls more than 7% of the sponsor's shares. If the sponsor is issued and listed on the recommendation of the issuer, it shall jointly perform a sponsor's duty with an unrelated sponsor institution, and the non related sponsor shall be the first sponsor.

GSF's stake was 6.9%, which just avoided the above regulatory requirements.

Some analysts believe that the direct investment + sponsorship mode can easily lead to excessive packaging of Listed Companies in the investment banking sector, and more willing to raise the issue price; and an investment bank believes that as the investment and financing cycles often alternate, direct investment and underwriting business have periodic complementary effects, thereby enhancing investment banks' ability to resist risks.

"The direct investment of domestic brokerages is mainly directed at pre investment financing projects, and combined with the experience of the investment and marketing departments of the securities companies in listing resources and capital operation. The opportunity cost is small, and the expected revenue is high."

A sponsor representative of a well-known brokerage firm in Shenzhen said that many of the direct investment companies of sponsor sponsors are in the "edge ball" state of about 6.9%, and there will not be special concerns in the process of approval by regulatory authorities.

46 million 580 thousand yuan purchase shareholder holds workshop

In 2010, Xing Hui model purchased 46 million 580 thousand of the industrial buildings that Chen Yansheng owned in the east side of East China Road in Chenghai District, Shantou, and completed the payment pfer price in early 2011. Xing Hui car model said that the paction would help improve the utilization of company funds and eliminate the long-term related pactions, which would be beneficial to the standardized operation of listed companies.

Beijing Zhong Hua Hua Asset Appraisal Co., Ltd. said that the above assets were evaluated by the cost method and the market comparison method. In September 30, 2009, the assessment value was 46 million 580 thousand yuan, while the starlight model was listed on the gem in January 20, 2010. At present, Chen Yansheng holds 39%.

The sponsor representatives of the Shenzhen securities companies believe that if a listed company buys large assets from large shareholders, if there is a big gap between the price and the market price, there may be a greater interest in the pfer.

Debt recovery 500 thousand nearly two years "still in implementation"

Hongli photoelectric said, as of the signing date of the prospectus, due to outstanding litigation and arbitration, there are matters related to it: Hongli photoelectric filed a lawsuit against the second people's Court of Zhongshan in November 2009, requesting the decree of Zhongshan Liquan Lighting Manufacturing Co., Ltd. to pay the sum of 360 thousand yuan and the interest on the delayed payment as of June 15, 2009. The Hongli photoelectric filed a lawsuit against the first people's Court of Zhongshan in December 2009, requesting the Zhongshan sigma Technology Lighting Co., Ltd. to pay the sum of 13.5 yuan and the interest on the delayed payment as at August 28, 2009.

The sum of the two funds totals nearly 500 thousand yuan.

Hongli photoelectric said that the two cases had been closed, and the "pending litigation" will not form or have liabilities, and will not have a significant impact on the financial situation.

A securities lawyer said, "in the process of implementation" has been close to 2 years, indicating that Hongli photoelectric is unlikely to recover the money, but because the amount is relatively small, I believe it will not have a significant impact on the company.