The AOKANG Shoe Industry Of The High Selling And Low Buying "Wang Xue Family"

The packaging of AOKANG shoes is difficult to cover up the dirt behind it.

We found that after all, AOKANG shoe industry was only a chess piece in the hands of the actual controller Wang Zhentao family, playing the role of "blood sucking field".

On the eve of the launch, guinon securities, a related sponsor of the listing, rushed to join the stock market, which made AOKANG shoe industry a truly rich machine. Investors are likely to become a plaything of the Wang family and the "Guoxin system".

The time limit for large shareholders to invest in IOUS is dragged on.

Unlike most of the one or two years before the listing of the listed companies, the AOKANG footwear industry chose the joint-stock system at the beginning of its establishment in 2001, with a registered capital of 70 million yuan. The sponsor was Wenzhou businessman Wang Zhentao, his brother Wang Jinquan, his uncle Miao Yan Shu, his brother-in-law Pan Changzhong and Wang Zhentao's AOKANG group under control.

What is more different from most listed companies is that AOKANG group, as the original controlling shareholder, invested in the form of "empty cheque" and dragged on for nearly four years.

AOKANG group originally planned to invest its production facilities and equipment in the thousand stone Industrial Park as a physical contribution to the AOKANG footwear industry. The total assets of these two assets are valued at 45 million 789 thousand and 800 yuan, while AOKANG group only needs to invest 35 million yuan. The extra 10 million 789 thousand and 800 yuan will be the liability of AOKANG's footwear industry to AOKANG group.

However, AOKANG group did not have the pfer procedures to deal with the ownership of AOKANG shoes in a timely manner, but also did not pfer the related assets to AOKANG footwear industry on the basis of some tax-free imports of footwear equipment.

In the end, AOKANG group actually invested only 5 million 37 thousand and 600 yuan (domestic equipment in shoemaking equipment).

It was not until two years later in November 2003 that AOKANG group formally pferred the production plant to AOKANG shoe industry, plus 5 million 37 thousand and 600 yuan invested in 2001. AOKANG group actually invested 33 million 884 thousand and 200 yuan in AOKANG footwear industry, and it was still 1 million 115 thousand and 800 yuan.

This is the 1 million 115 thousand and 800 of this area. AOKANG group is still playing the same trick, and it has been dragged on for a year and a half in April 2005.

AOKANG shoe industry was established for 10 years, but AOKANG group took 5 years to finish the capital contribution procedure, not long.

There is also a problem that can not be overlooked. The AOKANG group handed over the production plant to AOKANG footwear industry after two years of AOKANG shoe establishment. The asset price is 28 million 846 thousand and 600 yuan, which is the same as the assessment price in 2001.

That is to say, the depreciation of production plant within two years and other expenses, AOKANG group did not consider it.

However, the next AOKANG group in 2005 will be the same assets and AOKANG shoes industry asset replacement paction is another logic.

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The Zhejiang shoe AOKANG Limited by Share Ltd (hereinafter referred to as the AOKANG shoe industry), which boasts the first share of domestic men's shoes, has recently successfully entered the main board of Shanghai stock market and plans to raise more than 1 billion of its funds.

The packaging of AOKANG shoes is difficult to cover up the dirt behind it.

We found that after all, AOKANG shoe industry was only a chess piece in the hands of the actual controller Wang Zhentao family, playing the role of "blood sucking field".

On the eve of the launch, guinon securities, a related sponsor of the listing, rushed to join the stock market, which made AOKANG shoe industry a truly rich machine. Investors are likely to become a plaything of the Wang family and the "Guoxin system".

The time limit for large shareholders to invest in IOUS is dragged on.

Unlike most of the one or two years before the listing of the listed companies, the AOKANG footwear industry chose the joint-stock system at the beginning of its establishment in 2001, with a registered capital of 70 million yuan. The sponsor was Wenzhou businessman Wang Zhentao, his brother Wang Jinquan, his uncle Miao Yan Shu, his brother-in-law Pan Changzhong and Wang Zhentao's AOKANG group under control.

What is more different from most listed companies is that AOKANG group, as the original controlling shareholder, invested in the form of "empty cheque" and dragged on for nearly four years.

AOKANG group originally planned to invest its production facilities and equipment in the thousand stone Industrial Park as a physical contribution to the AOKANG footwear industry. The total assets of these two assets are valued at 45 million 789 thousand and 800 yuan, while AOKANG group only needs to invest 35 million yuan. The extra 10 million 789 thousand and 800 yuan will be the liability of AOKANG's footwear industry to AOKANG group.

However, AOKANG group did not have the pfer procedures to deal with the ownership of AOKANG shoes in a timely manner, but also did not pfer the related assets to AOKANG footwear industry on the basis of some tax-free imports of footwear equipment.

In the end, AOKANG group actually invested only 5 million 37 thousand and 600 yuan (domestic equipment in shoemaking equipment).

It was not until two years later in November 2003 that AOKANG group formally pferred the production plant to AOKANG shoe industry, plus 5 million 37 thousand and 600 yuan invested in 2001. AOKANG group actually invested 33 million 884 thousand and 200 yuan in AOKANG footwear industry, and it was still 1 million 115 thousand and 800 yuan.

This is the 1 million 115 thousand and 800 of this area. AOKANG group is still playing the same trick, and it has been dragged on for a year and a half in April 2005.

10 years after the establishment of AOKANG shoe industry, AOKANG group took 5 years to complete the formalities of capital contribution.

There is also a problem that can not be overlooked. The AOKANG group handed over the production plant to AOKANG footwear industry after two years of AOKANG shoe establishment. The asset price is 28 million 846 thousand and 600 yuan, which is the same as the assessment price in 2001.

That is to say, the depreciation of production plant within two years and other expenses, AOKANG group did not consider it.

However, the next AOKANG group in 2005 will be the same assets and AOKANG shoes industry asset replacement paction is another logic.

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Sudden attacks on the stock market

In December 2009, AOKANG group withdrew from the shareholders' seat of AOKANG shoe industry, and Wang family arranged the AOKANG investment (90% of Wang Zhentao Holdings) in October 2009.

In June 2010, Hongling venture capital and Chang Ting venture two outsiders broke into AOKANG shoes shareholders' seats, respectively, contributing 100 million yuan and 50 million yuan to 3.33% and 1.67% shares respectively.

Through the subsequent increase in share capital and dividends, the cost per share of the two ventures dropped to 9.38 yuan.

The industry expects that the dynamic price earnings ratio of AOKANG footwear industry will not be less than 20 times, referring to the first half earnings per share of 0.67 yuan, AOKANG shoe industry's issue price is expected to reach about 27 yuan.

By then, Hongling venture capital and Chang Ting venture will earn 188 million yuan and 94 million yuan respectively.

In less than a year and a half, the two companies will yield up to 187.85%.

Such a profit is absolutely impressive, because Hongling venture capital and long Ting venture capital lost 4 million 835 thousand and 300 yuan in the first half of this year, 1 thousand and 400 yuan.

AOKANG shoes industry was originally a 100% holding family business. How did Hongling venture capital and other institutions get involved? Deep research revealed that Hongling venture capital is related to Guoxin Securities, a sponsor of AOKANG footwear industry. Therefore, to some extent, Hongling venture capital is AOKANG's own shoe industry.

A careful look at Hongling venture capital is a "Shenzhen rich club". Its core shareholders are "insiders" who have significant connections with Guoxin Securities shareholders such as Huarun Shenzhen International Investment Bank.

For further details of Hongling venture capital, we will do more in-depth follow-up reports.