Lin Tianfu, A Member Of The Expensive Bird Family, Was Questioned At Low Price.

Recently, an independent director, song Chang, has 6 members. list The independent director of the company will also push the listed company, Limited by Share Ltd (hereinafter referred to as "bird of honor") onto the cusp of public opinion. Some investors have joked that 6 companies are independent directors and become professional independent directors. Every year, attending the board meetings of various companies will take months. How can we protect the interests of small and medium-sized investors?

In May 9th, Guirenniao The application of stock IPO has been approved by the SFC and is intended to land A shares. After successful listing, the real controller will easily accumulate tens of billions of wealth. However, some investors have shown that there is no sign that there is no shortage of money in the company, and there is a situation of low price and high dividends.

　 Family members at low prices

If Valuable bird stock Successful listing, according to the gem's average first earnings ratio of 31 times, calculated that in 2011, the share price of the precious birds shares was 0.7768 yuan, and the market price of the listed company could reach 24.08 yuan after the listing. The assets of the company's actual controller Lin Tianfu would be increased to 11 billion 660 million yuan, while the assets of his brother Lin Qinghui and his nephew Lin Si Liang would also reach 253 million yuan and 126 million yuan, thus becoming a truly 100 billion rich family.

According to the survey, Lin Tianfu's nephew Lin Qinghui and Lin Siliang became billionaires and the process is not fair. Before December 2010, the precious bird China (the predecessor of the noble bird stock) was 100% owned by the noble bird group, with a registered capital of 100 million Hong Kong dollars. In December 2010, the company introduced billion Hing Investment, investment in human resources and Hongzhi investment to optimize shareholder structure and increase its capital to HK $108 million 389 thousand and 300. Among them, due to the investment of noble bird and Hongzhi as Lin family businesses, the capital increase price is calculated according to the registered capital of HK $1 in accordance with the 3.81 Hong Kong dollar, while the investment price of Yixing investment is based on the forecast net profit in 2010, with a registered capital of HK $36.33. The difference is 10 times.

In view of this, the introduction of other shareholders before the listing is not Lin Tianfu's consideration of optimizing the shareholder structure of the company. It is more like Lin's family's internal wealth distribution to meet the listed wealth feast.

　 High dividends before listing

After the launch of a family wealth drama, it is a perfect ending. However, some investors have pointed out that there is really a need for listing people to raise capital.

In 2011, after 10% of the fund was extracted from the net profit, the cash dividend of every 10 shares was 3 yuan (including tax). According to its 525 million shares, the company paid dividends to 157 million 500 thousand yuan.

"Since the company is in urgent need of capital to seek development, why are we paying dividends to the old shareholders in such a large proportion?" some investors have questioned, "most of the stake in most people are concentrated in the hands of the actual controller Lin Tianfu and his relatives and friends. Most of the 150 million dividends before the listing fall into the pockets of the Lin family. Is this a cash advance? And IPO is extending the hand to raise money from the shareholders."

In addition, the investor also pointed out that the balance of money at the end of 2011 was as high as 264 million 883 thousand and 100 yuan, and the company was not bad at all. This issue will be continuously reported.