Jiangsu Sunshine Polycrystalline Silicon Huge Loss Survey The Biggest Woollen Fabric Business Diversification Mystery

< p > "really did not think of it, I was very optimistic about it."

A stock market investor told reporters in depressing terms.

He refers to the polysilicon project of Jiangsu (2.78,0.00,0.00%) (600220.SZ) in Ningxia, and the fuse is a bankruptcy notice about Ningxia sunshine.

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< p > January 30, 2013, < a href= "http://www.91se91.com/news/index_p.asp > > Jiangsu < /a > sunshine announcement said, because Ningxia sunshine Silicon Industry Co., Ltd. has been insolvent, Jiangsu sunshine has applied for bankruptcy and liquidation to the Ningxia Hui Autonomous Region Shizuishan intermediate people's court, which was formally accepted by the court.

And the company is embarrassed with a huge amount of bad debt waiting for it.

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< p > this is the case.

The problem is that beside the hole in Shizuishan, hareen (6.89, -0.33, -4.57%), another hole in Jiangsu sunshine group, can not be blocked.

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Jiangsu P, a listed company sandwiched between two holes, reveals its treacherous side.

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< p > < strong > cover cover game < /strong > < /p >

< p > a domestic polysilicon project whose capacity is over 1000 tons is discussing the bankruptcy of Ningxia sunshine silicon industry with financial weekly. It is very doubtful that "this project is very doubtful."

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< p > "it is undeniable that the decline of polysilicon prices will definitely have an impact on the performance, but such a big scale is not normal."

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< p > 2010, when the first phase of the project entered the production line, the price of polycrystalline silicon began to drop sharply. According to the disclosure of Jiangsu sunshine, this led to a loss of 114 million in Ningxia sunshine, which in turn affected the profitability of Jiangsu sunshine.

According to the 2010 annual report, the profit attributable to the owner of the Jiangsu sun was 62 million 508 thousand and 900 yuan, down 40.48% from 2009, mainly due to the loss of the silicon industry.

In 2011, the profit attributable to the owners of the parent company was only 8 million 706 thousand and 600 yuan, down 86.07% from 2010.

The three quarter of 2012 has dropped to -8612 million yuan.

In January 30, 2013, with the announcement of the Ningxia sunshine bankruptcy liquidation notice, there was also a notice of the 2012 annual performance loss.

"And you don't know it at all, it's very vague."

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< p > according to his statement, the gross profit margin of large polysilicon enterprises in 2010 is generally 35%-40%, and the net interest rate is generally 15%-20%.

However, it is worth noting that the profit margin of sunshine silicon industry is simply impossible to calculate.

Because the 2010 annual report of Jiangsu sunshine only disclosed that the project lost 114 million yuan, but did not disclose revenue.

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< p > in addition, the only available reference data is that 1500 tons have reached production.

That is to say, the output of 1500 tons of polysilicon has brought a loss of 114 million yuan.

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< p > comparing industry data, this statement is really hard to understand.

For example, the annual report of CSG 2010 shows that the first phase of the polysilicon project of Yichang south glass silicon material Co., Ltd. has an annual capacity of 2000 tons. In 2010, it achieved operating income of 797 million yuan and net profit of 196 million yuan.

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< p > "Yichang project also squeezed a lot of small stocks before it could achieve a net profit of 20%. The sunshine silicon industry basically distributed in 2010. Why is the profit so low? The highest cost of polysilicon is 50 dollars per kilogram, and the sales price in 2010 has been over 70 dollars except the cost price at some time.

At the end of the year, even more than US $100, how can we lose so much? "/p".

< p > he provides a saying that "some profits of the sunlight silicon industry may be pferred out, and hareun is one of the objects that should be suspected."

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"P" and hareun photovoltaic is another company that profits another hole.

The company is a polysilicon downstream company owned by Sun Group, Jiangsu sunshine group.

Hareon early 2011, shell ST Shen Long listed.

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< p > financial weekly reports from a person close to Shizuishan sunshine silicon project in Ningxia. The reason why the project went bankrupt so fast is closely related to the contradiction between Ningxia and Jiangsu sunshine group.

According to its statement, Ningxia is annoyed at the fact that Jiangsu has been sending large quantities of cheap sunlight to hareun photovoltaic products, and it has not been able to cooperate in many ways. This leads to a very far difference between the start-up rate and efficiency of the project and the "neighboring" Guodian solar energy.

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< p > in fact, Jiangsu sunshine's related paction between sunshine silicon industry and Hareon has always been "concealed".

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< p > {page_break} < /p >

< p > Ningxia sunshine Silicon Industry Co., Ltd. signed the polysilicon supply and demand contract with hareun Polytron Technologies Inc in July 22, 2008.

At that time, it was less than 12 months from the time of Chen Hao's departure from Jiangsu sun and the holding of hareun photovoltaic secretaries in August 27, 2007. According to the relevant laws and regulations of the company law and the Shanghai Stock Exchange Listing Rules, the paction was related paction.

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< p > in fact, this dramatic coincidence reveals to us the special relationship between Jiangsu sunshine and hareun photovoltaic.

Chen Hao, who served as sunshine manager for many years in Jiangsu, left in 2007 at this sensitive time. Because the polysilicon project in Ningxia was officially launched in April 2007, and hahao came to hareun as a secret agent, hareun began to have lots of funds and pactions with Ningxia sunshine.

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< p > July 24, 2008, Jiangsu sunshine issued a major contract announcement that the company's controlling subsidiary Ningxia sunshine Silicon Industry Co., Ltd. has supplied Hareon Polytron Technologies Inc's solar grade polycrystalline silicon 1000-1200 tons for the whole year from -12 in January 2009.

However, at this time, the project has not yet been successfully produced, why hastily signed such a major contract, and the contract also agreed that "if the quantity of sunshine output exceeds the agreed number in Ningxia, more than half of it will be supplied to hareen technology, and there should be no supply relationship with the third party". < /p >

< p >, why does the sunshine silicon industry prefer to annoy the local shareholders and pmit benefits to Hareon? < /p >

< p > the answer is pointed to hareun photovoltaic is planning to shell ST Shen Long listed.

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< p > disclosed in January 2011, "Jiangsu Shenlong hi tech group Limited by Share Ltd's major asset sale and the merger of new shares to absorb merger Hareon Polytron Technologies Inc and related pactions plan" also disclosed the connection between Hareon and sunshine silicon industry.

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< p > according to the disclosure, hareun actually terminated the related purchase of another related party in 2010, and turned to the sunshine silicon industry.

According to the announcement, in 2010 1-10, the purchase amount to sunshine silicon industry amounted to 63 million 67 thousand and 900 yuan, but this accounted for only 3.45% of total procurement.

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< p >, according to this ratio, Hareon's procurement amount reached about 1 billion in the first ten months of 2010.

But at the same time, Hareon revealed that its operating income in the first ten months was only 350 million.

Why does Hai Run PV purchase 5 times the raw materials of sales revenue? < /p >

"P >", so at that time, insiders believed that Lu Keping, the real controller of Jiangsu sunshine, might try to make Hareon's performance better, so that it could be listed.

Listed insiders do not say.

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< p > an institutional investor is also doubtful after this analysis. "Hareen's performance after the backdoor listing is far less than expected. At that time, the sun group should dare to praise Haikou's own subsidy profits, which should be prepared.

No one knows exactly how much the two party related pactions are.

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< p > "it should be said that it is entirely possible to move the lid of the sun silicon industry to block harewan".

But the sun silicon industry later had a big problem, and when it needed to plug the hole, hareen's hole must be missed sooner or later.

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< p > < strong > Hai Run hole < /strong > /p >

The hole of P is more difficult.

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< p > Hai Lun photovoltaic backdoor listing. At that time, the sunshine group promised that the net profit of 2011, 2012 and 2013 after the reorganization of hareun photovoltaic company was no less than 498 million 550 thousand yuan, 509 million 660 thousand yuan and 528 million 580 thousand yuan respectively, and the shareholders of hareun did not pay the profit difference to the listed company within the agreed time in accordance with the agreement signed.

In fact, as far as the reorganization is concerned, the sunshine group can no longer make these commitments.

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< p > February 18, 2013, Hareon announced that in 2011, a major asset restructuring, the controlling shareholder of Jiangsu, Zijin Electronic Group Co., Ltd., the controlling shareholder of Jiangsu Ziyang Electronic Group Co., Ltd., issued the following profit compensation undertaking: if the reorganization failed, the Shanghai city company failed to achieve the 2012 and 2013 profit forecast of hareen photovoltaic, that is, the net profit of the listed company belonging to the parent company in 2012 was less than 509 million 660 thousand yuan, and 2013 was less than 528 million 580 thousand yuan. Then, the sunshine group made up the profit gap with the listed company in cash within 5 days of the disclosure of the annual report of the listed company.

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"P" and the announcement also issued a notice that hareun received 4 billion 100 million foreign subsidies.

According to the announcement, Hareon has recently invested two photovoltaic plant projects in Bulgaria, and has obtained the approval document of the electricity production license issued by Bulgaria. According to Bulgaria regulations, the effective time of the electric power production license is the time for the project to get the subsidy price.

So far, Hareon's investment in the construction of 4 photovoltaic power plants in total 90.68MW scale, in the future access to tariff subsidies totaling 498 million euros, or about 4 billion 100 million yuan.

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After the announcement of two announcements, the focus of attention is on how the sunshine group fulfil its commitment to P.

Financial weekly newspaper reporters call Sun Group and hareun inquiry about the matter, and have not replied.

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< p > analysts say Hareon will release its annual report in March 5th. It is not difficult to raise such a large amount of money in such a short time without affecting the normal operation of the company.

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< p > Sunshine Group 2012 second term medium-term prospectus shows that from 2009 to 2011, the assets liabilities ratio of sunshine group was 53.35%, 52.44% and 55.51% respectively, and the debt ratio was not high, but current liabilities accounted for 76.91%, 72% and 73.98% of total liabilities.

By the end of 3 2012, the current liabilities of sunshine group were 14 billion 631 million yuan, and the proportion of current liabilities to total liabilities has risen to 74.69%.

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< p > by the end of 2011, the sunshine group had a short-term loan of 6 billion 132 million yuan and a long-term loan of 246 million yuan due within one year.

By the end of 3 in 2012, the sunshine group's short-term borrowing was 7 billion 234 million yuan, an increase of 1 billion 102 million yuan over the end of 2011, and a long-term loan of 145 million yuan in one year, a decrease of 1.01 yuan over the end of 2011.

In the same period, the currency fund of sunshine group was only 4 billion 492 million yuan.

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From 2009 to 2011, the net profit of sunshine group was 677 million, 1 billion 92 million and 988 million. Obviously, 500 million yuan is not a small sum for the sunshine group whose total assets amount to 34 billion 427 million yuan. P

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< p > in addition, in 2012, Jiangsu sunshine half year report shows that sunshine group holds 534 million 790 thousand shares of Jiangsu sunshine, has already pledged 534 million 130 thousand shares, and the rate of pledge has reached 99.87%.

In desperation, sunshine group had to raise money through other channels.

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< p > there is news that sunshine group is borrowing money from banks and trusts all the time.

The financial weekly newspaper reporter got a news from a broker dealer who said that there were sunshine group people looking for financing for them four or five years ago.

Obviously, the sunshine group has already started to act. The scale of the financing and sunshine group's commitment to complement Hareon's figures are almost the same.

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< p > < strong > bonus: "Yang Mo" < /strong > < /p >

< p > for Jiangsu sunshine shareholders, Ningxia sunshine polysilicon project affects not only net profit but also dividends.

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< p > "buy this stock for more than 5 years. It has never been red."

Bonus? Maybe it's just a dream. "

A Jiangsu sunshine investor reluctantly said.

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< p > public information shows that since 2005, there has been no dividend in Jiangsu sunshine except for the one increase in 2008, and the profit that the company can allocate to shareholders increased from 470 million in 2005 to 1 billion 10 million in 2011, which is a veritable "iron chicken".

In the reasons of no distribution or no increase, polysilicon project in Ningxia is the banner of many times.

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< p > May 2012, the China Securities Regulatory Commission issued the notice on further implementation of matters related to cash dividends of listed companies.

It was not until September that Jiangsu's sunshine put forward the "positive profit distribution policy, especially the cash dividend policy", but added 4 restrictive conditions: /p

< p > 1. audit institutions can not issue standard unqualified audit reports to the company's annual financial reports.

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< p > 2. the total amount of capital invested by the company in the next twelve months has been determined to exceed 10% of the total audited assets of the company in the latest period.

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< p > 3. when the cash flow from operating activities was negative at that time.

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< p > 4. when the distributive profit is less than 0.1 yuan per share.

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< p > it is worth noting that in late August, Ningxia sunshine has begun to stop production and maintenance. The announcement of Jiangsu sunlight in early September was quite coincidental.

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< p > {page_break} < /p >

< p > obviously, the bankruptcy and liquidation of Ningxia sunshine in January 2013 will not only swallow up the distributive profit of Jiangsu sunshine for 1 billion 10 million years, but also leave 385 million profit hole to be filled.

Shareholders who are counting on cash dividends from Jiangsu will be disappointed again.

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< p > < strong > farewell "a href=" http://www.91se91.com/ "target=" _blank "> clothing > /a > /strong > /p >

< p > in fact, in addition to photovoltaic industry, the heavy blow of Jiangsu sunshine in 2012 also has the clothing industry.

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< p > August 16, 2012, Jiangsu sunshine announced that the 75% stake of Jiangsu sunshine "a" href= http://www.91se91.com/ "target=" _blank "clothing" /a "limited" should be pferred to Jiangyin Jin run a href= "http://www.91se91.com/" target= "href=" > textile Co., Ltd., the total pfer price of equity pfer is RMB 245 million 190 thousand yuan.

After the equity pfer is completed, the company will no longer hold shares of sunshine clothing. This paction will reduce the company's losses and enhance the company's sustainable development capability.

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< p > in the mid August 2012 issue, Jiangsu sunshine further said that after the completion of the equity pfer, the company will have no clothing business.

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< p > however, some media pointed out that the pfer was premeditated.

In March 2012, Jiangsu Sunshine Group Jiangsu sunshine dress was merged and another holdings < /p >

The Jiangyin Hao Yi Clothing Co., Ltd., P, has just completed its merger in August 14th and has been pferred in August 16th.

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< p > besides, there are many coincidences in the paction and doubt whether it is a non related paction.

For example, the Jiangyin Jiangsu Jin run textile Co., Ltd., which is the object of the share pfer, has "Jin run textile" in the name of Jiangsu gold run textile Co., Ltd., the second largest shareholder of sunshine in the sun. The industry and commerce data show that the two registered addresses are the same. They are all 18 of Tao Xin Road, Xinqiao Industrial Park, Jiangyin, and also the registered address of sunshine group.

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< p > although the Jiangsu sunshine announcement denied the above facts, there was no explanation for the above skillful merger.

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< p > in fact, the relationship between Jiangsu sunshine Clothing Co., Ltd. and Jiangsu Sunshine Group is also different.

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< p > February 2004, Jiangsu sunshine bought Jiangyin Pompey Garment Co., Ltd. 75% stake in Jiangyin sunshine Textile Co., Ltd.

The announcement shows that the legal representative of Jiangyin sunshine Textile Co., Ltd is Lu Keping, who is also the legal representative of sunshine group. Jiangyin sunshine Textile Co., Ltd. owns 75% of Jiangsu Pompey Garment Co., Ltd.

Although Pompey's net profit was only -156.52 million yuan, it was assessed that Pompeii's 75% equity increased by 28%, and it was sold to Jiangsu sunshine for 45 million 777 thousand and 600 yuan.

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< p > and then in July 2009, the sunshine dress merged and merged with Pompeii company.

In August 2012, sunshine clothing was pferred to Jiangsu Jiangyin Jin run textile Co., Ltd.

Jiangyin Jin run textile Co., Ltd. and sunshine group do not rule out the existence of a relationship, that is to say, Pompey company pferred from sunshine group to Jiangsu sunshine 8 years later, back to the sunshine group.

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< p > < strong > electric steam tricky > /strong > /p >

From a broader perspective, P often seems to have sunshine groups when Jiangsu's sunshine purchases equity or sells assets.

Take the second main business electric cars in Jiangsu sunshine as an example, at present, there are four ThermoElectron Corporation in Jiangsu sunshine banner: Jiangsu sunshine huangtang Thermal Power Co., Ltd., Jiangsu sunshine Xinqiao thermoelectric Co., Ltd., Jiangsu sunshine cloud Pavilion Thermal Power Co., Ltd. and Dafeng sunshine thermoelectric Co., Ltd.

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< p > in which, Huang Tang thermoelectricity, Yun Ting thermoelectricity and Dafeng thermoelectricity come from sunshine group; Xinqiao thermoelectricity comes from Jiangyin Gold Industry Investment Co., Ltd.

Public information shows that the main shareholder of the gold industry investment is Jiangyin Zhongsheng Garments Co., Ltd., and Jiangyin Zhongsheng Garments Co., Ltd. is a professional base for the production of jeans garments under the sunshine group.

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< p > from November 2008 to July 2009, the four electric heating companies captured by Jiangsu in a breath of light can be described as masterpieces.

The pfer price was 192 million 268 thousand and 500, 126 million 742 thousand and 800, 116 million 617 thousand and 500 and 215 million 720 thousand, respectively, totaling 651 million 348 thousand and 800.

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< p > by studying the assets appraisal reports of the four acquisitions, the reporters found some interesting points: < /p >

< p > first, from the perspective of asset liability ratio, these four companies are relatively low, 12.17%, 38.10%, 21.92%, 24.71%, second, respectively. After evaluation, most of them have value-added phenomena: Huang Tang thermoelectric added value 26 million 473 thousand and 200 yuan, value-added rate 15.97%; Yun Ting thermoelectric value 13 million 885 thousand and 900 yuan, value-added rate 9.81%; Dafeng thermoelectric value 19 million 199 thousand yuan, value-added rate is 19 million 199 thousand.

Among them, Yun Ting thermoelectricity was in a state of deficit in 2007. In 2008, its main business profit was -35577.90 yuan, net profit was 93951.21 yuan, and net profit in 2009 1 to May was 7 million 141 thousand and 500 yuan.

Dafeng thermal power in 2007 and 2008 net profit were -702.74 yuan and -714.96 million yuan, 2009 1-6 months net profit has reached 1 million 448 thousand and 200 yuan; third, before the acquisition of sunshine group there is a surge of phenomenon.

For example, Yun Ting thermoelectricity. In March 2009, sun group bought 40% of its shares from Jiangyin Shengyin Investment Limited. In June, sunshine group sold 75% of its total shares to Jiangsu sunshine.

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< p > it is worth mentioning that in November 2010, after the 347 million expansion of Jiangsu sunshine to huangtang power plant, Jiangsu sunshine pferred the 24% stake of huangtang thermoelectric power to Jiangyin Jin run Thermal Power Co., Ltd.

Public information shows that Jiangyin Jin run Thermal Power Co., Ltd. is one hundred percent owned by Jiangyin Jin run textile Co., Ltd.

As mentioned earlier, Jiangyin Jin run textile Co., Ltd. and sunshine group do not rule out the existence of a correlation.

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< p > < strong > death and resurrection < /strong > /p >

Less than P, it is puzzling that the companies that have been cancelled by sunshine in Jiangsu have come back to life in sunshine group.

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< p > June 7, 2008, Jiangsu sunshine announcement said, because Shanghai Kawei Garments Co., Ltd. can not pay the 90% share of Jiangsu sunshine's pfer to Shanghai sunshine mansion Co., Ltd., in view of the fact that all the business premises of Shanghai sunshine mansion Co., Ltd. has been rented out by the company to Shanghai Metersbonwe clothing and sales Co., Ltd., Shanghai sunshine shopping malls Limited has no field operation. In order to reduce operating costs, improve management efficiency and recover funds, the company decided to cancel the Shanghai sunshine Commercial Building Co., Ltd.

After cancellation, the company will recover the original investment amount of 18 million yuan, which will not affect the company's profit or loss.

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< p > public information shows that Shanghai sunshine Commercial Building Co., Ltd. was established in 2001. The registered address is No. 580 Nanjing East Road, Huangpu District, Shanghai. It is one of the most prosperous sections of Shanghai.

In 2008, only 18 million yuan of original investment was recovered.

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< p > in the semi annual report and annual report of 2008, Jiangsu sunshine mentioned that the cancellation procedures had not yet been completed, and then there was no news.

It was strange that the name of the company later appeared under the banner of the sun group.

The Sunshine Group official website shows that Shanghai sunshine commercial building is an enterprise invested by Jiangsu Sunshine Group Co., Ltd. in Shanghai. It is a professional shopping mall which is the main brand of famous brand clothing.

The sunshine mall is located in the most prosperous Chinese commercial first street in Shanghai, East Nanjing Road Commercial Pedestrian Street.

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< p > only to recover the original investment cost, whether or not to write off, and later appeared in the name of the group company, it is worth pondering.

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< p > another company is also bizarre in the sunshine group.

In December 14, 2007, Jiangsu sunshine commissioned a loan of 360 million yuan to Jiangyin SF [micro-blog] ecological gardening Co., Ltd.

Industrial and commercial information shows that the registered capital of Jiangyin Shun Feng ecological gardening Co., Ltd. is only 25 million.

Why does Jiangsu sunshine lend it so much money? Although in February 2008, Jiangsu Sunshine Group Limited added loans to this loan, it could not make people dispel doubts.

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< p > however, two months after the announcement of the two sides' trading, there was a report on a website in Jiangsu. "Sunshine Group has invested more than 600 million yuan to build a sunshine ecological agriculture and forestry park covering 2 acres, Chengfeng ecological agriculture and Forestry Park, and Shun Feng ecological park".

The horse's feet have been revealed.

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< p > < strong > elastic investment < /strong > /p >

Under the intervention of Sun Group, the investment of Jiangsu sunshine is still very random. The amount of investment can be large and small, and the proportion of investment has changed. P

In November 28, 2011, the Jiangsu sunshine board of directors approved the adoption of a bill to invest in the establishment of a wholly owned subsidiary. The registered capital of the company was set at 1 billion 430 million yuan, of which 686 million yuan was invested in monetary capital, accounting for 47.97% of the registered capital, and the source of funds was self financing by the company. The fixed assets were invested 744 million yuan, accounting for 52.03% of the registered capital.

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< p > November 30th, the board of directors of the company received the letter from the controlling shareholder Jiangsu Sunshine Group Co., Ltd. on the proposal to increase the provisional proposal for the second provisional shareholders meeting of Jiangsu sunshine share limited (5.53,0.02,0.36%) in 2011. It proposed to add a proposal on the proposal to adjust the registered capital of the proposed wholly owned subsidiary of Jiangyin Jindi Wool Textile Co., Ltd. at the second provisional shareholders meeting of the company in 2011.

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< p > at the eighth meeting of the Fifth Board of directors held in December 1, 2011, taking into account the company's current capital situation, Jiangsu sunshine intends to adjust the registered capital of Jiangyin Jindi Wool Textile Co., Ltd. to 610 million yuan, of which 185 million 800 thousand yuan is invested in monetary capital, accounting for 30.46% of the registered capital; 424 million 200 thousand yuan is invested in machinery, equipment, buildings and land use rights, accounting for 69.54% of the registered capital.

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< p > 2011 Annual report shows: "in February 2012, the company set up a wholly owned subsidiary, Jiangyin Jindi Wool Textile Co., Ltd., with a registered capital of 185 million 800 thousand yuan and 185 million 800 thousand yuan in currency capital."

However, the figure changed again after six months.

The semi annual report 2012 showed that the registered capital was 610 million, and the actual investment at the end of the year was 185 million 800 thousand yuan.

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< p > despite the failure of many investments, Jiangsu sunshine continues to invest overseas.

In March 20, 2012, Jiangsu sunshine issued a notice that the company set up a wholly owned subsidiary of the Cayman Islands Haotian Investment Limited, with a registered capital of 50 thousand US dollars, mainly engaged in overseas investment and trade businesses.

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< p > according to the insiders of sunshine group, sunshine group is preparing to acquire mineral resources. Jiangsu sunshine's newly established overseas company is the "shell" that will inject mineral resources into listed companies in the future.

The group said: "Sunshine Group has visited a lot of mineral resources, including but not limited to iron ore. The inspection sites include, but not limited to, Xinjiang. One of the most likely ways in the future is to inject mineral resources into listed companies through private placement."

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< p > December 25, 2012, Jiangsu sunshine issued another outbound investment notice.

The company intends to set up a company with 44 other shareholders including Rizhao Iron and steel Holding Group Co., Ltd. and Jilin Jinhai timber Co., Ltd. to set up the company's Open Investment Fund Limited (a) href=, "http://www.91se91.com/news/index_cj.asp" > capital < /a > 3 billion 300 million yuan RMB. "The company intends to set up the company's" href= "investment fund limited.

Among them, Jiangsu sunshine invested 50 million yuan, accounting for 1.52%.

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