Hundred PE "Kill" 86 IPO Withdrawal Company

< p > since January 8th, 82 companies have started to fight new online. Compared with these lucky ones, the 292 companies who failed in the "financial verification" started a year ago are not only lost in the failure of IPO, but even more critical if they should deal with the bet agreement signed with PE.

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< p > according to the comprehensive statistics of PE Laboratory of financial weekly, at least 86 of the 292 companies that withdraw IPO have introduced a large number of PE shareholders.

In these 86 companies, there are very few proactive disclosure agreements with PE.

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< p > the actual control of these withdrawals of IPO is faced with unbearable weight once it is turned around.

"It will not be easy to withdraw IPO until the last resort.

By then, PE, suppliers, customers and banks can kill you in minutes. "

The boss of a listed company who is still in a difficult line is so emotional. "I have no way out."

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< p > despite the fact that the termination of IPO and PE both kept taboo on gambling agreements, the financial weekly newspaper reporter interviewed through startups, PE, investment banks and legal profession found that PE and the company signed a gambling agreement phenomenon is very common.

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< p > "this is the hidden rules of industry.

Basically, PE investment private companies will sign a bet agreement, who will not sign it silly, in addition to a very small number of small PE professional and risk control consciousness is not surprising, PE generally sign, do not sign, do not vote.

A PE official in Southern China said frankly.

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< p > < strong > PE pursuit of 86 IPO withdrawal company < /strong > /p >

< p > the longest IPO pause in the history of the wheel lasted for more than one year.

Vigorous IPO < a href= "http://www.91se91.com/news/index_c.asp" > financial verification > /a > for a year, countless capital and companies are struggling and struggling here.

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The long P gates do not seem to represent the cruelty of the capital market, and the "dying" companies lying on another list are even more palpitations.

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< p > January 8, 2013, a total of 882 companies were listed on the queue.

A year later, there were only 742 companies waiting in line.

Up to now, a total of 292 enterprises have been forced to submit applications for termination of the review, of which 152 are the main board and 140 are the gem, which is unprecedented in the history of IPO.

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< p > financial weekly PE laboratory has found that at least 86 of the 292 companies that terminate the withdrawal of IPO have introduced a number of PE shareholders.

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P has always been a signed bet agreement between PE and the company. It seems that both sides have a tacit understanding. Although the nature of the gambling agreement is one of options, it has protected the interests of investors to a certain extent and has been widely applied in overseas markets. But in China, regulators have always listed them as one of the insurmountable military rules and are very sensitive to them.

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< p > reporter statistics found that there were 125 equity investment institutions in the 86 terminated enterprises, including 41 companies with more than 2 Shareholders in the list of shareholders. The most companies that introduced PE were Shanghai Zhongji piling industry, Ju Quan photoelectric technology, Yuhua Henan photovoltaic new materials, Shenzhen Jie Jiawei Chong, Shanghai and Eagle electric machinery, Shenzhen Shenzhen and the world. The 6 companies introduced more than 5 PE, among which 8 were in the technology pile industry in Shanghai, and 6 were in the giant spring photoelectric technology industry. The number of PE companies was 41.

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< p > these companies with the largest number of PE are concentrated in equipment manufacturing and photovoltaic industry. Their overcapacity, weak market and declining performance are all obstacles to IPO.

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< p > while on the investor side, 125 PE have invested 165 times in 86 listed companies. Among them, the largest number of withdrawals of investment companies are PE venture capital, Jiuding investment, Bo Xin capital, advantage capital, Sequoia China, Lenovo investment, Shanghai Yongxuan, song wo capital and Wei Si capital. These 9 PE have been withdrawn more than 3, of which Shenzhen Venture Capital and Jiuding investment have been withdrawn 6 homes.

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After the withdrawal of P, the 86 companies, apart from being faced with liquidation, will not be able to sort out the entanglement with the 125 PE in a short time.

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< p > "gambling agreement" agreement is an imported product. Its professional term is "stock index adjustment mechanism". It mainly consists of equity and gambling, and cash is a form of option. In foreign listed companies, gambling agreement is a common operation.

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< p > but in China, the securities and Futures Commission has made clear the following five types of PE gambling agreements, including gambling on the market, equity betting agreement, performance based gambling agreement, board of directors veto veto arrangement, and enterprise liquidation priority compensation agreement, which is the forbidden area for IPO audit.

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< p > "after withdrawal, if there is no hope of merger and exit, the first thing we need to do is to pursue the bet agreement with the company owner. The loss can be recovered."

We also have the pressure, the project is useless, LP will also give us pressure.

A well-known PE company told a reporter for financial weekly.

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"P >" according to the previous industry, these betting agreements, starting from the securities and Securities Regulatory Commission's formal acceptance of the company's IPO material, will automatically fail.

After the invalidation of the protocol on the desktop, PE and the company will normally sign a supplementary agreement with conditional return on gambling, that is, once the material is withdrawn, the previous agreement on gambling is reactivated.

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< p > "many PE do this, which is explicitly prohibited by the SFC, but then everyone has an agreement under the table, which is the hidden rules of the industry."

The PE responsible person disclosed.

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< p > in this way, these listed companies will be faced with the risk of reentering the gambling agreement.

It is understood that the general PE and the company's gambling agreement is mainly for the performance of gambling and listing of gambling, and these listed companies are more or less facing the industry downturn, the risk of declining performance, and its probability of gambling failure has also increased significantly.

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< p > facing the fierce gambling agreement and the PE game behind, a tacit but deceive fight is inevitable.

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< p > < strong > the gambling agreement under the table < /strong > /p >

< p > "gambling is more common in the industry. Many times, when signing investment agreements, this will happen, and sign a supplementary agreement on gambling."

A partner of a venture capital firm in Southern China said to the financial weekly newspaper reporter.

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< p > it is understood that the signing of the bet agreement between the company and the investment institution has become a tacit "inner circle".

And the securities and Futures Commission's explicit prohibition makes the bet between the enterprise and the investors become a secret.

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"P" is just such a private act, adding some mystery to gambling, and making the risk behind gambling bigger.

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"P > > a href=" http://www.91se91.com/news/index_c.asp "> IPO < /a > re opening. A year ago, Gansu Shin Heng PE shocked the industry in the first case of gambling, far beyond imagination.

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< p > for those companies that have not been listed successfully, those signed gambling agreements are like an active volcano, which can erupt at any time once the listing is terminated.

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< p > < --EndFragment-- > "after the termination of the listing, the signing of the gambling agreement is generally automatic, but there are also adjustments, such as Fenglin timber gambling."

A PE personage said, "in 2007, Fenglin wood and investors had bet on the time of listing, and later did not catch up, and investors adjusted the time limit for listing.

Finally, Fenglin wood failed IPO for the first time, and the gambling agreement was abolished in December 3, 2010.

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< p > "however, this situation is very rare in the industry, usually in accordance with the agreement.

Gambling is just like gambling. Before it gets big or small, it doesn't know what it will be like, but after opening it, it has to win.

The industry insiders said.

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< p > "when they first voted, they just told me that the gambling agreement was just a form, which would not be true in general. I was not aware of it and signed it.

After submitting the materials to the securities and Futures Commission, we signed an agreement to lift the bet, but on the same day they got a supplementary agreement for the supplementary agreement to me, or the original gambling conditions.

The boss of a manufacturing industry who terminated IPO last year was indignant. "As a result, the material is still there, and they are holding the supplementary agreement under the table, asking me to cash in on the gambling promise and compensate for millions of dollars."

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< p > in the gambling agreement, the main content is the pfer and the cash of the stock right. Once the enterprise fails to reach the stipulation of the agreement, it is necessary to deliver the contents of the agreement through the pfer of equity and cash pactions.

For the terminated listed companies, the failure of IPO plus the equity and cash pressure generated by immediate gambling will be a great challenge.

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P also has the pressure of strong investors.

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< p > "the market concept feels that the enterprise looks weaker. In fact, it can not be said that in some respects, it is precisely because of the strong business that the existence of the terms of the gambling agreement."

The partners of Southern China venture capital said.

"Gambling is a commitment to investors, and why commitments are made to a certain extent to achieve a balance."

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< p > "in the game of boss and PE, of course, the boss has more advantages.

Because he knows the operation of the company best, he can clearly judge the cash flow and revenue status of the company.

The Southern China PE official also said.

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< p > "in fact, the enterprises are more optimistic and feel that they can do better and grow better, especially after they are invested.

When investing, the business side proposes optimistic expectations of future profits. Then we must have a reciprocal requirement. If the enterprises fail to do so, we must compensate the investors' valuation.

The partners added.

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< p > "choosing gambling is related to many aspects, such as market, market, investment mode, etc.

On the other hand, we have to explain to LP that investment is not rewarded and we are under great pressure.

An industry PE said frankly.

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< p > < strong > < span > id= "1389582412567S" style= "display: none" > /span > Qin Bao animal husbandry for gambling mines < /strong > /p >

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Among these 86 listed companies, Qin Bao animal husbandry is the first to disclose the PE agreement with P.

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< p > since March 30, 2012, the securities and Futures Commission has disclosed the Shaanxi Qinbao animal husbandry prospectus. The outside world has never stopped questioning the IPO of Qin Bao animal husbandry. This incident has caused controversy among the agricultural and animal husbandry enterprises.

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< p > according to its prospectus, Qin Bao husbandry was established in August 23, 2004 with a registered capital of 20 million. It was jointly funded by four natural persons, namely, Shi Wen Li, Li Wenhui, Liu Zhongrang and Liu Guangrong.

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< p > > a href= "http://www.91se91.com/news/index_c.asp" > PE < /a > entry and gambling agreement took place in 2008.

At that time, Qin Bao husbandry had an urgent need for subsequent capital, and because of the background of small companies and limited indirect financing capabilities, it was in urgent need of external direct financing.

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< p > in view of this, the actual controller Shi Wen Li and the new enterprise investment came to the negotiating table, but the performance of the new venture investment was against the gambling conditions. Because the other three founders Li Wenhui, Li Li and Li Guangrong were unwilling to take the risk of gambling, the large shareholder Shi Wen Li bought the shares of the three people in the original capital contribution, and Qin Bao husbandry became a wholly foreign-owned enterprise.

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After P, Qin Bao husbandry became a sole proprietorship, the obstruction of PE entry was eliminated.

At the subsequent shareholders' meeting, the registered capital of the company increased from 40 million to 62 million 500 thousand yuan, of which the new shareholders and new enterprises invested $22 million 500 thousand in registered capital of the equivalent value of 45 million yuan, accounting for 36.55% of the shares.

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In April 4th of that year, Shi Wen Li signed a subscription increase agreement and a joint venture contract with regard to the capital increase on investments made by Shi Wen Li and new enterprises. These documents relate to the gambling clause on compulsory selling rights, equity repurchase, and so on. P

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< p > at present, the Qin Bao animal husbandry scandal has been terminated, and how to solve the gambling agreement with PE, Qin Bao husbandry, new venture investment and sponsor agencies have not given the answers to the financial weekly.

Financial weekly newspaper reporter repeatedly called the prospectus in the disclosure of the secretaries telephone, the number shows "no".

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Unlike P, which is highly different from Qin Bao, the Millennium Star has carried out the confidentiality task of gambling agreement strictly, but it has been publicly disclosed by investors.

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< p > 2011, the first IPO of the Millennium Star, the prospectus shows that in April 28, 2008, the fourth equity pfer, the big shareholder of the Millennium Star Peng Yuan Yang will pfer 3.5% of the equity to the surplus letter business.

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< p > in April 13, 2009, SAIF increased its capital by cash, and its shareholding was diluted to 3.15% in the Millennium Star.

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< p > in October 10, 2009, in the fifth equity pfer, Ying Xin began to pfer 3.15% to 44 million 592 thousand and 100 yuan to Peng Yuan Yang.

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< p > the pfer of the shares, the Millennium Star manual shows that because Ying Xin investment is in urgent need of funds, it will negotiate with the shareholders of Millennium Star to pfer its shareholding.

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< p > and for this seemingly simple a href= "http://www.91se91.com/news/index_c.asp" > equity pfer < /a >, Lin Jinfeng, chairman of Ying Xin venture, published in his personal report on 2009 in the board of directors of Anhui, wrote: "in September 2009, in order to ensure the purchase of equity funds of the two round wine limited liability company (BF liquor) in Anhui, our company successfully recovered the principal equity of the two equity investments of the Millennium Star and Hongtong automobile in accordance with the bet agreement signed in 2008, and the interest rate recovered was only 49% of the agreed interest rate.

There is still some flaw in the maintenance or belief of the two companies in the spirit of contract, but this spirit of contract is crucial in judging whether a person is a real entrepreneur.

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< p > although Millennium Star's first IPO was not mainly due to the unreasonable income composition of the franchisee, but the suspected concealing agreement on gambling also pushed the Millennium Star to the cusp of the storm, making its re listing public attention.

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< p > 2013 IPO opened the gate, the Millennium Star stood on the queue again, but also because of the forgery [0.00% Fund Research Report Fraud incident, for its examination of the Lei accounting firm has been revoked securities qualification and other reasons, and finally terminate the examination.

For the Millennium Star, we may again face the gambling game with PE.

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< p > "I have never heard of this gambling agreement before."

"The company offered to terminate the listing, and the company has not contacted us for a long time. We are waiting for the news of the company," said the source of the Guoxin Securities project group, which is responsible for the listing of the Millennium Star.

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