Cao Zhongming: Vigilance Against Restructuring Problems Of New Shares

Originally in Prospectus In the meantime, Dongtong disclosed that its performance would be affected by seasonal sales fluctuations. Compared with the previous days, Dongfang, which was successfully listed, was a bit "unusual". The prospectus shows that the net profit of Dongfang through the first half of 2011 to the first half of 2013 was 7 million 892 thousand and 400 yuan, 8 million 120 thousand and 500 yuan, and 10 million 960 thousand and 300 yuan respectively, all of which were in a profitable State and growing up. Why did the loss not only expand in the first quarter after the listing, but also began to appear in the newspaper?

Just like City company The performance is not uncommon by the seasonal influence. The listed companies that are "changing their faces" are not rare nowadays. But such performance as "Dongfang Tong" is fast and "face changing". Many executives quit and want to implement asset restructuring is very "rare". I think there are several aspects worth paying attention to when analyzing Dongfang's planning and reorganization.

One is this year's capital market. reform Following the reform of IPO and the reform of the delisting system, the CSRC issued a draft for the management of major assets reorganization of listed companies and revised the management measures for the acquisition of listed companies shortly before the CSRC, marking the imminent implementation of the asset restructuring system reform. Under the background of large "deregulation", asset restructuring of listed companies will be easier to implement. On the other hand, poor performance, through asset restructuring to achieve "breakout" is also a big magic weapon for many listed companies to shake off their difficulties.

Asset reorganization is not a case, but a certain universality. Among them, the net profit in the first half of the year is expected to be -96.30% to -92.59% over the first half of the year, and the "change of face" rate is amazing.

Of course, the problem of concealment of new listed company by asset restructuring is obviously the most important. If there are problems in the new listed companies, such as packaging and whitewashing or performance fraud, or related "stories" cannot be extended, they can rectify themselves or wash themselves through asset restructuring. If this happens, a "problem" company may become a "normal" company. In addition to obtaining huge benefits from a few people, it will be harmful to the capital market.

If there is a problem, it is possible to be exposed ahead of time. In addition, the average net asset yield of listed companies who want to carry out asset reorganization in the past three years should not be less than 3%, so as to prohibit garbage companies from wasting valuable resources in the market, which is also conducive to preventing "bad money from banning good money".