Cao Zhongming: Innovation Is Not All About Meat And Potatoes.

A company which is a "normal" listed company suddenly burst out a black hole of ten billion yuan and will generate a huge loss of 2 billion 900 million yuan, which is Wanjiang logistics.

In September 1st of this year, Wuhu port officially changed its name to "Wanjiang logistics". Unexpectedly, the scandals of listed companies were exposed in September 10th.

In 2010, Wuhu port launched a private placement to Huainan mineral company. The 100% stake in Huainan railway's iron pport company and 100% of Huai mining logistics were injected.

Since then, the major shareholder of Wuhu port has changed to Huainan mining industry.

In the past, Wuhu port rarely had "scandal" in the market. As a pure port business, its performance can be seen as a rule.

However, all this changed after Huainan's mining industry took over.

The 2013 annual report shows that logistics and railway businesses contribute 99.3% of Wuhu's revenue.

Among them, the logistics business of the company is almost responsible for Huaihe River Logistics, and its income accounts for 96.86% of the total revenue of the company.

After Huainan's mining industry came into operation, although Wanjiang logistics business income showed a substantial growth trend, it increased profits but not increased revenue.

Net profit increased by 18.7% in 2012, net profit in 2013 declined by 31%, and 34.6% in the middle of 2014.

In fact, if it is not the general election of Huainan mining board, maybe the black hole of logistics in Wanjiang has not been discovered yet.

The black hole that caused the logistics capital of Wanjiang is the so-called financial innovation of its subsidiary company Huai mining logistics.

In 2012, Wanjiang logistics and related banks launched a product of "commerce and silver" (also known as "manufacturer silver"). Although the initial business was fairly smooth, capital flow, real logistics and bill flow basically coincided, but then the real logistics and the flow of bills and capital flows were separated. The "trade and silver" products eventually became the means of financing for trading companies. A large number of funds were taken out for investment in other areas, coupled with the serious difficulties in the capital turnover of the steel and steel trade customer units which were working with the logistics of Huai River, which eventually led to the breakup of its capital chain, resulting in the huge black hole of its billion capital and the huge loss of 2 billion 900 million yuan.

Obviously, the cost of Wanjiang logistics will be huge.

For careful analysis, there are two reasons. First, Huai Mining Logistics has implemented the so-called "financial innovation", resulting in the so-called "financial innovation".

Slowly accumulate and then become unmanageable. Two, there are big loopholes in the supervision of listed companies to their subsidiaries.

As a matter of fact, even though the listed companies will inspect the operation of the subsidiary's Huaihe River Logistics, they will be confused with each other.

Just imagine, if the listed companies can do a solid job in daily supervision and inspection work, maybe Huai mine.

There will not be such a big hole.

It is obviously unfair that the listed companies fail to innovate and the majority of investors want to pay for them.

However, the small and medium-sized investors have to bear the consequences.

The case of Wanjiang logistics also shows that when the so-called innovation is also harmful to investors, innovation is not always "meat and potatoes".

In fact, in recent years, the capital market

Not unusual.

For example, in the non-public offering of listed companies, because the stock price falls to the issuing price, the listed companies often sign the so-called "betting agreement" or "guarantee clause" with the participating parties. These interests are already locked behind the participants' interest when they invest in the shares of listed companies.

In addition, in order to safeguard the interests of the participating parties, the listed companies often issue high pfer plans or announce major asset reorganization on the eve of the lifting of the share lifting.

There is no doubt that such innovation will increase, and trample on the "three principles" will also damage the interests of small and medium-sized investors.

I believe that whatever form of innovation on the market should be conducive to the healthy development of the market and to the interests of listed companies and investors.

Innovation must not become a tool that damages the interests of listed companies and investors, nor can it become a tool for innovating other parties' interests.