Shenke Bearings Fluctuations in Price Transfers Prior to Listing

Although Shenke Slide Bearing Co., Ltd. successfully passed the review of the China Securities Regulatory Commission's audit committee on September 19, it will soon be among the SMEs sector. The company mainly produces and sells: sliding bearings, industrial and mining electrical and mechanical parts, mechanical products and accessories, electrical products (except automobiles), compressors; and import and export business of goods and technology.

The lack of growth can be seen from the company's financial data performance in the past three years. It is hard to call it beautiful. At the end of 2010, under the financial leverage of the asset-liability ratio of 63.4%, the return on net assets was only 16.98%. There was no significant profitability. At the same time, the gross profit margin also showed a downward trend year after year, from 44.4% in 2008 to 40.37% in the first half of 2011.

Therefore, although operating income rose from 17.3141 million yuan in 2008 to 207.999 million yuan in 2010, under the influence of declining gross profit margin, the net profit growth was really lackluster, rising from 3,122.17 million yuan in 2008 to 38,106,400 yuan. The compound annual growth rate for three years is only 10%. The pre-listing growth rate is so low that it is rare for companies in the SME board IPO.

Not only that, in fact there are mysteries such as equity transfer in the company's prospectus.

Confusingly, what is the value of Shenke Bearing's equity in Zong Peimin's eyes? From the perspective of the last equity transfer, the unit price of 8 yuan is at least a reasonable and acceptable price. From the perspective of equity transferor Huang Xiangmei, it is clear that it is hoped that it can be transferred at a higher price to obtain higher transfer proceeds. , Then why did you transfer it with a $3 "vomit price" just two months ago? It's hard not to doubt that there is an indescribable "funny" here.

Not only that, the company’s transfer of several stocks in 2008 was even more “nonsensical”: the unit price was 5 yuan on March 3, 8 yuan on June 10, and 3.15 yuan on August 19. There is no trend at all and there is a lot of discount compared to the fourth equity transfer price in the previous year.

After this fierce and frequent price fluctuation curve of equity transfer, is there hidden underlying issues such as generation holding and interest transfer? On this issue, the "International Business Daily" interviewed Xu Youqing, the secretary of the board of directors. He refused the interview because he was on a business trip. However, with such an embarrassing equity transfer price, investors expect the company to give a reasonable explanation. In addition, the company still has the mystery of where the finished products are going. Newspaper will continue to focus on.

The pre-listed equity transfer price fluctuates violently. According to the disclosure of the prospectus, Shenke Sliding Bearing Co., Ltd. has undergone several transfers since November 2007, but the transfer price has shown non-trendy volatility, which is puzzling.

Taking the transfer of the original shareholder Huang Xiangmei in 2007 as an example, the first transfer was the transfer of 7.6665 million yuan to four natural persons on August 30, 2007. The transfer price was 3 yuan, and the second transfer took place in September, half a month later. On the 15th, RMB 335,500 was transferred externally at a unit price of RMB 4.5. Only five days later, on September 20, another RMB 500,000 was transferred at a unit price of RMB 5. Finally, the unit price was RMB 8 at October 24. Foreign transfer of 4 million yuan in the amount of investment, in just two months the maximum transfer price is equivalent to 2.67 times the lowest price.

What's even more puzzling is that there are also overlapping natural persons in this four-share transfer target, which has a very short time interval and a large price difference. One of the natural persons in the equity transferee was Zong Peimin, who on August 30 received a grant of 1.85 million yuan at a price of 3 yuan, and then transferred it to the unit price of 5 yuan on September 20. The amount of 10,000 yuan contributed, and finally on Oct. 24, the amount of 500,000 yuan was transferred at a price of 8 yuan.