I don't think this article is comprehensive. The listing of Lianhua Supermarket and BYD in Hong Kong coincided with the time when foreign investors paid attention to H shares, and they made selective investments in H shares. In recent years, Sinopec, Huaneng International and other H-shares listed in Hong Kong have returned to the mainland to issue A-shares at a price much higher than H-shares, which makes mainland investors make great contributions to the increase of their net output value. Sinopec H shares, which are almost issued with net output value, issue A shares at twice the price of ordinary investors, which not only locks in ordinary investors. Huaneng International's issuance of A shares is twice as high as that of H shares, which is not only unfair to mainland investors, but also causes a large loss of mainland resources and contributes to international investors in vain. In the past two years, "returnees" companies have made mainland investors daunting.
The loss of A-share market resources is not only due to the huge price difference between A-shares and H-shares, but also the price difference between non-tradable shares and tradable shares, which also makes the majority of shareholders contribute free of charge. The capital structure of a software company is abnormal, with 75% non-tradable shares. The net assets per share before the issue was1.1/8 yuan, and the price-earnings ratio of the issue was 64.35 times, exceeding the average price-earnings ratio of 6 1.43 times as of April 2006. In 2000, ordinary financial software companies with net assets of only 83.84 million yuan issued 25 million shares at a high price of 36.68 yuan per share. After deducting the issuance expenses, they raised 887.5 million yuan, and their net assets per share suddenly soared to 97. 1 yuan. Although other A shares are not as typical as it is, the phenomenon of "one share dominates" is also very serious.
Zhang Weixing calculated an account: in the past ten years, listed companies have obtained more than 800 billion yuan in financing, and the main buyers of large funds in the primary market have also obtained more than 800 billion yuan in subscription profits. During the period of 10, the total stamp duty income was more than 250 billion, and the brokerage commission was more than 250 billion. During the period of 10, some profitable institutional bookmakers earned about 200 billion yuan, totaling more than 2.3 trillion yuan. However, what are the benefits of listed companies? It's really flattering. One year is good, two years is bad, and three years has become a mantra by ST. Don't think that investors' money is personal. On the whole, the sum of residents' deposits is social resources. Whether resources can be used reasonably is related to the national economy and people's livelihood. So what are our listed companies doing? A set of statistics released recently is shocking: since the second half of last year, 57.53% of the 1 175 listed companies (676 companies) have been occupied by major shareholders, occupying a total of 96.669 billion yuan, exceeding the initial public offering financing amount of 56 billion yuan in 2002, and each company is occupied on average. Non-tradable shares use the price difference to absorb funds from the stock market, which actually causes the loss of social resources.
As for the loss of resources caused by the control of listed companies by major shareholders, it is even more chilling.
Lantian is also a famous "blue chip" and "leading stock in agricultural sector", which is really radiant. Since 1998, the company's earnings per share has remained above 0.5 yuan/share, 1998 was 0.8 1 yuan/share, 1999 was 1. 15 yuan/share, in 2009. On August 28th and 30th, 20001year, three articles appeared in Jinwang Finance, which started a war of counterfeiting. On September 5th, the Securities Times published Li Xiangyang's article "Blue Sky Shares: Putting Satellites in Fish Ponds? This makes people suddenly realize that "putting satellites in fish ponds" is like the "Great Leap Forward" of 1958, even better than the "Great Leap Forward". When the illusion was exposed, it didn't end. 2001165438+1On October 20th, Qu, president of Blue Sky (Group) Corporation, personally came to the conference room of the Research Institute of the Central University of Finance and Economics and shouted, "Because of your article in Financial Reference, banks all over the country stopped lending to us. Our capital chain is broken and we are dying. " Qu asked for a public apology to eliminate the influence, otherwise the consequences will be at your own risk.
200 1 65438+2 13 The People's Court of honghu city, Hubei Province informed that the case of Hubei Lantian Co., Ltd. v. infringement of reputation rights would be opened on June 23, 2002, and the defendant was Liu. At the same time, Caijing Internal Reference has to declare that Liu Wen's opinion is purely personal and does not represent our editorial department.
However, 65438+1October 23rd did not become a "disaster day" in Liu Shuwei, and things took a dramatic turn. 65438123 October, Lantian (now renamed as "ecological agriculture") v. Liu's reputation infringement case lost in the first instance. According to the announcement of the joint-stock company,1October 23rd, 65438,65438, the company's chairman Bao Tian, director and chief accountant Li Hongfu, secretary of the board of directors Wang Yiling and seven middle-level managers have been summoned by the public security organs for investigation on suspicion of providing false financial information. Qu, president of China Lantian Group and former chairman of Lantian Co., Ltd., has also moved from Beijing to Hubei for investigation. (Who are Liu Shuwei and Lantian who are "waiting for death"? What does Qu Zhaoyu regret? "265438+20th Century Business Herald" 2002 65438+1October 28th)
Why did a 600-word article by Liu Shuwei cause an uproar? It turned out to be a hornet's nest. According to the investigation, the total amount of loans provided by ST Ecology to China Lantian Company alone reached 654.38+63.9 million yuan, involving six banks. In addition, Blue Sky Company borrowed 60 million yuan from Beijing Bank of Communications in the name of ST Ecology, reaching 65.438+69.9 million yuan, of which 470 million yuan has been sued and sentenced. Since the beginning of 2002, financial institutions including China, agriculture, industry, construction, people's livelihood, transportation, China Everbright, CITIC, CDB and Honghu local credit cooperatives have successively sued Lantian to recover loans, involving more than one billion yuan. The head office of Agricultural Bank of China once convened a meeting of its subordinate creditor's rights branches in Beijing. It was learned at the meeting that the total amount of bank loans owed by ST Ecology, Lantian Economic Development Company (the former largest shareholder of Lantian) and Lantian Corporation (the parent company of Lantian Economic Development Company) was more than 3 billion yuan, including 900 million yuan from ICBC and 700 million yuan from ABC. In addition, Minsheng Bank, China Construction Bank and China Everbright Bank are also big borrowers. (ST Ecology: Shanghai Delong Surprises the Reorganization of Lantian, 2 1 Century Business Herald, June 9, 2003).
Zheng set out to build a nationwide marketing network from 1996. In the absence of feasibility study, he invested hundreds of millions of yuan on a large scale and set up more than 40 branches. Finally, the allotment fund of 19981260,000 yuan was spent in advance. ..... According to company regulations, anyone who achieves sales of 1 100 million yuan can enjoy the treatment of vice president of the group company and buy a car by himself. In just one year, Zheng's sales soared from 2 billion yuan to more than 7 billion yuan; At the same time, the cost of procurement and transportation alone is as high as100000 yuan. In order to achieve the goal, the branches do not hesitate to adopt the method of upside-down purchase and sale prices, and a large number of goods are sold at low prices in AG, forming a vicious circle. Zhengzhou Bai Wen Co., Ltd. has been on the verge of closure since 1999. Its effective assets are less than 600 million yuan, while its losses exceed1500 million yuan, and its bank debt is as high as 2.5 billion yuan.
200 1 According to the ruling of the Intermediate People's Court of Yichang City, Hubei Province, Monkey King Group Company declared bankruptcy on February 27th, 20001year. By the end of February, 65438+2000, its total assets were 370 million yuan, while its liabilities were 2.396 billion yuan, with an asset-liability ratio of 64.553%. Among the creditors of Monkey King Group, there are China Huarong Asset Management Company, China Xinda Asset Management Company and listed company Monkey King A, of which 450 million yuan is owed to Huarong Asset Management Company, more than 200 million yuan to Xinda Asset Management Company, and the most owed is Monkey King shares, with the amount of 1 1 billion yuan. At present, the Monkey King Group has accumulated losses of more than 2.5 billion yuan, and more than 230 economic disputes have become defendants, involving a total amount of 654.38+0.4 billion yuan. The Monkey King Group said that it has no funds and no assets to execute. The Monkey King Group went bankrupt. Sichuan Financial Investment News March 9, 2006 5438+0
From Lantian shares to Zhenghe Monkey King, the fake companies are all controlled by major shareholders. Once exposed, huge debts will be exposed, and there are only three companies in our stock market. People can't help asking, how many resources have been lost?
The loss of stock market resources is also manifested in the sale of state-owned shares. Some companies sell non-tradable shares to foreign companies and private enterprises at prices lower than their net assets, which is euphemistically called "asset reorganization", without considering the interests of tradable shareholders who pay the greatest price. Shareholders do not understand why international investors can buy H shares at the price of net output value, while foreign companies and private enterprises can buy non-tradable shares at the price of net output value. They pay the lowest price, but enjoy the same dividends and rights as shareholders. Is this the loss of stock market resources?
People still have to ask: can private enterprises bring benefits by reorganizing listed companies? 1998, Sijinsha welcomed a private entrepreneur named Li, whose Tongliao Aishidi Company bought a 34.48% stake in Sijinsha at a price of 2.02 yuan per share. According to an insider, Li Zao entered the Four Sands with the help of some people and started the so-called capital operation. At the beginning, Li didn't really take out more than 80 million yuan in cash to buy shares, and even only 6,543,805 yuan to buy deposits was borrowed from the bank. After entering Four Sands, he first bought four citric acid factories with the loan guaranteed by Four Sands for Aishidi Company, and then asked Four Sands to buy these factories from Aishidi at a high price to raise enough money to buy its equity. In fact, the four sands were bought with their money. Li didn't stop there, and then he used the equity of "Four Sands" as a mortgage loan of more than 50 million yuan, which was equivalent to using "Four Sands" as his own cash machine. If it weren't for a fake VAT invoice case, Li would have taken more money from "Four Sands". A company employee said that the "four sands" were fooled by Li's excellent acting skills. After he came to "Sisha", he first raised his salary, and the annual salary of the general manager reached more than 65,438+10,000 yuan. He also moved his office to the workshop, put on a show of sharing weal and woe, and soon gained leadership, turning "Four Sands" into his private enterprise. (The annual report died prematurely, and the insider "Sisha Shares" became an ATM. Beijing Youth Daily 20065438+0 May 9)
What Li did, in the most fashionable words, can be called MBO. He went deep into the "Four Sands Shares" and mastered the leadership. Then he started a series of activities of "empty gloves and white wolves". On the surface, he made a picture of sharing weal and woe. In fact, he raised his annual salary to 6,543,800 yuan. /kloc-the deposit of 0/50,000 yuan is also a bank loan. After a series of activities, I bought Sisha with the money of Sisha. This not only reminds us that selling state-owned shares cheaply gives some people with ulterior motives an opportunity, but also shows that the black-box operation of MBO will bring endless consequences.
Statistics show that as of the first half of 2002, among the 39 A-share private listed companies in/KLOC-0, there are 59 private enterprises adopting direct listing, accounting for about 42% of the total number of private listed companies. There are 80 listed private enterprises, accounting for about 58% of the total number of private listed companies. The semi-annual report of 2002 shows that the average earnings per share of private listed companies is 0. 103 yuan higher than the average level of 0.082 yuan in Shanghai and Shenzhen stock markets, but the overall performance of private enterprises listed directly is higher than that of private enterprises listed on the shell. The overall performance of private enterprises in buying shells is relatively poor, with an average earnings per share of -0.08 yuan last year. ("Can joining private enterprises improve the quality of listed companies?" Shanghai securities news, September 20, 2002) According to incomplete statistics, 1996, among the three companies listed by private enterprises through backdoor, 1 company has been delisted due to losses for three consecutive years, and the other two companies have good operating performance. The delisting company is PT Qiongnanyang; 1997 among the five listed companies listed by private enterprises through backdoor, two companies suffered huge losses by 200 1, the worst of which were st Wan Jiale (000533) and Guojia Industry (600646); 198 among the four companies listed on the backdoor, six companies, such as Dingtian Technology, ST Gaosida, Hao Ying Kejiao, Chengcheng Culture, Hongsheng Technology and Guang Cai Construction, fluctuated greatly after listing on the backdoor, while two companies, such as Di Chin Construction and Sitong Hi-Tech, did not improve their performance as of 200/kloc-0. 1999 among the 22 companies listed on the backdoor, 7 * * * companies experienced a sharp decline in performance, accounting for about 1/3 of the companies listed on the backdoor by private enterprises in that year. They are ST Yinguangxia, ST Yi 'an, ST Longke, Zhongxun Technology, Fubon Technology, Fangsheng Technology and Chaohua Technology; In 2000, the performance of three listed companies, ST Ocean Shipping, Century Zhongtian and Meiya, dropped sharply. From the perspective of asset injection, the reasons for the ineffectiveness of reorganization can be divided into three situations: (1) the reorganizers failed to inject high-quality assets, and the reorganization came to a standstill; (2) The so-called high-quality assets of the reorganizers do not have high profitability; (3) So far, the so-called high-profit assets have not gained any income. (backdoor disease of private enterprises, Securities Market Weekly, September 7, 2002)
It can be seen that private enterprises that buy shells and go public may not be able to produce high benefits, or even have short-term behavior.
Why is it better for private enterprises to go public directly than shell? One of the most important reasons is that the prices of state-owned shares and legal person shares are far lower than those of tradable shares, and the interests of operators and ordinary shareholders are very different. After Yin's fraud and the myth of Yi 'an Technology's 100-yuan shares were shattered, investors who bought the circulation tickets of these companies at high prices suffered very heavy losses. Is this the loss of stock market resources?
Therefore, to change the loss of resources in the A-share market, the most fundamental problem is to change the division and inequality of the ownership structure. It is necessary to prevent state-owned shares and legal person shares from being sold at low prices, resulting in the "reorganization" of speculation themes and causing serious losses to shareholders; It is also necessary to prevent "returnees" from returning to the A-share market to make money, so that mainland investors can contribute to international investors in vain. Why are there rumors of "reduction of state-owned shares" or QDII in the A-share market? The reason is that the issue price of A-share tradable shares is higher than that of B-share, H-share and non-tradable shares, and the starting point is unfair, which does not conform to the principles of market economy and does not follow the market rules. Taking the A-share market as an ATM for the major shareholders of listed companies is actually the fundamental reason for the loss of resources in the A-share market. This problem must be solved, only in this way can the confidence of investors be improved.
Red 2000 "Red 2000" is a kind of paper money issued during the Kuomintang period 36 years ago in the Republic of China. Because its face value is red, it is commonly known as "Red 2000". This kind of paper money can't be circulated now, and it only has collection value. However, in recent years, some people who are eager to get rich have made up their minds, and some people also take the opportunity to engage in fraud.
On the afternoon of June 5438+February 14, 2002, the Economic Reconnaissance Brigade of Juancheng County Public Security Bureau received a report that someone was using "Red Two Thousand" for fraud, but the informant only provided the other party's license plate number Lu H-57650 and hung up. After receiving the report, the county economic investigation brigade quickly organized police to detect the case. After more than two hours of investigation, the police finally found the blue Santana car with the license plate number Lu H-57650. The car turned a circle in the county water conservancy bureau guest house and Huaao Hotel and entered the county government guest house. Five people got off the bus and opened a room in the hostel.
In order to get dirty, the police of the Economic Investigation Brigade of Juancheng Public Security Bureau booked a room next to them and followed them all night. At about 9: 30 on 15, they were caught red-handed by the police when they were trading. The police investigating the case seized 1000 "Red Two Thousand" on the spot, which was proved by five bills. Among the seven people involved in the transaction, there are five sellers. The seller Jiao is 48 years old and comes from Xijiang Village, Beisu Town, Zoucheng City, Shandong Province. Liu Fushan, 42, is from Beimen Village, Mengxiao Township, Yanzhou City, Shandong Province. Zhang is 46 years old and is an employee of Diansidian Building Materials Station of Ningyang County Building Materials Company. Sun Xianbing, 29, is a native of Jiancun, Wangcun Township, Zoucheng City. Xu Fuliang, 57, is from Liulou Village, Yanshi Town, Juancheng County. There are two buyers, the buyer Hu is in his fifties this year, from Wenzhou, Zhejiang; Yang Huashan, 34, is a native of Lin Bu, Juancheng County. The price of each piece is "Red Two Thousand" 100 yuan. So how big is the value of a "red two thousand"?
Chang 'an, executive director and deputy secretary of Heze Coin Society, told the reporter: The practical significance of "Red Two Thousand" is only one of the securities of the Kuomintang. Because it was rarely printed and printed at that time, its value was slightly more expensive than other banknotes. Usually, the market price of collection transactions is more than 30 yuan (one piece) for good words, more than 20 yuan (one piece) for low words, and 10 yuan. All serial numbers are a little more expensive, but the highest is 50 yuan.
In that case, why did Hu buy "Red Two Thousand" at a high price? It turns out that there is a saying among those who sell "Red Two Thousand". A box of "Red 2000" is 500 million yuan, with 250,000 pieces, and each piece is 2000 yuan. According to legend, the minimum exchange is 500 million RMB, and the intermediate contact person can get 360,000 RMB according to the minimum amount.
It is precisely because of the high interest that many people have started the dream of making money, and Wenzhou native Hu is one of them. Hu has been engaged in timber business in Shaanxi in recent years and fell in love with "Red Two Thousand" a year ago.
In September 2002, Hu heard that some Taiwanese businessmen wanted to buy "Red 2000", so he found a friend in Juancheng, Shaanxi Province to discuss countermeasures. Yang Huashan inquired about a distant relative named Xu Fuliang at home and knew some "red two thousand" people. He immediately rushed to Juancheng with Hu Congan and asked Xu Fuliang for help. Xu Fuliang told them that Jining Zoucheng has a supply of goods.
The owner of Zoucheng mentioned by Xu Fuliang is Jiao Tongming. The man claimed that he had 1000 "red two thousand" banknotes and related documents. Hu He, who was bent on making a fortune, followed Xu Fuliang and rushed to Beisu Town, Zoucheng City to discuss with Jiao to buy "Red Two Thousand". However, they never thought that Jiao and others were digging a trap to let them jump.
Jiao discussed with Xu Fuliang and lied that his surname was Li, a descendant of Li Laotai, a confidential Kuomintang officer with a large number of "Red 2,000". In order to make the scam perfect, Jiao also spread rumors everywhere, which convinced Hu. In fact, Jiao's "Red Two Thousand" was only bought at a low price from the market. Most of the goods are bought from Qufu, Chengdu and other places, and the proof materials are all brought by the seller. Spent more than 10 thousand, some are true, some are fake, many are fake, really few, really hard to get, can not buy, use fake to deceive people.
Jiao took a stack of real "Red Two Thousand" to Hu He's residence and asked them to inspect the goods. After inspection, Hu decided to buy in large quantities. Seeing the fish hooked, Jiao put a new bait.
At this time, Jiao asked for travel expenses and credit. At that time, Hu gave Jiao 1 10,000 yuan for tea, 300 yuan's meal and 200 yuan's fare.
In order to cheat more money, Jiao proposed that he must give a gift to Mrs. Li in order to get a batch of "red two thousand" as soon as possible. So Yang Huashan gave him 3300 yuan.
After paying the gift, Jiao still refused to deliver the goods, and Hu He became impatient. They shifted their target to Jiao's accomplices. After some persuasion, Jiao's accomplices promised to secretly sell them 100 copies of Red Two Thousand at the price of each 30 yuan. Since it is a sneaky thing, the inspection process is of course simple, but everyone knows that it is trapped by others.
Afterwards, Yang Huashan found that only one of the "Red Two Thousand" bought was true, and the rest were fake. Different sizes, different prefixes, and different dark spots of plum blossoms inside are all fake.
Hu He, who was cheated, still won't give up, still thinking about Jiao's real "red two thousand" in his heart. June, 5438+February, 2002, the two discussed to find Jiao and prepared to continue to buy the real "Red Two Thousand". The fish is really going to take the bait. Jiao found friends Liu Fushan, Zhang and Sun Xianbing and collected 1 0,000 "Red Liang". They went to Jiao's house, sealed 80 or 90 usable originals with white paper, put them on top, and put the fake ones on the bottom. In this way, they will give money if they look good, and they will not give money if they don't look good.
This time, trading places was selected in the Juancheng County Government Guest House. Without waiting for Cheng Xiang to talk about the terms, they were captured by Juancheng police.
So, how credible is "Red Two Thousand"? Chang 'an, executive director and deputy secretary of Heze Coin Society, told reporters: "Red Two Thousand" can't get money anywhere. Not like they say, it's worth tens of thousands of dollars. How much is it worth to go to Citibank, which institution or go abroad to take the exam? There is no such thing. It's just a scam.
The reporter learned in the interview that Hu, who was cheated, still didn't want to believe the facts in front of him, and he also hoped to find the real "red two thousand". So, what do the deceived people think of "Red Two Thousand"?
Criminal suspect Liu Fushan: "There are too many people involved in this matter, because this matter is a mystery. Everyone wants to get rich. No one has seen where they want it, where they bought it, and where they really have it. "
Suspect Xu Fuliang: "They are all empty, and they spend a lot of money. Most of them are bankrupt." Suspect Jiao: "In fact, this is a scam, and everyone has been cheated."
At present, the suspects Jiao, Liu Fushan, Xu Fuliang, Sun Xianbing and Zhang have been criminally detained by Juancheng police according to law for alleged fraud, and the case is under further investigation.
As the saying goes, there will be no pie in the sky. Those who want to get rich are advised to get rich through hard work and law-abiding management. I also want to remind those who want to deceive people to stop their criminal activities as soon as possible, otherwise they will be punished by law sooner or later.