Zunyi w88 casino games login IndustryIPODream break, a dead end of conflict over interests

(Source: "Times Weekly"》2013-1-17Issue 216）

Zunyi w88 casino games login Industry2008Year4month29Withdrawal took the initiative recently after passing the meeting, which lasted nearly5year, recordAsharesIPOMarket“Passed without sending”The longest record.

Behind the dream, the conflict of interests behind Zunyi w88 casino games login Industry remains unresolved.

Credit Suisse Founder failed

As early as2008At the beginning of the year, related to Zunyi w88 casino games login IndustryIPO's application was submitted to the desk of the Issuance Review Committee of the China Securities Regulatory Commission. Same year4At the end of the month, the Issuance Review Committee of the China Securities Regulatory Commission approved the application.

Not long after Zunyi w88 casino games login Industry met, due to the market downturn, the pace of new share issuance began to slow down. Since2008Year9month,IPOFull pause until2009Year6Restart after a month. However, Zunyi w88 casino games login failed to catch this train.

Like Zunyi w88 casino games login Industry“Passed but not sent”13781_13818IPOOne of the factors causing abnormal channel congestion.

w88 casinoFeng Pengcheng, associate professor and director of China Capital Operations Research Center, told this reporter:“For a company to go public, it depends on the right time, right place, right people, and of course luck and public relations.”

While Zunyi w88 casino games login Industry suffered a setback, sponsor Credit Suisse Founder was not relaxed either. And Founder Chairman Lei Jie was still the sponsor at that time. Prospectus(Pre-disclosure)It is written that the underwriting fee is the total amount of funds actually raised in this issuance2.5%, the sponsorship fee is200Ten thousand yuan. Zunyi w88 casino games login Industry terminatedIPOThe audit means that Credit Suisse Founder will lose huge underwriting income。

Success or Failure w88 casino games login Sponge

w88 casino games login sponge is extracted from w88 casino games login ore. It is the raw material for the production of w88 casino games login ingots and is the intermediate link from w88 casino games login ore to w88 casino games login materials. In its early days, it was mainly used in several fields such as aerospace, military industry, chemical industry, and medical treatment.

The pre-disclosed prospectus of Zunyi w88 casino games login Industry shows:“The company's main business is the production of w88 casino games login sponge, and its income mainly comes from the sales of w88 casino games login sponge products. w88 casino games login sponge is a resource-based basic industry and has a strong correlation with the country's economic development. It shows a certain periodicity and the price will also fluctuate violently.”

Prospectus shows,2005 The company’s average selling price of w88 casino games login sponge is136.91 yuan/kg,2006 for165.11 yuan/Kilograms.2007 became a turning point, and its annual average selling price was only90.98 yuan/Kilograms. The decline in w88 casino games login sponge market prices has caused the company2007 The operating performance declined sharply, and the net profit ratio2006 year decrease69%。

The above-mentioned investment bankers believe that Zunyi w88 casino games login Industry’s over-reliance on w88 casino games login sponge is one of the factors leading to the decline in its performance,“If the product is too single, the market will be less resistant to risks and its competitiveness will be affected.”

In addition, overcapacity is also considered to be the main factor behind the decline in performance of Zunyi w88 casino games login Industry.

from200520847_20892200720920_209402008 At the end of the year, the global economy slowed down and the demand for w88 casino games login sponge dropped sharply. The production of w88 casino games login sponge exceeds demand and there is overcapacity.

The embarrassment of state-owned enterprises

As a typical local state-owned enterprise and a basic energy industry, Zunyi w88 casino games login Industry has received more protection from national policies on the one hand, but on the other hand it has been dragged down by its status as a state-owned enterprise and is in an embarrassing situation.

In the 1960s and 1970s, under the unified planning of the country, many industries were built, represented by Zunyi w88 casino games login Industry10Yujia sponge w88 casino games login production unit. Zunyi w88 casino games login Industry was one of the key factories and mines in the national third-tier construction at that time.196623279_23287

Related information is displayed from20century80Since the early 1990s, the state has implemented regulations on Zunyi w88 casino games login Industry“Use w88 casino games login to nourish w88 casino games login”Policy, income tax exemption, and state funding and loans to organize research and transformation of w88 casino games login sponge production technology and equipment.199424084_24128

200824995_250493000Tons of w88 casino games login ingots.

At the same time, the country is still there“Twelfth Five-Year Plan”The plan clearly lists the w88 casino games login industry as a key support target. In particular, support for high-end w88 casino games login products will gradually increase, and the development of the w88 casino games login industry will usher in rare opportunities.

With the support policies of these countries, Zunyi w88 casino games login Industry continues to grow and eventually grows into the largest full-process w88 casino games login sponge smelting enterprise in China.

The local government has spared no effort in promoting the listing of Zunyi w88 casino games login Industry.

In "Zunyi Economic and w88 Commission2006Year Work Summary and2007Year Work Key Points" report said:“To assist Zunyi w88 casino games login Industry in the work related to listing and financing, focusing on the new additions of Zunyi w88 casino games login Industry Co., Ltd.110,000-ton w88 casino games login sponge project.”

“The local government is the mother-in-law of enterprises. It likes companies to go public, and sometimes even spends money to encourage companies to go public.”Feng Pengcheng said that for local governments, one of the benefits of listing a company is its reputation.GDPGrowth means more employment; for the enterprise itself, it means an increase in profits. So the fundamental purpose of both is still the same.

“Like other state-owned enterprises, especially in western provinces like Guizhou, it is natural for Zunyi w88 casino games login Industry to benefit from national policies and government.”The above-mentioned investment bankers said that there is a possibility of over-reliance on the government.

It is true that there is no free lunch in the world. While Zunyi w88 casino games login has been greatly benefited, it has also been deeply constrained by the system. Investment bankers believe that there may be disharmony between Zunyi w88 casino games login and the local government in terms of management rights.

For Zunyi w88 casino games login Industry,The government also plays the role of investor,Exercise shareholder rights,Supervision in the sense of shareholders; on the other hand,As a performer of public responsibilities, the government must supervise Zunyi w88 casino games login Industry,Exercise public authority. Among the board of directors of Zunyi w88 casino games login Industry, there are many people with backgrounds as government officials. Chairman Guo Xiaoguang is a member of the Chinese People's Political Consultative Conference, deputy director Yang Chuansheng was the former vice president of the Zunyi Central Branch of the People's Bank of China, and independent director Zhong Jiaping once worked in the General Office of the Guizhou Provincial Government.

“Because you are a government enterprise and the State-owned Assets Supervision and Administration Commission is the major shareholder, the government must send shareholders.”Feng Pengcheng affirmed.

Under this staffing configuration,The company's governance model has a strong governmental flavor,It is inevitable that the government will interfere with company decision-making,It is difficult to overcome the shortcomings of the inherent bureaucracy of government.

He Jun, a senior researcher at Anbang Consulting, once pointed out that local governments and state-owned enterprises are different stakeholders. When the monopoly of enterprises begins to harm the interests of local governments, cracks will occur. If the problem is not resolved, it will intensify into various conflicts.

“Monopoly creates problems. Only with competition can we be dynamic and efficient. All enterprises that rely on the government are lifeless and inefficient.”Feng Pengcheng said.

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