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ST Hongsheng executives have resigned in danger of losing funding crisis

In Electronic Infomation Category: R | on November   1, 2010

3 25 March, Shanghai Hongsheng Technology Development Co., Ltd. (ST Hongsheng, 600817.SH) will be securely sealed the opening in the daily limit, this is the companys stock was the fifth Limits .

On the same day, ST Hongsheng while bursts of four announcements, the companys largest shareholder equity was waiting to freeze, independent directors and FDS6961A datasheet and secretaries to have resigned.

It is understood, ST Chang Sheng Hongsheng, chairman and FDS6961A price and general manager on suspicion of evasion of the dragon, false investment, capital flight crime, by the Shanghai Municipal Peoples Procuratorate at the March 12, 2008 arrest, the investigation by the judiciary has just started present specific case is not yet clear, but the basic can be sure that the cause of action alleged contract card fraud department.

"This is a typical fabless manufacturer of home appliances brand, this business model is a relatively new, but the relatively poor ability to resist risks, and FDS6961A suppliers and if a problem once the funding chain, suppliers will stop supplying enterprises unable to save themselves in trouble. "familiar with ST, a person close to Hongsheng, told reporters.

"One can not see the company"

"This is an obfuscation of the listed company!" March 25, CITIC Securities analyst Sun Sheng power electronics industry, told reporters on the phone said.

ST Hongsheng Co., formerly known as the good of China.

1998 Nian 9 4, registered capital of up to 1.5 billion yuan, Wang Pu Industrial was established in Shanghai, two months after the intervention re-listed in 1994, the main business of poor performance and good balance again and again in China Industrial, to 29.8% stake (later increased holdings to 45.29%) acquired.

2000 Nian 7 months, Hua Liang Hongsheng Technology Co. officially changed its name, the main industry is dominated by the grain and into the real estate products and optoelectronic integrated circuit industry.

"ST Hongsheng the beginning of the main industry is the integrated product is purchased from other plants and some other integrated circuit flash memory card packaging products to the U.S. sales, then slowly transform into a logistics business, mainly for the purchase Sales. "Sun Sheng weight analysis.

In fact, ST Hongshengs 2006 annual financial statements for the positioning of its business model has had such a description: "The company as IT products business supply chain management, value chain segments to fully tap the value of the supply chain design, order management, parts procurement and supply, warehousing, customs, transportation and other work areas on the efficient integration of production enterprises open up the upstream and downstream bottleneck between end-users to become the hub between the upstream and downstream links, in order to achieve the industry considerable control over the chain and profit. "

ST Hongsheng, a former independent director recalls: "Before Hongsheng Technology has been engaged in the traditional OEM OEM (OEM) business, long longevity, stressed at the meeting of the company is also the most OEM, but it is to the end of 2003, Long began Daoteng longevity of a new business model. "

"This model because it was in the country is relatively new, so it has attracted, including the Fund, including the attention of a number of investment institutions, but in the process of trying to research, I found this company can not track, because of its main business in the U.S., and the company down the supply chain, the actual control of the couple who are long longevity, we can only stay in the stage of listening to them, can not make judgments. "Sun Sheng Right said.

Reporter access found in the companys Q3 2007, the circulation of the shareholders there are Agricultural Bank of China - China Sea flexibility Franklin Stock market investment funds and other institutional presence.

"This company gave me the impression that there has been large financial pressure, I have the impression that the company had two attempts in the stock market financing, once a few years ago to finance 100 million yuan out integrated circuit package , and again last year.

But without success. "Sun Sheng said right.

Fact, the company has repeatedly been revealed to the financial difficulties of investors, such as the 2006 annual report said specifically that" (1) Company in which the integrated circuit and information appliances processing, re-investment into the industry and the proposed IC packaging and testing industry is a capital-intensive industries, compared to the same large-scale industries and enterprises at home and abroad, the companys asset size is small, inadequate financial strength, and the corresponding risk-resisting ability seize the opportunity to expand their business scale and lack of capacity. (2) the rapid growth in the face of business, the limited domestic financing is insufficient to meet our demand for capital, which to some extent, limit the companys bigger and stronger target. "

Reporters found that the 2006 annual report, for example, the companys accounts receivable for the year to as much as 3.3 billion, while cash flow, but more than 9,000 yuan.

2001, the Hongsheng Technology had "due to their inability to Shanghai Pudong Development Bank loan and opened a five blank check" event while exposed to the crisis. Long longevity in a few months before the incident, the Shanghai Industrial Investment (Group) Company Limited and Hongsheng Technology contract dispute to the Shanghai Second Intermediate Peoples Court civil action for the company. Over-reliance on long longevity

Hongsheng couple

"Long arrested longevity can be said that the company hopeless situation, because of its unique business model led to its strong anti-risk ability, in which case the supplier supplier can not give." Above said. After several days

suspension, Hongsheng Technology has been in the March 20 implementation of other special treatment, changed to "ST Hongsheng." 19, the companys announcement that "the rapid decline of the business is expected to return to normal within three months of difficult."

Investigation by the judiciary has just started, the current specific case is not yet clear, but the basic can be sure that the Department of suspected credit fraud cause of action.

1 Yue 3 Ri , ST Hongsheng subsidiary has signed a debt notice debt restructuring agreement. In which the contents of the display, Hongsheng Technology Holdings subsidiary Amman Electronics (Shanghai) Co., Ltd. and China Export Credit Insurance company had an amount of more than 100 million dollars in export financing guarantee program, which opened in Amman amount of e-banks to more than 100 million dollar credit from the China Export & Credit Insurance Corporation assume joint guarantee responsibilities.

February 18 this year, Long longevity contract fraud were arrested for criminal detention. March 12, Long longevity Shanghai Public Security Bureau was formally arrested, the alleged three counts: evasion, false investment and flight capital.

According to March 14 announcement that Chairman Long overdue longevity involves huge loans with the case. Hongsheng Technology, a subsidiary of CITIC Bank Shanghai Branch $ 120,000,000 (approximately over 800 million yuan) letter of credit overdue loans, loan guarantees export business side is China Export Credit Insurance Corporation (CITIC Paul). Because of overdue, CITIC Paul to the police. After the police investigation lay bare the Shanghai Branch of China CITIC Bank and CITIC Paul corruption Woan, involving branches and branch levels, President, CITIC security headquarters of four employees are also checked.

It is reported that in 2007, the Shanghai Bureau of China Banking Regulatory Commission to have started on Hongsheng Technology and loan investigation. According to survey party near the China Banking Regulatory Commission have revealed that the basic facts of the case Hongsheng technology are clear, but there is a qualitative issue. Up to now, the case has not been charged Hongsheng Technology.

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