Commission in 2013 first penalty targeting LED concept

2012, LED industry there has been a rare tide of listing, but more rare is the performance of the A shares in the market in the face of the king in 2012 LED stocks also get together. After 2012, the Commission informed punishment for LED stocks Jiawei shares, the Commission issued the 2013 "the first penalty", the South Pacific Securities and photoelectric, its sponsor sponsor representative to take punitive measures. Coincidentally, the Commission also punished Heng Heng shares, its sponsor Guoxin Securities and insurance. So far, the Commission in just over three months to punish the performance of the company changed the face of the four companies, and the sponsor of the eight generation of the four.

Global economic downturn results in decline

Following the Jiawei shares, Blum Oriental after January 3rd, the Commission informed the performance penalty face king Kohand shares, South photoelectric, which the Commission is also the first penalty of 2013 years.

Section constant shares and the south of the company's interpretation of the performance of the company is the same as the fall, are considered to be affected by the global economic downturn, the imbalance between supply and demand, the volume and price fell due.

Keheng shares in three of the Quarterly Bulletin explained, "because of the global economic downturn, the downstream customers purchase a total operating income of lower demand, the number of product sales decreased, product volume and price down, resulting in the company's revenue decreased by 52.49% compared with the same period last year".

South photoelectric also explained in the three quarter, affected by the debt crisis and the domestic economic growth rate down, as expected the development of LED industry, the slowdown in demand MO source, product supply, market supply and demand changes, causing prices to fall back.

Heng Heng shares of raw material prices have declined, the three quarterly report, raw material rare earth oxide prices in 2011 compared with a significant decline in the company's product prices also downward adjustment". This shows that if the price of raw materials did not fall, then the proportion of the performance of the shares of the shares may be more serious. The company is also difficult to achieve in the fourth quarter to reverse. From previous years, its fourth quarter operating profit accounted for the proportion of the year to year after year. According to the earnings report, 2010, in 2011 the proportion of the fourth quarter of the proportion of operating profit in the quarter of the shares were 28%, 15%. When market participants have concluded that Keheng shares or become Jiawei shares second, did not expect a prophecy.

The south is the only major independent photoelectric intellectual property rights (alloy law) and the realization of the MO source of industrial production enterprises, but also one of the world's four major producers. With these beautiful aura, IPO to 66 yuan / share issue, hit the highest issue price in 2012, as of January 4, 2013, has been hovering under the issue price of 58 trading days.

Due to information disclosure

The Commission on IPO more and more strict supervision, was sent from last September 26th, Jiawei shares in October to today's Blum East and South photoelectric Keheng shares, just three months four penalties for my company performance, four sponsor and eight generation.

The aforementioned four punished listed companies, in addition to being punished fined similar date, reason is the same, because there is no good information disclosure before the announcement of performance dips, "or" too.

The Commission believes that Keheng shares and South photoelectric decline in reporting the results of the case of large amplitude, on major issues after the letter of commitment are not facts, nor in the IPO process timely for the corresponding supplementary disclosure.

These are the 4 major institutions to be punished, in addition to Pacific Securities, the other three of CITIC Securities, Guoxin Securities, Guotai Junan Securities are large domestic.

8 Insurance on behalf of people punished, in addition to Guotai Junan tension is only a "new project", other people are doing the insurance on behalf of the senior people insurance on behalf of a number of projects such as the generation of Zhang Ning Blum East, South photoelectric insurance on behalf of Cheng Zhengmao, Tang Weihua has 5 projects, 4 of which are IPO projects; Yang Jian also sponsors 6 projects, of which 5 IPO projects. Chen Han also sponsor 5 IPO projects.

Although more than three months of punishment of the 8 generation of insurance, but the market has been criticized punishment is still not enough". There are micro-blog users to comment: new shares IPO has stopped 3 months, and within a period of 3 months does not accept its issued documents, it seems that there is no punishment.