The wrong which step from leading to myth fall on the ground?

Violators of the reckless staggering.

According to IT reported in March 24th, KingSun Time, held a public apology on the Internet platform. Make KingSun express apology: in May 2014, the company was suspected of concealing the association and related transactions, the Guangdong Securities Regulatory Bureau administrative punishment. However, in March 17th this year, KingSun for concealing important information is the administrative punishment.

This makes the case of minority shareholders are very confused: the company was an administrative penalty, regulators and how to punish again. "

Two degrees are reasons of administrative punishment, KingSun and group ground the first major shareholders are non operating capital transactions and did not fulfill the obligation of information disclosure. Reporters noted that KingSun involving another violation of the time is 2013 and 2014, that is to say, the regulators have to pay more attention to the company and a ticket case, KingSun return to old habits.

Fear of damage to the interests of listed companies

KingSun is one of the China LED lighting industry leading enterprises, in December 2011 listed on the Shenzhen SME board, but after more than three years of continuous time problems.

Overwhelmed by regulatory penalties, the cause is the presence of non operating capital transactions amounted to 1 billion 827 million yuan between KingSun and major shareholders, but did not fulfill the obligations of the approval letter.

According to the Guangdong Securities Regulatory Bureau issued the "decision of administrative punishment" (hereinafter referred to as the "decision"), 2013, 2014, KingSun group transferred to the ground the total capital of 1 billion 827 million yuan, KingSun group and its subsidiaries are accumulated to the listed company, the transfer of 1 billion 29 million yuan, 798 million yuan.

In two years time, KingSun did not inform investors.

To this end, in March 17th this year, China Commission of Guangdong authority ordered KingSun correct, before and after the administration of listed companies, the company chairman Li Xuliang, the two chief financial officer Mao Xiaobin and Hu Xuan with, and when he was a member of the board of directors of Wen Qi warning, and were fined 500 thousand yuan, to 300 thousand yuan, 150 thousand yuan, 100 thousand yuan, a fine of 30 thousand yuan.

If the price is fair, it may be just the letter Phi problem, otherwise constitute a detriment to the interests of listed companies. The legal profession pointed out that from the payment of interest situation, as well as non operating transactions, should be on the ground group use of funds of listed companies, if have been returned, their nature constitutes misappropriation of funds of listed companies.

In the announcement, KingSun funds did not disclose the time, composition, period of use of such information, also did not explain the nature of financial transactions. Only said KingSun group has paid 28 million 8 thousand and 300 yuan of interest, by the end of last year, the two sides of non operating funds balances to zero.

If calculated in accordance with the use of a period of 1 years, using the above ground group funds annualized interest rate is only about 1.6%, which is far lower than bank lending rates over the same period. Before the central bank cut interest rates in November 2014, 1 year loan benchmark interest rate of 6%. Even according to the lower limit of 20% of the calculation, the annual interest rate of the loan for the 1 year period is also at the rate of $4.8%.

In the meantime, KingSun its deteriorating operating. Performance letters show that the company achieved operating income of 926 million yuan in 2014, down by 18.73%, a net profit of $31 million 220 thousand, a sharp decline over the previous year by 75.19%. In 2013, the company achieved net profit of 103 million yuan, down by 1.17%.

Ground group negative interest what time is money, what is the time of the transfer of listed companies, why didn't notice? "Investors have questioned, if calculated in accordance with the fair market price, KingSun group interest, is simply not enough to pay the cost of capital. In the case of a significant decline in the company's operations, the majority of shareholders at such a low cost, misappropriation of funds listed companies, it is unacceptable.

Some sources of funds

A huge amount of money exchanges, ATM makes KingSun become its major shareholder. Data show that as of the end of 2013 and September 2014, KingSun total assets of 3 billion 180 million yuan, 3 billion 275 million yuan, net assets of 2 billion 270 million yuan, 2 billion 300 million yuan. Accordingly, the above funds have reached more than 80% of its net assets over the same period.

KingSun performance fell sharply in the case, it shall be transferred to the huge capital KingSun group, KingSun from where to raise, is also a matter of doubt. In the announcement, the former did not make any explanation. From the point of view of public information, it does not have the ability to finance.

Public information display, as of 2013 and the end of June 2014, KingSun monetary funds were 1 billion 602 million yuan, 1 billion 534 million yuan. Even at the end of 2012, its monetary capital is less than 1 billion 700 million yuan.

KingSun its cash flow is not necessarily very abundant. 2013 and the first three quarters of 2014, the cash flow generated from operating activities of $13 million 320 thousand, $39 million 450 thousand. In 2014 three quarterly, the company did not disclose even the case of monetary funds.

It is worth mentioning that, during the transfer of funds to the ground group, KingSun and no external financing. Reporters found that access to the announcement, from 2013 to 2014, the company has no record of any external financing. In July 2014, KingSun given increased disclosure plan, intended to 12.3 yuan / share issue shares to raise funds, but the matter has no real progress. There are two possibilities for this situation, first, the disclosure of the assets of Listed Companies in itself is not true, it may be zoned in the past. Interest paid from the point of view, the possibility of a greater number of stages of transfer