Midea Or Cheap Stock Trade Fonda Suspected Transfer Of Benefits - Beauty, Small Appliances,

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Author: Shu Chen Fonda easily share transfer is scheduled for total net assets of

the United States less than 5%, just do not pay shareholders for approval

7 17, the U.S. electrical (000 527) issued a public notice, called to the peak of Guangdong Ying Yi Fang Daji Group Limited to transfer a 25% stake in fund management issues, has been approved by the Commission, and the share transfer agreement was entered into force on July 11. However, the stock transfer because of the low priced shares trade Fonda and the transferee has a special background, and widespread doubts.

Shares were sold to fraudsters easily Fonda

2004 8 months, the U.S. appliance to the price of 78 million yuan, respectively, the transferee Tianjin Trust and the Northern International Trust and easily held by a total of 16.67% stake in Fonda. Year report shows that manages closed-end, open stock, index-based, money market funds, fund nine easy-Fonda, management fee income in 2004 for 223 million yuan, Midea investment income derived therefrom. A year later, and from Guangdong Midea took over the securities trade up 8.33% of the equity side. Midea total funds spent 117 million yuan, total trade side holding 25% stake.

Easy to talk about Fonda shares purchased, the United States to the Moon and electrical secretaries to directorate, said: on the one hand, given the ability of the fund Yi Fang Daji, optimistic about its future development; the other hand, taking into account the split share reform, the stock market would be out of turnaround in the doldrums, it is the investment fund was a good opportunity.

Jin Yi Fang Daji on investment does bring a lot of money to the United States and the electrical gain. Yi Fang Daji gold in 2006 net profit of 1.01 billion, the U.S. holding 25% of the electrical equivalent of 25 million yuan . The appliance according to the U.S. publication of the report first quarter 2007 data, the reporting period, it is easy to benefit from holding shares for Fonda's investment income, the U.S. investment income over a year of electrical appliances increased by 976.95% over the same period.

However, the April 23, 2007, the United States issued a public notice appliances, said Yi Fang Daji fund management intends to hold a 25% stake set up to 165 million purchase price to the Paramount Group. The two sides square up to the end of 2006 easily 383 million yuan of net assets based on price. Equivalent to about 25% of the shares of net assets 95.97 million yuan, in other words, the transaction price is equivalent to 72% premium. In addition, the transaction took place before 2006, 30 million yuan in cash dividends, and easy to square up to the company in January 2007 to July of investment income, all electrical appliances are the property of the United States.

Why shares in many companies find ways to international financial institutions, the United States was willing to withdraw from the electrical? Midea notice this explanation is that "the United States has a clear white electrical home appliance business as its main business, to focus resources on core business, and establish the field of major appliances in a white industry competitive advantage and core competitiveness, the company decided to clean up the company main businesses are not relevant or related degree is not business investment. "

Focus resources on core business was originally above criticism, but the electrical appliances on the U.S. gold stock Yi Fang Daji there disposal by sale of transfer pricing too. In fact, on March 30 this year, Hong America Pharmaceutical (600518) price of 76.56 million yuan Zeng Yi transferee of the 1200 Guangdong Development Fund management companies equity shares, 10% of the total share capital. According to a notice at the end of 2006 Guangdong Development Fund's total assets of 338 million yuan, net assets of 258 million yuan, the annual business income of 363 million yuan, net profit of 131 million yuan; purchase price equal to the net assets corresponding to 297% premium nearly twice the rate. The same period, total assets of King Yi Fang Daji 518 million, net assets of 383 million yuan, the annual business income of 540 million yuan, net profit of 101 million yuan; Guangdong Development Fund were 1.53 times, 1.48 times, 1.49 times and 0.77 times to net assets, transfer of premium only 72%.

Jin Yi Fang Daji

other ownership structure also showed that the electrical appliances with the U.S. side also holds a 25% stake in trade of Guangdong, Guangdong Finance Trust and Investment, GF Securities, Guangdong Rising Assets Management Co., Ltd. holds 16.67% stake in , Guangzhou City always holds the remaining state-owned Assets Management Co., 8.33%. As one of three shareholders holding the largest U.S. electrical necessarily easy to enjoy a place Fonda board, so its easy to transfer 25% stake in Gold Fang Daji influence not only the transfer of Canton and Hong America Pharmaceutical 10% stake in the Fund compared to 25% of the shares should trade Fonda enjoy a higher premium.

by: gaga

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