129762943165781250_29Dragon Xinhua molybdenum industry profits only colleagues one-fifth, Guo family in a single
Recently, Dragon Xinhua molybdenum in the SFC Web site put on the prospectus (Declaration of release). Companies planning to issue shares to 63.36 million shares, raising money $ 525 million, for molybdenum ore-dressing plant technological transformation projects, and molybdenum project construction of technical center construction project. Although only a step away from the capital markets, but questions about the media and the industry more and more. Molybdenum concentrate new90,000 yuan per ton, raise investment and forecast of molybdenum concentrate price was nearly $ 140,000; family-owned company shares nearly 90%; one-fifth only corporate profits and similar enterprises, while the debt ratio was as high as 70%. Kwok family ownership 89.05% Xinhua molybdenum prospectus shows the Dragon, company Chairman Guo Guanghua directly held 40.19% shares, and Xinhua group 52.61%Shares (Xinhua group holds 26.32% shares), Lady Guo Guanghua Qin Lijing directly owns 9.75% shares of the company. Kwok and his wife holding 49.94% shares directly, and indirectly through Xinhua group holds 26.32% shares of the company, thus actually control the voting shares of the company 76.26%. In addition, Guo Guanghua and QinAlso holds a large number of relatives of Li Jing Xin Hua long group and Xinhua molybdenum Dragon industry shares. Qin Naiming Xinhua group holding 15 million shares, share 9.28%; Guo sublimation holds 400,000 shares, share 0.25%; Guo Yanhua holds 400,000 shares, share 0.25%; Guo Jianhua holds 50,000 shares, share 0.03%; Guo Xinghua holds 400,000 shares, less than 0.25%, Guo Zongying with 100,000 units, than 0.06%; Nie Chuanjin holds 200,000 shares, share 0.13%; Ji Peiwei holds 500,000 shares less than 0.31; Gu Shouzhong hold 100,000 shares, less than 0.06. Above Guo Guanghua and relative of the Qin Lijing Xinhua Group held a total of 10.62% shares indirectly holds a stake in Xinhua molybdenum 2.79% lung.In addition, Qin Naiming, Xu Fuxian, Meng Fantao, and Zheng Siyuan, and Ji Peiguo etc Guo Guanghua and relative of the Qin Lijing Xinhua molybdenum Dragon industry shares directly held respectively, 2.63%, 0.79%, 1.32%,. On the meter
diablo 3 power leveling, Guo Guanghua Dragon Xinhua molybdenum industry held by the Qin Lijing relatives for a total of 12.79% shares, with Kwok and his wife both direct andIndirect holding of 76.26% shares, the Kwok family holds a stake in Xinhua molybdenum 89.05% of the Dragon, can be described as a single shareholder. In this regard, said investment bankers to the 21st century network: a single shareholder companies internal lack of decision-making and democratic management mechanisms, all major decisions are made by business leaders of their own, subjective and arbitrarily strong, and its decision is correct andIt mainly depends on the personal leadership capacity and risk appetite, investments, operation and lack of long-term planning, short-term act more serious. This decision risks there is actually a larger, and more large enterprises, that the greater the risk. It is reported that "a single shareholder" of the family business, generally do not want too much intervention, leading to secondary market stock little Fund participation in, So are more likely to be idle, private control. Companies with strong privacy, interest clearly, family shareholders and makers are joining hands to manipulate the market and the possibility of greater feasibility. Only corporate profits compared to like one-fifth with high concentration of ownership of enterprises, Xinhua molybdenum industry profit margins of only the Dragon is a fraction of comparable public companies. Xinhua molybdenum prospectus shows the Dragon, the company in 2009, 2010-first half of the year and 2011 consolidated gross margin level only, namely, 6.85% and 5.89%. Main business with shares of gold and molybdenum molybdenum and its related products, first half of 2009, 2010 and 2011 consolidated gross margin level
swtor credits, 19.2% and 17.36%, respectively; Luoyang molybdenum are respectivelyUp to 27.25%, and 32.04%. From the numeric comparison can be seen, in the past few years, shares of gold and molybdenum integrated gross margin was three times times the Xinhua molybdenum lung, Luoyang molybdenum consolidated gross margin level Xinhua molybdenum industry nearly five times the Dragon times even higher. 21st century network found that Xinhua molybdenum industry profits and the Dragon is low compared to similar enterprises the main reason for its lack ofMolybdenum ore resources in the upper reaches. Luoyang molybdenum molybdenum ore of molybdenum and gold shares has extensive resources, hold the upstream raw material resources, without having to endure suffering resources prices fluctuations. Therefore, production of these two companies with strong cost advantages. It is understood that Jin Mo share holding Henan ruyang and two world class in jinduicheng molybdenum mining, reserves the rights and interests of 1.24 million tons. Rich in molybdenum resourcesCompany resource self-sufficiency rate of close to 100%, guarantees a high margin. Haitong securities business Department of China Vice President Guo Jiayao said in a research report, acquisition of luanchuan molybdenum industry through its subsidiaries in Luoyang removing Groove mining and prospecting rights for molybdenum ore in Hami, Xinjiang, the company will have luanchuan sandaozhuang, removing the trenches, three such as molybdenum mine in Hami, Xinjiang, aggregate reserves of molybdenum metal resourcesUp to 1 million tons. Looking back at Dragon Xinhua molybdenum, molybdenum concentrate volume in 2009
tera gold, 2010 and 2011 are as follows: 4851.72 tons, six tons and 16336.52 tons, molybdenum concentrate raw materials procurement accounted for 100% of the company. It currently only has shuangshan copper-molybdenum-polymetallic deposit, Antu County, Jilin province mining rights, KyrgyzstanForest gold and polymetallic deposits in the shuangshan census, Antu County, in projects of exploration rights in helong city, Jilin province and MO, polymetallic deposits in the stone horse cave exploration rights of the census project. Shuangshan molybdenum-copper polymetallic deposit, Antu County, in Jilin province by assessment of molybdenum reserves (amount of metal) was 38,900 tons, far less than the similar companies. In addition, the 21st century network also found that the Xinhua molybdenum lung's balance sheetDebt ratio is high. Xinhua molybdenum prospectus shows the dragon on December 31, 2009, and December 31, 2010, company asset-liability ratio of the diameter of the parent company, 68.41%, and 66.11% respectively. During the reporting period, Xinhua long high asset-liability ratio of molybdenum, mainly to meet the daily raw materialProcurement needs, short-term borrowings and accounts payable amounts are being maintained at a high level, the company also is working to change in short-term borrowings of asset-liability structure, but there are still certain financial risks. In addition, in Xinhua molybdenum in the Dragon 2009 NET receivables $, and $ 76.8882 million, respectively, and 1632$ 32200, operating income for the current period, 4.48% and 4.84%, respectively. Despite the company's receivables smaller per cent of operating revenues, but larger absolute amount, does not rule out major bad debt risk of changes in the market environment. At the rate of indebtedness, accounts receivable, three aspects are in excess of the amount of bad debt cases, Xinhua molybdenum DragonAlready facing high financial risk. Raise prospects for investment and project description is too beautiful "molybdenum products capacity-building orientation in high technology, high value-added markets, good prospects for the future development of molybdenum products, helps to improve the company's product mix, increase the company's profitability. Molybdenum concentrate plant construction, will help the company in terms of raw material self-sufficiency capability, give full play to the company has achievedBenefits of mining right, reinforced against market fluctuations in the prices of raw materials. Expect all project reaches the postpartum, the company added sales income of about $ 463.6608 million a year, added a net profit of 67.2273 million Yuan. "Xinhua molybdenum in the Dragon described in the prospectus offering good prospects of investment projects. But perhaps such a vision too wonderful. Prospectus said: "by theSince 2005 molybdenum concentrate (45%) market price fluctuations of a huge, up to 279,000 RMB/ton (tax-inclusive), minimum reach 65,000 yuan/ton (tax-inclusive), since the international financial crisis since the end of 2008, rapid fall in prices of molybdenum concentrate dip. Then, while the price of molybdenum concentrate rebounded in August 2009, has rebounded to $ 122,600/Ton (tax is included), but given the current deterioration of the economy in Europe and America and China's macro-control of the Government, price is still at a low level of non-ferrous metals, including molybdenum, molybdenum concentrate (45%) price is 90,000 yuan/ton (including tax) per cent. In line with prudent manner, taking into account for the preparation of the feasibility study on the basis of a long-term market fluctuations to predict the sales price of molybdenum concentrateEventually chose June 2006 weekly market prices of molybdenum concentrate mathematical average price of $ 139,300/ton (including tax) as a raised price forecast criteria of investment project. "In this regard, insiders say, non-ferrous metals has just experienced a bull, currently around 90,000 yuan per ton of molybdenum concentrate's price is not at historically low levels, and Dragon Xinhua molybdenum industry"Cautious approach" developed by per ton price forecast of $ 139,300 raising investment and project standards are too optimistic. Business is at present uncertain macroeconomic situation, real estate adjustment and further strengthen its efforts in the lower reaches, slowdown in the growth of the auto industry. Therefore, raise investment and project Dragon Xinhua molybdenum price forecasts should be cautious approach is based on the arithmetic mean of price and now the lower of the market price forFoundation. If by 90,000 yuan/ton (including tax) price forecast of around, raise investment projects also do not know whether it is worth the investment? In addition, the Xinhua molybdenum mineral resources could form a stable lung capacity is also a marketing question. Insiders pointed out that form a stable production capacity of mineral resources, was a lengthy process. For a new business, you need to have experience in technical reserves,Team and a lot of money. Xinhua molybdenum, the Dragon, or there is a little difficult. New Lake Dragon molybdenum for China molybdenum mining enterprises, mainly engaged in molybdenum, molybdenum chemical burden, molybdenum production, processing and sale of metal such as molybdenum products, with roasting, smelting, molybdenum, integrated production of molybdenum metal processing enterprises of chemical industry, in the field of ore-prospecting, production and not muchExperience with. In addition, due to the geological structure of the mining complex and limited exploration project, may estimate results and differences of actual reserves of the mine, such as mining reserves or grade is less than the estimated value, the Xinhua molybdenum molybdenum ore-dressing plant technological transformation project of the Dragon larger impact real economic benefits, which in turn affect the production and business operation and financial position of the company.Dragon Xinhua molybdenum molybdenum ore-dressing plant technological transformation projects are expected after the implementation of subordinates in Yanbian mineral production of molybdenum concentrates approximately 3,215 tons. Only Dragon Xinhua molybdenum annual procurement volume of molybdenum concentrate by 2011. At the same time, raising overall larger investment projects, the completion of the project and will take a long time, unable to bring clear economic benefits in the short term, the companyPurchased raw materials still can not change, continued earnings uncertainty.
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