Performance loss litigation continued between Fujian and the White Dragon photoelectric

Polaris solar PV net news: China PV industry boom cycle, gem Dragon photoelectric six years had a bad year.

This PV equipment industry, China was once considered “future stars” of listed companies, frequently broke the illegal guarantee, actual control of the company changed hands frequently and suspected of reselling the “flagging”, occupation of funds of listed companies, with violations and other messages.

Dragon photoelectric August 18 announcement, the companies branch of Xinjiang Uygur Autonomous Region higher people’s Court of ILI Kazak autonomous prefecture received three subpoenas and civil complaint, the Court requested a sued company loan disputes. Announcement, three litigation matters involving principal amount of 38 million Yuan. This is the company’s latest trouble.

Last September, the Dragon photoelectric illegal guarantee trouble, were four individuals charged. Beijing dongcheng district people’s Court of the civil award show, Dragon photoelectric and Cheng Rong-wealth Investment Fund (Beijing) Limited (hereinafter referred to as Cheng Rong company) as a defendant, was sued by the four natural persons over a contract dispute.

After investigation, the holding company suspected of crime of illegal absorbing public savings are on file for investigation. Dragon optical as a holding company sponsor in trouble.

In addition to continue to receive more than the Court’s summons, Dragon photoelectric control people frequently change, twice in half-covered by faith violations, acts of occupation of funds of listed companies by regulators, accountability.

On July 12 and May 9, Dragon photoelectric received on Jiangsu, Shenzhen Stock Exchange issued in huasheng Tianlong photoelectric equipment company’s regulatory functions and the Jiangsu Hua Sheng Tian long photoelectricity equipment Corporation and its related parties denounced the punishment decision. Pointed out that days Dragon photoelectric holding subsidiary–Changzhou days Dragon light material technology limited Yu February 2015 to its minority shareholders Yin Guohong provides financial funding 11.15 million Yuan, the company does not on the matters perform considered program and the temporary information disclosure obligations; May 9 received of public condemned disposition decided, is because days Dragon photoelectric holding shareholders Changzhou Noah technology limited Yu March 4, 2015 to days Dragon photoelectric borrowing 35 million Yuan, involved occupied listed company funds and the information disclosure, exists violations.

Dragon photoelectric control changing the same cause investors and regulators are concerned.

According to disclosure, recently, days Dragon photoelectric received holding shareholders Changzhou Noah notification, Changzhou Noah holding shareholders Beijing Emmanuel of shareholders Shanghai Crystal beauty electronic, and Hu Xiaoxing Yu July 18 respectively and Chen signed equity transfer agreement, from Fujian of businessman Chen to cash funded 80 million Yuan acquisition Shanghai Crystal beauty holds of Beijing Emmanuel 40% equity, and to cash funded 20 million Yuan acquisition Hu Xiaoxing holds of Beijing Emmanuel 10% equity. After the acquisition is completed, Chen will hold Beijing lingguang 50% equity, indirectly controls 40.4572 million shares of listed companies, shares 20.23%. Equity settlement is completed, Dragon photoelectric actual controllers of listed companies is changed to Chen.

It is worth mentioning that, TL electro-optical distance control changes only once in the past 1.5 years. Statistics show that in January 2015, Dragon photoelectric Changzhou Noah completed by controlling shareholder ‘ equity financing of business change, Changzhou Noah Emmanuel replenishment of 110 million Yuan into Beijing’s major shareholder, actual controllers of listed companies is changed to Zhou Rongsheng, Gu Yizhen and his wife, the actual control Feng Yuexiu, Xing Lv, Wan Junping shareholding being diluted. Through this acquisition, listed in the original business was conducted on the basis of industrial upgrading, high-end equipment manufacturing and PV technical services direction.

Actual control of frequently changing, Dragon photoelectric business performance did not see improvement. Fujian merchants once again pick up the baton of the powerful white, can save the struggling Dragon photoelectric? There remains to be seen.

In December 2009, visit gem Dragon photoelectric, whose main products are mainly used in the field of photovoltaic solar energy, LED, Semiconductor. 2012 suffered its first annual loss since listing, when Dragon optical losses amounted to 511 million; 2013 continued losses, losing amounting to 130 million Yuan.

Enter in 2014, the situation had not improved. On the verge of delisting, Dragon optical through the transfer of a subsidiary, Jiangsu sheng in equity and debt restructuring, profitability, a profit of 29.4732 million Yuan.

However, in the year 2014 after struggling to achieve profitability, Dragon photoelectric again in 2015 the huge losses of 360 million Yuan.

The first quarter of 2016, the company’s loss of 16.9288 million Yuan, is still struggling in losses on the road. And according to the latest disclosure of 2016.5 annual results notice, will still be a deficit period, estimated losses of 5 million Yuan.

In fact, the four consecutive years from 2012 to 2015, Dragon photoelectric buckle than net income was negative.

The past two years, due to national policies to support Dragon photoelectric dabbled in the photovoltaic industry in a boom cycle, many PV performance greatly improved.

Investors are confused and puzzled, peers was hailed as “China’s first photovoltaic equipment brand” Dragon optical does not seem to be enjoying benefits of industry boom, the story is about more and more.

March 2016, crazy exciting to investors used to stimulate its share price “story” is a paper notice announcing “died”-30MW photovoltaic power plant project in Hohhot area eventually became vain. Dragon photoelectric mentioned in this notice, termination is due to changes in project investment subject matters not by national development and Reform Commission for approval. Insiders speculated that may exist between the company and its partners to resell “flagging” (preliminary work of the project approval document) is suspect.

Is suspected of reselling the “flagging” unresolved when the Dragon photoelectric hit again, as the nalati Xinjiang new energy companies non-normal situation, Dragon optical decided to nalati new merchandise for all sources of energy loss, this led to a billion-level business fell through.

The company control Chen publicly expressed, himself interested in mature already by listed companies in the field of photovoltaic technology, production and marketing channels and PV industry capital operation platform for rapid access.

Public information in the past five years, Chen Jing Chen and spouses together in business, Chen said since March 2008 participation in Inner Mongolia city industrial development co operation. City of industry’s main business is the exploitation of mineral resources, at the end of June 2016 2.733 billion yuan in total assets and net assets of 198 million Yuan 2016 revenues of 204 million yuan in the first half, net profits of 103 million Yuan.

In addition, Chen has also participated since June 2010 Fujian ru investments limited business. June of ru’s main business is investment finance, real estate investment, there is no actual business.

But the two legal representatives of the company per capita for Jing Chen, in which Chen did not directly serve as directors, supervisors or senior management positions, Chen is likely to only be on behalf of the Jing Chen controlled listed companies, actual management function is still not in its hands.

Continuous replacement of control who still got right and wrong, a “future star” reduced to edges of the Cabinet. Companies eventually go where only time confirmed.

Original title: performance loss litigation continued between Fujian and the White Dragon photoelectric can save the day?

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