uggbootsuk: Seven Mishap To 37 companies listed on the GEM review does not passUGGS KensingtonUGGS Bestellen

GEM board will open the first anniversary, since the September 17 meeting of the GEM issuance examination committee for the first time this year on September 29, year a total of 185 companies on the GEM will, which, 148 the company successfully through starting application, but there are 37 companies that failed to pass the GEM issuance examination committee of the audit.

3 at the end of this year's issue of the GEM issuance examination committee held meetings and supervision of business communication 4,5 months training two sponsor representatives, regulatory authorities issued GEM stakeholders have been released the audit did not pass a number of problems the company.

according to regulators who introduced the GEM companies are not primarily due to seven reasons, questions were sustained profitability and growth deficiencies; independence, the main qualification; to raise funds; information disclosure; regulate the operation of internal control and financial accounting issues.

statistical analysis, according to the reporter, in which sustained profitability, the problem of inadequate growth is the GEM companies are not the main reason, 16 is whether there is sustainable and profitable business uncertainty, growth of the shortfall.

the reasons for the defeat of the other six companies which, the letter was undoubtedly the most long-lasting Suzhou Phi false \GEM was first passed in the formal market will be halted on the eve of the enterprise.

37 companies were not the main reason

- Growing doubts

\not in compliance with the conditions listed on the GEM. innovation and growth are two characteristics of GEM, innovation is the soul, growth is performance, must do both. \the meeting made the statement.

one of these words point to, that is, whether for GEM was lack of business growth, sustained profitability doubts about the issue.

reporter survey shows that the GEM Board to open the year, a total of 37 appears to be whether the companies on GEM, there are 16 continuing profitability and growth in terms of doubt, it has also become the impact of GEM of the most common reason for failure.

specific performance of its various forms, can be divided into 6 species.

First, the business model and their respective industry has undergone major changes. The second is whether the company GEM - Shanghai Tongji McNair is therefore the same whether a typical representative.

According to this reporter investigation, Shanghai Tongji McNair is not the same fundamental reason comes from two aspects, one is the company's business model has undergone major changes, its continued profitability of major adversely affected.

information, car design is the Shanghai Tongji one of the main business with McNair, but the company was in June 2009 to increase their investment by investing in the sports car manufacturer's Jilin Ling Tian cars, which gives reason is done through the acquisition of R & D results-S11 hybrid car technology industry.

but from the issuance examination committee's view was that the company's main business go from a sports car sports car design and sales, resulting in a \\

and Shanghai Tongji there to commiserate with the Beijing Jie Yi News infinite.

investigation, according to our reporter, this core business as a \issues.

prospectus, in 2007, 2008 and 2009, the company's mobile e-commerce revenues were 2.2053 million yuan, 22,650,200 yuan and 20.9838 million yuan, mobile gaming revenue is 10.9812 million yuan, respectively, 20.5216 million yuan and 124,937,900 yuan. In 2009, total revenue between the two main income has accounted for 67.9%.

in 2007, the company's operating income was 80.41 million yuan, \mobile gaming business's operating income accounted for only 16.40%.

that is, from 2007 to 2009, three years time, the Beijing News Unlimited's main business is easy by the \This GEM listed company's main business requirements - the last 3 years, no major changes in the main business, the issuer shall highlight the main business - clearly a conflict.

business growth and sustainability of the doubts about the second major manifestation is \

statistical analysis, according to our reporter, is whether the 37 companies, 4 companies rely on the existence of a single customer through the big problem. Undoubtedly the most typical Jurassic software and \

prospectus, in 2007 to 2009, Jurassic software revenue from top five customers were as high as the proportion of total income 98.42%, 99.34%, 98.09%.

Correspondingly, its scale seems to be rather large accounts receivable. 2007 to 2009, net accounts receivable were 17.84 million yuan, 26.32 million yuan and 42.34 million yuan, accounting for current liquid assets, 65.52%, 64.24% and 76.58%; the proportion of total current revenues are 56.80%, 63.39% and 73.46%.

dependence on major customers and the resulting accounts receivable bad debt risk is evident.

Similarly, the over-reliance on fossil planes, has become a peak oil machinery visit the capital market barriers.

to 2009 figures, the top five customers in sales, accounting for 81.09% of revenue. Among them, the amount of 56.34 million yuan petrochemical sales, accounting for 23.42% of sales; of the oil was 52.9 million yuan in sales,UGGS Kensington, accounting for 21.99% of sales.

this calculation, the peak oil petrochemicals planes occupy the year 48.39% of total sales, nearly half of the country.

in 2008, the petrochemical planes occupy the proportion of the company's annual sales as high as 81.47%, 77.78% in 2007.

addition to the above two cases, the 16 GEM is not lack of business growth as well as four forms: negative growth in revenue or profit, and is difficult to provide convincing reasons; over-reliance on tax incentives, financial subsidies, growth \capitalized costs, advance or delay recognition of revenue, non-recurring gains and losses and other means to adjust the profits.

patent War

regulators who said the above, the GEM emphasize innovation and growth. Both as table and intertwined. The most direct and important innovation is one of the characterization of the patent, and it is on this issue in the patent, a public company frequently questioned GEM listed rather turbulent journey, lasting more blatant fraud, such as Suzhou, who listed the eve of the final is an emergency stop, West Side Story capital market.

6 9, the Commission issued a notice saying there are related issues in view of Sound package for further implementation, decided to cancel the 34th meeting of the GEM issuance examination committee of the company filing the audit issue.

Abolishment of the SFC were not disclosed, but then there is news that Sound package with their peers IPO or blocked in the patent dispute between the company, in a document called \Sound Packaging Machinery Co., Ltd., Zhongshan City, the process of listing prospectus declared reports of serious fraud, \8 March they were all made copy of a patent related to the company's patents.

and Sound package, the new materials listed Dah Sing also be suspended before the patent was due to reports of competitors. May 5 this year, rivals Henan lion with a new wood products Dah Sing grounds of infringement of patent rights to the Zhengzhou Intermediate People's Court proceedings. Henan lion and further reported that the new material in the prospectus, Dah Sing conceal major environmental problems and major shareholders of the stain industry experience, false statements alleged.

subsequent May 19, the Shenzhen Stock Exchange announcement that Dah Sing by the new material application, agree to the suspension of listing.

Despite this controversy, the new material is ultimately successful listing Dah Sing, and Sound package is also well off will be followed. Prior experience in the patent challenge is not so lucky, Suzhou lasting, smooth over the night before will be listed after the emergency brake.

3 9 March, as a \, up to 77 times the earnings release of funds by more than 700 million sought after.

However, Suzhou permanent book published in the prospectus of the organic light conductor, such as organic light conductor tube 5 patents, was exposed in 2009, this newspaper does not pay its claims to apply to the state \

Thus, in listing the eve of the 2000 million new shares in the A shares was stopped outside the door.

6 11, the Commission announced that the GEM issuance examination committee of the 35th Working Conference on Optoelectronics Technology Co., Ltd. Suzhou long-lasting initial public offering and listing on the GEM of the matter after the review, due to inaccuracies in the information disclosure, auditing is not passed. Related securities firms, law firms and those responsible be punished.

issuance examination committee review that Suzhou, the main problem is permanent, the applicant files the prospectus disclosure and declaration of all five patents and two patent-law state with the facts: Suzhou permanent All products use the current termination of the four design patents, 50% of the product of a termination of utility model patents, overall, 5 patents there are adverse effects of termination of the applicant.

Suzhou, long-lasting, according to the Commission on the regulatory requirements of the patent disclosure, the issuer and the sponsor institutions and securities services sector is not honest and trustworthy, diligence, the issuer of the application documents and information disclosure carefully verification, has failed to deliver proactive reporting and disclosure, due diligence and prudent verification obligations.

the Commission under relevant provisions of the issuer to sponsor GF Securities regulatory measures to produce a letter of warning. Meanwhile, two sponsor representatives to supervise the signing of the talks, issued a letter of warning, and will not be accepted within 12 months of its signature file associated with the issuance of securities.

the same time, counsel for the Commission on the issue of Bank of Beijing law firm to take days to produce a letter of warning and regulatory measures. Meanwhile, the signing of three lawyers to monitor conversations, issued a letter of warning, and will not be accepted within 12 months of its signature file associated with the issuance of securities.

This is regulators since the GEM Board to open out the most severe fines, Suzhou has become a long-lasting \

stumbling block to the six listed companies

addition to doubts about the main issue of growth,UGGS Bestellen, the 35 GEM is whether the company is also involved in six categories of problems.

The first is the question of independence, which is embodied in technology and market dependence and related party transactions and so on.

such as health care products business in Beijing Dong Fang Hong space needs the controlling shareholders of the parent units of Yutong of China Academy of Space Technology R & D platform to achieve the core R & D work, and the latter is the main R & D personnel and researchers part-time.

related transactions while the company was too much,Moncler Online, in 2006 and 2007, the company's first big customer of Shanghai Huan Yu Shanghai biological and second days of music major clients are companies associated with bio-enterprises.

In fact, the most outstanding performance in related party transactions to the number of Wuhu Andhra logistics, data show that in 2006-2008 the company and controlling shareholder of the first half of 2009, the U.S. group and its affiliates occurred over the same period business income accounted for 38.19% of revenue, 32.53%, 29.56% and 27.47%, while the production of related party transactions accounted for the total gross profit margin exceeded 30% of all proportion.

qualification in the subject area, from Tianjin, three British welding industry has hit a bullet hole.

the former controlling shareholder of the company in Tianjin in October 2008 the Trust will hold three British share transfer to the welding industry, Ze Hua Group, from the issuance examination committee of the opinion that the nature of the equity transfer and management policy are two sides of the difference, and after the transfer of shares a director of the company's chairman and Tianjin from the Trust appointed by the change VATS Group delegation.

under the \major changes, the actual control of people do not change. Tianjin, three British welding industry is clearly in violation of this provision.

use of the funds raised are also concerned about the issuance examination committee in the audit process is an important issue. Problems in the independence of the Beijing Oriental Red, raised funds to invest equally in the defective.

disclosed in the prospectus under the Companies to Coenzyme Q10 softgel products as raw materials is one of the company to raise funds to invest, but the product was only last September 2 to enter the State Food and Drug Administration Technical review stage, not yet obtained approval and certificate. Although the company said it expected in 3-4 months to obtain approvals and certificates available, but may be due to policy changes and other unforeseen factors have led to an extension of the certificate is granted the possibility of issuance examination committee finally decided that this does not meet the \\

GEM companies are not statistics,UGGS Online Bestellen, that there is no standard operation and has internal control issues are not, as many as six companies. Hatch morning in blue above example, the company in 2006, approved tax collection methods used, although the draft declaration in the prospectus the company said in the tax act the Shanghai Jinshan Branch of the Inland Revenue Department and confirmed; but has not carried out were not correct, is still difficult to pass.

is reasonable in terms of accounting,Moncler Online, Jiangxi Hengda is a fairly typical case. \requirements. Beijing Fu Xing Xiao Cheng addition, there are similar problems, but on their end of the first will be whether, after September 17 this year, second on the Council, will be succeeded.

last question is related to information disclosure, disclosure of patent information that is typical of Suzhou permanent false, the result was the eve of the emergency brake in the listing, the sponsor broker, law firm, the responsible person punished.

Furthermore,Chaussures UGG Pas Cher, this reporter learned that Symbol Technologies, Shenzhen Zhuo declaration in the first draft of a subsidiary during the reporting period to conceal the existence of a fire and be punished, but also hide some of the contract dispute,UGGS Outlet, after being reported made before the relevant disclosure and description.

or grievance?

\change, how to measure this important? considered a major change in how many people? \\by the Board of Directors passed a resolution for the appointment of Zhao Shiwen, deputy general manager. August 2008, resigned for personal reasons Zhao Shiwen Deputy General Manager,UGGS Schoenen, has violated the relevant regulations. \can be regarded as the resignation of the management of major change? should be open to question. If this really is one of the reasons it was not, it is somewhat difficult to understand. \

for the above-mentioned changes may be due to the main business was not easy to hearing unlimited in Beijing, the industry also expressed sympathy: \, mobile games mobile value-added services do not belong? \>

In addition, enterprise customers rely on a single issue, the industry also said the question, \, \or from their own enterprise is not to find a cause. Now whether the GEM is a lot of companies are too hasty. net profit of 30 million is best to wait no longer, the companies are not short of money, there is no need for equity financing, but also do not have to hurry on. \

reporter Statistics found that by industry, 37 did not pass the electronic and information technology companies in 11 industries, accounting for nearly one-third of the hardest hit by any enterprise, and the declaration of business electronic information boards are small-scale enterprise revenue, was shot electronic information business income is less than 1 billion and net profit more in between 20 to 30 million. For example Maijie technology, software, square, square straight science and technology, optoelectronics, Bo Hui.

(reporter Zhengshi Feng, Su Jiang also contributed to this article)

> Related: GEM lifted shares of the \raised funds, low growth, high price-earnings ratio made the GEM 400 a year out first billionaire Jiang Rensheng
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