70% Of The Capital Raising Fund Was Idle After &Nbsp, And Some Companies Paid Dividends.

Money can't be spent.

Data show that the gem 209 listed companies IPO

In the over raised funds already allocated, the proportion of direct project investment and equity investment related to the main business is close to 60%, and the ratio of repayment of bank loans and supplementary liquidity is more than 30%.

Use of funds

Listing less than half a year, Chenguang biological paper announcement, the prospectus in fund-raising purposes of the four major projects disrupted.

Chenguang biology is a gem company recently changed to raise funds.

In March 31st, Chenguang biological bulletin stated that the four major projects under the prospectus will be disrupted.

The company, which is known for its extraction of capsicum, was publicly listed on November 5, 2010 and sold 23 million shares at a price of 30 yuan / share.

This issue, the company raised net capital of 649 million yuan, over raised 329 million yuan.

In the morning light bio prospectus, there are four major projects, namely, the annual output of 20 thousand tons of pigment pellet raw materials, the annual output of 2000 tons of fine natural pigment items, the annual output of 60 thousand tons of vegetable protein items and the construction project of Hebei natural pigment Engineering Technology Research Center, with a total investment of 320 million yuan.

Among them, the first project, "annual output of 20 thousand tonnes of pigment pellet raw materials", plans to invest in four marigold grain production and processing lines.

Listing less than half a year, Chenguang biological bulletin that four marigold grain production and processing lines reduced to one.

The reason is that according to the feedback of raw material purchasers and the investigation of planting area of the company's technicians in the surrounding area of Kashi, it is found that the planting area of marigold in Yuepuhu county is insufficient.

Although the company actively nurture the base and sign a chrysanthemum planting contract with some farmers, the annual output of Tagetes chrysanthemum still far exceeds the original design of the 10 thousand tons of granular production line for raw materials demand.

In order to reduce idle equipment, the remaining three chrysanthemum grain lines will not be built.

One investor said, "before the listing, did the company not conduct any research on investment projects?

It's a trick to deceive investors by changing the money into the hands and then changing the project.

A nothingness fund-raising project

Companies like the early morning creatures have disrupted the fund-raising projects, and this year, similar activities have been carried out by the companies such as the League of nations aquatic products and the Lop medical company.

According to the China Securities Journal, as of December 14th last year, a total of 30 GEM listed companies changed their initial investment projects, accounting for 21% of all listed GEM companies.

Among them, more than half of the companies changed the implementation sites and implementation subjects of the investment projects.

Some listed companies said that the change of investment projects was due to policy adjustment.

For example, because the western garden of Jiuquan Hi-tech Industrial Park is listed as a wind power industrial park, Dayu water saving has to remove the "Jiuquan annual production of 190 million meters drip irrigation pipe (belt) and matching water-saving equipment production line technology extension project" to move out of the park.

Some GEM companies originally planned to use the funds to raise funds, and chose to build houses.

Jiuzhou electric company announced that it will save part of the funds involved in the equipment and civil engineering tendering and bidding mode of the investment project, which will be used to build a scientific research and design housing for the enterprise technology center. The construction area is 6000 square meters, and the construction period is expected to be 6 months. The total investment will need 15 million yuan.

Jiuzhou electric also said that if the savings of less than 15 million yuan, it does not matter, will be used to raise funds.

An investment bank official said, "for every reason to change the direction of fund-raising, every company will have a statement.

This argument is often related to changes in policies and industries, leading to investment diversion.

Therefore, such a practice is not illegal and investors have no alternative. "

This person said, for the companies seeking to enter the gem, the fund-raising project itself is not very important, "this just shows that the pre listing enterprises have not done enough research, and some have even reported some of the nothingness fund-raising projects, listing the money again."

Excessive recruitment of bad diseases

Money circles are more prone to problems.

Since the end of 2009, regulators have frequently worked out policies to regulate the use of over raised funds.

Since its birth, the gem has been faced with over funding. The first 28 listed companies have planned to raise 7 billion 78 million yuan, the actual fund-raising is 15 billion 478 million yuan, and the proportion of the gem is 119%.

In October 2009, the Shenzhen Stock Exchange issued the guidelines for the standardized operation of the listed companies on GEM, drawing lessons from the experience of the main board and small and medium-sized board market, and making special provisions in view of the phenomenon of over raised capital raised by the GEM companies.

That is to say, over raised funds should be stored in the special fund raising fund, and should be invested in the main business of the company. It can not be used to carry out high-risk investments such as securities investment, entrust financial management, derivative investment, venture capital, and provide financial assistance to others. At the latest, the company should make plans for the use of over raised funds within 6 months after raising funds, and submit them to the board for deliberation and timely disclosure.

Song Liping, general manager of the Shenzhen Stock Exchange, has publicly stated that the key to the problem of whether the funds raised will be whether the management team of the listed company is operating normally or steadily.

Song Liping believes that as long as GEM companies regulate management, super raise is not a problem.

By the end of 2009, regulators had found that GEM companies had relatively large capital raising funds, and some companies had a significant decline in net assets yield.

At the beginning of 2010, the Shenzhen Stock Exchange issued new rules. For the purpose of permanently replenish the funds and repay the amount of bank loans, the accumulated funds should not exceed 20% of the total raised funds every 12 months. For the single actual use of the funds raised to 50 million yuan and reaching 20% of the total raised funds, the special provisions should be submitted to the shareholders' meeting for consideration in advance.

The standard of public condemnation of GEM listed companies, which began in April 1st, aims at setting up a clear violation standard from three aspects: capital occupation, violation guarantee and fund raising management.

Large sums of money to find a way out

Under the fierce policy, the "no bad money" GEM companies began to rack their brains to find a way out for the unknown capital.

Investing large sums of money is a legend. Aggressive expansion is a choice.

The most typical example is the Al eye department.

In 2010, the eye ophthalmology "acquisition of new construction" took the lead in the merger and acquisition of 6 ophthalmological hospitals including Beijing intelligent, Chenzhou Guangming and Tianjin MEG. It also established chain hospitals in Kunming, Changchun, Heze, Nanjing and other cities through self building or increasing capital and expanding shares.

One analyst said that risks were also involved in the rapid expansion of the scale.

The purchase represents another type of capital outflow of gem.

Meteno used the 23 million 245 thousand and 80 yuan of over raised funds to buy office buildings, the 8 floor of Kuang Yi Building in Haidian District, Beijing, with a floor area of 1131.6 square meters.

Da Yu spent 10 million yuan on water saving and over raising funds to purchase office equipment, pport vehicles and pportation vehicles, including freight cars and traffic vehicles.

Other GEM companies chose dividends directly.

In 2009, when the first annual report of GEM companies was released, generous dividends had become the highlight.

Xin Li Tai 10 turn 10 send 10 yuan, Shenzhou Tai Yue 10 turn 15 faction 3 yuan, Wah Yuen electric 10 to 10 10 yuan 5......

Some analysts believe that one of the most inefficient ways to deal with over raised funds is dividends.

Because in theory, the income of investment projects is not enough to cover interest on investment deposits, so they have to send money.

It is the responsibility of listed companies to find suitable projects for investors.

"Truly high growth enterprises will not do so.

Microsoft, which grew up in the US capital market, has not paid dividends for more than 20 years, so is Google.

Because they need the money very much.

Investors benefit from their growth, not direct dividends.

The analysts said.