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Family corporation is the biggest risk for Eton to IPO

2012-12-23T13:57:23Z

Rcypcb: Since its IPO prospectus published in Eton ,was questioned from all sides, but the China Business News reporter that the investors a high degree of family oriented is facing Eton Electronics the greatest risk.

Since its IPO prospectus published in Eton (according to Dayton, Guangdong Electronic Technology Co., Ltd.), was questioned from all sides, but the China Business News reporter that the investors a high degree of family oriented is facing Eton Electronics the greatest risk.

"Prior to the issue, according to Dayton to invest 98% of the shares of the Company held the position of absolute control. According to Dayton Investment Limited, a wholly-owned subsidiary of a high tree Li Yongqiang, Li Yongsheng and Tommy Lee brothers indirectly through the tall trees Limited holds 98% of the shares of the Company. "This is the text of the Eton electronic prospectus. Even after the successful IPO, Li Yongqiang, Li Yongsheng and Tommy Lee will continue to hold 75.34% of the shares according to the Dayton Electronic position of absolute control.

The pros and cons of well-known family business, family business does have a high efficiency, the advantage of flexible response in the early days; enterprises bigger, this family structure is often a lack of effective oversight, arbitrary large, could easily lead to mistakes in decision making. Especially after the listing, this family business is difficult to protect the interests of minority shareholders, including the company's prospectus also said: "If the actual controller using their dominant, the appointment and removal of the company's business through the exercise of voting rights, etc. decision-making and control, will be likely to prejudice the interests of minority shareholders of the Company and the Company. "

In fact, the the Eton family business decision arbitrariness risk is emerging. Such as the land issue, according to Dayton IPO prospectus, the company has four land has not yet fully developed, the four land "Fu Guo Yong (2008) No. 040117, in the House State (2008) 040 118 No., Fu Guo Yong (2008) 040 119 number and Fu Guo Yong (2008) No. 040120.

According to the provisions of section 26 of the People's Republic of China on Urban Real Estate Administration Law ":" Transfer to obtain land use rights for real estate development, land use must be agreed upon in accordance with the land use rights grant contract, to commence development period of land development over the grant contract agreed to commence development did not start to develop at least one year, you can charge the equivalent of less than 20% of the land use right grant ?????; development has not started at least two years, free land use rights. "

Eton electronic prospectus, "the four plots two years has not yet commenced, State gratis risk." At present, although has not been recovered, but do not rule out the risk of State gratis. According to the Dayton Electronic beginning to get to, certainly not planning to win not commenced within two years, and in fact not fully commenced after two years, indicating Eton larger arbitrary decision-making, the lack of rigorous argument, this is a family business minds fever forehead decision typical performance of a beat.

Secondly, the drawbacks of tax evasion behavior has even according to Dayton exposed. January 2006 to January 2008, according to Dayton bonded imported double-sided CCL 163,885.49 kg 70,779.12 kg, copper foil, prepreg fiberglass resin piece of 286,147.64 kg 30,795,872.8 yuan worth of products PCB for sale in the domestic leakage payment of the tax 5,752,957.32 yuan. During this period, according to Dayton electrons also domestic purchase of double-sided CCL 631,126.98 kg and bonded imported double-sided CCL 631,126.98 kilograms be exchanged for manual bonded export 33,120,430.02 yuan, the amount involved in evasion of tax of 5,901,141.7 yuan. Eton above behavior by the Gongbei Customs penalties of 10 million yuan.

Eton above behavior has not only more profit for the company, but by punishment, affect the company's image, which is the performance of the drawbacks of another family business family management. Imagine, if this is not a family business, major decisions require the vote of the Board of Directors of the Company of Fiscal Evasion with respect to Taxes on Income models of behavior are not the approval of the shareholders gained nothing in there would be such a loss to meters practice.

Of particular note is the Lee family business also registered outside the range of the company. It is reported that Lee's three brothers are Canadian citizenship. In 1998, the Lee brothers set up in Samoa according to Benton investment; Eton limited liability company established in 2000, according to Dayton investment for the shareholders of the limited liability company in accordance with Dayton, and engaged in PCB production business in the Mainland; 2001 Lee The family became the tall trees of the BVI company investments; 2002 high tree investment acquisition Eton investment after the events of this acquisition, all included in the bag of Lee's three brothers, according to the Dayton Department of the company; 2007, Lee's three brothers began to goal of turning the territory of A-share market, in order to complete the plan successfully listed in the A-share market, according to the Dayton limited into Eton shares acquired in accordance with Dayton multilayer Eton Electronics, according to Dayton and associated companies are Yao management and so on.

Special needs, the Lee family since the last century began investing activities in the Hong Kong listed company Termbray Industries International (Holdings) Co., Ltd. holds more than 60% of the equity. Headed by a name yet manage (Trust) Co., Ltd. was established in the British Virgin Islands in 2006, the business of the company is operating the the Lee family court Trust Fund, the company also owns Termbray international the Xindi property, Sheng Group the other 9 shijiazi, Sun Company. In addition, the clan's parents, Li Li and Liang Liping also set up a number of companies. In the Lee family investment registered a series of companies, Yong Di limited development Ken Shaoguan Tenda no actual operating Li Liang limited, Prime Time Group, MJS limited, welcomes domain is limited, and the domain of international as well as Tenda innovation The company as a shell company. And most of the companies are registered in offshore.

In recent years, offshore companies inside and outside the tax system the phenomenon of differences of Fiscal Evasion with respect to Taxes on Income shall have occurred, the more serious is the "turtle" back listed companies, overseas background it is difficult to verify the identification, it is easy to associate Insider trading, investors, more unknown factors, are at greater risk.

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Apple's main pcb supplier - Huatong begin to set up new pcb factory in Chongqing

2012-12-21T14:46:57Z

Rcypcb: Pcb factory Huatong start to establish a HDI MILL factory in Chongqing China mainland, as main pcb manufacturer that supplies pcb production for apple's iphone, ipad and macbook products.

PCB factory gbm (6191-TW) Zhichao (8213-TW), the two notebook (NB) board in the Chinese mainland market, the flames of war spread to Sichuan, the two sides in the new production base in Chongqing and Sichuan new capacity out at the end of this year, while the veteran PCB factory Huatong (2313-TW) planned investment in Chongqing Fuling established the new HDI MILL held yesterday to start.

?????China through the program to set up a new plant in Chongqing, held yesterday at the commencement ceremony, including Chairman Wu Jian and the president Jiang baking Kun are personally involved, Huatong will be made to set up factories in Chongqing more than 250 acres of land, which, according to internal Huatong planning, Huatong will set up this phone MILL HDI process, is expected to open the first phase of a monthly capacity of 25-30 million sq ft, can be produced and opened in 2014.

?????Huatong previously in mainland China, Guangdong Province, Huizhou's PCB factory, then is the earliest Taiwan businessmen PCB factory in mainland China generous investment HDI manufacturing process of listing of PCB factory and China General Principles of planning further enter Chongqing addition conduct investment HDI manufacturing process of the production line, and has been Ministry of Economic Affairs Investment Commission approved an investment of $ 45 million.

????Huatong for the important Apple PCB suppliers, consolidated revenue of 2.83 billion yuan in November, the monthly growth rate of 9.16%, the annual growth rate of 29.58%, a record a new high in October 2008 after 49 months, the second calendar year. Huatong consolidated revenue of 24.149 billion yuan in the January-November 2012, the annual growth rate of 10.48%.

?????Gbm Chongqing Yongchuan District of PCB production line of the new plant at the end of November for completion is enabled, refined into a technology director said, set up by the investment refined into Yongchuan plant, the first phase will open a 600,000 sq ft PCB production can, the main production PCB NB board mainly will be extended in the future and Netcom IT peripheral products with the board; while next year would add another amount of investment to expand production capacity to 1.2 million sq ft per month.

Despite the recent market a look at the bad apples and the supply chain, under repair shipments of the rumors everywhere, but Apple PCB and chip supplier has pointed out, the first quarter of next year, did not see orders substantially lower signs, including iPad Series Tablet The computer demand continued warming and shipments next year will have around 100 million units, up to 4 percent annual growth rate. Apple next year the new iPad, iPad mini are equipped retina panel (Retina Display), the exclusive supplier of the P-Gamma chip F-IML Anen (3638) was awarded the hosting big single.

Industry, said the continuing shortage of iPhone 5, iPad 4 and iPad mini needs an equally strong, PCB board and chip orders of these products release of the first quarter of next year, only about 1 percent less than the fourth quarter of, in line with the seasonal correction, even so The order number is still large, early next year, the Chinese New Year holidays may require engineers to work overtime and operator.

?????However, Apple's supply business revealed that the second half of the second quarter of next year may indeed see a new revision of the iPad launch, which Youyi iPad mini specification changes, upgraded to the A6 application processor, is a comprehensive reform adopted resolution high retina Panel. By then, Apple iPad products imported all the high-resolution retinal panel.

?????In addition, according to market research firm DisplaySearch opposite mill investigation found that the Apple iPad Series tablet computer shipments total about 70 million units, but shipments next year is the point of view of 100 million units, with an annual growth rate of more than 4 percent. . IPad supplier revealed that Apple recently launched iPad mini will play shipments growth locomotive shipments this year, about 1,000 to 1,200 million units, but the next year annual shipments of 50 million units to challenge, the annual growth rate of 3 to 4 times.

In order to gain the enormous opportunities of iPad mini, plus Apple parts procurement exercise "," go to the Samsung, AUO is expected to win the panel large single the Apple retina panel P-Gamma chip, F-IML exclusive suppliers, the industry came new orders for iPad mini has won the revision after P-Gamma integrated chip.

Legal F-IML P-Gamma chip only Apple in New iPad, the iPad 4 Macbook Pro Retina product line, and next year once the iPad mini start importing, follow-up, there iTV orders are expected into the bag, F- IML next year out to Apple's P-Gamma chip total will exceed 100 million, at least more than 5 to 6 percent annual growth rate, the kinetic energy to the operational point of view, the next year to earn into stocks this little problem

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3 PCB project settled Honghuatao Town

2012-12-20T16:59:45Z

Rcypcb: settled Honghuatao Town 3 PCB project , Wa build a pro-business, security, easing the service environment, supporting pcb industry infrastructure for enterprises

Recently, a total investment of 200 million yuan Hubei Yidu Honghuatao, the town an annual output of 24 million capacitive resistive touch screen glass cover projects in Shenzhen, Dongguan De Xin Electronics Co., Ltd. signed. The landing the success of the project, is settled in the town's industrial park Yongxin Seiko Co., Ltd., general manager Wang Wanyong "matchmaker" When.

Wang Wanyong of Yidu Honghuatao town, to Shenzhen after graduating from high school career, has founded a number of companies. The end of 2008, returned to his hometown, founded Yongxin Seiko Co., Ltd. invested 35 million yuan.

PCB (printed circuit board) is most active industrial the contemporary electronic component industry, while the production of micro-tungsten steel drill Yongxin PCB factory industry supplies. Annual output of 24,000,000 capacitive resistive touch screen glass cover project PENG Qun Chi, major shareholders, is also an Yichang, Wang Wanyong matchmaking, field trips several times with Fujian boss Lin wins full Honghuatao town, the final decision in Yidu joint venture group wins photoelectric Co., Ltd.. Currently, Wang Wanyong have to use him in the industry a good network of resources to help introduce Billiton Chi photoelectric, Hua Shangguang electrical and group wins, optoelectronics, three PCB project from pcb manufacturers Honghuatao Town, settled.

Taiwan PSA is the world's largest pcb manufacturer, settled Phoenix Lake Industrial Park in Yongchuan District on March 29 last year, to build its Western production base project. The project covers an area of 959 acres, plans to invest 800 million U.S. dollars, mainly produces PCB board, passive components, inductance and resistance, the annual output value will reach 20 billion Yuan.

According to industry sources, the new production lines of several China Taiwan PCB manufacturers will be run at the end of 2012 or the first half of 2013, in China and Thailand. Digitimes reports, global brand manufacturing (GBM), sets up a new plant in Chongqing, China, plans to start mass production at the end of this month or in December. The company also plans to increase the plant's production capacity of 1.2 million square feet in 2013.

According to the introduction, the global famous enterprises of circuit boards and electronic assembly industry will bring the latest products and technology to debut in Shenzhen. The new "environmental clean zone" will showcase the latest environment protection technology, equipment, raw materials and services. During the exhibition, many activities such as: the international technical exchange, the industry exchange and manual welding competitions will be held. all the audience may participate in a series of exciting activities: fortune wheel and iPad draw.

"Nanny" service to the town's effort to build a pro-business, security, easing the service environment, supporting infrastructure for enterprises, enterprise and employment, preferential policies, procedures, and the formation of a strong magnetic field effect. This year, the town has introduced a soil the old foolish Biotechnology Park, force and energy liquefied gas 4 billion project. Currently, the town a total of 17 projects under construction, of which six have been officially put into operation.

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