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Stone enterprises are vying for the hidden dangers of the listed industry
Stone companies set off a wave of listings. In addition to Xiamen Wanli Stone (see the November 17th Japanese newspaper “Wanli Stone Sprint IPO Environmental Protection and Main Business Risk Threshold Difficultyâ€), Fujian Wanlong Stone Industry Co., Ltd. (hereinafter referred to as Wanlong Stone Industry) also in 2011 11 From the 8th to the 17th, the publicity of the listed environmental protection verification was carried out. The reporter learned that Xixi shares, internal and external mining, Kangli Stone, and Huahui Stone, which are in the same place as Wanlong Stone Industry in Fujian, are also actively entering the capital market. Among them, Xishi shares and internal and external mining have been included in 2011. In Fujian Province, the key listed companies are listed, and Conley Stone has signed a financial advisory agreement with the intermediary agency to be listed on the main board of Hong Kong. In addition, Global Stone, located in Dongguan, Guangdong Province, as a listed company in Dongguan, also announced that it is expected to become China's first listed stone company in 2012. At present, brokers, lawyers, accountants and other institutions have fully intervened. The Xinshan Excellence Company in Xianfeng County of Hubei Province is also the first listed company to produce and process stone materials in Enshi Tujia and Miao Autonomous Prefecture. In the era of meager profit, it was rushed to the market. In fact, the "China Stone First" was picked up by Guanghui (600256.SH) as early as May 2000. At that time, it was said that the scale of stone production ranked first in the country, and the income was mainly from the Guanghui shares of granite mining, production and sales. However, in June 2009, the stone assets were transferred for 14.9 million yuan to transform clean energy. China's Jinshi (01380.HK), a marble producer listed in Hong Kong on March 18 this year, has a net worth of up to 1.016 billion yuan. Its share price is still less than 60% of its offer price, and its loss in the first quarter was 31.4 million yuan. The gross profit margin in the third quarter decreased by 48.4% compared with the first half of the year. Stone enterprises are competing for listing on the occasion of the meager profit era, and the reasons are intriguing. "Most of the domestic stone enterprises are taking extensive management and competition. The environmental protection problem is very prominent. In addition to the increase in the cost of electricity shortage, land shortage, and labor shortage, stone enterprises are at a stage where the cost of factors is rising sharply, especially Stone enterprises are mostly foreign trade types. They must face global competition, and the phenomenon of high yields and high yields is more serious. Profits are basically supported by export tax rebate policies." A person in charge of a stone enterprise in Xiamen said. The extensive management and competition of stone enterprises are more obvious in environmental protection issues. According to the Bandung Stone Industry Environmental Verification Report, as many as five of the six subordinate enterprises that have been included in the environmental verification, there are unapproved first-time construction and long-term trials, which is exactly the same as Wanlishi’s listing environmental verification. The noise of the boundary of the three companies in Bandung Stone Industry has exceeded the standard, and before the start of this environmental verification, the six verification companies under the Bandung Stone Industry did not disclose environmental information to the public. The Wanlong Stone Industry Investment Project is to build a new natural sheet metal processing and composite sheet production base, forming an annual production capacity of 1 million m2 natural board and 400,000 m2 stone composite board, and plans to raise 200 million yuan. However, the environmental verification report disclosed that its fundraising project has not yet been approved. "At present, the resources of stone mines are decreasing, and the cost of acquiring mines is also increasing. The development of stone enterprises requires a lot of financial support." The above-mentioned people believe that "the resource and environmental constraints of economic growth are now further strengthened, but the stone industry lacks cleanliness." Relevant standards for production and safe production.†The fierce competition in resources has indeed become a clue. At the end of September this year, Suizhong Construction (002346.SZ) announced that its wholly-owned subsidiary Zhoushan Yuzhong Investment Project could not guarantee the stone used in the project. Need to relocate. The reason is that the auction price of mining rights is as high as 418 million yuan, which has exceeded the expected development value of the company's calculation. Nan'an, Fujian Province, where Wanlong Stone Industry is located, has the title of “China Stone Cityâ€, but resources and markets are both outside. The cost of warehousing and logistics is high. Zeng Wenyi, vice president of Nanan Stone Industry Association, once said that the stone industry warehousing and logistics The cost is very high, and the average amount of a ship's blocks will cost about $1 million on the road. Risk of shrinking demand In addition to this, due to the decline in real estate development, stone companies are also facing the risk of shrinking market demand. Even if it is estimated that the total demand for stone in 2011 is 136.85 million yuan, the company will have to significantly reduce its investment plan due to the tight purchase of construction land. Yasha shares announced on September 15 that the company intends to adjust the implementation site of the “stone product factory project†of the super-raised capital investment project, and the original planned new land acquisition will be expanded to the original foundation, so the total project investment is originally planned. 264 million yuan fell to 30.56 million yuan. The original planned production capacity announced on March 26 is an annual output of 1.25 million square meters of sheet metal and 420,000 meters of special-shaped line stone products, accounting for 42.39% of the company's 2011 stone demand. Due to the uncertainty of the purchase of land, the implementation site was changed to the company's existing plant area, and the production capacity plan was also reduced to an annual output of 166,000 square meters of sheet metal and 99,000 meters of special-shaped line stone products. The stone industry is more affected by the economic crisis. According to statistics, in 2010, the net amount of accounts receivable for mining and processing of stone for construction and decoration in the country was 8.4 billion yuan, an increase of 25% over the same period of the previous year; the inventory was 12.4 billion yuan, an increase of 37% over the same period of the previous year; the liabilities were 33.8 billion yuan. Compared with the same period of last year, it increased by 17%. However, for the stone companies that are rushing to list, who can take the lead in passing environmental verification means that it is possible to get ahead of the capital market.