Marino Sun “master” Missing Re Abortion


Head of the disappearance of major policy decisions directly led to the company can not, in fact, Marino sun is through injection of quality assets to improve performance.

Made by resolution of shareholders is valid for one year has passed, the sun Marino (600 885) today announced the company’s restructuring plan abortion, which leads to the direct cause of this result is that the actual controller of the company’s high-per-kun has been “unable to obtain Contact. “

Because performance has been fluctuating at the edge of losses and small profits, in May 2008, Marino sun began to plan for restructuring. According to the restructuring plan was disclosed, the company intends to force the controlling shareholder of the Group and its subsidiaries Marino promise of new materials, Jinan Marino non-public offering is not more than 120 million shares of A shares (after adjustment for the 9742 million), additional price for each Unit 10.59 yuan, the three companies to be its own solar thermal devices industry, and supporting solar thermal industry in the underlying assets, solar cells and solar glass related assets related to property assessment of new materials for shares valued 1.2 billion. Alleged that the reorganization if successful, Marino will become the first solar thermal utilization of solar energy companies. September 4, 2008, the shareholders of Private Placement program was adopted by the Assembly are valid for one year.

But months later, an unexpected situation occurred. November 2008, Marino sun notice, the company in September 7, 2008 report to the Commission “report issued shares to buy assets of material”, and was received 8 October that year the “administrative license feedback project review notice”, 30 working days required to submit relevant responses, but as of November 14, 2008 has not been back Linuo group, so the company can not the Commission within the prescribed time limit to submit written responses. Since then, solar power promise the actual controller has been discovered on the high per-kun an unknown message. In this regard, a lot of market speculation, have said that because of the high per-kun is illegal to take to build, “Marino Science and Technology Park”, controlled by the parties concerned, and some say he was sick in the hospital, and others have fled abroad, claimed that high. Last year on December 15, Marino had the sun to verify the provisional suspension until Jan. 8 of this year, the company only disclosed the information, saying that “a lot of efforts, still can not link to the high per-kun.” Until now, high-Yuan Kun someone without remains a mystery.

Head of the disappearance of major policy decisions directly led to the company can not, in fact, Marino sun is through injection of quality assets to improve performance. Semi-annual report this year showed that first-half operating income of 320,382,200 yuan, net profit attributable to parent company owners as -2769.65 million. As rising costs and falling demand, the company’s main profit fell 15.72 percent.

However, many in the industry say that, the reorganization of abortion, on the company may not be a bad thing. Public information, Marino Marino sun group had plans to acquire the assets related to the book value of only 169 million yuan, while the valuation is as high as 800 million yuan, up 631 million yuan premium, premium rate of more than 370% of the assets accumulated net profit in 2007 is only about 11.66 million yuan. Some people think that the assets actually acquired some of the production

Solar water heaters

The underlying assets, it is difficult to imagine the performance will give the company a take off to such assets to such a high price into the listed company appears to have high per Kun withdraw its role is suspect.