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The Great Wall internal combustion engine sues Great Wall automobile indictment again embezzles 56000000 profits

http://biz.163.com/06/0227/05/2AUN6E5O00020QEN.html 2006-02-27 05:04:16 origin: The first finance and economics daily paper

The Baoding Great Wall internal combustion engine shareholder sues Wei again founds an armed force embezzles its Renminbi 56000000 Yuan profits, the case has attained the Hebei Province Higher People's Court puts on record accepts. Regarding this, plaintiff, defendant both sides 各执一词. The analyst points out, between the Great Wall automobile and the sub- company's lawsuit definitely can affect the Great Wall automobile the stock price moves towards

Last year already subsided the Great Wall automobile (2333.HK) if the sub- company Baoding Great Wall internal combustion engine manufacture limited company (next called " the Great Wall internal combustion engine") the between lawsuit case recurrence wave billows. The last Thursday, the Baoding Great Wall internal combustion engine shareholder accuses again the Great Wall automobile and company Chairman Wei founds an armed force, the illegal shift internal combustion engine company 56000000 Yuan Renminbi profits, the case has attained the Hebei Province Higher People's Court puts on record accepts.

Great Wall internal combustion engine young shareholder: Wei founds an armed force does not hesitate our benefit!

In last August, one the Great Wall automobile Chinese most greatly privately operated automobile enterprise if the subordinate child company Great Wall internal combustion engine two shareholders' one lawsuit, in industry inside is much noisier.

The Great Wall automobile holds the stock 51% sub- company Great Wall internal combustion engine two shareholders: The Beijing beautiful Asia investment limited company (holds 24.5% Great Wall internal combustion engine stock, actually controls the person Li gold is auspicious) as well as in Baoding the letter internal combustion engine manufacture limited company (holds 24.5% Great Wall internal combustion engine stock, actually controls the person Feng column) pledges must win a lawsuit Great Wall automobile. The Li gold auspicious with Feng Zhu expresses by the Great Wall automobile actual control person, Chairman Wei founded an armed force the deceit transfers the massive Great Wall internal combustion engine profit. The Great Wall internal combustion engine indicates, the company in under the Great Wall automobile shareholder's operation, continuously beyond is lower than the profession the price to the Great Wall automobile supply engine.

The Great Wall internal combustion engine provides the information display, the Great Wall automobile corrodes to the Great Wall internal combustion engine profit from 2003 starts, the same year in May, founded an armed force the Great Wall internal combustion engine board of directors by Wei which the palm controlled makes the decision which reduced prices, each internal combustion engine fell from 12000 Yuan to 11500 Yuan. To in 2004, the internal combustion engine price once more dropped to lowest 9600 Yuan one. The Li gold auspicious with the Feng column discovers out of sorts, in the market other factory production internal combustion engine has not reduced prices, even outdoes Great Wall internal combustion engine 5400 Yuan one, but the Great Wall internal combustion engine each time reduced prices all is the major stockholder Great Wall automobile 3 trustees decides, two young shareholders occupied 49% stockholder's rights, basically did not have the right to speak, the actual benefit was occupied obtained company sales volume 70% above the Great Wall automobile.

The Great Wall internal combustion engine discloses, the Great Wall internal combustion engine reduces prices through the internal combustion engine to return the advantage the way, in disguised form to Great Wall 汽车输送 profit. In 2005, in the Great Wall automobile only in the profit, the profit which the Great Wall internal combustion engine transports in disguised form amounts to above 120000000 Yuan. According to the above, the Great Wall internal combustion engine thinks, Wei founds an armed force is the left pocket Great Wall internal combustion engine money, pulled out the right pocket Great Wall automobile. Although, these two companies all are Wei found an armed force for the actual control person, such left hand but actually right hand nothing but is lets Hong Kong go on the market the company Great Wall automobile achievement is attractive.

The after Great Wall automobile 2003 year's end go on the market, in at the middle of April, 2004 the beginning, the folk remedy replace Great Wall internal combustion engine general manager, and replace the Great Wall internal combustion engine finance person in charge, even replace the individual trustee. Wei founds an armed force and so on the person in October, 2004, the strong Great Wall internal combustion engine in 2004 has about to realized the profit 75000000 Yuan Renminbi delimit into the Great Wall automobile account household.

In founds an armed force the communication after Wei is invalid, 2004 year's end, the Li gold auspicious the Great Wall automobile will consider the courtroom with the Feng column, and will go to Hong Kong reports to the authorities the Great Wall auto, will do not hesitate to sacrifice the young shareholder's benefit plasters the achievement.

Great Wall automobile: This is one farce!

However, the Great Wall auto certainly does not approve Li golden auspicious Feng Zhu Di view. But this lawsuit which initiates by them by the Great Wall automobile news spokesperson, is propagandized minister discusses the jade expensively is called " the farce ", " the dispute reason from ' how many which draws bonus ' the start." The business jade expensively requests some indignation regarding the Li golden auspicious Feng Zhu lawsuit.

The Great Wall automobile the material which sends in to " first finance and economics daily paper " demonstrates, the Great Wall automobile and the Great Wall internal combustion engine 纠 Ge origins in 2000. Borrowed the strength to the Great Wall automobile brand influence strength which day by day was lucky in the market, the Great Wall internal combustion engine obtains the ultra conventional fast growth, for 5 years, the Great Wall internal combustion engine average gross profit rate was 25%, greatly was higher than the domestic colleague 16.46% average gross profits rate, invested shareholder's repayment rate is extremely considerable.

The Great Wall internal combustion engine aspect provides the data also indicates, only in 2003, Li Jin Xiang, the Feng column two people on separately obtain draw bonus the amount 9800000 Yuan (the same year enterprise only profit approximately are 120000000 Yuan, Li, the Feng two people respectively account for profit approximately 29400000 Yuan). But in 2000 the company has been established when the bilateral respective investment also only only has 10000000 Yuan, this already was the high quota investment repayment rate.

The Great Wall automobile not only is the Great Wall internal combustion engine major stockholder, also was the Great Wall internal combustion engine biggest customer, the Great Wall internal combustion engine about 70% product all sold to the Great Wall automobile, the Great Wall internal combustion engine made the decision after 2004 adjusts downward the product price, especially let Li, the Feng two people be unable to accept.

Enhances the request to two young shareholders which draws bonus, the Great Wall automobile persists opposes. The business jade expensive expression, looks like in the Great Wall automobile, the shareholder draws bonus how many should be the business management level considers after the synthesis the shareholder, customer all sorts of benefits and enterprise's long term development and so on various aspects factor made the decision, " the dispersion of light eats " the same year profit certainly does not only tally the Great Wall automobile and the Great Wall internal combustion engine long-term development strategy. " Great Wall automobile this kind of consideration is the rational decision which any standard operation modern enterprise metropolis makes, but the shareholders opinion is not certainly consistent." The business jade expensive also said.

Thereupon, the bilateral contradiction like this slowly forms, finally more and more changes irreconcilablly. In December, 2004, two young shareholders (in the Beijing beautiful Asia investment company and Baoding letter internal combustion engine company) decides the Xing Xian people's court in Hebei Province (the Great Wall automobile) considers the major stockholder the courtroom. In August, 2005, the court decision rejects plaintiff's lawsuit requests, this Great Wall automobile is called the farce the lawsuit temporarily is completed.

Who is the final winner?

Certainly, this certainly does not mean the Great Wall automobile can smoothly become the entire event final winner. Since 2004, Great Wall automobile unceasingly has glided down in the sales volume, the raw material unceasingly rises in prices as well as the SUV market continues under the murky influence, the company stock price company innovates lowly. Goes year after year center, receives the multiple factor the influence, the Great Wall automobile stock price creates the next 2.45 Hong Kong dollars newly is low, second half year, receives the SUV market returns warmly, the Great Wall automobile new product breathes out the impetus which not the sales volume continues to rise, the Great Wall automobile stock price starts to rise again with steady steps, but Great Wall automobile market value distance it at the beginning of went on the market already 缩水 above 70%.
 
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