Why rapid decline after photoelectric frequently on the market

On March 24, frequently on the photoelectric ( 002638). On the Internet platform will hold a public apology. Force frequently on the photoelectric expressed regret is: in May 2014, the company after allegedly hiding relationship and related transactions, securities regulatory bureau of guangdong province administrative penalty. This year, however, on March 17, frequently on the photoelectric and administrative penalties for withholding important information. The unknown situation of small and medium-sized shareholders very puzzled: 'company just been administrative punishment, how regulators and imposed on it again. 'The second time by the reason of the administrative punishment, frequently on the photoelectric and the first big shareholders frequently on group existed non-business funds without information disclosure obligations. Reporter noticed that the attendance on photoelectric again involving violations of time is in 2013 and 2014, that is to say, the regulator has focused on the company and issue tickets, frequently on the photoelectric relapse. Could damage the interests of listed companies frequently on the photoelectric is one of the leading enterprises in the LED lighting industry in China, in December 2011, listed in shenzhen stock exchange small and medium-sized plate problems but since then more than three years time. This regulated punishment, was frequently on photoelectric between large shareholders and sum up to 18. 2. 7 billion yuan of funds, but it is not a letter of duty. According to the securities regulatory bureau of guangdong province issued 'on the administrative penalty' ( Hereinafter referred to as 'decision') , 2013, 2014, regular on photoelectric cumulative to the regular group transfer money on 18. 2. 7 billion yuan, frequently on the group and its subsidiaries, respectively to the transfer of listed companies 10. 2. 9 billion yuan, and 7. 9. 8 billion yuan. In the two years of time, often on the photoelectric doesn't told investors. For this reason, this year on March 17, the China Securities Regulatory Commission on guangdong authority to order frequently photoelectric correction, gives the listed company, chairman of the board of directors of the company's then xu-liang li, director of the time before and after the two chief financial Mao Xiaobin and Hu Xuan with, and then the members of the board of directors WenQi disciplinary warning, and to its 500000 yuan respectively, 300000 yuan, 150000 yuan, 100000 yuan, 30000 yuan. 'If fair pricing, may be just the letter problem, otherwise will constitute the damage the interests of the listed company. 'Legal professionals pointed out that from the interest payments, and non-operating, should be diligent in group the use of the funds of listed company, if have all returned to its nature has constitutes a misappropriation of funds of listed companies. The existing announcement, frequently on the photoelectric does not release funds time, composition, life and other details, also did not say the nature of the funds. Only said frequently on group had 2800 pay interest. 830000 yuan, at the end of last year, the two sides non-operating funds balance is zero. If calculated according to age 1 year, often on the group to use the money at an annual interest rate is only 1. About 6%, which is far less than the same period bank lending rates. In November 2014, the central bank to cut interest rates before, the one-year benchmark lending rate of 6%. Even press down the lower limit of 20% computation, one-year loan at an annual interest rate is 4. 8%. In the meantime, frequently on the photoelectric own business go from bad to worse. Results letters, according to the company in 2014 operating income. 2. 6 billion yuan, year-on-year decline in 18. 73%, net profit of 31. 22 million yuan, a sharp fall in 75 from the previous year. 19%. In 2013, the company net profit of 1. 0. 3 billion yuan, fell 1. 17%. 'Frequently on group when negative interest is made, what time transfer of listed companies, why not notice? 'Investors to question, if the fair market price calculation, frequently the interest paid on group, simply isn't enough to cover the cost of capital. Under the condition of the company significant decline, big shareholders also with so low cost, misappropriation of funds of listed company, is not acceptable. The next page 123