11 years: 27 billion BOE listed misappropriating huge investment disputes

The day before, the national development and Reform Commission announced that Samsung, LG and Taiwan Chinese CMO, AUO, CPT and HannStar six companies for conspiracy to manipulate the LCD panel prices, was fined 144 million yuan, this is the first China for foreign enterprises to implement price monopoly punishment. Evidence shows that from 2001 to six years in six years, the above companies held a total of 53 times, crystal conference, manipulating the price of LCD panels, resulting in the fact that the monopoly of the. LCD TV market is growing fast, as the world's largest color TV manufacturing base Chinese mainland, but not once because the production of LCD panels, have high from South Korea, Taiwan, Japan Chinese companies purchasing LCD panel. TCL Group Chairman Li Dongsheng had said publicly that "no LCD panel i". So, including the BOE, SVA, Tianma, TCL and other domestic enterprises in the LCD panel under the heavy note, but the domestic LCD panel project had been at a loss, so the gamble move led to controversy and continues today. Among them, the domestic LCD panel, the leading enterprise BOE, but also because of the years of deficit earn less, but also on the A-share market, A king, the industry and the majority of investors to become the focus of criticism. Is "quanqian" or "industrial"? China panel industry this expansion mode is China characteristic or the international practice? This industry need generous government support? Domestic panel makers have for several years to gamble, the display panel industry leading position? The reporter to sample investigation of BOE panel industry. The huge investment plans to dispute this is an offbeat company in the capital market, listed since 11 years, the majority of the year is a huge loss, but 5 times over the issuance, raising the amount of more than 27 billion yuan, the scale of financing, in addition to several large state-owned banks, probably second to none; this is an offbeat company on the industry level, since entering the LCD panel industry, continued to invest more than tens of billions, not earn money, but could not stop the pace of investment, also recently announced more than 60 billion investment plans; in addition, this is a shareholder opinion surging, but around the local government for the enterprise, Beijing, Hefei Chongqing and other places to pay tens of billions of investment funds. This multi-faceted company is the BOE, China's LCD panel industry leader. Some commentators believe that the BOE through financing - loss - refinancing and loss, hands with capital, realize the free expansion of the net assets reach 18 billion from 2 billion 200 million, a sleight of hand suspicion; well-known financial commentator Ye Tan is that the BOE in the capital market vertical a negative benchmark: as long as the strategy of enterprise, no matter how can profit outlook circle money. But the BOE President Chen Yanshun has stressed that he is doing in the industry down, and said that after the investment period of the suffering, eventually going out. 2012, the LCD panel industry warming, coupled with all four production lines put into operation, BOE is finally expected to achieve profitability. In just a breath when investors, the BOE has thrown more than 60 billion total two 8.5 line ambitious investment plans, so many professionals and investors are surprised: the money come from? Is not the most leading technology? Will bring overcapacity? A series of questions, again overwhelming. Among them, the most concern is the source of funds. BOE 2012 three quarterly bulletin shows that the current total assets of the BOE is $68 billion 100 million, the total current assets and monetary funds of 41 billion, all kinds of accounts receivable of $7 billion, but the total liabilities of up to 34 billion. Such accounts, to take on the investment of tens of billions of dollars, investors can not help but worry about the BOE will play additional cards. In this regard, Chen Yanshun reassured investors, the capital, is a local government investment. Hefei municipal government in the 8.5 generation of online investment of 10 billion, the Chongqing municipal government invested in the 8.5 generation line of 10 billion 800 million. These investments are market driven. The rest of the funds, by the BOE and the local government to jointly resolve. We have also previously issued shares, the future need not to raise funds through the issuance of shares, I believe the board will have a decision. But at least so far, we have not considered this issue." Its own funds is also one of the sources of the boe. Since 2011, after the overall improvement in the BOE, the cash flow has begun to gradually improve. "BOE 2012 cash flow at least 3 billion more than in 2013, there will probably be nearly 67 billion of cash flow. These cash flow for the future development of the BOE will play a good role in supporting." Chen Yanshun stressed that the BOE has begun diversified financing channels, to further enhance the hematopoietic function, "with the panel industry environment improvement, some fund industry, some investors, especially some strategic investors will be interested in the investment. Therefore, we do not always think about the BOE to invest in a private placement, the former BOE for private placement is difficult, there is no new blood injection, financing a single and narrow." Cash is not good, why should this node in intensive investment? Chen Yanshun also explained to reporters from the industry rules, the panel industry is like a highway with no exit, wolf in front after the tiger, must be the world's top five to ride in the middle, slightly careless will be eaten. No high input, no scale, is not among the first array