The silver mansion incident occurred in the stock market. What's going on here?

The truth couldn't be clearer: Tianjin Xia Guang 1999 and 2000 made "huge profits" in the export of extracted products, which is totally untrue. The whole thing-from the export of bulk extraction products to the soaring profit of Yinguangxia, and then to the soaring share price-is a complete scam.

Yinguangxia trap

In the past two years, (Yinchuan) Industrial Co., Ltd. (hereinafter referred to as Yin, Shenzhen Stock Exchange code 0557) has created remarkable achievements and stock price myths.

According to the annual report of Yinguangxia 1999, the earnings per share of Yinguangxia in that year reached an unprecedented 0.5 1 yuan; Its share price was prescient, starting from 1999 13.97 yuan on February 30th, and soaring to 35.83 yuan on April 30th, 2000. The next day, after the generous dividend plan of 10 was implemented, it was donated to 10 and entered the stock market. On February 29th, 2000 1999, the Man Cang of this stock hit a new high of 37.99 yuan, equivalent to 75.98 yuan before ex-rights, which was 440% higher than the price of 1999 when it started a year ago. In 2000, the annual growth rate ranked second in Shenzhen and Shanghai; In 2000, the performance disclosed in the annual report hit another "miracle". On the basis of doubling the share capital, the earnings per share climbed to 0.827 yuan.

The "miracle" does not stop there. On March, 20065438 1 day, Yin Guangxia announced that it had signed a general agreement with Fidelity Trading GmBH for three consecutive years, with a total amount of 6 billion yuan. According to this contract alone, the earnings per share of Yinguangxia 200 1 will reach 2 to 3 yuan! Previously, Zhang Jisheng, Chairman of the Board of Directors of Yinguangxia, had predicted that doubling the annual performance in the next three years was "not a problem".

This is a bright future, but not everyone is carried away by it. In the securities industry, there are not as many people who believe in the myth of Yin as expected.

-A fund manager said: "(Yin's performance) is good, but it doesn't conform to common sense."

-A researcher in the agricultural field of a famous securities company has not included Yin in the scope of observation for a long time. He asked the reason and replied, "Is it necessary to study?"

There are super discussions with clear views on various securities websites. There are thousands of posts about Yin in the famous securities professional chat room "Talk to Everyone", and skeptics and supporters hold their own words and argue endlessly. You can find all kinds of rumors there.

But relying on "feeling", rumors, arguments and even "common sense" are still lacking. After more than a year of follow-up interviews, the reporter gradually approached the truth, and the "myth" of Yin gradually recovered its true colors. Even in the immature China market, a very rare mega-fraud scam is presented to us.

introduce

The miraculous turning point of Yinguangxia's performance began with 1998. This year, Yin came out from Tianjin with "good news".

On June 7th, 1994, Xia Guang (Yinchuan) Industrial Co., Ltd. was listed on Shenzhen Stock Exchange with the stock name "Yinguangxia A". Yinguangxia A claims to be the first listed company from Ningxia, but in fact, this company originated from Shenzhen.

Chen Chuan was the founder of Yinguangxia and served as the chairman and president of Yinguangxia's board of directors before his death in February 2000. He was born in 1939. In his early years, he was a screenwriter of Yinchuan Repertory Theatre. 1In July, 1984, he went south to start a business in Shenzhen, and successively founded Shenzhen Xia Guang Culture Company and Shenzhen Xia Guang Video Equipment Company.

Chen Chuan was born a scholar. According to people who have seen him, he is "extremely charming". From 1993 to 1994, he was good at dancing with long sleeves, merged and reorganized several floppy disk production enterprises under the Cultural Company, and successfully went public (see the supplementary article "Biography of Yin"). Two of them are located in Shenzhen, namely Xia Guang Video Equipment Co., Ltd. and Xia Guang Micro Floppy Disk Co., Ltd.; The other company is called Xia Guang (Yinchuan) Magnetic Technology Co., Ltd., which is registered in Yinchuan and existed for only one year, from1September 1992 to1June 1993, when Yinguangxia was established, it was cancelled. Everyone with discerning eyes knows that the role of this company is to obtain the listing quota of Ningxia Autonomous Region. One of the founders of the company is Ningxia Institute of Computer Technology. He is currently the chairman of the Bank and the president of the Bank for a long time as the director of the Computer Research Institute. Jill Zhang was born in 1946. In addition to working in Yinguangxia, he also served as the director of the Science and Technology Department of Ningxia Autonomous Region.

After listing, Yin Guangxia gradually formed around the high-level team of Chen Chuan. Jack Li, the current president of Yinguangxia, is from Tianjin. 194 1 was born. He used to be the director of Tianjin Arts and Crafts Factory. As early as 1985, he started a business with Chen Chuan. After Yin Yu 1994 entered Tianjin, he was in charge of Tianjin business for a long time. Ding is currently the chief financial officer, chief accountant and secretary general of Shenzhen.

When 1994 was listed, the competition in the domestic floppy disk industry was in full swing. In the blink of an eye, every floppy disk produced will lose 2 cents. For Yinguangxia, which mainly focuses on floppy disks, the transformation is imminent.

Since then, Yin has been busy keeping 10% ROE every year. At that time, the chairman never denied this, but he often mentioned it when recalling and expounding Yin's entrepreneurial course. Yin Guangxia's projects have changed one after another. Since the beginning of floppy disk production, Yinguangxia has entered the stage of comprehensive and diversified investment. According to the annual report of 1996, Yinguangxia has successfully developed from a single industrial company with three floppy disk manufacturers to a cross-industry industrial company with 27 wholly-owned and holding subsidiaries and branches. By 2000, it has developed into a compound scale with more than 40 shareholding and holding companies, covering toothpaste, cement, seafood, liquor, bezoar, activated carbon, cultural industry, real estate and so on. Most of the projects are to shoot a gun and change places, and the profit level is always unremarkable. Every time, only the return on net assets of 10% is maintained above the lifeline of rights issue.

The most famous project in Yinguangxia is to control sand and grow grass in Xishawo (now called sand-collecting canal) in Yongning County, southwest of Yinchuan. 1995, Chen Chuan met Wu Anqi on the train to Beijing. Wu is the director of the Institute of Water Resources of Ningxia Autonomous Region. He has been studying desert control on the basis of hydrological investigation. He once managed 1 200 mu desert near Yinchuan, but later gave up because of lack of funds. In a conversation on the train, I became interested in Wu's sand control and planting ephedra, and decided to invest. Xia Guang (Yinchuan) Natural Products Company was established with 80% investment from Yinguangxia and 20% investment from Institute of Water Resources. More than 20,000 mu of desert control was purchased in the suburb of Yinchuan to grow ephedra (the raw material of ephedrine). Wu is currently the chairman of (Yinchuan) Natural Products Company and Ningxia Pharmaceutical Factory, and one of the directors of Yin Guangxia.

Controlling sand and planting grass has brought an unusually good image to Yinguangxia, but it has not brought any benefits. Yin said that 600 million yuan was invested before and after, which is an exaggerated figure. According to Caijing, the actual investment is about 90 million yuan. It is said that this project can be flat in the near future, but it is too early to contribute huge profits.

The miraculous turning point of Yinguangxia's performance began with 1998. This year, Yin came out from Tianjin with "good news".

Tianjin Xia Guang "supports the overall situation alone".

1999, 75% of Yinguangxia's profit comes from Tianjin Xia Guang; In 2000, the proportion was even higher.

Yin Guangxia 1994 established Tianjin Cleaning Products Co., Ltd., a holding subsidiary in Tianjin. 1996, Procter & Gamble imported a set of pump toothpaste production equipment through German company C. Illes & Co, which was the earliest contact between Yinguangxia and West Elis Company. Since then, Yin has ordered a set of 500-liter× 3 supercritical carbon dioxide extraction equipment produced by Krupp from Western Company. This is the beginning of the legend.

On 1998, Tianjin Xia Guang received the first order from German Chengxin Trading Company. At that time, the cleaning company was renamed as Tianjin Xia Guang (Group) Co., Ltd. (hereinafter referred to as Tianjin Xia Guang) on1997 65438+February 3 1.

On June 10 of that year, Yin announced that Tianjin signed an export supply agreement with a German company, and Tianjin would provide this German company with 50 tons of egg yolk lecithin, 80 tons of cinnamon essential oil, cinnamon oleoresin and ginger essential oil and ginger oleoresin products produced by supercritical carbon dioxide extraction technology every year, amounting to more than 50 million marks.

A few months later, on June 9th, 1999, Chen Chuan, then chairman of Yinguangxia, described the profiteering connotation of this single contract in Zhengzhou as follows:

"... German Chengxin Company placed an order in June 1999, with a total price of 5612 million marks. On June 26th, a cargo ship carrying the first batch of agricultural products extracted from Tianjin Xia Guang anchored for Germany. The export of this first batch of products actually earned more than 70 million! "

1999, the total profit of Yinguangxia was1580,000 yuan, of which 76% came from Tianjin Xia Guang (according to Zhang Jisheng's internal speech).

Subsequently, Yin announced that he would import two more 800-liter extraction production lines from Germany, and then upgraded the plan to two 1500-liter× 3 and one 3500-liter× 3 production lines. The planned production capacity is 13 times that of Tianjin Xia Guang! For a time, the market was boiling for the huge profits it showed.

On the eve of the publication of the annual report 1999, on February 4th, 2000, Chen Chuan died suddenly in Beijing at the age of 6 1 year. According to Yin's announcement, the cause of death was "sudden myocardial infarction".

The death of the founder didn't affect Yin's dream trip in 2000 at all. In the re-election of the board of directors in February 17, Zhang Jisheng succeeded as the chairman, and Jack Li, then the chairman and general manager of Tianjin Xia Guang, was promoted to the president of the company. Later, Bank published the annual report of 1999, with the earnings per share of 0.5 1 yuan, and implemented the dividend plan of 10/0 for the first time in the company's history.

In less than half a year from 1999 12.30 to April 2000 19, Yinguangxia rose from 13.97 yuan to 35.83 yuan. February 29th, 20001Man Cang, 2.9 yuan, reached a new high of 37.99 yuan, equivalent to that before ex-rights.

In March of 20001year, Yin published the annual report for 2000. In the case of doubling the share capital, the earnings per share increased by more than 60%, reaching 0.827 yuan per share, which is staggering.

Most of the profits come from Tianjin Xia Guang: Yinguangxia's annual main business income is 965.438+0 billion yuan, and its net profit is 465.438+0.8 billion yuan. Yin announced on June 65438+1October 19, 2000 that Tianjin "exported" 1. 1 100 million marks of ginger essential oil, cinnamon oil and lecithin to German Chengxin Company. On April 2 this year, Shenzhen Zhongtianqin Certified Public Accountants, which audited its financial statements, wrote to the reporter that the supplementary contract for additional orders in that year was 2 1 100 million mark, and the actual contract amount in 2000 was1800 million mark (about RMB 720 million). According to the profit rate of extracted products 1999 provided in the annual report (sales income is 23.97110,000 yuan, operating profit158.92 million yuan, and the profit rate is 66%), the profit created by Xia Guang will reach 470 million yuan in 2000.

More magnificent profit prospects are still ahead. In March this year, the Bank announced again that German companies have signed a general agreement with the Bank for three consecutive years, with an annual income of 2 billion yuan. Based on this calculation, the earnings per share of Yinguangxia 200 1 will reach 2 to 3 yuan, making Yinguangxia "the stock with the best performance but the lowest P/E ratio in the two cities". The legend of Yin reached its peak. 2001June 18: Yin announced the establishment of 1500 L× 3 supercritical carbon dioxide extraction production line in Wuhu City, Anhui Province.

Impossible output, price, product.

First, with the capacity of Tianjin Xia Guang extraction equipment, even if it runs overnight, it can't produce the claimed quantity; Second, the export price of Tianjin Xia Guang extraction products is almost outrageous; Third, some products in Yinguangxia's export contract to Germany cannot be extracted by supercritical carbon dioxide extraction equipment.

If Yin's performance is a myth, then "supercritical carbon dioxide extraction" technology-a strange technical term-has played a role in turning the stone into gold. The simple explanation is that this is a technology to extract natural raw materials according to the properties of carbon dioxide at different temperatures and pressures (see attached information for introduction).

Hearing Yin's myth, Zhu, a professor of chemical engineering in Tsinghua University, and the general manager of Beijing Xinglong Biotechnology Co., Ltd. have the same first reaction: Why is "supercritical" always used for hype? Experts all know that the application of this technology may be able to achieve relatively stable income, but it is definitely not profiteering, and it is by no means omnipotent. As early as1998,65438+February, when the national annual meeting of China Supercritical Fluid Association was coming to an end, a paragraph was specially added to the minutes of the meeting: "I hope that the business community will not blindly launch supercritical extraction projects and repeat low-level construction." However, in this year, preparations for the Yin myth began.

It is reasonable to believe that Tianjin Xia Guang, especially Jack Li, former chairman and general manager of Tianjin Xiaguang and now president of Yinguangxia, played a key role in the whole process. The reporter once asked Chen Chuan's former secretary about German customers and extraction. She has only one sentence: Ask Jack Li. The West Elis Company's answer is the same.

In the eyes of experts and peers, Yin's amazing income is full of doubts.

First of all, with the capacity of Tianjin Xia Guang's extraction equipment, even if it runs overnight, it can't produce the claimed quantity.

Even if only according to the contract amount announced by Yinguangxia on June 65438+1October 19, 2000, the products contained in the1.1100,000 mark should contain at least 160 tons of lecithin and ginger essential oil. As evidence, Tianjin Xia Guang claimed that the goods exported by/kloc-0 in 1999 with a value of 5,665,438+million marks included 50 tons of lecithin and 80 tons of ginger essential oil.

However, according to domestic experts' understanding of this technology, the actual annual output of a set of 500-liter× 3 supercritical carbon dioxide equipment will definitely not exceed 20 tons to 30 tons-even if the equipment runs continuously for 24 hours.

Perhaps just to make it "logical", in March 20001,Jack Li told reporters in Yinchuan that Tianjin Xia Guang had mastered special technology and could greatly increase its production capacity. Taking the extraction of egg yolk lecithin as an example, he said that the 500-liter× 3 equipment in Xia Guang shortened the extraction time from 10 hour to 3 hours and further shortened it to 30 minutes; In the future, through the last set of "online monitoring" equipment, the extraction time will be shortened to ten minutes; In addition, the accuracy of egg yolk lecithin produced in Tianjin Xia Guang increased from 35% to 97%. In addition, Tianjin Xia Guang is a round-the-clock "four shifts and three operations", and its output is naturally amazing.

Thirty minutes! Experts who have heard this statement feel incredible. The extraction process includes carbon dioxide pressurization, extraction and decompression. It takes at least 40 minutes just to pressurize carbon dioxide to dozens of atmospheres; It takes five or six hours to extract lecithin. The accuracy of lecithin extracted in only 3 hours will be greatly reduced. Why can Yin extract lecithin for 30 minutes? Jack Li's answer is a story: "My technique is that when everyone eats with the Germans, they get drunk and get a top secret drawing-'Critical state of carbon dioxide under any circumstances'. The Germans sell you equipment, but it is impossible to give you this thing. Even Germans were surprised when our lecithin was made. Later, the Germans were demoted by the headquarters. "

The reporter went to the Department of Chemical Engineering in Tsinghua University-this is the "partner" that Li once mentioned-for further verification. Professor Yang Ji smiled when he heard this case: "I have many such drawings here. Do you want them? " That's just the most basic technical explanation. "

Yang Ji is a professor in the Department of Chemical Engineering in Tsinghua University, and one of the three main experts who study supercritical extraction technology in Tsinghua University. He began to study supercritical technology from 1978, and has extensive cooperation with the business community, so he is called a "walking dictionary" in the industry.

A professor from Tianjin University who had contact with Yin also told reporters that extracting lecithin from egg yolk takes 3 hours and 30 minutes.

Professor Chen Kaixun of Northwest University pointed out that the so-called "on-line monitoring" equipment in Jack Li can eventually shorten the production time to more than ten minutes, which is only a detection method and has nothing to do with carbon dioxide extraction.

In a word, technically, it is impossible for Tianjin Xia Guang to produce products that meet the contract quantity within the scheduled time.

Secondly, the export price of the products extracted from Tianjin Xia Guang is almost absurd.

At the seminar on supercritical carbon dioxide extraction held before the shareholders' meeting of Yinguangxia in March, 2000 1 year, Jack Li once said: "Take ginger as an example, 50 kilograms of dried ginger with water content below 10% can produce oil 1 kg and oleoresin1kg. The best dried ginger in China is 7,000 yuan per ton, but the' European market price' is 700 to 900 marks per kilogram of ginger essential oil (equivalent to about 2,800 to 3,600 yuan) and 0/60 to 200 marks per kilogram of oleoresin (equivalent to about 640 to 800 yuan). The export price of Tianjin Xia Guang is still at the upper-middle level. Add labor costs, utilities, and machine depreciation, and you can calculate the profit rate. "

According to these conditions, it can be roughly calculated that the raw material cost of ginger essential oil and turpentine per kilogram adds up to only 350 yuan, but if it is sold to Germans, it can be sold for 3,440 to 4,400 yuan. There are such beautiful things in the world! The price given by Yin Guangxia is far from the London price in the international market and the reference price given by many domestic manufacturers and industry experts. Take ginger essential oil as an example. The price announced by Yinguangxia is 2800-3600 yuan per kilogram, while the CIF price in London in 2000 1 17. The known international market price of Xi Anjiade Company is only 600-000. Beijing Xinglong Biotechnology Co., Ltd. (the earliest manufacturer using supercritical carbon dioxide extraction technology in China) is only 1, 000 to 1, 200 yuan /kg, and the price difference is 3 to 5 times! An expert who was told about the price of Yinguangxia extraction products said with a smile: Such expensive ginger essential oil is almost comparable to gold, so it seems that you should be careful with the dropper! According to the contract 1998 of Tianjin Xia Guang exporting goods to German Chengxin Company, the contract prices of related goods are as follows:

Cinnamon essential oil 900 to 1 100 DM/kg.

Cinnamon resin 160 to 200 marks/kg

Ginger essential oil 550-700 DM/kg

Ginger oleoresin 150 to 250 DM/kg

Egg yolk lecithin averages 300 marks/kg.

About 6.5438+0.2 million yuan/ton

In March of 20001year, Jack Li publicly announced the product prices as follows:

Ginger essential oil 700 to 900 marks/kg

About 2.8 million yuan to 3.6 million yuan/ton.

Ginger oleoresin 160 to 200 marks/kg

About 640,000 yuan to 800,000 yuan/ton

Cinnamon oil 700 to 1 100 mark/kg

About 2.8 million yuan to 4.4 million yuan/ton.

Cinnamon resin 200 to 500 marks/kg

About 800,000 yuan to 2 million yuan/ton

No matter which of the above prices, compared with the actual market prices at home and abroad, they are greatly overestimated.

Third, some products in Yinguangxia's export contract to Germany cannot be extracted by supercritical carbon dioxide extraction equipment.

According to experts, supercritical carbon dioxide extraction technology has a big limitation, that is, it can only extract fat-soluble (also known as nonpolar and weakly polar) substances, and it often needs to be combined with other technologies to produce high-precision products.

Tianjin Xia Guang claims that the accuracy of its egg yolk lecithin has increased from 35% to 97%. However, an expert told the reporter that it is impossible to extract lecithin with an accuracy of more than 30% only by a set of 500-liter× 3 extraction equipment in Xia Guang, Tianjin, and it needs to be equipped with separation equipment that uses a lot of ethanol for purification in the later stage, but there is no such equipment in Xia Guang, Tianjin.

On March/March/March/2000 1 day, Yinguangxia announced that it had signed a general supply agreement with German Chengxin Company with an annual supply amount of 2 billion yuan and a total supply amount of 6 billion yuan for three consecutive years. The company needs to provide Germany with 150 tons of cinnamon essential oil, 150 tons of cinnamon oleoresin, 160 tons of ginger oleoresin, 9000 tons of decaffeinated tea, 157.5 tons of natural caffeine, 24 tons of tea polyphenols, 24 tons of angelica oil and ginkgo biloba leaves every year.

Some products mentioned in this contract, such as tea polyphenols, belong to water-soluble (polar) substances and cannot be extracted by supercritical carbon dioxide extraction technology. Ginkgolide, puerarin and paeonol mentioned in the contract are also difficult to extract. This is the unanimous view of many domestic experts interviewed by the reporter, such as Professor Yang Ji from Tsinghua University, Professor Yu Anping from China University of Chemical Technology and Professor Chen Kaixun from Northwest University. 1997, Nanyang City, Henan Province thinks that ginkgo flavone can be extracted from ginkgo leaves by supercritical carbon dioxide extraction technology, so it invested 20 million yuan to replant 1 10,000 mu of farmland with ginkgo trees. As a result, the project failed and the farmers had no harvest that year.

In addition, there are many doubts-Yin said that in 2000, the company exported more than 50 tons of lecithin to Germany, which required at least thousands of tons of raw materials. However, according to insiders, there are only two production bases of egg yolk lecithin in China at present, Shenyang and Xi 'an, but in fact, the egg yolk powder sold by the two places together is only 30 tons.

The reporter also learned from Tianjin that a pharmaceutical factory once wanted to use supercritical carbon dioxide extraction equipment, but a senior manager in Xia Guang, Tianjin, told them privately that this move needed to be cautious because Xia Guang, Tianjin "could not start work for a long time".

According to Yin Guangxia's announcement, another 3,500-liter× 3 production line planned by Yin Guangxia in Wuhu will mainly deal with tea, providing German companies with 157.5 tons of caffeine, 24 tons of tea polyphenols and 9,000 tons of decaffeinated tea every year, which requires at least 27,000 tons of tea. Professor Yu Anping and Professor Yang Ji calculated this respectively, and the conclusion is the same: a set of 3500-liter× 3 equipment can only handle 6000-7000 tons of tea even if it runs 24 hours a year! ..... and so on, too numerous to mention.

Another fate of the guardian

Why does the same equipment make huge profits in Yinguangxia, but make little contribution in Guardian?

Up to now, except Guangzhou Xia Guang (500 L×3 1999), Xi 'an Guardian (500 L×2200) and Guangzhou Nanfang Flour Factory (250 L, 1995) for their own use, only three domestic companies have purchased supercritical carbon dioxide extraction equipment produced by German Wood Company. From June 5 to February 2000, the annual meeting of the National Supercritical Fluid Extraction Society was held in Yangling, Xi, sponsored by Guardian.

Despite these devices, life in Xi Guardian is not easy. This also puts pressure on Yin Guangxia: it is necessary to explain why the same equipment can make huge profits in Yin Guangxia, but its contribution to the guardian is poor. In July, 2000, Zhang Jisheng mentioned to reporters for the first time that Xi 'an also had a supercritical carbon dioxide extraction production line, which was also imported from Demu Company, but it has been idle.

In March, 20001,Jack Li claimed in an exclusive interview that Xi' an Guardian Company was struggling because it didn't have proprietary technology of equipment, and Yin Guangxia was considering whether to acquire it. Yan Jindai, the current general manager of Tianjin Xia Guang, also said in an interview that Guardian knows too little about extraction technology, which is the main reason for its different fate from Yinguangxia.

After these remarks were reported by the media, they had a great influence on the Guardian. Because at this time Guardian is in the process of attracting investment. Yin's position is very passive.

Guardian did fall into a certain dilemma at this time: Guardian introduced equipment in May 2000 and failed to open the market after its successful trial operation in July. Like Yinguangxia, Guardian imported the supercritical carbon dioxide extraction equipment from the timber company through Peng Tao, the business manager of Gao Jie Company, the China agent of West Elis Company. Compared with the equipment in Xia Guang, the structure is almost the same, except that a kettle (container for extraction) is missing.

Guardian also signed a protection contract with West Elis Company: "West Elis Company shall not sell or install similar equipment in Shaanxi Province for three years". Most importantly, the Guardian signed a contract with Lucy Elis, and at least 70% of the products will be underwritten by Lucy Elis, with Deutsche Bank as a guarantee.

However, this underwriting clause has not been fulfilled so far. Peng Tao promised to bring German customers to Guardian several times, but it never came true. West Elis Company has promised that Guardian Company can get 10% of the equipment price, that is, more than 400,000 marks of liquidated damages, under the premise of no longer assuming legal responsibilities.

The reporter learned that compared with the mysterious and closed style of Tianjin Xia Guang, Guardian Company had a comprehensive technical cooperation with Professor Chen Kaixun from the Department of Chemical Engineering of Northwest University from the beginning, and made great efforts in the trial operation and market research of various products. In the case that the underwriting agreement is difficult to cash, the company has carefully produced various samples and made a lot of sales promotion efforts, including Germany, but all of them have fallen into the sea. The Guardian concluded that the problem lies not in technology, but in the difficulty in opening the market.

Why on the one hand, West Elis Company would rather sacrifice several million yuan in liquidated damages than underwrite Guardian products or introduce customers, while on the other hand, it introduced such a big customer as Chengxin Company to Xia Guang, Tianjin? This is what Guardian has been puzzled by.

"We don't have any secret weapons, and I don't envy your secret weapons, but at least I know how many things this equipment can produce. I don't care what you say outside, but if Guardian's interests are involved, we won't remain silent forever. " Li Ting, chairman of Guardian, said.

The mystery of German customers

German Chengxin Company, which contributed 65,438+0,999 and 2000 major profits to Yin, is neither a subsidiary of Elis Company mentioned by Yin nor an established company with 65,438+0,60 years. It was founded in 1990 with a registered capital of only 65438+ million marks.

Yin's "secret weapon", if any, apart from its "technical know-how", is likely to be a big German customer. From West Elise to Honest Trade, who is it? The English full name of German Chengxin Company, which made great contributions to the profits of Yinguangxia 1999 and 2000, is Fidelity Trading GmbH. According to Yin, although the company has a lot of trade with China, it has no office in China and can't find any information on the Internet.

According to the materials distributed by Yin at the 5438+0 shareholders' meeting in March, 2006, "Fidelity Trading GmbH is a well-known trading company registered in Germany and a subsidiary of West Elis, Germany, which was established more than 160 years ago. The company is a trading company specializing in biopharmaceuticals, food and pharmaceutical raw materials, and has a good reputation and reputation in Europe. "

German West Elis Company is indeed a trading company with a long history. CO2 extraction equipment manufactured by German Timber Company was sold to Yinguangxia through West Elis. But is Chengxin Company a subsidiary? The reporter asked Gao Jie Company, a German agency in China, for verification many times, but the attitude of the receptionist of the company was very vague. At one time, they said honesty was a German company, at another time, they said honesty was related to West Germany, and at another time, they said honesty was a subsidiary. Finally, it turned out that the reporter repeatedly asked Yin! How does Yin prove the relationship between honesty and Lucy? In the telephone interview on July 16, Peng Tao, a key figure in Gao Jie's business, clearly told the reporter: Cheng Xin is only a company registered in Germany and has business dealings with Xi Elise, but it is not a subsidiary of Xi Elis.

The problem is actually not complicated. It is known that in May, 20001year, the editor-in-chief of china securities journal mentioned that since Yin caused so many doubts, why not use the power of Xinhua News Agency in Germany to investigate its background? Since then, it is not known whether the newspaper really went to Germany to investigate, but there are indeed Xinhua News Agency reporters abroad in Germany to inquire about the information desk for assistance, but the company has no telephone number registration.

The reporter learned that the head office of Industrial and Commercial Bank of China conducted an investigation on Chengxin Company through its overseas branches and found the following records in the Hamburg Chamber of Commerce: "Fidelity Trading GMBH was registered in this association in 1990 with a registered capital of 5 1 129. 19 euros (about 65438+).

The registered capital is tens of thousands of marks, which is not outrageous for a trading company, but after all, it has signed a contract with Yinguangxia with an annual amount of 2 billion and a total amount of 6 billion, which is too different. After this investigation, the head office of ICBC did not resume the loan to Yinguangxia. The head office of China Industrial and Commercial Bank signed a working capital loan contract 1999 1999 with Yin on February 29th, with a loan amount of 200 million yuan, and the term is set from February 29th 1999 10 to October 28th. In April and May this year, the head office of industry and commerce stopped lending in advance.

Ding, a spokesman for the Bank, promised reporters that in April this year, after the completion of Wuhu's extraction production line, German companies will sign this year's supply contract in China (2 billion yuan per year, part of the general agreement of 6 billion yuan for three consecutive years). When you interview the company, any doubts will be solved.

Until June this year 18, when Anhui Wuhu 1500 liter× 3 supercritical carbon dioxide extraction production line was finally put into trial operation, the long-awaited representative of Germany Chengxin Company still did not appear. The people attending the trial operation ceremony saw several tall Germans, but they were engineers sent by Wood Company and had nothing to do with the order contract. On the second day of the ceremony, Jack Li flew to Germany for unknown reasons.

Will the truth be known only when people from honest companies appear?