AOKANG Shoe Industry: Wang Family'S "Blood Sucking Field"

The Zhejiang Wenzhou brand AOKANG shoe Limited by Share Ltd, which boasts the first share of the domestic men's shoes, has successfully launched the "Shanghai Customs" main board of Shanghai stock market in the near future, and plans to raise more than 1 billion of its funds.

The packaging of AOKANG shoes is difficult to cover up the dirt behind it.

We found that after all, AOKANG shoe industry was only a chess piece in the hands of the actual controller Wang Zhentao family, playing the role of "blood sucking field".

On the eve of the launch, guinon securities, a related sponsor of the listing, rushed to join the stock market, which made AOKANG shoe industry a truly rich machine. Investors are likely to become a plaything of the Wang family and the "Guoxin system".

The time limit for large shareholders to invest in IOUS is dragged on.

Unlike most of the one or two years before the listing of the listed companies, the AOKANG footwear industry chose the joint-stock system at the beginning of its establishment in 2001, with a registered capital of 70 million yuan. The sponsor was Wenzhou businessman Wang Zhentao, his brother Wang Jinquan, his uncle Miao Yan Shu, his brother-in-law Pan Changzhong and Wang Zhentao's AOKANG group under control.

What is more different from most listed companies is that AOKANG group, as the original controlling shareholder, invested in the form of "empty cheque" and dragged on for nearly four years.

AOKANG group originally planned to invest its production facilities and equipment in the thousand stone Industrial Park as a physical contribution to the AOKANG footwear industry. The total assets of these two assets are valued at 45 million 789 thousand and 800 yuan, while AOKANG group only needs to invest 35 million yuan. The extra 10 million 789 thousand and 800 yuan will be the liability of AOKANG's footwear industry to AOKANG group.

However, AOKANG group did not have the pfer procedures to deal with the ownership of AOKANG shoes in a timely manner, but also did not pfer the related assets to AOKANG footwear industry on the basis of some tax-free imports of footwear equipment.

In the end, AOKANG group actually invested only 5 million 37 thousand and 600 yuan (domestic equipment in shoemaking equipment).

It was not until two years later in November 2003 that AOKANG group formally pferred the production plant to AOKANG shoe industry, plus 5 million 37 thousand and 600 yuan invested in 2001. AOKANG group actually invested 33 million 884 thousand and 200 yuan in AOKANG footwear industry, and it was still 1 million 115 thousand and 800 yuan.

This is the 1 million 115 thousand and 800 of this area. AOKANG group is still playing the same trick, and it has been dragged on for a year and a half in April 2005.

10 years after the establishment of AOKANG shoe industry, AOKANG group took 5 years to complete the formalities of capital contribution.

There is also a problem that can not be overlooked. The AOKANG group handed over the production plant to AOKANG footwear industry after two years of AOKANG shoe establishment. The asset price is 28 million 846 thousand and 600 yuan, which is the same as the assessment price in 2001.

That is to say, the depreciation of production plant within two years and other expenses, AOKANG group did not consider it.

However, the next AOKANG group in 2005 will be the same assets and AOKANG shoes industry asset replacement paction is another logic.