Here is ENGLISH TRANSLATION:
Securities times, Li Shouren
To delist the company and "Penny Stocks" the American over-the-counter market--powder and single market (OTC Pink) simmering in the near future.
A code for "DOLV" pink-sheet shell companies were announced and JI Ming Yang in company mergers and acquisitions in China, suddenly highest shares jumped more than 10 times in the last two months by domestic and foreign investors.
This makes outsiders wonder, said JI Ming Yang in production electric vehicle research and development of new energy is a kind of company? Its electric vehicle research and development level? This powder and single-market company and for what reasons?
In this regard, the securities times, conducted a survey to understand, find DOLV disclosed information access is a bit, JI-Ming Yang is currently in mass production, only low-speed electric vehicles, high speed electric SUV still in the experimental stages of development, including JI Ming Yang's official website, DOLV annual report various channels such as high-speed electric SUV-related parameters have not been released by the authority of the State inspection agency certification.
While reporters found that Kimball in Shenzhen investment holding Group (referred to as gold group) shareholding in JI-Ming Yang a month later, JI-Ming Yang opens in powder form pace of market operation, subsequently included in the gold group new energy plate, but gold group claimed nine plate layouts and business model will make the outside world is uncertain.
"Pink single" why boom?
Looking back at the above merger, DOLV (Dolat Ventures, Inc) in April this year, disclosed in the announcement of 2016 annual report, JI-Ming Yang Wang Dequn DOLV acquisition of legal persons in the company 300,000 preferred shares (preferred shares convertible into 2500 shares of common stock per share, which equals 750 million shares), in December 2016, DOLV control. And, when, DOLV bought JI Ming Yang (JB & ZJMY).
The securities times, according to the information obtained through the eye in the sky check, JI-Ming Ming Yang Yang, known as JI new energy science and technology limited, the company incorporated in Beijing in March 2015. On November 17, 2016, shareholders appear to change gold group and Wang Dequn stakes, legal representatives from the change of Han Zhiming Wang Dequn.
At present, JI-Ming Yang Han Zhiming shareholders respectively, gold group, Wang Dequn, stake, respectively, and 48% and 20%; further query shows that the gold group is controlled by Wang Dequn, reduced its stake to 95%, had taken control of JI Ming Yang 51% of shares; that is, Ming Yang Wang Dequn JI actual control.
According to reporter observed, DOLV acquisitions JI Ming Yang after the information disclosed in the annual report released in April 2017, on the market in powder form, DOLV stock price starting from $0.01/share, in early May the highest hit $0.129, up nearly 12 times; so far, stock price volatility.
DOLV this shares the cost of the annual report were not disclosed Wang Dequn; data showed nearly a year DOLV actually 0.0001 of the price fluctuation range ~ $0.129 per unit; if only estimates by $0.01/share, and the conversion of preferred shares into common stock, the total investment cost of about US $7.5 million; book floating the theory about a month profit as much as $90 million.
Then, JI-Ming Yang are indeed unique, this single market of mergers and acquisitions in the powder so popular?
DOLV annual report said JI Ming Yang is currently developing a name for JI Ming Yang V3 SUV in electric vehicles, on a charge of up to 600 km range.
Also, JI-Ming Yang's official website and related senior announced the electric vehicle and body shape with Chery Kay V3 (SUV) building, comprehensive status mileage 500 km, constant velocity (60km/h) battery life range of 600 km, and at the end of last year, claims to be "the Ministry list of new energy automobile electric car for the longest battery life".
Facts and what? Related arguments believable? Reporter on the investigations.
SUV cars not certified by the Ministry of
Securities times, by querying the Ministry in January-July this year, the list of featured models of popularization and application of new energy vehicles and list of past understanding, JI-Ming Yang V3 did not name them.
"The Ministry will organize relevant institutions and experts to review and defence, after the adoption of new energy vehicles on directories. For car-related parameters, keeping in mind the strict, a list of vehicle parameters on credibility is high. But not on the list of cars is difficult to verify and judge of their parameters. "Research in the field of new energy vehicles to the securities times, points out that, every two months by the Ministry on its website notice a number of directories.
Reporter JI Ming Yang has sent a letter to and would like to know, "JI Ming Yang on the V3 is the Ministry in the new energy automobile directory, how now", "vehicle without the authority of the technology sector published by certification", and so on. In this regard, JI-Ming Yang reply said, "V3" (SUV) in the experimental stages of development being actively before the certification with the State authorized organs of communication. "
According to journalist investigates DOLV planned by changing its name to "JB& ZJMY" (Kimball & JI Ming Yang, in fact, JI-Ming Yang company) to reflect the new portfolio. However, perhaps share price changes, or related disclosure causes such as regulatory concerns, changed its name temporarily hampered.
JI-Ming Yang confirmed to reporters, was renamed, "the US powder market regulator FINRA (the financial industry regulatory authority) on the company's application for a more detailed review, resulting in substantially increased workload, time, is now awaiting official notification of the authorities."
Talk about why would choose to purchase powder company, JI-ming, Yang said, the company is currently operating scale and governance structure also cannot satisfy the conditions listed IPO in the United States due to plans to expand overseas markets in the future, so the company first landed in powder market (one of the American over-the-counter market).
"The US OTC market (OTC market) by a layer of innovation (OTCBB) and the OTC market Group (OTC Markets Group) composed of three basic layers. "Professor of Wuhan University of science and technology to the securities times, said Dong Dengxin, OTC market group of three base layer for OTCQX, and OTC and OTCQB Pink (pink sheet market).
Definition display, OTC Markets are in the United States for those who choose not to stock exchanges or NASDAQ IPO and delisting or does not meet the listing criteria of company transactions quotation service. On three hierarchies, OTCQX is higher levels of OTC market, traded companies need to disclose up-to-date information and meet the minimum financial standards. The OTCQB companies traded on the Securities and Exchange Commission (SEC) to declare and disclose the latest information.
DOLV which OTC Pink (pink sheet market) for information disclosure of listed companies is less and the timeliness is even worse and is divided into the lower levels. Which of the listed company does not set the minimum financial standards, most penny stocks (penny stocks), shell companies and troubled companies, and incomplete data, therefore, powder and single market official website in the related statement strongly recommends caution before investors can make investment decisions, a thorough study of the company.
However, JI-Ming Yang official website information may be disclosed by OTC market listing and IPO listing two concepts confused; one page titled "Jinbo·Zhong JI Ming Yang the United States covered in the city on the world's first station road show."
Low-speed vehicle sales unknown
Reporters access to documents also show that gold group in January this year to $1 per share to JI-Ming Yang in the internal selling stock the price and JI Ming Yang in powder form in the market quite different from the listing price.
In this regard, JI-Ming Yang is denied, said: "the company has not sold the original unit, but rather a discussion of internal employee incentive programmes, programmes, if enacted, will be carried out in option. JI-Ming Yang is still on the legal compliance of a proposed study and adjustment. "
DOLV disclosure, JI-Ming Yang unaudited financial results (in English) shows, the company shareholders ' equity of $869,900, total liabilities of $42,100, the company had total assets of $912,000, including current assets $764600; earnings are not disclosed.
According to the reply from the JI-Ming Yang introduced the company in addition to high-speed electric SUV in the experimental stages of development, while sales of low-speed electric vehicles has been launched.
Public information, low-speed electric vehicles in China rising in recent years, a major producer in Shandong, Henan, Hebei, speed 40~60km/h, priced at more than 10,000 ~4 million; buyers concentrated in towns, counties, mainly in middle-aged and older adults, mostly without a driver's license. Because there is no low-speed vehicle production standards as the European Union and the United States, policies need to be improved. Currently reading, Li Chi, Yu Jie and other top 10 companies market share of more than 60%, the industry entered a period of shuffling, backward production capacity gradually out of the market.
JI-Ming Yang is not disclosed in the letter its sales of low-speed electric vehicles in General.
Worth noting is that gold Group held in Nanning, Guangxi on June 24 "new generation of electric cars press conference and the Fortune Global Forum". According to the securities Times reporter, in the Forum, in addition to JI-Ming Yang held above low-speed electric vehicles offer relevant ceremony, no further Guan Zhongji mingyang V3 (SUV) high-speed electric car development related information.
Instead there is, most of the time the press conference, for the gold group instructor • to introduce to the participants present its Chamber of Commerce called An Tao Hui (Allied) investment platform. According to the lecturer introduced l, to become An Tao Hui Mall members in two ways:
Plan first, as the Alliance regional agents, respectively, divided into district and County agents (1 million), municipal agents (2 million) and provincial agencies (3 million) Alliance under the jurisdiction of regional agents can access related to the share of proceeds.
Programme II is joined new business Union (new of e-commerce platform) platform, is divided into level shops, and two level shops, and three level, shops, respectively need paid 10,000 yuan, and 50,000 yuan, and 100,000 yuan ranging of margin; which, a, and III shops of margin will in 10 months within gradually returned, and has related gifts, 10 months Hou, will addition give subsidies, and regardless of merchant whether sold products, will give subsidies, belongs to "stability earned not lost", but specific subsidies how many is needed will Hou communication exchange.
Another has gold Bo group related lecturer y in and investors privately Exchange Shi introduced has subsidies programme: to a level shops for cases, shops margin input 10,000 yuan, company each months to customer returned 1100 Yuan, will continuous returned 14 months (margin + shops grants total for 15,400 Yuan) weizhi; II level shops, shops margin input 50,000 yuan, company each months to customer returned 5500 Yuan, continuous returned about 19 months (margin + Grants a total of 104,500) until grade shops invested 100,000 yuan deposit, the company returned to the customer each month 11,000 yuan, return 29 consecutive months (margin + benefits totaled 319,000 yuan).
How high subsidies sustainable?
"Gold group to build 1 million users of mobile Internet platform, is now burning cash subsidy phase, users cast more earn more, so is the opportunity. Current size has reached hundreds of thousands of users, after subsidies could be reduced. "Lecturers y presentation to investors, said if the member reaches a certain scale of investment, such as 200,000 yuan and investment introducing someone to join, can also receive an additional Commission.
If simple estimate by 500,000 member user base (gold official website news releases May have to disclose their user group for 500,000) to only invest 10,000 yuan per person, for example, members total investments of up to 5 billion yuan if calculated margin + benefits after maturity, the total number is even more astounding.
Double high subsidies, can not help but was curious about gold group. Above is true in high subsidies mode? Gold Group on their own merits? Cash flows come from? JI-Ming Yang in the gold Group also play a role in the territory?
According to reporter investigate the gold group known as "Kimball in Shenzhen investment holdings company limited" was founded in September 2014, Wang Dequn holds 95% shares of the company. Main business scope of the enterprise, including information technology, technology development, technical advice and other communication tools.
Established less than three years of gold group, describing its business model on the Internet said "at present Bo group, has built a commercial ecosystem. Where ' jinbosimaier the new league as a centre of business, through safe payment and other business so that the shop tenants through the platform An Tao Hui O2O marketing products, and shake dry tree payment terminals to help merchants secure easy to use online payment and so on. "
Promotional materials also show that among them, smile owned An Tao Hui technology Mall Hua mobile financial payments are set and end-product research and development, production, sales, service and financial platform for liquidation, financial consultation as one of high-tech Mobile Internet platform for financial services products.
Talking about size, gold Group website are described in a news released in May this year, now has dozens of subsidiaries, agents, more than 200 operations centers in more than 40, the end user more than 500,000 people.
Days eye check displayed, above information in the involved gold Bo group its respectively has Shenzhen Republika Meyer global technology limited (following referred to "smile global technology"), and Shenzhen huaan paid Technology Limited (following referred to "huaan paid"), and Shenzhen An Tao Hui technology limited, and Shenzhen shake dry tree technology development limited, more than company, these company respectively established Yu May 2014 to February 2015 during, corporate representative are for Wang Dequn.
How to play nine plates?
Further enquiry, the legal representative Wang Dequn, currently in more than 60 companies, of which more than 40 companies located in Guangdong, more than 10 companies registered in Beijing.
According to reporter investigates Wang Dequn (common name "Wang Jinlai"), Jin Group Chairman, company promotional materials show "for the military, participated in the Vietnam war, senior investment specialist, has extensive experience in capital operation, professional research mobile payments for more than 10 years."
Gold Group executives, lecturer announced foreign group's future three main objectives: first, we need to create 1 million users of mobile Internet platform and, secondly, to achieve create billions of market value of listed companies in mobile Internet; third, to create paid trillion size of the transnational group.
And from gold Bo group official website claimed of nine big layout view, main involved has "new electric business platform (referred to new business Union), and mobile paid, and new mobile intelligent Terminal, and big financial, and big data, and big agricultural, and big health, and big culture, and new energy",, almost includes has now hot of industry field, which "in the JI Ming Ocean" is designated in "new energy" plate among.
However, it is a little puzzling is, in gold group of considerable importance to the mobile payment service-"Wah paid", for example, reporters at the people's Bank of China (PBoC) website found, in the current licensed include PayPal, tenpay, fast money paid more than 200 bodies, such as lists, but could not find "Wah paid" figure.
According to the survey, in the gold group in nine plate layout, in addition to capital JI Ming Yang is in operation, smile around the sea before in March 2016 listed equity trading center of science and technology (commonly known as "Nova"), but unable to see further information from the company at the Exchange Center. Trade Center-related person responded saying, it is because the company is still in the "Edit" State.
At this point, the outside concerns have not been removed. Established less than three years of gold how group can also play the nine plates? The plates of the business model? How to make a profit? What plate acted as the Group's cash flow? Supporting millions of users where the subsidy money comes from? These difficult from publicly available information to be verified, in this regard, the securities times, will continue to maintain its focus.
