June 9, 2009, the plan has just been rejected more than 20 days before the issuance of the Space and Communications (600677.SH) published a revised edition of the additional plans. Compared with previous versions, the program changes is not large, the main issue price to increase.

However, for the program, investors said that 11 years of space communication veto dividends, additional programs will be cast again amended.

mid-May, issuance of No

recurrence in early June plans

October 17, 2011, Space and Communications announced the 2011 non-public offering plan, and fund-raising about 769 million yuan, the number of issued shares is not more than 8300 shares, issue price of not less than 9.42 yuan / share.

January 17, 2012, the Space and Communications announced that the 2011 non-public offering plan, revision, and fund-raising 772 million yuan, more than 120 million shares to issue, issue price of not less than 6.74 yuan / share. Holdings of shareholders Aerospace Science and Industry and its subsidiaries space assets were intended to subscribe for the number of the non-public offering is the offering of 15% and 5% of the total commitment.

which, to be 255 million yuan acquisition of Jiangsu Jie Cheng Car Electronics and Information Engineering Co., Ltd. (hereinafter referred to as “Jiangsu Jie Cheng”) 50.78% equity and increase investment of 60 million yuan after the implementation of the private network line remote wireless streaming media monitoring systems and ground mobile command communication vehicle for industrialization projects, $ 2.35 billion acquisition of Shenyang easy information technology Co., Ltd. (hereinafter referred to as “Shen Yang Yi News) 43% equity and replenishment of 43.0111 million yuan power information collection and management of industrial projects, 51.3 million yuan capital increase the Mianyang informed Telecommunications Equipment Co., Ltd. (hereinafter referred to as “Mianyang informed”) to implement the smart grid and triple play industrialization projects, 50 million yuan Construction Company Communication Technology (Beijing), scientific research and technical service center project, and 180 million yuan to repay bank part of the loan .

but in the May 15 general meeting of shareholders to vote on the results show that the concurring votes of only just over half, does not meet the account to attend more than two-thirds of the meeting of the voting shares of the total number to vote on the motion was not adopted.

So, June 9, 2012, Space and Communications re-released 2011 non-public offering of stock plan revision, the number of shares changes to be issued for no more than 100 million shares, the total amount of funds to be raised over 808 million yuan to be issued price changed to not less than 8.08 yuan / share.

more than 20 days after the issuance is not re-released the revision plan, the Space and Communications of the private placement can be described as the determination is not small.

evaluation value higher rate

assets to be acquired by long action?

for this private placement, communication and space seem to have long “confidence”, action has also been proposed acquisition of assets.

January 17, Space and Communications announced the acquisition of Shenyang easy to hearing the announcement of a 43% stake. Shenyang easy to hearing from May 21, 2001, easy information technology to change the overall set up. December 26, 2009, as of November 30, 2009 the carrying amount of the audited net assets of 129 million yuan as the base, converted into 7,000 shares, the overall change for the Corporation. December 29, 2009 in Industry and Commerce Administration in Shenyang, Shenyang Yi News registration, the registered capital of 70 million yuan, legal representative for Guo Jing.

as of the valuation date, August 31, 2011, assets of the Shanghai Bank and Credit Rating Co., Ltd. (hereinafter referred to as “Bank and Credit Assessment”), respectively, using the income approach and the asset-based approach to assess, estimates Shenyang Yi hearing shareholder equity value value of 369 million yuan to 447 million yuan, asset base to determine the assessment. Bank and Credit assessment, using the results of the assessment of the income approach to more truly reflect the future value of the enterprise, a 43 percent stake in the trading price is determined to be 192 million yuan. Shenyang easy information at the valuation date, the carrying amount of the owner’s equity value of 192 million yuan, and 43% stake in the transaction price is extremely close to the assessed value over the carrying amount of the added value of up to 132.78%. Puzzled investors, the company accounts receivable, other receivables, inventory assessment have different levels of value-added.

April 14, Space and Communications has announced the first acquisition of Jiangsu Jie Cheng Jiangsu Jie Cheng, related party trade unions held a 8.446% stake in the notice. Bank and Credit Assessment Jiangsu Jie Cheng, Income Approach, the assessment base date of August 31, 2011 the entire interest in the value of 406 million yuan, the use of the asset base to determine the assessed value of 384 million yuan. The rating agencies that the results of the evaluation of the asset-based approach is the replacement cost of existing assets is determined based on the valuation date, basically reflects the current market price of corporate assets, with high reliability. Therefore, the results of the assessment to assess the asset base derived as the value of the final assessment. The carrying value of 240 million yuan in the interests of the owner of the valuation date, the assessed value than the carrying amount of the value-added rate of 59.73%. Be purchased Jiangsu Jie Cheng 4.11124% equity transfer price of $ 15.79 million yuan.

11 years

, not bonus

investors is difficult to buy

for Space and Communications overwhelmed by “the rapid response, investors do not buy it. Some investors said the Space and Communications for many years without dividends, the additional acquisition of the assets of related parties and Shenyang easy to hearing all belong to the field of communication, company performance is not good in the field of communications.

, according to the wind information, Space and Communications from 2001 to 2011, 11 Annual Report had not been involved in dividends. Placements, Aerospace Information said ,2009-2011, the company achieved attributable to the parent company net profit are positive, but because of the heavy losses of the previous year, as of late 2011, the undistributed profits of the parent company is still negative. from long-term interests of shareholders to consider the last three years, the company is not a dividend distribution.

According to the 2011 Annual Report, Space and Communications of the communications services industry in 2011 achieved operating income of 851 million yuan, down 1.83 percent over the previous year; the proportion of total operating income of 10.76%, compared with the proportion of last year decreased by 6.5%; operating margin only 3.95%, an increase of 0.94% over the previous year. Significantly lower than 7.07% of all operating margin.

also are not satisfied with the performance of companies in the communications services industry is not satisfactory, the investor for the company’s high premium on acquisition of assets.

the above problems, June 11, the capital securities called the Space and Communications Deputy General Manager Wei Xu public phone, but the staff said that the public phone is the phone of the Securities Department, only reply to the investors, and then I hang up the phone.

analysts said the vote on the private placement before the Space and Communications 10 hours in favor was less than 2/3, only to modify the issue price it’s hard to win back the favor of other shareholders.