Listed companies under the same control generate profits through related party transactions. "In layman's terms, this method is to record land prices at sky-high prices." Senior financial experts said.

The most typical example is st Dongsheng. The research report from Guo Jin Securities (600 109 Quotes, Love Shares, Information) shows that the major shareholder of ST Dongsheng paid off debts with assets at a price of 830 million yuan, with a book value of only 65438+300 million yuan, of which the difference of 700 million yuan was included in the capital reserve. Therefore, as long as this asset is sold,

From the statement, the price of more than 65.438+300 million has generated profits, and the capital reserve has decreased, but in fact, only by selling more than 830 million can profits be generated.

ST Dongsheng was formerly known as Dongsheng Technology. In the company's 2007 annual report, the relevant accounting firms involved in the audit issued audit reports for the company that could not express opinions. After its audit, the company's shareholders' equity in 2007 was negative, and the stock abbreviation was renamed "ST Dongsheng".

In the first half of this year, the company's investment income was 6.5438+0.857 million yuan, but its net profit was only 53.65438+0.25 million yuan, with earnings per share of 0.02 yuan and net assets per share of -4.54 yuan. Yesterday's closing price was 2.7 1 yuan (down 5%).

ST Zhongfu

ST Zhongfu, formerly known as *ST Changyuan, suspended its listing on April 28, 2006, and its share price was 0.68 yuan at the close. The company's shares resumed listing on April 14 this year, reaching a maximum of 8.99 yuan on the first day of resumption, closing at 8.60 yuan, setting an astonishing record of 1 1.6 times.

In March 2008, ST Zhongfu paid off its debts with assets through non-public offering of shares, and issued 258 million additional shares to Yamada Forestry Development (Fujian) Co., Ltd. to purchase Yamada forestry-related assets. According to the annual report, the company's annual operating income in 2007 was 6,543.8+0.893 million yuan, which was from real estate leasing business and property management, but its net profit reached 378 million yuan and earnings per share was 654.38+0.29 yuan. The main source of net profit is debt restructuring. "There are certain problems in the fairness of this kind of transaction, and it is easy to manipulate profits directly." Insiders analyzed.

Langsha stock

Langsha shares are known as "the first stock in the bull market". The original name of the company was *ST Sky, and it was renamed Langsha after reorganization.

Due to the reorganization, the company's shares were suspended on February 20th, 2006 at +65438, and the closing price was 7.80 yuan. Four months later, the stock resumed trading. On the day of the resumption of trading, the share price hit a sky-high price in 85 yuan, closing at 68. 16 yuan, and the closing price rose by 773%. On May 30th, 2007, it was renamed as *ST Langsha. Since then, it has been mixed and closed at 8.83 yuan yesterday.

After the reorganization, the company achieved a net profit of 286,940,400 yuan in the first quarter of 2007; Earnings per share was 4.73 yuan, a year-on-year increase of 6,756.34%. In this period, the company's operating income is only 4,553,600 yuan.

Obviously, the company's profits increased greatly, mainly because the exempted corporate debt was 285.3683 million yuan, which was recognized as debt restructuring income. According to the new accounting standards, the income from debt restructuring is included in the company's current profit and loss. But this part of the profits will not bring actual cash income to the company.

Although the company's asset-liability ratio has returned to the normal level after reorganization, and there is a promise of share reform by the new owner (if the annual net profit growth rate in 2008 and 2009 is lower than 25%, the difference will be made up by the new owner), the actual profitability of the company needs to be tested, and the company's earnings per share in the first half of this year is 0. 18 yuan.