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　　Guided reading

　　Previously, corporate earnings slump situation, Sichuan Changhong (600839) trying to transition. As early as October 30, 2014, on the Board of Directors of the company consider the programme through a private offering of shares, to buy a large military enterprises 081 group owned by shareholders. However, the restructuring plan released so far have been nearly 9 months, but made little progress. To date, the company even has yet to convene a general meeting.

　　July 29 morning, Sichuan Changhong's announcement, media reports said CHANGHONG group, Deputy Secretary, discipline Inspection Commission Secretary Yang Xuejun real name publicly reported CHANGHONG group and company Chairman Zhao Yong suspected of serious abuses that lead to note on the major losses of State assets.

　　Sichuan Changhong in the notice in the description to confirm, the CHANGHONG group of controlling shareholders of the company the inquiry, the public report to Yang Xuejun I release.

　　Earlier in the evening of July 27, handed out a copy of the Internet Forum of the open letter of report on CHANGHONG's Chairman, the event aroused great concern the market rapidly.

　　And on the news the next day, although the Shanghai and Shenzhen stock markets fell sharply, but the Sichuan Changhong shares against the 4%. Decoding Tiger sniffing protection of intellectual

　　On July 28, the Sichuan Changhong also released based on the platform of intellectual property "1+N" intelligence community intelligence family "total application solution. Insiders said Sichuan Changhong executives has been widely spread. "Even that CHANGHONG in strategic planning is not scientific, CHANGHONG has significant errors. Meanwhile, reports also exposed where CHANGHONG decision-making system is not standard.

　　Previously, corporate earnings slump situation, Sichuan Changhong trying transformation. As early as October 30, 2014, on the Board of Directors of the company consider the programme through a private offering of shares, to buy a large military enterprises 081 group owned by shareholders.

　　However, the restructuring plan released so far have been nearly 9 months, but made little progress. To date, the company even has yet to convene a general meeting.

　　Internal differences and exposure

　　Have been previously reported in the media, CHANGHONG's internal divisions have been exposed in a certain range, Mianyang City, Sichuan province, officials have repeatedly met to discuss the relevant material.

　　In October 2014, the investigating body consisting of Mianyang City to investigate the Anhui xinhao project, end of December 2014, made the first findings in Mianyang, CHANGHONG acquired problems in Anhui xinhao decision-making process, flawed; loss of purchasing certain items; how to make up for the loss has not been determined. End of April 2015, the secondary result, Mianyang City has basically maintained the conclusions of the first investigation, finds that the losses of Anhui xinhao project "Dynamics can make up for."

　　According to Yang Xuejun the real-name mentioned in the report, report pointed to Zhao Yong, Anhui xinhao plasma project for a serious offence, resulting in huge losses of State assets and other related issues, report to the Ministry of public security and the China Securities Regulatory Commission publicly.

　　Sichuan Changhong's announcement, Anhui xinhao plasma display Corporation (Anhui xinhao) is a subsidiary of the CHANGHONG group, Anhui xinhao owned by listed companies are not.

　　In November 2014, according to Sichuan Changhong announcements, the company intends to transfer transfer to Mianyang da Khum investment company Rainbow Europe held 61.48% shares of the company.

　　An industry researcher said huarong securities, due to the strategic selection of plasma TV that year lapse of judgment, Sichuan Changhong TV business performance in recent years, the current domestic sales market share behind Hisense and Skyworth and TCL companies, such as 2%-3%. As well as by the upper panel prices and end the continuing effects of the price war, TV sharp decline in gross profit margins.

　　2014 according to company disclosures in the annual report, the reporting period, the company achieved a net profit of 58.8578 million Yuan, compared with a decline of nearly 90%. As at the end of the first quarter of this year, although performance year soared nearly 90%, but only 17.3176 million in absolute terms.

　　Slow progress in increasing

　　Markets and expectations of military assets acquisition progress is a large market for Sichuan Changhong expects the variable

　　Investors believe the company for so long, have multiple versions on the market, official without a formal statement. One thing, if successful, is going to do, not should tell you why. If no results, should also be informed of the developments, and avoid the rumors affected the company's image, particularly confidence in management.

　　As early as in November 2014, company assets restructuring scheme, announced a private placement of 1,142,857,100 shares to the controlling shareholders and other investors, priced at 3.50 Yuan/share, intends to raise capital of 4 billion yuan. There are three main areas to raise funds to: one is the acquisition of Sichuan Changhong electronic group of controlling shareholders group of military assets held by 081 100% shares, equivalent to total 2.2 billion yuan; second, trading platform and mode of construction project, to be invested 880 million Yuan; third, the intelligent management platform and system construction project, to be invested 460 million Yuan, 500 million Yuan added liquidity.

　　Former researcher, the brokerage said, from the perspective of corporate assets restructuring scheme, future development will revolve around two main strategies: one is the simultaneous development of civil-military, and the other is electrical appliances intelligent. Civil-military combination was mainly in the current commercial appliance business on the basis of, through the acquisition of the majority shareholder of military assets to be securitised, expanding the company's business lines, increase profitability, but also to the military-industrial complex to civilian areas of penetration, improve marketing and competitiveness.

　　Among them, the military assets is a major shareholder of Sichuan Changhong electronic group, Sichuan electronic Defense Group subsidiaries-081 Electronics Group, which belongs to the merger under the same control. The latter registered capital of 1 billion yuan, under the jurisdiction of 2 subsidiaries, wholly-owned subsidiaries, 9 1 joint stock subsidiaries. At present consists of equipment industry, electrical industry, mechanical and electrical industries, vehicle industry to the four industries.

　　"The purchase price is based on the net assets of the company 1 time PB acquisition, low valuation levels significantly lower than the secondary market. If a market valuation on the part of military assets can achieve a level of similar companies, will bring nearly 20 billion yuan of market value for listed companies room to grow. "These fellows are expected.

　　On January 30 this year, Sichuan Changhong's disclosure, the company has made on Defense Science and Industry Council 081 group restructuring listed 081 group reply military immunity consent to disclosure of secret information. Yang said that this non-public offerings involving matters need to be approved by the SASAC, Sichuan province, the company will notice convening a general meeting.

　　However, since the troubled Sichuan Changhong, later after a time, this increase can able to come I'm afraid to have a question mark.