tera power leveling established in March 2008 - TBK

Soufun listed a year later, claiming to be a fifth 365 network in Jiangsu company limited has also been questioned. But different and soufun, 365 network in Jiangsu province to say untimely, regulation has made the entire real estate industry real estate prices aligned down, buyers wait-and-see atmosphere. According to media reports, "the Nanjing new House volume 2011 fell nearly 20% ", the base camp in Nanjing of Jiangsu 365 is certainly not good news for the network, as its main business of a large new home sales-related. Beijing time on February 15, 2012, soufun company for the fiscal fourth quarter ended December 31, 2011 and unaudited results for the whole year. Results showed that soufun IVQuarter total revenues of US $ 113.9 million, an increase of 15.1%; the effect of excluding prepaid card business, when a quarter of the total revenue increased by 18.8%. 　　Net profit of us $ 30.1 million in the quarter, down 24.2%. Abnormal huge accounts receivable sail against the wind more than soufun, in fact, from the beginning of 2011, SINA is responsible for SINASINA real estate channel actual operation of large-scale adjustments were made, first of all from the layout, important recommendations from the real estate transfer to microblogging. 　　This may be an important signal: policy risk is too great, it is best to shrink front. 365 network prospectus disclosure, the company bucked up. Observation of its prospectus, net profit of 365 network weekend have been submitted in recent yearsHead. 2008 net profit of $ 17.1093 million, $ for 2009, 2010 realize 49.2945 million yuan from January 2011 to June net profit of 31.5992 million Yuan. Situation of the real estate market downturn in first half of 2011, 365 rise in net profits of contrarian, its number of salesAs far as authenticity has yet to be confirmed. The Nanjing daily reported: "on February 19, 2011, officially announced in Nanjing and carrying out ' the eight ' a restriction order, until August 19 was full six months. According to statistics from the online real estate data, 60% new house trading volumes fell by almost half a year, Nanjing, while property stocks also hit a record high, close to 38,000. ”Carefully observe the company prospectus can be found, bad in 2008 as well as tightening regulation of the market in 2011, the rapid expansion of company accounts receivable. Accounts receivable balances at the end of June 2011 to $ 22.6128 million, further expansion relative to the end of 2010. The accounts receivable turnover ratio by the end of 2010 9.67 per cent of 5.02Times. "Offering people aged generally in about 60 days, end of general accounts receivable balances for the previous quarter sales revenues form. 　　"So, company end of June 2011 $ 22.6128 million accounts receivable balances is not normal, or using false accounts receivable revenue and profit possibilities. From 365 Network revenue, the company networkFast-growing network marketing business income, percentage increased steadily, in 2008, 2009, 2010 and January 2011 the total operating income, 79.07%, and 92.21%, respectively; and offline business income decreased, reducing year by year, 2008, 2009, 2010In 2011 and 1 per cent of its revenues, 20.93%, and 7.79%, respectively. Labor and company specific methods of revenue recognition is: "online new home Internet marketing services and home services, second-hand housing network marketing network marketing services provided under contractual service period stage recognize revenue. Offline new homesAgency business under contract and made proved to recognize revenue and customers with domestic helpers per month; offline research consulting and other business to complete a longer cycle, recognize revenue provided under contractual service period staging, complete cycle is short, services provided recognize revenue in the period. Invoiced but the revenue recognition principle temporarily failed to verify income credited to a deferred income account. "OnlineRapid growth for the company in advance to confirm the business income may, confirmed in stages in a poor economy, the company has manufactured stories tend to result in advance to confirm high growth. "Company accounts receivable balances at the end of June 2011 to $ 22.6128 million, than at the end of June 2010 increased by 21.58%, this is mainly due to Publisher revenue and rapid growthDue to the long, in particular its second-quarter revenue grew fairly rapidly led to increases in accounts receivable. 　　"This is the company's interpretation of the surge in accounts receivable. But in times of poor years, such an interpretation is very far-fetched. Accounts receivable and who on Earth who is driving revenue growth, is just like the egg came first, the chicken issue, manoeuvrability is very strong. Company or to confirm in advance toFalse income and say which rapid income growth boosted the increase in accounts receivable. Cash flow stability is an illusion compared with soufun, company's accounts receivable turnover ratio significantly lower, in a lean year in 2008, soufun accounts receivable turnover ratio is 14.19, 365 network is 7.26. In other year 365 network also clearlyLower. This means that 365 network competition in the industry is in a vulnerable position, to endorse the credit scale. The first half of 2011, many companies may also expand the propaganda, did not pay cash for the company. 　　This means that the deterioration of the business environment. Company admits in the prospectus tera power leveling, if State control too much, making real estateToo low, a large number of enterprises closed down, or allow the issuer accounts receivable cannot be recovered, formed bad debts. In the context of macroeconomic regulation and control is still tight, 2011 increase in company accounts receivable or under development for this year and next for the company buried mines of bad debt. Data show that in 2008 after the increase in accounts receivable, in 2009, write-off of $ 912,300Accounts receivable. 　　But judging from the net cash flow from operating activities, the company shows operating in good condition, company 2011 $ 31.1 million in the first half, net cash flow from investing activities-$ 2.79 million, net cash flow from financing activities-$ 15.97 million. But this is a surface phenomenon, arising from the business activities of the company areNet payment flows may not be so good, and illusion in order to create a stable cash flow, the company likely loaded cash flow from financing activities cash flows from operating activities. Since the first half of 2011, and the company does not have a large debt-servicing costs, is the financial cost of $ 665,000. This can't explain $-15.97 million cash flow from financing activities。 　　Corporate governance other receivables do not regulate the company has further increased, by the end of 2010, the 1.8757 million increased from the first half of 2011 $. For a company to be listed, it is not a good signal, general practice management company, other accounts receivable less the better, best of zero, because itsHe should be the project often place of iniquity. But the company's other items receivable, balance are millions, or even the end of 2008 reached $ 11.331 million. 　　Investors have reason to suspect that funds of shareholders take up 365 network in late 2008, but several years slowly. Media disclosed previously, 365-there are many such as domain name, TomThin historical issues, such as the related transactions. 　　In 2007 tera gold, the network (that is, 365 network limited) external sponsor brokerage guosen securities, and a public conspiracy to deploy. The second half of 2008, 4 companies owned by 365 network giant Xin network real estate, mapping, network, universal asset management real estate consultants have split, all soldTo a company named Arran exhibition. Arran exhibition was established (established in March 2008), registered capital of $ 100,000. According to the prospectus, 365 network trading relationships with the companies on the grounds that, 4 companies of the above non-"Internet service providers", but 365 network wanted to "concentrate on business development network", "prominent main business"And, in addition, Arran exhibition shareholders also happened to be "poor due to separate management and exhibition business continuity, real estate-related businesses would like to try". So, "Arran exhibition shareholders and management consultations on sth Arran exhibition and agreed to buy sth "4 companies with $ 1 tera power leveling, $ 1.2323 million, $ 5 million and $ 510,000 in the amount $Price was sold to Arran and exhibition company. 　　But a year later, in 2009, just over a year old, pillows, exhibition organisers abruptly more than 4 companies to transfer again, and then log off the company. The prospectus disclosure of "Arran shareholders of the exhibition" identity information, reporters found a hidden Arran exhibition 3 funded ratios shareholders Zhu Lin, Wang Jing, Wei Lina,True identity of 365 network shareholders or employees: Zhu Lin are the salaries of 365 network performance manager, Wang Jing, Wei Lina then there will be served in the company's Administration Department, accounting department. Buy sell "slim in mind" to the views. A young, clean, 365 network to begin a formal pass through the capital markets.