15 November hunting cloud network news
in October 2014, ehi independent registered accounting firm PWC zhongtian certified public accountants from one or more unidentified received a letter, claiming to be by an unknown ehi company employees, and that the company inflated finance and information in the prospectus and the key operation index. In addition, the underwriter also received a similar letter. The author of the letter says it through private channels obtained information about ehi.
plan ehi log on to the New York stock exchange this week (EHIC), has made its initial public offering traded time adjustment until next week.
the following is the content of the report:
today reported to regulatory agencies and intermediary institutions real-name ehi in preparing for listing in the process of business and financial fraud. Ehi by offering false data to intermediary institutions and investors, to hide the team and the specific situation of the assets is as follows:
1. The company at the vehicles in the intermediary institutions to provide value, the vehicle state information of a major hidden and misleading. Companies have a large number of the vehicle is in a state of suspended and abandoned, these vehicles because of the old is too long, car condition is very poor, has been unable to operate, already quit the operation team.
however, due to the book value is much higher than the actual value of the vehicle, and can’t sell (the actual value of the vehicle is already very low, if the sales prices, will be a huge financial loss), the company deliberately hidden from intermediaries the significant fact, and the vehicle in the prospectus included in the operation team and give inflated vehicle salvage value. I after more than a year of continuous investigation, found the cars parked for a long time in the remote place of spare parking lot, the vast majority have more than one year.
I am on the part of parking vehicles take photos, provide related information to regulators now:
(1). Vehicle listing; (2). The vehicle photos; Detailed address. (3) the park in the parking lot. It is not hard to see from these photos, for a long time did not use the parking lot, vehicles some weeds, some seriously damaged, long abandoned obviously. Here, I have to remind relevant institutions, in order to ensure the accuracy of the due diligence, the agencies should strictly manage the subordinate personnel, is the information for the company to take strict security measures, and as soon as possible for the parking spot inspection listed in annex 3.
in addition, the company’s information system retained the history of vehicle GPS trajectory, and can be real-time query. Regulators can through one by one check the GPS status of these vehicles at different times and trajectory, and the comparison to the intermediary company to provide these vehicles in the state of the corresponding time node list, assets, the salvage value and the order status, you can clearly know the truth. Up to nearly 3000 vehicles of such issues, the above information is just the tip of the iceberg, relevant institutions should be more comprehensive.
2. The actual loss of the vehicle is far more than the data disclosed in the prospectus. Company has a large number of vehicles is already unable to retrieve the state, the vehicles, the vast majority has lost more than 1 year, could not find. Annex 4 train is as of October 2014, part of the loss of the vehicle list. Relevant organizations as long as through the inventory listing listed in annex 4 by Taiwan vehicles, can be found if there is a vehicle.
in addition, the company has lost more vehicles, relevant institutions can be more comprehensive screening through the following ways:
a. Through the company’s real time GPS system (note: not non real-time system information or statements provided by the company), the actual inspection company submitted to the agency’s assets listing all of the vehicles in the current GPS status;
b. if can’t find the vehicle GPS signals, the agencies can again to physical count of the vehicles, can be found if it exists;
c. examine these non-existent vehicles last GPS track time, can be found that the vehicle’s actual loss of time.
in order to avoid these fraudulent enterprise seriously affect China’s listed company’s reputation, at the same time, avoid the roebuck island and longtop scandal brought investors such as huge damage, I will also continue investigation, and will be in a hi after company listed, through various legal channels (including all relevant government departments, regulatory agencies, intermediary agencies and media, etc.), timely announce the results of the survey.
when I am going to submit this report, I noticed that the company on November 10th to the team in the prospectus information temporarily made great adjustments. As is known to all, team scale is one of the most important car rental company operation and financial indicators. Company on November 10, modify the definition of team, team defined far before and after modification. After the change, the company provides only at the end of the period of the total number of vehicles, and show that including the has on accounting be cancel after verification and has lost but not be cancel after verification of vehicles. Missing data on the number of vehicles is very important, but the company has lost deliberately did not provide a specific number of vehicles. And, for vehicles in real operation, the company disclosed the so-called “during the average number of available vehicles”, after also apparent adulteration is inflated. Ahead of the upcoming pricing in the company, the company make such major changes, but I was verified the content of the report.
hope regulators and intermediary organizations should in line with the attitude of responsible for investors, one by one, the content of the report for me the careful investigation.
Parking lot: 1 Beijing no. 1 in the parking lot: the Beijing tongzhou district Bai Zhuangjia gen 2 and by the sea seven road intersection south parking lot Parking lot: 1 Shanghai parking lot 1: Shanghai baoshan district aggregates sichuan overpass east 980 meters along the taihe road () chongqing parking lot 1: chongqing Yubei District stone road Mr Bo ditch parking lot friends behind the dairy (day) guangzhou parking lot 1: wanda plaza Zheng Pang second fly guangzhou baiyun district park subway station parking lot