Daqing City in the east village to complete the construction of residential Tianlun Dynasty, the richest man in the real estate industry in Heilongjiang started even had the district LIU Shu-qing "hydrant system, sprinkler system," such as equipment installation construction "financing."

Distress much more than that, LIU Shu-qing SingaporeAir Jordan 19 (XIX)-listed company under the name of Rong Shen Group (ChinaMilk) has been starting since February 9 suspension date. Convertible Bonds holders, then began to demand early redemption of the Group Shen Rong 146 million U.S. dollars worth of convertible bonds, the event has not yet been resolved.

Those who are familiar with LIU Shu-qing, told reporters yesterday, LIU Shu-Air Jordan 11 (XI)qing in the "do not understand Dairy" situation, rushed into the industry is undoubtedly a mistake.

Wrong cast, the richest man LIU Shu-qing mess.

Encountered storm of convertible bonds

Storm from this year on January 5, Rong Shen Group was announced that the company sold in the Singapore Exchange, expires in 2012, the 146 million U.S. dollars of convertible bonds has been unable to repay, and triggered a default clause.

LIU Shu-qing Shen Rong under the control of the Group on March 13, 2006 listing in Singapore, this registered in the Cayman Islands company, the main assets of the Bank of Lo dairy, including the cultivation and sale of pure business bull semen, pedigree dairy cow embryos to produce high quality milk and so on. At that time, Rong Shen Group 0.62 Singapore dollars per share issue price, opening price of 0.82 Singapore dollars, the company starting 186 million shares, and fund-raising success of more than 300 million yuan.

LIU Shu-qing complacency at this time, 2005 to 2007, Rong Shen Group profit soared all the way from 32 million yuan to 56 million U.S. dollars U.S. dollars. But only for 2008, Rong Shen Group had to face the challenges brought by the melamine incident, last October 30 release of quarterly show, the company earnings fell 75%, operating profit fell by 81%.

All investors dissatisfied with the company convertible bonds held by investors who then called for early redemption business. Rong Shen Group also in the Jan. 5 statement said the company is waiting for the Chinese Administration of Foreign Exchange for approval to export 170 million U.S. dollars.

However, the development has nosedive, February 1, Rong Shen Group announced that Chief Financial Officer has left. February 9, the company suspended from trading stocks. February 12, Rong Shen Group, Chairman of the Audit Committee announced that the company leave. Meanwhile, the remittance transaction has not yet been approved by the Chinese Administration of Foreign Exchange, and as the new Chairman of the Audit Committee and other companies need time to understand the situation, Rong Shen Group is unable to issue timely performance reports.

February 22, Rong Shen Group, acknowledged the notice, the Company has not submitted to the foreign exchange management official remittance applications, only began to discuss with relevant officials, and that sufficient funds to redeem the bonds ahead of the obligation to fulfill. However, in current circumstances, the company can continue to operate is questionable, in the absence of Chief Financial Officer of the situation, Rong Shen Group Board of Directors can not clear the time required to solve these problems.

Storm has not subsided

Since then, Rong Shen Group twice to delay approval of the SGX performance report released. To March 29, Rong Shen Group, said disclosure of the SGX has requested the company on March 15 for emergency cash audit, and to ask independent directors to take effective measures to ensure the company's cash safe. However, Shen Rong Group did not meet the requirements of the SGX, because the company did not provide to the auditor of all required documents.

Rong Shen Group currently can not view information in a timely manner, and the requirements of the SGX has no satisfactory response, and continuing uncertainty about the status of the company, SGX Rong Shen Group requested the appointment of special auditors to investigate the situation of the company The special auditor will report directly to the Audit Committee and the SGX report.

April 13, Rong Shen Group bought back three million U.S. dollars of convertible bonds.

April 22, Rong Shen Group is responsible for audit services by Grant Thornton, has issued a bank account for Rong Shen Group, the audit report, which said that as of February 28, Rong Shen Group cash balance remaining 56 million U.S. dollars, In fiscal year 2009 third quarter, Rong Shen Group had a cash balance of 140 million U.S. dollars. At present, the independent audit is in progress.

Richest dilemma

Who appears in a familiar LIU Shu-qing, Liu immediate dilemma, all from the beginning of the hasty decision to enter the dairy market. "He does not understand this market, the mind of a hot, see this market to make money, it came." The person said.

LIU Shu-qing was born in rural areas, since 1989 in Daqing business, which have been set up asphalt plants, steel mills, wood factory. In 1996, LIU Shu-qing out 80 million yuan in the Daqing Development Zone, founded the "Palace Hotel." In 1999, after entering the real estate industry, LIU Shu-qing began to "fortune", his well-known in the Daqing project is to build a new leisure Mart shopping plaza, digital building and other construction.

In 2007, LIU Shu-qing tally was included in Forbes rich list, with 2.13 billion yuan of wealth out in the first 259, since then known as the richest man in Heilongjiang.

In 2001, the richest man LIU Shu-qing into the dairy market and set up a silver spiral Dairy. "But he did not understand the industry. Get people who do not understand design design cowshed, in accordance with industry experience, a milking device generally used for 100 cows, more pressure will not, but LIU Shu-qing's cowshed design result, a milking machine needs to use 300 to 400 cows, which is obviously impossible. end up re-invited experts from Beijing, a waste of a lot of money.micheal jordan shoes "The people whfree shipping wholesale jordan shoeso are familiar with LIU Shu-qing told reporters.

In the person view, LIU Shu-qing man liberated, "a little upstart feeling generous, each invited us to eat a meal had to eat 10 thousand dollars."

LIU Shu-qing's dairy companies, but people always criticized, "Please dAir Jordan 1 (I)o not feel competent people, I do not understand how his dairy company listed in Singapore, but in our view, this company has never been better than . LIU Shu-qing out dairy, can be said to fail. "the person said.

LIU Shu-qing phone yesterday trying to call reporters, but the woman refused to relay calls and to disclose any information, and his son Liu Hailong the phone is still unable to Air Jordan 12 (XII)connect. Silver screw in Daqing dairy company, phone also has shown a "split plane" state.

Liu Hailong started real estate business is also experiencing trouble, the mayor's hotline at Daqing, there are complaints from the public Hailong's real estate company building there are security risks Tianlun Dynasty Dongfeng Village, Community, "fire hydrant inside the box was empty" , and then returned to the local public security fire department, said the real estate company arbitrarily Tianlun Dynasty in use are illegal residential district, said the company was "financing" to address security risks as soon as possible. In 2009, the real estate companies are not obtained because of the construction permit in the case of unauthorized construction, rectification was ordered to stop work.