What Is The Responsibility Of UBS?

When performance is disclosed, there will always be a batch. list In the near future, the performance of the company's "big face" turned out to be "face changing", while the sponsor's "recommendation but not guarantee" was often included in the blacklist which was not trusted. Recently, the precious birds revealed the 2013 annual report. The annual report shows that last year Guirenniao Sales revenue of 2 billion 406 million yuan, a year-on-year decline of 15.74%; net profit of 423 million yuan, 19.79%, revenue, net profit "double drop".

In this regard, the reporter has repeatedly contacted the Secretary of the board of directors of UBS Securities, but as of press time, the phone has not been connected.

　 What is the responsibility of UBS?

According to reporters, UBS is the first wholly licensed securities company directly invested in foreign stock market in China, and its sponsor underwriting is also a large number of companies that investors are very familiar with, such as CSCL, CNPC, Xinhua insurance, western mining and so on.

According to media reports, in 2010, UBS Securities, a capital operation expert, began to appear around Lin Tianfu, chairman of the company. The "bird of honor" has been punished for stealing the Star Portrait by "unscrupulous". When the performance of the footwear industry is declining, it continues to tell the story of "open shop". Listing is locked as a shortcut to leapfrog development.

UBS Securities, which has always been rigorous, was once questioned by the outside world. As a participant in the interest chain of new issue, UBS usually makes a hype about its sponsor company before the city, ignites the enthusiasm of investors; and after the listing, a large "face changing" financial statement always makes the two tier market investors suffer heavy losses. This time, the authenticity and feasibility of the sponsorship project sponsored by UBS Securities, are there any exaggeration and suspicion in the publicity of the prospectus advertisement?

　　 Sponsors save "flicker" investors suffer heavy losses

　　 UBS It was once rated "the ten most unreliable sponsors" by a professional financial media. The reason is that the performance of its sponsoring companies has changed rapidly. According to the reporter, in recent years, UBS Securities has sponsored many companies frequently perform "change face".

It is reported that in 2011, UBS completed the three single IPO projects of BYD (002594, stock bar), huge group (601258, stock bar) and new China Insurance (rest assured), which earned 310 million yuan in sponsorship underwriting income, and the main underwriting income ranked ninth in the securities industry in 2011. However, only three of the two listed companies in IPO had a "big change" after their listing. According to media reports, in the first half of the year, the net profit of BYD and the giant group decreased by 88.62% and 36.19% respectively. In the first half of the year, the net profit fell by the bottom and the last third. At that time, some institutional investors shouted: "boycott all UBS sponsorship projects."

In addition to the two BYD and giant groups, the most impressive investors were two western mining companies and two PetroChina listed in 2007. In addition, there are media reports that the worst companies recommended by UBS Securities should be CSCL for 5 years, with a 2 rise or 3 fall. According to statistics, since the launch of CSCC in 2007, 3 of its 5 annual reports have dropped compared with the same period last year, and only two years' net profit has increased.

"The performance of listed companies has declined sharply in the first year, how sponsors sponsor, and what do the sponsor representatives do to eat?" some investors expressed angrily.

　　 A number of research reports are off the mark, suspected missing, sponsorship integrity

It is reported that UBS has always had a "radical style" in the research of listed companies, especially in the prediction of future performance. Take BYD and giant group as an example, UBS Securities, in its investment value analysis report for the inquiry object, "boasted" about the business prospects of the sponsor project, and passed the "ridiculous" profit forecast index to the institutional investors; however, the reality was that the first financial results released after the two sponsors were listed on the market dropped sharply and changed quickly.

In addition, according to the reporter's understanding, in BYD's prospectus's "significant events statement" and the investment value analysis report of the inquiry roadshow, UBS Securities have vague treatment of risks, but talk about the compound annual growth rate of net profit in the next three years to reach 16%. However, from the current gloomy business situation of BYD, it seems that there is no sign of any improvement in performance. The company's prediction of the fall in the first three quarters of this year's 85~95% performance has also confirmed this again.

On the face of it, the serious deviation of performance prediction seems to be the failure of the inquiry report, but it actually reveals the interest chain set up by UBS as a sponsor in the process of issuing and listing the company. Statistics show that UBS Securities only received a huge amount of "Commission" income of 228 million yuan from the large group's single business, which is called "profiteering", which has forced investors to doubt the bottom line of the sponsor's integrity.