Assets Appraisal Statistical Analysis Report of China’s Main Board Market in 2013

　　In 2013, a total of 755 listed companies in China’s main board market completed M & A transactions, of which 605 companies received appraisal, accounting for 80.13%. Among the 1163 M & A restructuring assets appraisal reports, 1037 reports were treated as the pricing basis and reference for restructuring transactions, accounting for 89.17%. In 2013, a total of 70 listed companies completed major assets restructuring transactions, of which 67 companies received appraisal, accounting for 95.7%. Among the 131 major restructuring assets appraisal reports, except 2 assets appraisal reports in which the transaction objects of listed companies directly adopted market pricing, all the remaining 129 reports were treated as the pricing basis of transactions.

　　Annual Report “Demining”: AICPA Prompted 15 Types of Audit Risk

　　In addition to the audit risk of annual reports in highway, iron and steel, coal, agriculture, finance, real estate and other industries, CICPA also required attention to the audit risk of annual reports from listed companies which provided large entrusted loans to financing platforms of local governments, repeatedly revised performance forecasts, suffered equity disputes, changed audit authorities for consecutive years, conducted major assets restructuring, etc.

　　First Case of Active Delisting Warning of Multi-Lose Outcome

　　Because the quantity of pre-offer shares was less than 0.171 billion, the tender offer launched by the company’s controlling shareholder SINOMACH did not take effect from the beginning, which formally announced the failure in China’s first case of active delisting mode attempted by *ST Erzhong. The price of the tender offer was only 2.59 yuan per share, which was far lower than the initial price of 8.5 yuan when the company’s shares were issued at IPO in 2010. This was undoubtedly damage to the interests of medium and small investors.