Alternative Listing Jinjiang industrial chain: the large circle foreigner money sprinkle black pepper ?article Source: Caixin - New Century ?? Author: Qu Yun Xu [REVIEW] in the hands of the government and push the dual capital, Jinjiang listed companies get together; but false statements, false results, chaos misappropriating public investment and so on, Nike Shoes derivatized another unsustainable 'Jinjiang Mode' 'Jinjiang here, do not want to say which companies will be listed on stupid people say.' A staff member of the Federation of Fujian Associations of Canada said. 'Jinjiang boss to the overseas market, is really two.' Jinjiang a listed company executives said. In Jinjiang, for the enterprise market, especially in the overseas market, often we hear very contradictory evaluation. Jinjiang city government to provide official statistics show that as of May this year, there were 39 listed companies, issued 41 shares, 107 listed reserve echelon. Among them, in addition to five companies listed on the A Nike Air Yeezy shares, Hong Kong, China 12, Singapore 6 Malaysia 5, United States 4, South Korea 4, Germany 2, China Taiwan one. Jinjiang become the country's listed companies, 'the first county.' According to the new financial reporter to statistics, in May there are two companies listed in Germany. Called 'Jinjiang enterprises listed first Pushing Hands' Hengrun capital chairman Ni Zhongsen said, because some companies registered overseas 'quietly listing', the number of listed companies is difficult to estimate the true Jinjiang. Heng, Anta, 361 degrees these to create a 'brand, market, market capitalization double expansion' success story for the people familiar with the companies. Under the demonstration effect, local government support for public financing, policy, funding and land a variety of promotions. Domestic and foreign investment banks, PE, law firms, accounting firms and other intermediary flocked listed, formed a complete industrial chain to market. And the big brands preferred A shares, H shares different secondly, Jinjiang a public medium enterprises have chosen Singapore, Malaysia, South Korea, Germany and other 'loopholes' to market financing. 'A large share H-share companies, medium enterprises to go overseas,' is the consensus of Jinjiang entrepreneurs tacit. These medium-size businesses have many common characteristics: living traditional manufacturing, brand awareness in general, productivity moderate, and no strong research and development capabilities. Why businesses must be listed, but also listed the local government responded that the listing helps companies improve the management level, the transition from a family business to a modern enterprise, while driving on the upstream and downstream chain practices;? Enterprise publicity says, will help enterprises to improve brand awareness, expand market share. Of course, this is just put on the table in the grounds. Choi new field reporter recently interviewed a number of listed companies in Jinjiang, local banks and listed intermediary. From their talk, the listed power lies deeper: the government encourages enterprises listed one for performance, two Fig tax; corporate droves are mainly money, financing difficulties, while there are some comparisons and blindly follow the trend. And financial fraud, capital maneuvers, and even withdraw from the market and then moved to other markets, are some of the Jinjiang enterprises or helpless or willing to market practices. After the performance of companies listed in Jinjiang, general disturbing. In the German market, for example, in Germany, the four companies listed on stock issuance is small, sloppy trading, the stock basically only half of the issue price. Management upgrade many listed companies called the market expansion does not appear, after expansion financing industry as a whole has suffered overcapacity. 'In recent years so many companies listed overseas, a few years waiting for liquidation delisting it.' Jinjiang City Bureau of Commerce recently retired Xielu Wei told Caixin reporters. Circle foreigner money, 'Armani, world famous, know it? Our production plants.' A street vendor in the old man, proudly handed abnormal earnings marked a new pair of world famous reporter George? Armani trademark white sneakers. Old man to plant a company called Rooster sporting goods when the guard, while factory gate street vendor, selling its own brand of factory sports shoes and clothing. In addition to the double price of 35 yuan Armani sports shoes, other shoes are marked stall on a rooster pattern, at first glance thought it was the French sports brand Le Coq Sportif. Old man to sell products, but also did not forget to spread across billboards, pointing to the company to do publicity - it was to celebrate the Rooster sporting goods company sponsorship champions Argentina in the China Cup International Regatta specifically established. 50 meters away, says another sporting goods factory 'cock sports' on a big billboard, identified only more than two lines in front of the 'Golden Rooster.' Rooster guard old man told reporters the new wealth, their products are made according to world famous. Now the company stock more and more sellers bet on a street vendor. Who would have thought, in front of Rooster sporting goods company in May this year, has landed in Frankfurt, Germany primary market, initial public offering of 72 million new shares, opened at 4.10 euros. Corporate prospectus said, Rooster has more than 30 regional distributors, 1344 Direct chain, to expand and design team has 102 people, including 23 designers, eight design assistants, 'since 2005, with a unique design, vivid trademark and market position, the company has achieved rapid significant development. ' But business has not been perfect in the website, the number of terminals has become a monopoly over 700 distributors are called branches. Familiar Rooster Sports listing process intermediaries says, Rooster listed from introducing capital to take the final listing for several years, the target market is several times changed, chose the German market because of the low threshold. In the case of the weak German market, the financial market Rooster only to 1.88 million euros (about 15.4 million yuan). The intermediaries who currently serves as executive Rooster, and he also helped other companies to do the listing agency, lawyer and accountants. A investment community introduced a similar situation in Jinjiang very common. To his knowledge, there are professionals out from the four major accounting firm, was hired to Jinjiang paying private enterprises as CFO, listed soon leave transferred to another Jinjiang, duration of employment, but in 2012. In Jinjiang, the Golden Rooster such overseas listed companies is not unusual for business development path similar to this: do trade started imitating foreign designs, sports teams rely on sponsorship to increase brand awareness, and ultimately to the overseas market. In the German market, these companies also have the same characteristics: a small amount of public financing, less the transaction, just sold on the stock binary. Similar Rooster plant 10 minutes drive away Mingle sports apparel and Rooster, belong Jinjiang second and third line sporting goods, in hundreds of similar local companies is not prominent. After the suit sponsored Chinese weightlifting team, Mingle also embarked on overseas market road. In July this year to Frankfurt Senior Market listing, financing 6.55 million euros (about 54 million yuan), the issue price of 13 euros, the current share price is maintained at about 6.6 euros, shares in Germany for several days often have no transactions. However, the company has been listed in Germany, said the manager in charge of product quality performance Mingle surprise, a talk to the new fiscal reporter stressed that 'we did not go to the listing.' He is also next door to Jordan sporting goods company, for example, said: 'You see them, well good, go to the market, the result was accused of it.' Jordan Sports Goods Co., Ltd. The program listed on the Shanghai Stock Exchange, in November this year, the SFC It will have been vetted and approved. However, Nike publicly report its use of the trademark infringement of US basketball star Michael? Jordan and Nike's Jordan brand equity. Events after the rapid expansion of media reports, Michael? Jordan by the United States announced that it would sue media enterprises in Jinjiang, claims and to stop using the trademark. Business listing plan ran aground, if unsuccessful there may not continue to use the trademark. Failures did not prevent the footsteps of latecomers, three days after the listing Mingle Germany, a town of the same fast-paced sports apparel company came. Enterprises Yangxing manager told reporters the new wealth, business plans to market two years ago, began to say to the Hong Kong market, eventually went to Germany. Market information display, fast-paced market listing in Frankfurt senior, plans to raise 5.3 million euros (about 43 million yuan), the issue price of 5 euros, less than month after listing, the stock fell more than half. 'Do not understand! A European listed companies, owe me 210,000 of the purchase price not pay?!' Guangdong Foshan Wang said. He explained that this year for the fast-paced production worth 100 million OEM clothing, after 30% advance payment credited into account subsequent final payment not delay. He had several times to find the headquarters of fast-paced noisy Jinjiang boss Bierbuxian, desperation had a lawyer it to court, the case has not yet been completed. 'This IPO is to get money.' Wang angrily said. Way or no return misappropriating listed companies see the biggest Air Jordan 1 benefit Jinjiang. Over the past few years, monetary tightening, limited bank lending, much-needed funds listed companies find a way out of this. Government data show that in 2011 77 billion yuan of bank loans to enterprises in Jinjiang. But a local bank, a business executive told Caixin reporters Jinjiang, Quanzhou in 240,000 enterprises of all types in a few years ago to get a bank loan is very small, the more likely the larger enterprise loans, small and micro enterprises have difficulties in financing but based on policy support, the banks began to think of ways to loans. Medium-sized enterprises have become the core layer, financing overseas listing is the only way out. 'I have come across two medium-sized enterprises, almost broken capital chain, the bank can not give loans, and later went to listed only alive.' In this regard the status quo, he smiled and shook his head. Even after the listing alive, banks are still wary of them. Policy said local banks are open to the public - who Jinjiang overseas listed companies do not consider all loans; domestic listed companies, also need to record a profit for two consecutive years before considering obtaining mortgage equity, real estate and so on through. Overseas listing could not provide much value to increase trust Jinjiang bank loans. But local business owners, government officials, the agency still has repeatedly stated that the benefits of listing public financing, as well as an example of such listed Hengan way to the correctness of endorsement. Has entered the Hang Seng Index stocks Hengan International (01044.HK) is the first listed companies in Jinjiang. In 1998, many companies listed no concept of time, do toilet paper, sanitary napkins and baby diapers started Hengan Group in Hong Kong IPO. Heng had spent seven years of Ni Zhongsen involved in the listing process. In his view, the success from the listed Heng, the company almost one step at each stage of development. After financing two companies invested a domestic high-tech production line very few people use, improved productivity, while the implementation of equity incentive for executives, highly motivated management. Heng's example lies in Jinjiang family business management to bring a 'new atmosphere', more than one person stressed to reporters the new wealth, not the founder's successor Heng Hui Lin Chit's son but the son. Such a small change in the 'male - female' Jinjiang entrepreneurs, are seen as the listing of corporate equity reform and modern management of the enormous progress. In Jinjiang, every industry has an example of such listed companies, sports brand industry Anta (02020.HK), 361 degrees (01361.HK), Olympic (01968.HK), the clothing industry has seven wolves (002029.SZ), Lee Lang (01234.HK), Joeone (601566.SH), the textile industry has Baihong (02299.HK). In the opinion of other enterprises, public financing of these companies to quickly expand production capacity, channels and markets, expand the brand influence of the holy grail. Some companies have even started to intervene capital investment, such as venture capital Hongqiao Hengan Group has begun to support the new listed companies in Jinjiang, seven wolves is to build a security company. Jinjiang boss always follow the trend of doing things quickly began to replicate. Rooster aforementioned sports executives said that many companies listed, but is seen next to lead the venture factory, suddenly got the money, afraid that they will get left behind hastily operate with little regard for the significance of overseas listing. Fast-paced Yang said after the listed German companies to the biggest change is one more opportunity to go abroad to communicate, be the first to see the new product overseas, to get it back along with production. In addition, the boss think wore the title of listed companies can increase brand awareness, help expand the market. But in business management, family business model is still entrenched. The boss is a fast-paced four brothers, after the listing of the board meeting, or the four final say, the management has no right and no interest to interfere. 'We have four daughters married the boss at home, millions of dowry is Porsche.' Yang said, dowry is one of the hot comparisons listed companies in Jinjiang, 'Hengan Group dowry to marry the niece of 140 million, is said to marry off their daughters as dowry Billion billions of dollars . ' As for the financing after the money, Yang introduced mainly for enterprises to expand production capacity. However, this year, sports shoes and apparel industry as a whole suffered overcapacity crisis. Many interviewees mentioned that after the 2008 Olympics, sports apparel industry explosive growth, Anta and other brands in the expansion while money market financing of basic inputs in second and third tier cities laying new outlets. Overcapacity soon, serious backlog of inventory, the Olympic year 2000 has closed inefficient stores, Anta also have closed more than 200 stores. 'Guohui more than 10 production lines, only four still in production, a few days before the special steps boss told me that it started production line is not more than six.' Jinjiang Textile Association Secretary-General Chen Jin said. Above Rooster sports executives claimed that the current Jinjiang shoes and apparel companies have not started a whole production line. Many large brands rely on specialized inventory liquidation company sold low-priced products overseas brand building medium-sized enterprises have had to suspend the steering ordinary wholesale trade. Chen Jin, Jinjiang shoes and apparel industry generally medium-sized enterprises is 80% domestic and 20% export. Overcapacity in the domestic market, profit margins decline, the current best corporate profits to go to 5%, only 3% of medium-size businesses. The other side, the foreign market has also been the impact of weak market in Europe and America, 'In the past, a container can earn 50,000 yuan, and now only a few thousand profit. Previously, the same style of shoes can make 200,000 pairs, now also two 3,000 pairs but also of different colors. '谢陆伟 said that, a lot of overseas listed companies in Jinjiang, capital investment after financing clearly erroneous, knowing that excess capacity, but also for expansion, knowing the market saturation also shop. In this regard, Yang explained that upset, in the case of low-margin, companies rely on volume to maintain production and expansion just to die. Product development and innovation, is another to invest in shoes and apparel enterprises listing and financing, but faced with the embarrassment of being quickly copied. 'Vote millions, tens of millions to be innovation, other companies immediately copy (copy) away. Nike, Adidas investment each year how much money these companies make innovative, but Jinjiang enterprises to take over just change the change on the factory.' The Rooster agency sources said. There is currently a lack of fast-paced 10-person design team, per year for innovation accounted for 10% of revenue. Such a moderate level in Jinjiang. For the financing for the restructuring, Yang also give a negative answer. Sports shoes and apparel industry market downturn, many companies want to turn casual brand, but suppliers, distributors and other upstream and downstream chain has been formed, a transfer had to change. In addition, Guangdong, Zhejiang and other places of leisure clothing after years of development, Jinjiang manufacturers want a piece of it is difficult. As a result, some companies are choosing to invest new industries. Jinjiang Huafeng Textile Group is the leading next door Shishi textile enterprises listed in 2006 in Korea. However, in the new fiscal reporter saw Huafeng Textile factory headquarters, a branch of a recession spinning, only the fifth production line at start. Staff told reporters, because no orders, workers in mid-December on all holiday home. The Huafeng Textile another branch manager claimed, Owen registered in Hong Kong, the boss has very little to textile mill, I heard that already started to invest in tea and minerals. Many companies are not listed Jinjiang money, I do not know how to use the money. Once started listing, they are the government, venture capital, an intermediary who pushed forward. Some enterprises in order to save costs, had to choose low threshold, the formalities fast market rush IPO. Listed industrial chain large sprinkle black pepper 'are listed in the agency do a few years ago business dispute 'national well-known trademark' time, but also business money, mediation process.' Chen Jin told reporters the new wealth, 'Jinjiang boss likes to drink with poly Tea drinking, a market, and the team will introduce you to other people. 'In Jinjiang, the agency come looking for companies is the norm, brokerage, investment bank clerk in charge of both enterprises in Jinjiang, Jinjiang, some brokers also set up an office, responsible for market, and even direct investment sector banks are also actively involved. Other types of VC, PE, and or famous or unfamiliar lawyers, accounting firms, flocked to Jinjiang. Ma Ming brings together the Asia-Pacific Group, a partner in the agency to pull strings, he helped two companies to regulate the financial Jinjiang, then do market. This time, the target market of a company listed on his expedition turned out to be Thailand. He said the Stock Exchange of Thailand will launch the international version of the news has been spread in the circle, there are currently more than 15 Chinese companies want to go to Thailand market. Jinjiang enterprises for the contact, he commented that 'do a lot of business, but often there is only one business listed potential dividends of listed companies in Thailand, but demanding, not less than 3 percent per year. If the financial honestly a lot of profits to the Jinjiang listed companies would be difficult to do so. 'Ma Ming, including a number of interviews included are noted in Jinjiang market intermediaries to help do very much, but mixed. Ni Zhongsen recalled that there is better cooperation agency said he wanted to find help companies listed, 'You will not even look at the financial statements of listed businesses want to do, so that people really can not see.' Intermediary approach also helps companies listed more diverse. Rooster clothing aforementioned agency noted that some of the asset management company does not seek the high consulting fees, and even the name of the free market to do the banner, but requires 4% to 9% of the shares. Plus the introduction of venture capital companies, some listed companies of the founding family of the shares diluted to only 50%. Ni Zhongsen introduces some PE even look at the industry in Jinjiang, we do not care about specific companies, like 'spreading black pepper' the same investment. Statistics show that a PE investment called wealth would occupy 6% to 9% stake, ranging from Germany in several listed companies. For a large number of diluted shares in listed companies hesitate, Ni Zhongsen noted that some companies are playing 'sleight of hand tricks' in the agency help, 'an output value of only 60 million of business, financial data create 600 million, even if diluted share, as long as the ring to Money is also cost-effective. 'he said,' the listing to wear beautiful clothes, of course, but some fraud was so outrageous. 'And once you start cooking the books, follow that road of no return, the annual earnings data had to follow the fraud. Unmasked were not uncommon. Chen Jin told reporters the new wealth, sports apparel company Del benefits to intermediaries operating at the time of listing, the government three years ago to detect financial fraud, 'then added that people should pay attention to Del benefits, the agency is really harmful.' Del benefits now to change plans, prepare the Shanghai Stock Exchange. Recently, the Commission has accepted deerhui IPO application. Xidelong 2008 listing alleged fraud, then pull down the big agency. In 2008, Goldman Sachs 400 million yuan shares Xidelong, 2008 to help its Hong Kong-listed, sponsor Goldman Sachs and Deutsche Bank, Ernst \u0026 Young as an audit. However, ten days before the abrupt termination of the company IPO market, media reports alleged false Xidelong lending, finance has not approved. But with the help of Goldman Sachs, in 2009 the company finally listed on NASDAQ backdoor. Successful companies listed this year has also scandals. Muddy Waters and other American hedge fund in 2010 began by exposing fraud takes shares short the market. Since then the snowball getting bigger, but also because of the recent SEC financial fraud issues will be four major accounting firms to court. Currently, the Nasdaq-listed clothing Jinjiang Left Bank (NYSE: ZA) survey released in the US brokerage blacklist at the top. Rooster aforementioned executives said, the left bank of apparel and clothing enterprises to employ another Jinjiang same financial institution, 'two different companies, the same earnings, can not crash it?' In the forefront of listed industrial chain, is the major overseas Stock Exchange. Jinjiang listed finance office (hereinafter referred to public office under) personnel revealed that over the past few years, the Hong Kong Stock Exchange, Singapore Exchange and other Jinjiang have to do promotion. He explained that foreign exchange operation of the company, a profit requirement, performance-intensive enterprises in Jinjiang is listed on the Stock Exchange at a market volume. 'Vice President of the German Ministry of the Frankfurt market listing Ruan Yuxing two or three times every year to Jinjiang.' Ni Zhongsen said. Ruan Yuxing frequently in recent years in the major domestic financial meeting appearances, promotional Frankfurt market, encourage Chinese companies listed in Germany. Jinjiang and neighboring lions, Southampton, near Fuzhou and other enterprises, has become the Frankfurt market force. Ruan Yuxing Air Jordan 14 Retro listed in Germany has cited the many benefits: the program is simple, there are no queues, not because of the financial tsunami suspended IPO, fully market-oriented management; BaFin's approval is the registered type or record type approval, operation without substance examination and approval; Listed story and look at financing requirement is reasonable, whether the real financial figures are not subject to review, in accordance with its review of the object is just the 'EU Prospectus Law', to review the contents of the prospectus are complete; approval of the prospectus is generally not more than 20 days; importantly, lower listing fees Frankfurt, listed 5500 euros (about 44,000 yuan), annual fees 10,000 euros (about 80,000 yuan). Secondary offering 3.3% financing costs, as well as a secondary offering that does not exceed 10% of the total market value, there is no need BaFin approval. Germany Listed heat just emerging, the Singapore market earlier but came hot issue. Production base is located in China's 'Long-chips' section six stocks default, the credit crisis hit. Singapore-listed Chinese companies have been market valuation is lower than in Hong Kong and mainland listed companies, because the Singapore market is not Nike Air Force 1 particularly recognized China concept stocks. Some Chinese companies listed in Singapore after they split the business to Taiwan market. In April 2010, because the market value, volume double low, Jinjiang started to produce jelly Crayon company chose delisting from Singapore, Hong Kong Stock Exchange to switch. Crayon in 2005 when the 'China Snack Food' (China Lifestyle food) in the name of the SGX-ST issue price is 28.5 points a new currency (about 1.5 yuan), while delisting repurchase price is S $ 17.8 ( about 1 yuan). After delisting year, Crayon to the Hong Kong market fund-raising HK $ 747 million, remove commissions and other expenses, gain of HK $ 542 million richer. Ni Zhongsen told reporters the new wealth, similar to that fought Exchange Crayon approach is not new. For traditional manufacturing industries, a lot of upstream and downstream related enterprises, a number of listed companies did not disclose all related party transactions. Their modus operandi is the capital maneuvers - the first in an overseas market or IPO backdoor listing through the chain conveyor and downstream interests, transfer of capital, abandoned shell after delisting, and then do the same on other markets misappropriating. 'Government-enterprise interaction' Following a number of difficult interviewee mentioned, Jinjiang enterprises listed on the most cost-related costs are not listed, but the tax. Jinjiang city government to encourage support listed companies, the most important criteria when screening listed reserve team is taxation. Provide materials according to the new fiscal reporter Jinjiang city departments, as of May this year, it has 39 listed companies in Jinjiang, 107 back-listed companies. Companies to raise funds equivalent to about 23 billion yuan, the total market capitalization of the stock market over 180 billion yuan. Government revenue will be substantially pulled. By the end of 2011, 37 listed companies expected to pay taxes 3.6 billion yuan, accounting for 27% of total revenue, up 35%; 90 listed companies expected tax reserve of 2.1 billion, accounting for 16% of total revenue, an increase of 42%. Listed companies, reserve business tax for the local government added 1.6 billion yuan, accounting for 48.5% of total fiscal revenue increment. Many agency told reporters the new wealth, if you want to enter the listed companies reserve, tax compliance is a hard requirement. Jinjiang not standardized family business from a financial management to pay taxes. 'Production capacity, scale can false tax stuck here. 'Chen Jin said. Some companies began to market-ready, the tax pressure suddenly increased. The aforementioned public office staff said, when many companies preparing to go public, just experiencing weakness in overseas markets, but taking into account only the cost to have a hard on. Some enterprises had to reduce the size of the issue, 'first to get tickets, the market good and then additional'; there are some companies listed to give up halfway. In order to encourage the enterprise market, the local government introduced a series of policies. Jinjiang Trade Secretary Yan ore was introduced, in 2001 the government established the Office of Financial listing to a dedicated team docking companies listed. Government promotional materials will summarize the team's mode of operation is: 'management by objectives, Fenpianbaogan linked to contact, guidance.' Financial public office staff said they would introduce a regular enterprise reporting conditions to different overseas exchanges, process, organize training sessions to help companies understand the overseas markets, and coordinate and solve the difficulties in enterprise restructuring. Government subsidies while the listed companies. Data show that over the past few years, the relevant incentives and tax relief funds has reached more than 100 million yuan. 'Listed companies get government subsidies ranging from two to three million, but the most attractive enterprises or preferential land.' Chen Jin said. Jinjiang coast, the reporter saw 361 degrees, Anta and elegant birds three companies close together signs, has been inserted in the flat land. Even the taxi drivers know:. 'These places are to listed companies, small businesses can not get to,' Chen Jin said, Jinjiang coastal land use is very tense, the same scale enterprises, the government will certainly be inclined to listed companies on the ground in the batch . Yan was mine, told reporters that the local government for a long time helping private enterprises in Jinjiang, Jinjiang private enterprises in the past 20 years is due to fast Air Jordan Others development of 'government-enterprise interaction', the interactive mode of government and enterprises Air Jordan 11 have obtained central high-level approval. He will 'government-enterprise interaction' summed up in three stages: initial, brand building and operation phases of capital to listed as the main mode. In the context of the early 1990s, 'Belonging to Socialism or Capitalism' the great debate, in the form of government to keep the burgeoning private enterprises, give enterprise zone 'red hat', anchored in the collective development of private enterprise economy. Since then, the government encourages enterprises to establish their own brands in Jinjiang, so just a few years out of the more than 100 'brand name.' It is from this point onwards, the characteristics of Jinjiang enterprises rush action began to show: rushing to hire celebrity endorsements, rush to sponsor various sports teams and sporting events. 'CCTV5 for some time called Jinjiang Channel, advertising all Jinjiang shoes and apparel companies.' Xielu Wei said with a smile. To the capital operation stage, Jinjiang government to encourage 'big business at the head, medium business groups on' mode. Jinjiang government enterprises listed as a major achievement, under 'Jinjiang Model' aura, often promoted in recent years the main leaders of Jinjiang, the main leaders for a 6 any 10 years. Many interviewed stated that the leaders Jinjiang have common characteristics: outsiders, short term, but in support of the enterprise market are very consistent on this point. A local official two years ago found a large-scale enterprises listed overseas may be a problem, but he said, 'to mention useless, do a couple of years away, if not in any trouble on their own on the line.' Now listed model has been rendered unsustainable signs. Ni Zhongsen pointed out that domestic enterprises listed on the reserve up to 808; and for opening up overseas markets, also filled with increasingly strong Chinese corporate integrity questioned. Has always pursued the 'victories' of Jinjiang enterprises have found a new target - Tianjin Equity Exchange. This year, Jinjiang landed Exchange day intensive enterprises. Chen Jin said, there are more than 20 companies in the study, some have begun to Tianjin Jinjiang intermediary to help functioning of such OTC. Allegedly, the amount of financing in the market generally pay day in a thousand million.