Monday, November 05, 2007

Hu secures his legacy but lineup shows power sharing in party

(c) 2007 South China Morning Post Publishers Limited, Hong Kong. All rights reserved.

When more than 2,200 delegates to the Communist Party's 17th National Congress voted overwhelmingly on Sunday to enshrine the "concept of scientific development" in the party constitution, President Hu Jintao secured his legacy and elevated his standing to the ranks of Mao Zedong , Deng Xiaoping and his predecessor, Jiang Zemin .
Mr Hu begins his second and final five-year term trying to define the future for the party and the country. In his keynote speech at the opening of the congress, he vowed to lead the people "in starting from a new historical point" and he used the phrase for democracy more than 60 times in his speech.
But this does not mean that China is making a radical break with the past and will march towards western-style democracy any time soon. In fact, all the measures Mr Hu outlined in his speech, including giving ordinary party members a bigger say and introducing direct elections for grass-roots party positions, are aimed at strengthening the party's leadership.
The catchphrase "socialism with Chinese characteristics" roughly translates into something like "the Communist Party will maintain a monopoly over power while promoting raw capitalism disguised as socialism".
Nor do the references signal the dawn of Mr Hu's era, as many of his supporters and overseas media would have hoped. This is amply reflected in the new leadership line-up unveiled yesterday in the Great Hall of the People. Among the four new Politburo Standing Committee members, only Li Keqiang , the party secretary of Liaoning , is identified as a close ally of Mr Hu. Xi Jinping , Shanghai's party secretary, is more associated with former president Jiang while He Guoqiang , minister of the party's Organisation Department, and Public Security Minister Zhou Yongkang are strong supporters of outgoing Vice-President Zeng Qinghong .
That means Mr Hu can probably only count Premier Wen Jiabao , National People's Congress chairman Wu Bangguo , and Mr Li as allies on the nine-member committee. The other two incumbent members staying on for a second term, Jia Qinglin , the chairman of the Chinese People's Political Consultative Conference, and Li Changchun , the top party official in charge of propaganda, are considered allies of Mr Jiang.
Many overseas analysts and media may interpret the new line-up and Mr Hu's unsuccessful attempt to anoint Li Keqiang as his successor as a failure to consolidate his grip on power.
"Getting policies implemented is not a measure of [party leadership effectiveness - getting proteges promoted is a true measure of power," John Tkacik, senior research fellow in Asian Studies at the Heritage Foundation, said.
The ranking of the new Politburo Standing Committee members show that Mr Xi, 54, is slightly higher than Li Keqiang, 52. This indicates that Mr Xi is slated to succeed Mr Hu as the party boss and Li Keqiang may replace Mr Wen when they retire in 2012.
In addition, Mr Hu's favourite slogan "building a harmonious society" was not written into the party charter, signalling strong disagreements and resistance to his theories within the party. More significantly, however, Mr Hu's failure to anoint a successor signals the era of paramount leaders is probably over in China.
The emergence of a new batch of officials in the Politburo and its Standing Committee has given China watchers the opportunity to spot and analyse the so-called fifth-generation leaders, with Li Keqiang and Mr Xi at the top. Other core fifth-generation leaders are most likely to include the new Politburo members, including Wang Qishan , Wang Yang , Bo Xilai and Li Yuanchao .
Beijing mayor Wang Qishan, 59, is expected to become one of the vice-premiers responsible for macro-economic planning or financial policies in March when the National People's Congress approves the reshuffle of the State Council.
Wang Yang, 52, currently Chongqing's party secretary, is slated to become the Guangdong party chief, while Mr Bo, 58, the Minister of Commerce and a prominent princeling, is to become the Chongqing party secretary.
Li Yuanchao, 57, currently Jiangsu party secretary, will replace Mr He as the top party official in charge of personnel appointments.
All four of them are widely seen as strong candidates to join the Politburo Standing Committee in 2012.
But if history is any guide, Mr Xi and Li Keqiang are most likely to remain low-key and shy away from controversy until their time comes.
Mr Hu was a low-profile member of the Politburo Standing Committee for 10 years before he became party chief in 2002.
Against this background, the mainland leadership will be even more consensus-driven in order to achieve a delicate balance of power among the various party factions.
As a result, sweeping policy changes are unlikely both in the short- and medium-term.
In the near-term, the mainland leadership will be busy reshuffling personnel in the State Council and the various government ministries following the rearrangement of the party leadership at the congress.
This means that any major policy announcements will be delayed until after the NPC meets in March.
In the medium-term - as Mr Hu seeks stability, continuity and consensus - any reforms, especially political changes, will be incremental.
This may not be a bad thing for China, already the world's fourth largest economy, as any drastic upswings and downturns also carry implications for the global economy.
Still, the congress was significant in many ways.
For one, Mr Hu proved to be a deft and skilful politician as he tried to cement his authority. When he came to power as the party chief in 2002 and state president in 2003, he was largely an enigma, giving rise to the question "Who is Hu?".
But he showed his teeth during the 2003 Sars crisis by sacking the then mayor of Beijing and the health minister for covering up the epidemic. He then manoeuvred to force Mr Jiang to relinquish the chairmanship of the Central Military Commission in 2004.
In a bid to rein in local officials who frequently ignored central government directives and remove those seen as disloyal to him, Mr Hu launched a concerted mainland-wide anti-corruption campaign in mid-2005, leading to the arrest of dozens of senior officials in Beijing, Tianjin , and Shandong , and culminating in the sacking of Chen Liangyu , the former Shanghai party secretary and a strong ally of Mr Jiang.
With his rising authority, Mr Hu also started to stamp his own vision for the future growth of the party and the country by preaching the so-called "scientific concept of development" and "building a harmonious society". The phrases may sound empty and vague but they carry real political and economic implications.
With the party charter including "the scientific concept of development", Mr Hu has secured a strong mandate to steer the mainland's economic model away from the-growth-at-any-cost focus of the past 30 years towards a more balanced and sustainable pattern.
But that does not mean Mr Hu is seeking to slow economic growth too much. In fact, his top priority will continue to be to deliver strong economic growth, which has legitimised the Communist Party's rule.
What distinguishes Mr Hu from the previous mainland leadership is that he has promised to pay more attention to social equity and justice by boosting welfare spending for the poor and disadvantaged and stepping up efforts to curb environmental degradation.
To highlight his emphasis on allowing all mainlanders to reap benefits of economic growth, he refined a long-standing goal by saying the party aimed by 2020 to quadruple the per capita gross domestic product of 2000. Previously, the goal was to quadruple total economic output during the same period.
But, as several overseas analysts note, Mr Hu has little to show for his theories.
"So far it has not resulted in a better life for ordinary people, as Mr Hu's critics have pointed out," University of Miami political scientist June Teufel Dreyer said. "While the idea of promoting a more harmonious society continues, society seems progressively more disharmonious."
Indeed, Mr Hu and other mainland leaders face a series of difficult domestic problems in effecting the shift, and not simply because it will take more than a change in the party charter to transform the mindsets of government officials who have pursued unfettered economic growth for nearly 30 years.
Despite the extraordinary double-digit annual economic growth over the past five years, the party's legitimacy and authority are under siege. For the leadership, China confronts similar, if not more serious, conditions to those that led to the massive pro-democracy rallies and the subsequent bloody crackdown of June 1989. They include rampant official corruption, growing social unrest, widening income gaps, serious environmental degradation, soaring unemployment, worsening law and order and failed reforms in housing, medical care and education.
More and more officials have openly admitted that most of the problems stem from a lack of political reform.
It is in this context that Mr Hu has outlined a series of measures to expand the so-called "intra-party democracy", aimed at boosting the accountability and transparency of the party leadership.
"Hu's ideas on intra-party democracy are attractive in theory but, even if perfectly executed, would do no more than strengthen the party's authoritarian hold on society," Professor Dreyer said.
However, many party officials have held out the hope that a willingness to undertake those measures could lead to bigger changes down the road.
For instance, some believe that competitive elections could be held to elect Politburo members or even Politburo Standing Committee members in 2012, when the party's 18th congress is held.
"As the era of the paramount leaders anointing successors is over, competitive elections are the only way out for Xi (Jingping), Li (Keqiang), and others to compete for the party and government positions in the fifth-generation leadership," said one party official who declined to be named.

Democracy on everyone's lips, but is it just talk?

BYLINE: Shi Jiangtao and Ting Shi in Beijing
BODY:
Democracy has become a buzzword in the past week in the capital.
Communist Party cadres attending the mainland's biggest political show, which is held every five years, displayed an unprecedented interest in expounding on the usually sensitive topic, after their party chief Hu Jintao mentioned the word democracy more than 60 times in his opening address to the party's national congress.
Mr Hu articulated his pet slogan "intra-party democracy" and promised to push ahead with stalled political reform in moderate steps, including more transparency and open and competitive elections.
Despite the talk of democratic reforms, the catchphrases are still too vague to be understood or to lead to any meaningful changes, mainland and overseas political analysts say.
At the same time, they are divided over whether the 76-year-old party has become more institutionalised, with discussion of intra-party democracy on the one hand and months of power struggles within the top leadership on the other.
Both University of Wisconsin political scientist Edward Friedman and Steve Tsang, senior research fellow in modern Chinese studies at Oxford University, say intra-party democracy is aimed at institutionalising an authoritarian regime.
But Yuan Weishi , a historian at Sun Yat-sen University in Guangzhou, is more sceptical about the party's efforts at institution-building. "I don't have any impression of major progress in this regard in recent years," he said. "If there were any such steps, they were incremental and non-essential."
He says that although Mr Hu has lavished words on political reforms, it "remains to be seen how far his words can be translated into action".
Professor Yuan notes Beijing has set out a basket of policies over the past five years, mostly to rein in local authorities and to repair its image tainted by widespread public dissatisfaction over rampant corruption and other acute social and environmental woes.
These moves included reducing the number of deputy positions in central and local governments and dispatching disciplinary officials to oversee local authorities in the wake of a spate of corruption scandals which saw the ousting of several senior officials, including former Shanghai party chief Chen Liangyu .
Beijing also repeatedly called on party cadres to improve collective leadership and "oppose and prevent arbitrary decision-making by an individual or a minority of people".
"But the crux is whether they're about true democracy or just decorative and temporary moves," Professor Yuan, adding that freedom of expression should be an important criterion in gauging political progress. "There can't be real democracy without the freedom to voice dissent."
But he questioned the overseas media's intense speculation over the leadership reshuffle based on the notion of a factional power struggle within the party.
"Most of those reports are merely rumours and speculation. They don't have a reliable understanding or analysis of contemporary Chinese politics," he said.
Despite its expanding size, the 73-million-strong party had always been a disciplined and highly centralised organisation.
"It is true that there is no transparency in party politics, especially in terms of personnel reshuffles at the top level. But to say there are fierce struggles for power inside the leadership is just a guessing game," Professor Yuan said.
Liu Junning, a Beijing-based political scientist who used to work at the Chinese Academy of Social Sciences' Institute of Political Science, supports Professor Yuan's views.
"There have been factions in the party since its early years and the situation will not be changed much by intra-party democracy or institution building," he said.
Professor Liu says he does not see much difference between Mr Hu and his predecessor, Jiang Zemin , in terms of dealing with party factions. "While Mr Jiang ousted his political rival Chen Xitong , [a former party boss of Beijing], Mr Hu has done virtually the same thing to Chen Liangyu."
He says that unlike Mao Zedong , who waged ideological campaigns to purge those who dared to challenge him, the current leadership used the anti-corruption drive to squeeze out political rivals.
Beijing has adopted informal rules on leadership reshuffles, such as term limits and retirement ages, in a bid to ensure orderly succession.
Although the party has followed the ritual of having its national gathering every five years and the elite Central Committee meeting every year, it has done little to answer mounting calls for competitive elections at the highest level of the the Politburo.
Professor Liu says Beijing has yet to specify things like the the nomination process for the party's general secretary and the number of members the Politburo should have, which has varied at different party congresses.
"We have seen frequent revisions of the party charter - almost every five years - and the personal ideas [of top leaders] enshrined in the party constitution. But there have been few institutional efforts to formally detail what processes should be followed," he said.
"If the party does not make institutional efforts to address the most important issues, it does not matter much what progress it has made on those side issues."
Moreover, Professor Liu says, it is more important to examine the relationship between the ruling party and the state than paying much attention to institution-building within the party.
Professor Liu and Professor Yuan also agree that the party's promised gradual political reforms have lagged far behind the expectations of the public and party members.
Mainland scholars have expressed wishes that the party leaders follow their Vietnamese counterparts, who allowed a competitive race for the top party post last year.
But Beijing has so far refused to give way to the appeal, which has been growing noticeably within the party over the years.
With much emphasis on how to enhance the legitimacy of one-party rule and consolidate its power, Mr Hu said any democratic reform on the political system must adhere to the "correct political orientation", meaning the party's leadership.
"Mr Hu's talks of intra-party democracy and institution building are nothing more than lip service, which will not result in real changes," Professor Liu said.

Thursday, September 28, 2006

CHINA: Anger as press becomes puppet for Hu propaganda

CHINA: Anger as press becomes puppet for Hu propaganda
Renewed controversy is sparked over the role of print media and its relationship to the Chinese Communist Party

The Age
Saturday, August 20 2005

By Hamish McDonald

A leading Chinese Communist Party newspaper is in turmoil amid accusations that a new Mao Zedong-type personality cult is being built around China's President, Hu Jintao.

The China Youth Daily's reporting staff is also incensed over a planned new remuneration system linking bonus payments to the level of praise from Government and party leaders.

The conflict reflects both a drive to enforce party orthodoxy on the media by propaganda chiefs, and the increasing reluctance of younger professionals to take such direction. The internet has given the latter a chance to evade conventional censorship.

The newspaper, which sells 400,000 copies a day, is published by the Communist Youth League, the party's junior arm, and until recently had a reputation for breaking stories on corruption and abuse of office.

The youth league and its alumni have been the power base of Mr Hu, who became party leader in November 2002. Now midway through his five-year term, he seems to be using it to build his own prestige.

The paper's chief commentator, Li Fang, 34, quit this week after being forced to write a piece about Mr Hu last month that recalled the praise heaped upon the "great helmsman" Mao.

Among other things, the article compared Mr Hu's recent admonitions to students to a "beacon pointing out the direction in which university students should move forward".

This comes after Mr Hu has put the entire 77 million party membership through an intensive re-indoctrination course in recent months in which they have been compelled to write lengthy self-criticisms, reminiscent of one of Mao's favourite control mechanisms.

A copy of Mr Li's resignation letter has appeared on the internet. In it, he said he had wanted to work in a place with a "liberal" atmosphere. "If I feel such an atmosphere is diminishing and it is irreversible, then I have to leave," he said.

His decision to quit came after pictures editor He Yanguang, had an essay posted on the internet declaring that the excessive praise of Mr Hu had made him feel "ashamed" and had been a "nightmare" for its humiliated writer.

Mr He said this week the resignation was Mr Li's own decision. "It may have looked as though I lit the fire," he said, "but I am not the one who put the dynamite in the box."

China Youth Daily's editor-in-chief, Li Erliang, a former party propaganda official installed last December to rein in the paper's outspoken coverage, is under fire for a new pay system starting this month.

A letter attacking the system — by Li Datong, chief of the paper's regular investigative section called Bingdian Weekly — has also hit the internet via a popular chat room.

According to the letter, staff bonuses would be calculated on a points scale: 50 credits for being among the top three most read articles, 80 for those praised by the Communist Youth League, 100 for those praised by state departments or provincial leaders, and 120 for those acclaimed by the party's propaganda department.

Date Posted: 8/20/2005

CHINA: Media told to downplay demise of party

CHINA: Media told to downplay demise of party
Nine-point circular instructs media to self censor over Shanghai boss sacking

South China Morning Post
Wednesday, September 27, 2006

Mainland media have been ordered to play down the fall of Chen Liangyu and toe the party line in their coverage, with only official despatches by Xinhua allowed to be published.

The Communist Party's propaganda department has been quick to flex its muscles in the past two days, issuing detailed instructions to all news media, including websites and internet chat rooms, banning speculation about the high-profile sacking.

In an order issued yesterday, propaganda authorities said any coverage of the Shanghai scandal should strictly follow the Xinhua version. "No other unauthorised or sensational report is allowed. Exaggeration or speculation must be banned," it said in a circular.

The circular also urged mainland Web portals to censor online discussions and especially rumours about power struggles within the party.

"No posting should stir trouble by speculating on discord among incumbent central leaders, between the leaders and their predecessors, or between central leaders and local cadres," it said.

"All news media must abide by the disciplines regarding news reporting, ask for instructions when questions arise and submit timely reports on important findings."

Highlighting Beijing's sensitivity over the corruption scandal, in a nine-point circular issued on Monday the propaganda department urged mainland newspapers and news websites to play down Mr Chen's sacking.

While most mainland media ran Xinhua's brief Monday announcement on the removal of the disgraced Shanghai party boss, newspapers in that city were instructed to run the news prominently on their front pages.

The official Liberation Daily said Shanghai officials would unanimously support President Hu Jintao's leadership. The China Business Times reported that Mr Chen's younger brother and his driver had also been investigated.

Date Posted: 9/27/2006

Wednesday, September 27, 2006

财经杂志:银广夏陷阱

真相再清楚不过了:天津广夏1999年、2000年获得“暴利”的萃取产品出口,纯属子虚乌有。整个事情——从大宗萃取产品出口到银广夏利润猛增到股价离谱上涨——是一场彻头彻尾的骗局。

过去两年间,广夏(银川)实业股份有限公司(简称银广夏,深圳股票交易所代码0557)创造了令人瞠目的业绩和股价神话。

根据银广夏1999年年报,银广夏的每股盈利当年达到前所未有的0.51元;其股价则先知先觉,从1999年12月30日的13.97元启动,一路狂升,至2000年4月19日涨至35.83元。次日实施了优厚的分红方案10转赠10后,即进入填权行情,于2000年12月29日完全填权并创下37.99元新高,折合为除权前的价格75.98元,较一年前启动时的价位上涨440%,较之于1999年“5?19行情”发动前,则上涨了8倍多;2000年全年涨幅高居深沪两市第二;2000年年报披露的业绩再创“奇迹”,在股本扩大一倍基础上,每股收益攀升至0.827元。

“奇迹”并未到此为止。2001年3月1日,银广夏发布公告,称与德国诚信公司(Fidelity Trading GmBH)签订连续三年总金额为60亿元的萃取产品订货总协议。仅仅依此合同推算,2001年银广夏每股收益就将达到2至3元!在更早些时候,银广夏董事局主席张吉生预测,未来三年内每年业绩连续翻番“不成问题”。

这是个灿烂的未来,但并不是所有人都为之目眩。证券行业内部,相信银广夏神话的人并没有想像的那么多。

——一位基金经理说:“(银广夏的业绩)好虽好,但不符合常识。”

——一位著名证券公司农业领域的研究员很久以来都不把银广夏列入观察范围,问其原因,答:“有研究的必要吗?”

各个证券网站上进行着观点泾渭分明的超级大讨论。著名的证券专业聊天室“和讯大家谈”里,关于银广夏的帖子数以千计,质疑者和支持者各执一词,争论不休。在那里可以找到各种传言。
但仅凭“感觉”、传言、争论、甚至“常识”,还是缺乏依据。记者经过长达一年多的跟踪采访,渐渐逼近真相,银广夏的"神话"被逐步还原了本色。一个即使在并不成熟的中国市场上也相当少见的特大造假骗局,展现在我们面前。

银广夏业绩的奇迹性转折,是从1998年发端的。这一年,银广夏传出了来自天津的“好消息”。
1994年6月17日,广夏(银川)实业股份有限责任公司以“银广夏A”的名字在深圳交易所上市。银广夏A被称作第一家来自宁夏的上市公司,但实际上,这家公司最早起源于深圳。

陈川是银广夏的创始人,在2000年2月去世前担任银广夏董事局主席兼总裁。他1939年出生,早年为银川话剧团编剧,1984年7月南下深圳创业,先后创建深圳广夏文化公司和深圳广夏录像器材公司等。

陈川文人出身,据见过他的人说“极富领袖魅力”。1993至1994年间,他长袖善舞,将广夏文化公司旗下几家软磁盘生产企业合并改组,并成功上市(参见辅文《银广夏前传》)。其中的两家企业均在深圳,分别是广夏录像器材有限公司和广夏微型软盘有限公司;另外一家叫做广夏(银川)磁技术有限责任公司。该公司在银川注册,存在的时间只有一年,从1992年9月到1993年银广夏设立后即注销。明眼人知道,这家公司的功能,在于获得宁夏自治区的上市额度。该公司发起人之一为宁夏计算机技术研究所,而银广夏现任董事局主席、曾长期担任银广夏总裁的张吉生,即担任过计算机研究所的所长。张吉生生于1946年,除了在银广夏任职外,还担任着宁夏自治区科技厅厅长一职。

上市以后,围绕着陈川的银广夏高层队伍亦渐次成形。现任银广夏总裁的李有强来自天津。他生于1941年,曾任天津市工艺美术厂厂长,早在1985年就与陈川一起合作创业,1994年银广夏进入天津后,长期负责天津业务。而身兼财务总监、总会计师、董秘等多职的丁功民则常驻深圳。
1994年上市之时,国内软磁盘行业竞争已如火如荼,转眼间,每生产一张软磁盘就要亏损2美分。对以软磁盘为主业的银广夏来说,转型迫在眉睫。

此后,银广夏每年均在为维持10%的净资产收益率奔忙。当时的董事局主席陈川自己从不讳言这一点,在回忆、阐述银广夏的创业历程时每每提及。银广夏的项目换了一个又一个,从软磁盘生产以后,银广夏进入了全面多元化投资的阶段。1996年年报称银广夏已经“成功地由创立之初的三家软磁盘生产企业的单一产业公司发展为拥有27家全资、控股子公司和分公司的跨行业实业公司”,到2000年更发展成有40余家参股、控股公司的庞杂规模,从牙膏、水泥、海洋物产、白酒、牛黄、活性炭、文化产业、房地产,到葡萄酒和麻黄草,大部分项目是打一枪换一个地方,盈利水平始终貌不惊人,每次都仅是维持在10%净资产收益率的配股生命线上方而已。

银广夏最知名的项目是在银川西南永宁县西沙窝(现称征沙渠)治沙种草。1995年,陈川在赴京的列车上遇到了吴安琪。吴是宁夏自治区水科所所长,一直研究在水文调研的基础上治理沙漠,曾在银川附近治理过1200亩沙漠,后因资金匮乏而放弃。列车上一席谈,陈川对吴治沙并种植麻黄草的构想产生兴趣并随后决定投资。银广夏投资80%,水科所技术入股投资20%,成立了广夏(银川)天然物产公司,购买并治理了银川市郊2万多亩沙漠,并种上了麻黄草(麻黄素的原料)。吴目前是广夏(银川)天然物产公司和宁夏广夏制药厂的董事长,也是银广夏的董事之一。

治沙种草,为银广夏带来了异常良好的形像,但并没有带来什么效益。银广夏声称前后投资过6亿元,是一个夸大的数字。据《财经》了解,实际投资约9000万元。据说这一项目近期可持平,但要贡献巨额利润,为时尚早。

银广夏业绩的奇迹性转折,是从1998年发端的。这一年,银广夏传出了来自天津的“好消息”。

天津广夏“独撑大局”。

1999年,银广夏利润的75%来自于天津广夏;到了2000年,这个比例更大

银广夏1994年在天津成立了控股子公司天津保洁制品有限公司。保洁公司曾经在1996年通过德国西·伊利斯公司(C.ILLES&CO.)进口了一套泵式牙膏生产设备,这是可查的银广夏与西·伊利斯公司最早的往来;此后,银广夏又从西?伊利斯公司处订购了一套由德国伍德公司(Krupp Uhde)生产的500立升×3二氧化碳超临界萃取设备。这是传奇的起点。

1998年,天津广夏接到了来自德国诚信贸易公司的第一张订单。其时,保洁公司已于1997年12月31日更名为天津广夏(集团)有限公司(下称天津广夏)。

银广夏当年10月19日发布的公告称,天津广夏与德国诚信公司签订出口供货协议,天津广夏将每年向这家德国公司提供二氧化碳超临界萃取技术所生产的蛋黄卵磷脂50吨,及桂皮精油、桂皮含油树脂和生姜精油、生姜含油树脂产品80吨,金额超过5000万马克。

几个月之后,1999年6月19日,在郑州召开的全国农业产业化龙头企业研讨会上,当时的银广夏董事局主席陈川这样讲述这单合同的暴利内涵:“……德国诚信公司于1999年6月12日一次订货总价达5610万马克。6月26日,一艘载着天津广夏第一批农产品萃取产品的货轮起锚离港,远航德国。这第一批产品出口,竟获利7000多万元!”

1999年,银广夏利润总额1.58亿元,其中76%即来自于天津广夏(据张吉生一次内部讲话)。

随后,银广夏公告,将再从德国进口两条800立升萃取生产线,后又将计划升级为两条1500立升×3和一条3500立升×3的生产线。计划中的生产能力是天津广夏现有生产能力的13倍之多!一时间,市场为其展现的暴利前景而沸腾。

在1999年年报公布前夕,2000年2月14日,陈川在北京突然遇疾去世,终年61岁。根据银广夏公告披露,死因是“突发性心肌梗塞”。

创始人陈川的去世,并未使银广夏2000年梦幻之旅受到丝毫影响。在2月17日进行的董事会改选中,张吉生继任董事会主席,时任天津广夏董事长兼总经理的李有强升任公司总裁。随后银广夏公布了1999年年报,每股盈利0.51元,并实行公司历史上首次10转赠10的分红方案。

从1999年12月30日至2000年4月19日不到半年间,银广夏从13.97元涨至35.83元,于2000年12月29日完全填权并创下37.99元新高,折合为除权前的价格75.98元,较一年前启动时的价位上涨440%。

2001年3月,银广夏公布了2000年年报,在股本扩大一倍的情况下,每股收益增长超过60%,达到每股0.827元,盈利能力之强,令人咋舌。

利润绝大部分来自天津广夏:银广夏全年主营业务收入9.1亿元,净利润4.18亿元。银广夏2000年1月19日公告称,当年天津广夏向德国诚信公司“出口”1.1亿马克的姜精油、桂皮油、卵磷脂等“萃取产品”。今年4月2日,审计其财务报表的深圳中天勤会计师事务所特向记者发来函件,称当年追加定单补充合同共计2.1亿马克,2000年度实际执行合同金额为1.8亿马克(约合7.2亿元人民币)。如果按照1999年度年报提供的萃取产品利润率(销售收入23971万元,业务利润15892万元,利润率66%)推算,天津广夏2000年度创造的利润将达到4.7亿元。

更恢宏的利润前景在前头。今年3月,银广夏再度公告,德国诚信公司已经和银广夏签下了连续三年、每年20亿元人民币的总协议。以此推算,2001年银广夏的每股收益将达到2至3元,这将使银广夏成为“两市业绩最好市盈率却最低的股票”。

银广夏传奇达到了顶峰。

2001年6月18日:银广夏宣布,一条1500立升×3二氧化碳超临界萃取生产线已在安徽省芜湖市建成。

不可能的产量、不可能的价格、不可能的产品

第一,以天津广夏萃取设备的产能,即使通宵达旦运作,也生产不出其所宣称的数量;第二,天津广夏萃取产品出口价格高到近乎荒谬;第三,银广夏对德出口合同中的某些产品,根本不能用二氧化碳超临界萃取设备提取

如果说银广夏的表现是一个神话,那么,“二氧化碳超临界萃取”——一项陌生拗口的专业名词所指称的技术——起到了点石成金的作用。简单的解释是:这是一种根据二氧化碳在不同温度和压力下的性质进行天然原料萃取的技术(有关介绍参见下附资料)。

听闻银广夏神话,清华大学化学工程系教授朱慎林和北京星龙生物技术有限公司总经理戴志诚有着一样的第一反应:“超临界”为什么总会被人利用、炒作呢?专家们知道,应用这一技术也许可以取得比较稳健的收益,但绝对不至于暴利,而且绝非无所不能萃取。早在1998年12月,中国超临界流体协会在广州召开的全国年会即将结束时,特地在会议纪要上补充了这么一段话:“希望企业界对超临界萃取项目不要盲目上马、低水平重复。”然而,正是在这一年,银广夏神话的准备工作启动。

有理由相信,天津广夏方面特别是原天津广夏董事长兼总经理、现银广夏总裁李有强在整个过程中起了相当关键的作用。记者曾经向陈川原来的秘书问起有关德国客户和萃取方面的事,她只有一句话:去问李有强。西·伊利斯公司方面的回答也是如出一辙。

在专家和同行的眼里,银广夏凭此取得的惊人效益,处处皆是疑点。

第一,以天津广夏萃取设备的产能,即使通宵达旦运作,也生产不出其所宣称的数量。

即使只按照银广夏2000年1月19日所公告的合同金额,1.1亿马克所包括的产品至少应有卵磷脂100吨、姜精油等160吨。可资为证的是,天津广夏称于1999年出口的价值5610万马克货物中,就已包括卵磷脂50吨,姜精油等80吨。

但根据国内专家对这一技术的了解,一套500立升×3的二氧化碳超临界设备实际全年产量绝对超不过20吨至30吨——就算设备24小时连续运作。

也许正是为了使之“符合逻辑”,2001年3月,李有强在银川告诉记者,天津广夏已掌握了特别技术,能大幅提升产能。他以蛋黄卵磷脂的提取为例说,天津广夏的500立升×3设备已经将萃取时间从10个小时缩短到3个小时并进一步缩短到30分钟;今后通过上一套"在线监测"设备,还将把萃取时间缩短到十几分钟;而且,天津广夏生产的蛋黄卵磷脂的精度已从35%提高到97%。加上天津广夏是“四班三运转”日夜工作,产量自然惊人。

“30分钟”!所有听闻这一说法的专家均感到不可思议。萃取的工序包括给二氧化碳加压、萃取、释压等。仅仅给二氧化碳加压到几十个大气压这一步,就至少需要40分钟;提取卵磷脂,必需的时间量是五六个小时。只用3个小时提取出来的卵磷脂,精度上就要大打折扣。银广夏凭什么能做到30分钟提取卵磷脂?李有强的回答是一个故事:“我这个技术是大伙和德国人吃饭的时候,把他给灌醉了,拿到一张绝密的图纸——'二氧化碳在任何条件下的临界状态。'德国人卖给你设备,但这个东西不可能给你。等到我们的卵磷脂做出来,连德国人都感到惊讶了。后来那个德国人还因此被总部降了职。”

记者到清华大学化学工程系——这是李曾经提起过的“合作伙伴”——做进一步核实。杨基础教授闻此扶案大笑:“我这里这样的图纸多得很,你要不要?那不过是最基本的一张技术解释图而已。”

杨基础是清华大学化学工程系教授,清华大学研究超临界萃取技术的三位主要专家之一,从1978年开始研究超临界技术,与企业界有着广泛的合作,被称为业内的“活字典”。

与银广夏有过接触的天津大学李淑芬教授也向记者表示,提取蛋黄卵磷脂,3个小时是“神速”,30分钟“简直是奇迹”。

西北大学陈开勋教授则指出,李有强所谓能最后将生产时间缩至十几分钟的“在线监测”设备,只是研究文献上的说法,是检测手段的一种,与二氧化碳萃取没有什么关系。

简而言之,仅从技术上而言,天津广夏不可能在预定时间内生产出满足合同数量的产品。

第二,天津广夏萃取产品出口价格高到近乎荒谬。

在2001年3月银广夏股东大会前召开的二氧化碳超临界萃取研讨会上,李有强曾说:“以姜为例,50公斤含水率在10%以下的干姜可以出1公斤油、1公斤含油树脂。国内最好的山东产干姜每吨7000元,但'欧洲市场的价格'是每公斤姜精油700至900马克(折合人民币约2800元至3600元),每公斤含油树脂是160至200马克(折合人民币约640至800元),天津广夏的出口价还处于中上等。加上人工费、水电费、机器折旧费,你们可以算算利润率。”

根据这些条件,可以大略算出每公斤姜精油和含油树脂的原料成本加起来只有350元,可是“卖给德国人”,就可以卖到3440至4400元。天下竟有此等美事!银广夏提供的售价,与国际市场的伦敦价格,与众多国内厂家、行业专家提供的参考价有着巨大的差距。以姜精油为例,银广夏公布的价格是每公斤在2800至3600元,而2000年11月17日,伦敦市场CIF价是100美元/千克(折合人民币约827元/公斤),西安嘉德公司了解的国际市场价格只在600至800元/公斤,北京星龙生物技术有限公司(国内最早采用二氧化碳超临界萃取技术的生产企业)即使以小批量生产的价格算也只有1000至1200元/公斤,价格悬殊竟达3至5倍!一位被告知银广夏萃取产品售价的专家笑称:如此昂贵的姜精油,简直可以与黄金媲美,看来要用滴管小心使用!按1998年天津广夏向德国诚信公司出口货品的合同,有关货品合同价格如下:桂皮精油900至1100马克/公斤桂皮含油树脂160至200马克/公斤生姜精油550至700马克/公斤生姜含油树脂150至250马克/公斤蛋黄卵磷脂平均300马克/公斤约合120万元/吨2001年3月,李有强在公开场合宣布的产品价格如下:姜精油700至900马克/公斤约合280万元至360万元人民币/吨姜油树脂160至200马克/公斤约合64万元至80万元/吨桂皮油700至1100马克/公斤约合280万元至440万元/吨桂皮树脂200至500马克/公斤约合80万元至200万元/吨。

无论是上述哪个价格,与国内、国际的实际市场价格相比,均有大幅度高估。

第三,银广夏对德出口合同中的某些产品,根本不能用二氧化碳超临界萃取设备提取。

据专家介绍,二氧化碳超临界萃取技术有一个重大局限,就是只有脂溶性(也称为非极性、弱极性)的物质才能从中提取,而且往往需要与其他技术相结合才能生产精度较高的产品。

天津广夏声称其产品蛋黄卵磷脂的精度已经从35%提高到97%。但是,一位专家告诉记者,仅凭天津广夏那一套500立升×3的萃取设备,是不可能提取出精度超过30%的卵磷脂的,必须要配套利用大量乙醇来进行提纯的后期分离设备,但天津广夏并没有这些设备。

2001年3月1日,银广夏发布公告,称与德国诚信公司签订每年20亿元人民币、连续三年总共60亿元的供货总协议,公司每年需要向德方提供桂皮精油150吨、桂皮含油树脂150吨、生姜精油160吨、生姜含油树脂160吨、脱咖啡因茶叶9000吨、天然咖啡因157.5吨、茶多酚24吨、当归根油24吨、银杏酮酯30吨、丹皮酚26吨、丹参酮15吨、葛根素10吨等萃取产品。

这一合同提到的某些产品如茶多酚,属于水融性(极性)物质,用二氧化碳超临界萃取技术根本提不出来。合同中提到的银杏酮酯、葛根素、丹皮酚也非常难提取。这是记者所采访的诸多国内专家如清华大学杨基础教授、中国化工大学余安平教授、西北大学陈开勋教授的一致意见。1997年,河南南阳市以为利用二氧化碳超临界萃取技术能从银杏叶里提取银杏黄酮,为此投资2000万元,并把万亩农田改种银杏树,结果项目失败,农民当年颗粒无收。

此外,疑点还有很多——银广夏称,2000年,公司对德国出口了50吨以上的卵磷脂,这至少需要上千吨原料。但知情人透露,蛋黄卵磷脂的原料蛋黄粉在国内只有两个生产基地,分别在沈阳和西安,可事实上两地加起来卖给银广夏的蛋黄粉亦不过30吨。

记者还从天津获悉,某制药厂曾经也想上二氧化碳超临界萃取的设备,但天津广夏的一位高层管理人员私下向他们透露,此举需谨慎,因为天津广夏“已经很久开不了工了”。

对于银广夏计划在芜湖上的另一条3500立升×3的生产线,根据银广夏的公告,将主要处理茶叶,每年向德国公司提供萃取产品咖啡因157.5吨、茶多酚24吨、脱咖啡因茶叶9000吨,这至少需要处理2.7万吨茶叶。余安平教授、杨基础教授对此分别进行测算,得到的结论是一致的:一套3500立升×3的设备即使全年全天24小时不停运转,也只能处理茶叶6000吨至7000吨而已!……如此等等,不胜枚举。

嘉德的另一种命运

为什么同样的设备,在银广夏可制造暴利,在嘉德却贡献乏善可陈?

到目前为止,中国只有三家公司购买了德国伍德公司制造的二氧化碳超临界萃取设备,除了天津广夏(500立升×3,1999年引进),还有西安嘉德(500立升×2,2000年引进)和广州的南方面粉厂(250立升,1995年引进自用)。2000年12月全国超临界流体萃取学会的年会正是在西安杨凌举行的,赞助商就是嘉德。

虽然有此设备,西安嘉德的日子并不好过。这对银广夏竟然也造成了压力:必须解释,为什么同样的设备,在银广夏可制造暴利,在嘉德却贡献乏善可陈?2000年7月,张吉生首次对记者提到在西安还有一条同样从德国伍德公司进口的二氧化碳超临界萃取生产线,但一直闲置。2001年3月,李有强在接受专访中声称西安嘉德公司是由于没有掌握设备的诀窍导致举步为艰,银广夏正考虑是否收购。天津广夏现任总经理阎金岱也在接受采访时表示,嘉德对萃取技术掌握太少,是其与银广夏命运迥异的主要原因。

这些说法经媒体报道后,对嘉德的影响很大。因为此时嘉德正在引资过程中。银广夏的表态使其陷入被动。

嘉德此时的确处于某种困境:嘉德于2000年5月引入设备,7月试车成功至今,未能打开市场。和银广夏一样,嘉德也是通过西?伊利斯公司的驻华机构捷高公司的业务经理陶鹏,从德国伍德公司进口了这套二氧化碳超临界萃取设备。与天津广夏的设备相比,除了少一个釜(萃取所用的容器),结构几乎完全一样。

嘉德也和西·伊利斯公司签订了保护合同:“在3年内西·伊利斯公司不得在陕西省境内出售安装类似设备”。最关键的是嘉德和西·伊利斯签订了至少70%产品由西·伊利斯包销的合同,并有德意志银行做担保。

但是,这一包销条款至今没有兑现过。陶鹏几次允诺要带德国客户来嘉德,却始终没有成行。西·伊利斯方面已经承诺,嘉德公司可以依照合同规定,获得设备价款10%即40多万马克的违约赔偿金,条件是不再承担法律责任。

记者了解到,与天津广夏神秘封闭的作风相比,嘉德公司从一开始就与西北大学化工系陈开勋教授有着全面的技术合作,在各种产品的试车和市场调研上下了很大工夫。在包销协议难以兑现的情况下,公司精心生产了各种样品,亦做了许多推销努力,包括德国方面,但全部石沉大海。嘉德的结论是:问题不在于技术,而是市场很难打开。

为什么西·伊利斯公司一方面宁愿牺牲上百万元的违约金,也不愿意包销嘉德产品或介绍客户,一方面却为天津广夏介绍了诚信公司这样的大客户?这是嘉德始终想不明白的事情。

“我们没有什么'秘密武器',我也并不羡慕你的秘密武器,但我至少知道这套设备究竟能出多少东西。你在外面怎么说我不管,但若涉及嘉德的利益,我们不会永远沉默。”嘉德董事长李挺说。

德国客户之谜

为银广夏贡献了1999年和2000年主要利润的德国诚信公司,既非如银广夏所说为西·伊利斯公司的子公司,更非成立已160年的老牌公司。它成立于1990年,注册资本仅10万马克。

银广夏的“秘密武器”,如果有的话,除去其“技术诀窍”外,恐怕就是大手笔的德国客户了。从西·伊利斯到诚信贸易,究竟是何方神圣?为银广夏1999年、2000年利润做出巨大贡献的德国诚信公司的英文全称为:Fidelity Trading GmbH。这家公司,尽管按银广夏的说法有着巨额对华贸易,但在中国居然没有办事处,在互联网上也查不到丝毫信息。

银广夏在2001年3月股东大会上分发的材料称,“德国的Fidelity Trading GmbH是在德国本地注册的一家著名的贸易公司,系德国西·伊利斯的子公司,成立已160余年历史。该公司是一家专门从事生物制药、食品和医用原料的贸易公司,在欧洲是一家信誉和口碑均很好的公司。”

德国西·伊利斯公司的确是一家历史悠久的贸易公司,德国伍德公司制造的二氧化碳萃取设备正是通过西·伊利斯出售给银广夏的。但诚信公司是否是其子公司呢?记者曾多次向德国西·伊力斯驻华机构捷高公司核实此事,但该公司接待人员的态度十分含混,一时说诚信是德国公司,一时说诚信和西·伊利斯有关系,一时说诚信是其子公司。最后竟然是一再要求记者去问银广夏!诚信和西·伊利斯的关系怎么能由银广夏来证实呢?在7月16日的一次电话采访中,捷高的有关业务关键人物陶鹏明确地告诉记者:诚信只是一家在德国注册的公司,与西·伊利斯有着业务往来,但并非西·伊利斯的子公司。

问题其实并不复杂。据知,2001年5月,在《中国证券报》一次例行的编前会上,其总编辑提到,既然银广夏引起了那么多疑问,为什么不可以借助新华社驻德分社的力量去调查一下它的背景呢?此后,该报是否果真去德国调查不得而知,但确有新华社驻外记者在德国当地查询查号台,但该公司并未有电话号码登记。

记者了解到,中国工商银行总行通过其海外分行对诚信公司进行了调查,在德国汉堡商会查到如下记录:“Fidelity Trading GMBH公司于1990年在该会注册,注册资本51129.19欧元(约10万马克左右),负责人为Kiaus Landry,主要经营范围是机械产品和技术咨询。”

注册资金几万马克,对于贸易公司而言并不算离谱,但毕竟其与银广夏签下的是年度金额达20亿元人民币、总金额达60亿元的合同,对比过于悬殊。此次调查之后,中国工商银行总行没有恢复对银广夏的贷款。工商银行总行曾与银广夏于1999年12月29日签订流动资金贷款合同,借款金额为2亿元,期限定为自1999年12月29日起至2001年10月28日止。今年四五月间,工总行提前中止了贷款。

银广夏的对外发言人丁功民曾向记者许诺,今年4月,当芜湖的萃取生产线建成之时,德国诚信公司将来华签订今年的供货合同(每年20个亿、连续3年总共60个亿的总协议的一部分)。届时采访这家公司,任何疑虑都会迎刃而解。

直到今年6月18日,安徽芜湖1500立升×3的二氧化碳超临界萃取生产线终于试车之时,期待已久的德国诚信公司代表仍没有出现。参加试车典礼的人们看到了几位高大的德国人,但那是伍德公司派来的工程师,与订货合同全无关系。典礼的第二天,李有强飞赴德国,原因不明。

是不是诚信公司人士不露面,真相就永远无法获知了呢?

天津海关一锤定音

经过反复调查后,天津海关向《财经》出具了一份书面证明:“天津广夏集团有限公司1999年出口额480万美元、2000年出口3万美元。”天津海关还查得,天津广夏从2001年1至6月,没有一分钱的出口额

随着时间的推移,众多的疑点已经令很多人无法熟视无睹。

在2001年的股东大会上,宁夏证管办官员就冷静地提出:如此将整个企业的利润维系在单一国外客户上,蕴藏风险是否过大?中央电视台“经济半小时”栏目曾对银广夏做过采访,相关节目由于种种原因至今尚未播出,但对银广夏的疑虑早有存在。

新华社宁夏分社已经就发现的银广夏诸多问题,向有关部门做过汇报。

就连银广夏总部也对天津广夏有了不满:实施2000年分配方案需派现1.5亿元,但创造了4亿多元“利润”的天津广夏却没有转来一分钱……由于投资额超过5亿元,银广夏准备上的3500立升×3生产线需要经过国家计委审批。国家计委按照规定,这一项目交给了中国国际工程公司进行项目评估。该公司的有关人士表示,已经注意到了银广夏有关项目的种种可疑之处。他的一个问题就是:“谁亲眼目睹过天津广夏的生产情况?”答案是,几乎没有人。近一年多来,银广夏谢绝了几乎全部参观或采访天津广夏生产车间的要求。

这位人士表示,对这个项目的评估工作目前正在筹备之中。如果得不到计委批准,项目将无法获得银行的支持,也不能享受进口关税的豁免。

这说明,越来越多的人开始冷静思考银广夏的神话是否可信。而天津广夏创造的巨额利润是否可靠,也越来越成为问题的关键。

不止一位银广夏的同行向记者指出:既然天津广夏的货物全部出口德国,那么按照现行税法,可以向税务机关办理出口退税,按照2000年天津广夏共出口1.8亿马克的说法,出口退税收入将不下7000万元人民币,而且这肯定会在财务报表里有所体现。

记者一再检索银广夏2000年年报,但财务报表上甚至找不到退税收入这一栏。7月10日,记者从天津市国税局进出口分局的官员处证实,天津广夏从未办理过出口退税手续,甚至连出口退税的税务登记都没有。

根据此前银广夏财务总监兼董秘丁功民的介绍,银广夏的会计师事务所深圳中天勤会计师事务所曾经向海关、银行征询过有关出口量、银行账务的情况。

2001年5月,记者径直来到了深圳中天勤会计师事务所会计师刘加容的办公室。在记者的要求下,刘拿出了厚厚的原始帐目,出示了其中的银行对帐单、海关报关单。不过刘表示这些单据均由天津广夏方面提供,事务所并没有直接向海关和银行征询。

令人起疑的是,这几份盖着天津东港海关字样的报关单上,每一样商品前的“出口商品编号”均为空白。稍通外贸实务的人都能发现,这是违反报关单填写基本常识的。记者记下了其中一张“报关单”的海关编号和内容。

两个月后,天津海关查得这个报关单编号根本不存在。

天津海关查阅有关资料发现,2000年天津对德国出口总额计6亿多美元,但金额最大的摩托罗拉公司,也不过3800多万美元,怎么可能有一家公司一年对德出口9000万美元(约1.8亿马克)?经过反复调查后,天津海关向《财经》出具了一份书面证明:“天津广夏(集团)有限公司1999年出口额4819272美元,2000年出口33571美元。”

天津海关还查得,天津广夏从2001年1至6月,没有一分钱的出口额。

天津海关官员强调,这个数据包括了以天津广夏之名在全国任何口岸出口的所有金额,而不仅仅是天津海关。

就算是确有出口额的1999年,《财经》在天津海关查实的数据亦证实,当年天津广夏的出口总额仅是482万美元(约合4000万元人民币),还不到陈川所称5610万马克(约合2.2亿元人民币)数字的1/5;而出口的货物中,更有2/3是牙膏,此外还有少量的亚麻籽油。

真相终于清楚了,再清楚不过了:天津广夏1999年、2000年获得“暴利”的萃取产品出口,纯属子虚乌有。整个事情——从大宗萃取产品出口到银广夏利润猛增到股价离谱上涨——是一场彻头彻尾的骗局。

记者仍然记得最后得到天津海关证实的那一天。7月的阳光相当刺眼,朗朗乾坤之下,似听到泡沫扑哧一下破裂的清脆声音。

我们终于知道了真相,它是如此简单而残酷。


[银广夏有着一个讳莫如深的过去。]

银广夏“前传”

消失的股权

93年11月,银广夏由广夏(银川)磁技术有限公司、深圳广夏微型软盘有限公司、深圳广夏录像器材有限公司合并改组并吸收其他六家发起人共同发起成立。

银广夏上市时的主要业务为生产经营3.5英寸电脑软磁盘及其配件,该业务为原深圳广夏微型软盘有限公司与广夏(银川)磁技术有限公司承担。而据1993年12月6日刊登的招股说明书显示,广夏(银川)磁技术有限公司设立于1992年9月,到1993年4月方正式投产。可以推知,银广夏上市之时,成立于1989年的深圳广夏微型软盘有限公司是公司最主要资产。

深圳广夏微型软盘有限公司由深圳广夏文化有限公司(后更名为深圳广夏文化实业总公司)与宁夏电子计算机开发公司、香港登宝山磁制品有限公司合资经营,成立于1989年7月,注册资本2970万元,股权比例分别为65%、10%和25%。1989年12月,合资各方签署协议,同意由香港密苏尔公司代替香港登宝山磁制品有限公司为合资公司股东。作为广夏微型软盘有限公司25%的股东,密苏尔似应自然成为银广夏的大股东之一。

但是,情况到了上市之前有了改变。银广夏招股说明书披露,1993年11月8日,深圳市工商行政管理局《深圳市外商投资企业变更通知书》确认,微型软盘公司股东与持股比例发生重大调整:深圳广夏文化实业总公司持股7.08%,宁夏伊斯兰国际信托投资公司20.625%,深圳兴庆电子公司23.125%,美国金河实业有限公司25%和香港中昌国际有限公司24.17%。

事后证明,此次股权调整不仅意味深长,而且问题多多。原惟一的外方合作者香港密苏尔有限公司竟然在银广夏上市一年后才得知自己的股权不复存在,并自此开始了长达七年的漫漫申诉之路。

未见诸公开披露信息的重大诉讼

银广夏招股说明书显示,1993年11月银广夏成立后,深圳广夏微型软盘有限公司、广夏(银川)磁技术有限公司和深圳广夏录像器材有限公司的企业法人资格即被取消。

1994年9月6日,原深圳广夏微型软盘有限公司的三家中方股东深圳广夏文化实业总公司、宁夏伊斯兰国际信托投资公司与深圳兴庆电子公司(深圳广夏文化实业总公司、宁夏伊斯兰国际信托投资公司为银广夏现任的前两大股东,深圳兴庆电子公司现为第四大股东)向中国国际经济贸易仲裁委员会北京总会提出仲裁,请求确认密苏尔公司未履约向合资公司投资,并要求其承担6.9万美元的违约金。

直到这时,香港登宝山公司才知道自己已然与银广夏毫无关系。据香港登宝山公司董事长郑淑玲回忆,在银广夏上市前,1992年7月,合资公司董事会在没有通知外方合作者的情况下,聘请了深圳经济特区会计师事务所(1992年9月,这家事务所被停业整顿,后被撤销)进行单方面验资;同样,在不召开董事会、不让外方合作者了解的前提下,于1992年9月28日以合资公司的名义向深圳市政府外资办打报告,以“合资公司外方合营者在合资公司投产一年半内未向公司投资,应视为自动退出”为由,申请更换投资者。

7天后,10月5日,深圳市政府做出“更换股东等问题的批复”,同意密苏尔公司退出合资公司,由另一家所谓的美国公司接替其成为外方合营者。而这家美国公司正是招股说明书中所披露的美国金河实业有限公司。据了解,美国金河公司为上市公司金田实业股份有限公司(PT金田,深交所上市代码0003)在美国注册的一家公司。

据郑淑玲回忆说,在股权丧失前就已然出现了一些不正常的现象。合资公司长年不通知密苏尔召开董事会。在密苏尔公司几次三番的要求下,公司依然不予理睬,召开董事会的要求如石沉大海。尽管如此,股权被侵吞还是大大出乎了密苏尔公司的意料。

郑淑玲系定居在香港的印尼华侨,其家族在香港拥有若干企业。她告诉记者,她与深圳广夏文化有限公司并非初次合作。在此之前,即1987年,她的家族企业之一的香港登宝山发展有限公司就与深圳汇文企业总公司、宁夏伊斯兰国际信托投资公司合资成立了深圳广夏录像器材有限公司。公司成立后不久,深圳汇文企业总公司将股权转让给了深圳广夏文化实业总公司,从而开始了与陈川方面的首次合作。而深圳广夏录像器材有限公司也正是银广夏的发起人之一。

香港登宝山公司与深圳广夏文化的第一次“姻缘”显然比较美满,深圳录像器材有限公司很快开始盈利,其1/2英寸VHS空白录像带不仅是上市公司在1991年前的主要产品,而且成为公司最主要的利润来源。于是,一年后,郑淑玲亲自管理的香港登宝山磁制品有限公司开始了与深圳广夏文化的第二次合作——深圳广夏微型软盘有限公司随即成立。但这一次,对于郑淑玲来说却像是场噩梦。

经过长达两年时间的调查审理,1996年7月,中国国际经济贸易仲裁委员会做终局裁决:认定银广夏三家中方股东“采取了一系列不正当的手段,使申请人丧失了合营者的法律地位”,并在既未知会外方合营者又未召开董事会的情况下,单方面以合资公司的名义委托深圳经济特区会计师事务所所进行的验资报告是无效的。依据密苏尔公司(香港登宝山公司的"继任者")出具的原始出资发票单据,仲裁庭认定登宝山公司实际出资160万美金。最终,仲裁庭一致裁决三家中方股东应赔偿密苏尔公司实际投资损失160万美元。

银广夏三股东不服判决,向北京市第二中级人民法院申请撤销仲裁。随即,中国国际贸易仲裁委员会决定对此案重新仲裁。1998年6月,仲裁庭再次做出裁决,维持原来的裁决意见不变。

银广夏三股东依然十分强硬。随后,合资公司中方两股东向深圳市中级人民法院提出对仲裁裁决不予执行的申请。1998年12月,深圳市中院组成合议庭公开审理后,认为其申请理由均不成立,依法裁定驳回不予执行的申请。

1999年2月,深圳市中院做出民事裁定,依法驳回合资公司另一中方股东对仲裁裁决不予执行的请求。

2000年2月,合资公司中方三家股东再次联合向北京市二中院提出撤销仲裁裁决的要求。同样,二中院依法驳回。

令人不解的是,公司所涉如此重大的诉讼事项,遍查银广夏所有的公告与中报、年报,不见只言片语。

无法执行的裁决

两份裁决书、三份法律裁定书均为终审裁定,香港密苏尔本以为长达7年的纠纷已告结束,但事情接下来的发展却更加令人意想不到。

由于银广夏三家中股东拒绝履行国际仲裁裁决和我国法院的终审裁定,拒不赔偿香港密苏尔,2000年10月,深圳市中级人民法院依法查封并冻结了三家中方股东,即深圳广夏文化实业总公司、宁夏伊斯兰国际信托投资公司与深圳兴庆电子公司所持的共计1000万股银广夏(0557)法人股。

但执行工作却突然到此为止了。由于密苏尔公司为印尼华侨出资所办,中国侨联为密苏尔公司的郑淑铃提供了法律援助。侨界全国人大代表朱添华将此事反映到有关部门。在给予朱添华的答复中,该部门称“经审查认为,该仲裁裁决应当依法不予执行,现已函告广东省高级人民法院监督深圳市中级人民法院照办”。记者在采访中获知,此部门名称为“最高人民法院执行办”。
在此期间,银广夏现任第一大股东深圳广夏文化实业有限公司、第四大股东深圳兴庆电子公司与上市公司银广夏(广夏(银川)实业股份有限公司)在宁夏自治区银川市联合上演了一出“自己告自己”的诉讼闹剧。

2000年5月,深圳广夏文化实业有限公司与深圳兴庆电子公司以合资纠纷为名向宁夏银川市中级人民法院起诉银广夏,密苏尔公司则被作为第三人被同时告上法庭。令人感到迷惑乃至滑稽的是,除第三人密苏尔公司外,两名原告与被告的法定代表人都是同一人:即现任上市公司的董事长张吉生。

之所以要“自己告自己”,银川中院的判决让人一目了然——法院确认上市公司在1991年2月前已向密苏尔公司支付设备保证金96万美元,因而裁定密苏尔公司返还原告设备保证金96万美元及利息。

作为第三人的密苏尔不仅成了实际的被告人,而且银广夏利用被告方的转移,再次将密苏尔置于不利的地位。

密苏尔公司自然不能接受这样荒唐的审判,随后上诉。2000年9月,宁夏回族自治区高级人民法院做出终审裁定,撤销银川市中院的判决,发回重审。宁夏高院指出:“原审法院没有理顺本案的法律关系,忽视了诉讼主体资格的审查。原审法院违反法定程序,认定事实不清,判决有误。”

银广夏所有的年报和公告中,仍然找不到这涉及近100万美元诉讼标的重大诉讼事项。

截至记者7月末发稿时,160万美元的赔偿依然不见踪影。

Saturday, September 16, 2006

World Bank Warns China on Corruption

Friday September 15, 10:03 pm ET By Rajesh Mahapatra, AP Business Writer

China, India Must Curb Corruption, or Else Growth Will Falter, World Bank Official Says

SINGAPORE (AP) -- China and India must move to curb corruption or else their booming economies will likely falter, a senior World Bank official said.

The giant Asian neighbors are growing at annual rates of 10 percent and 8 percent respectively, the fastest among the world's major economies, but both score poorly on controlling corruption, according to a World Bank study on quality of governance across countries released Friday.

The report used six indicators, including the ability to control corruption, to rank quality of governance in more than 200 countries. China was placed at 31, while India ranked 47 in the list of most corrupt countries. Both countries also have a poor record of enforcing the rule of law, the report said.

"They are not in the right zone," said Daniel Kaufmann, director of global governance at the World Bank's research arm.

To sustain their rapid economic growth and graduate to the next level of development, China and India must "pay priority to these issues," Kaufmann said.

Economies of both China and India have grown briskly over the past decade, despite the reported high levels of corruption and some experts have questioned if there is a clear link between corruption and growth.

But Kaufmann said widespread practices of graft will eventually slow growth in the long term. Corruption leads to poor enforcement of the rule of law, weakens regulatory systems, adds to political instability and makes the government less effective -- all of which determine the quality of governance in any country, he said.

"A country could get away in the short term, and that short term could be 10 years," he said referring to China.

The World Bank study revealed that poor governance is not an exclusive challenge of the developing world, and that reforming countries can make significant improvements in governance and in curbing corruption in relatively short periods of even less than a decade.

Countries like Slovenia, Chile, Botswana and Estonia score higher in enforcing rule of law and controlling corruption than some industrialized countries such as Greece and Italy, it said.
Similarly, in Africa, countries such as Tanzania, Ghana, Nigeria and Mozambique have made progress in one or more dimensions of governance over the past decade, it said. For years, experts had given up on African countries, it said.

Friday, August 18, 2006

Online encyclopedia closes in China Internet crackdown

by Verna Yu Thu Aug 10, 7:19 AM ET

BEIJING (AFP) - A Chinese online encyclopedia has closed down due to government pressure as China continues to crack down on Internet information it sees as dangerous, an international rights group has said.

e-Wiki, a collaborative Internet encyclopedia modelled on the hugely successful
Wikipedia, closed itself down in late July, Reporters Without Borders said in a statement.

e-Wiki decided to close under government pressure after it called Taiwan the "Republic of China" and posted information on James Lung, a Hong Kong activist who is close to the banned Falungong movement, the press watchdog said.

Taiwan, which China regards as a renegade province awaiting reunification, and Falungong are two extremely sensitive issues for the nation's Communist Party rulers.
"It is regrettable that government threats forced e-Wiki's editor to censor himself," Reporters Without Borders said on Thursday.

"We understand that he felt in danger in the current context, as the authorities have significantly stepped up their control over online publications."

A notice on e-Wiki's now otherwise non-functioning website appeared to confirm the media watchdog's assertions.

"We all aspire to freedom, but we live in the embrace of the motherland so we have to be subjected to relevant restraints and cannot cause trouble for others," the notice said.

"e-Wiki has temporarily shut down and we apologize for the inconvenience."
Wikipedia has been blocked in China since late 2005, although a similar but heavily censored online encyclopedia was launched by popular Chinese web portal Baidu this year.

The Chinese-language version of Wikipedia, which relies on voluntary users and contributors, was enjoying soaring popularity until Beijing blocked access to the site.

The report that e-Wiki had closed down came as US-based Human Rights Watch called on the United States and Europe to introduce laws to stop Yahoo, Google and other Western companies helping China censor the Internet.

In a 149-page report Human Rights Watch documented how some of the world's major Internet companies had a hand in stifling online free speech by helping China's "Great Firewall" become more effective.

"China's system of Internet censorship and surveillance is the most advanced in the world," the report said.

"This system is also aided by extensive corporate and private-sector cooperation, including by some of the world's major international technology and Internet companies."

Human Rights Watch said laws were needed to "end this race to the bottom and establish a level playing field so that the Chinese government can't pick off companies one by one."

Last month 14 human rights groups urged the US Congress to pass legislation aimed at punishing US technology companies for cooperating with China over online censorship.

In response to the report, Alibaba.com, an e-commerce firm which owns Yahoo China, said Internet companies operating in China were having a positive influence.

"What should not be lost in the debate outside China is that Internet companies inside China are having an overwhelmingly positive effect on the lives of ordinary Chinese," a statement said.

The government maintains a tight grip over information flow on the Internet, fearing it could sow the seeds of thoughts and ideas it regards as dangerous.

Reporters Without Borders ranks China 159th on a list of 167 countries in its global press freedom index and describes the Chinese government as an "enemy" of the Internet.

China's censors shine spotlight on karaoke

August 7, 2006

BEIJING: With their control over newspapers, television, magazines and the internet secure, censors in China are now turning their attention to the nation's karaoke parlours.

The Ministry of Culture has issued new rules to prevent "unhealthy" songs from ringing forth in the sing-along bars, and to safeguard intellectual property rights.
The Government has picked three cities, Wuhan, Zhengzhou and Qingdao, to test the program, under which member businesses will choose songs from a central database. If successful, the program may go nationwide.

"All the songs in the database for use by karaoke parlours and consumers need to be censored" to ensure content meets government standards, Liang Gang, from the Ministry of Culture, told state media.

Media analysts said Beijing's karaoke initiative was aimed at wiping out songs with sexual or vaguely political lyrics or those that seeped across the border from Taiwan and Hong Kong bearing foreign slang.

"It would really bother me if I wasn't allowed to sing a song I liked," said Song Zhu, an 18-year-old student, standing in front of the Cash Box karaoke parlour in Beijing. "I'd be especially peeved if I'd practised and got really good at it."
Tens of millions of Chinese sing in karaoke establishments each year in a multibillion-dollar industry.

At $US6 ($7.80) for a private sound room at Cash Box for an entire weekday evening, this form of entertainment is affordable to many workers and students, as well as to wealthier business people.

Tao Wei, who produces youth-related plays and films for the Government, said: "I think it's a policy to control content, but also to control who gets the money. If a new song wants to enter the system, you have to pay and the Government gets the proceeds."

China's 'Justice' System

By Nicholas D. Kristof The New York Times
June 18, 2006

With President Bush on the ropes, the most important person in the world right now may well be President Hu Jintao, as he presides over 1.3 billion people and the rise of China.

But while China is one of the great successes on the world scene, Mr. Hu increasingly looks like a loser.

He has disappointed many Chinese intellectuals and Communist Party officials with his Brezhnevian approach to political reform. Former President Jiang Zemin and former Prime Minister Zhu Rongji are among the party officials who are said by insiders to be unhappy with Mr. Hu's reign.

Mr. Hu has a brilliant mind and is pragmatic in economics and diplomacy, managing both well. But in politics he has been a throwback to the ideologues of the past (like his own patron, Song Ping), and he has attempted to tug China backward by clamping down on the news media, law, religion and the Internet.

China now imprisons some 32 journalists, more than any country in the world. A religious crackdown has led to underground Christians being arrested and sometimes tortured, particularly in rural areas. And China has tried harder than almost any country to neuter the Internet by filtering out obscene words like "human rights."
And yes, it is personal. I spent Friday outside the Beijing No. 2 Intermediate People's Court, as a New York Times colleague, Zhao Yan, was enduring a farcical secret trial on Mr. Hu's orders. Mr. Zhao, a researcher in The Times's Beijing bureau, has already been imprisoned virtually incommunicado for the last 22 months, and he may now face a decade or more in prison.

I was allowed into the courthouse by mistake — I drove through the gate with two colleagues, and nobody stopped us when we walked in — and it's a gorgeous building with more magnificent courtrooms than I've ever seen in the U.S. But the courthouse was mostly empty, and finally we found out why: people aren't allowed in the People's Court. A group of indignant plainclothes police officers swarmed in and herded us outside.

The courthouse is a perfect symbol of Mr. Hu's vision of China today: a dazzling building with lavish facilities, but empty in every sense. It's all infrastructure, no software. It's as if Mr. Hu thinks that building a modern judicial system is about high ceilings and padded seats rather than about laws and justice.

The trial was conducted in secret, and we didn't even get a glimpse of Mr. Zhao. The trial ended in one day without a single witness giving testimony for either side. The verdict will be handed down soon, and it's almost a foregone conclusion that Mr. Zhao will be sent to prison for a long sentence.

This case originally arose after Mr. Hu was irritated by a scoop by The Times's Beijing bureau chief, Joseph Kahn, and ordered that the leaker be punished. The State Security authorities couldn't find the real source, so they arrested Mr. Zhao instead because they didn't like his reporting about rural unrest.

I'm still a believer in China, partly because Mr. Hu and his aides have managed the economy so well. Mr. Hu has also done well in canceling the agriculture tax and taking other measures to try to address the destabilizing income gaps in China (there, 1 percent of the population now controls 60 percent of the wealth, whereas in the U.S., 5 percent controls 60 percent of the wealth).

Yet ultimately, Mr. Hu's efforts to create stability by clamping down just risk more instability. Most Chinese don't want upheavals, but they are fed up with corruption and lies, with being blocked from Google and Wikipedia, with having to waste time studying political drivel like Mr. Hu's "Eight Honorables and Eight Shames" campaign. Wags call it "Hu shuo ba dao," a clever pun that translates as "utter nonsense."

Indeed, Mr. Hu's crackdown has been singularly ineffective, annoying people more than scaring them. Many Communist Party officials worry that crackdowns just anger and alienate the public; that is why some have talked of allowing people to let off steam through greater freedom of the press and more elections. In one province, a poll found that 85 percent of officials themselves wanted to speed up political reform.

But Mr. Hu seems paralyzed, altogether the weakest Chinese leader since Hua Guofeng in the 1970's. The result? Brace yourself for turbulence ahead in China.

Thursday, August 17, 2006

China to censor online videos

BEIJING (AFP) - Online videos, an increasingly popular form of independent media, will face new censorship restrictions in China, state media said.
Websites which broadcast short films will need approval from the State Administration of Radio, Film and Television when regulations are issued in late August or September, Xinhua news agency said.

Only the well-known Chinese-language portals -- Sina, Sohu and Netease -- have been pre-approved by the administration as authorized providers of online videos.

The shorts, often parodies of classic movies or events in everyday life, have quickly grown in popularity on the Internet in China as elsewhere around the world.

However they have stirred controversy in China about morality and intellectual property rights protection, Xinhua said.

In one case deemed controversial by authorities, a 10-minute video used clips from a 1974 patriotic film about the Chinese revolution, "Sparkling Red Star". But it converted the heroic boy in the movie to a would-be pop star who competes in a television singing contest.

The parody also substitutes the evil landowner who brutally exploited tenants to a foolish judge taking backdoor bribes, and changes the boy's father from a Red Army soldier to a Beijing real estate tycoon.

The video attracted millions of clicks, Xinhua said.

Another online prankster, Hu Ge, unexpectedly became famous after posting a parody of famed Chinese director Chen Kaige's latest epic "The Promise" on a website this year. Chen threatened to sue Hu.

Some commentators believe satire should not go too far and the distortion of heroes and China's revolutionary history is immoral and unacceptable, according to Xinhua.

The move is likely to be seen in the West as another attempt by Communist Party rulers to stifle free expression and control the flow of information on the Internet.

International media watchdog Reporters Without Borders ranks China 159th on a list of 167 countries in its global press freedom index and describes its government as an "enemy" of the Internet.

Wednesday, August 16, 2006

谣言一则: GOOGLE助日本隐瞒真相?

这谣言实在可笑的不值一驳。
只可惜一些网民的素质太低,缺少基本的网络知识,被蒙蔽利用了还自以为爱国。
我不厚道地揣测幕后有百度的影子。
以下是这则谣言的内容:

以下是在QQ群上看到的一则消息,最初以为是开玩笑,试了一次却发现事实如此,我不知道这是为什么,请各位来分析一下:

您使用googLe吗??网友新发现! 我不喜欢废话,只举个例子,大家一试便知!
请大家打开GOOGLE首页,搜索"南京大屠杀"或"钓鱼岛",你们自己看看能搜出结果吗?出现的无非是:"该页无法显示"的提示,而且在以后的短时间内,你将不能使用GOOGLE进行搜索。
但是如果你搜索"尖阁列岛"(即我中国钓鱼岛的鬼子叫法),就可以搜到结果。 这摆明是对我中华人民共和国,对所有华夏儿女的蔑视!
丑恶的美国鬼子企图从互联网上对我国进行信息封锁!用心极其险恶!
请大家亲身实验一下,如果我说的对,就转发一下,让所有中国人都知道!坚决抵制googLe,把googLe赶出中国! 我自己验证
www.google.com确实不能搜索南京大屠杀,并且导致一段时间内无法登陆www.google.com ...