杭州宏华数码科技股份有限公司（以下简称宏华数码）IPO“上会”在即。但在《投资有道》杂志上周刊出《募投项目和国有股转让问题严重 宏华数码IPO涉嫌多重违规》一文后，宏华数码依旧三缄其口，对文中列明的“国有资产流失、上市募投项目造假、公司隐瞒房地产业务”等相关疑问没有任何形式的回复。记者多次联系宏华数码，希望就这些问题能从公司得到回应，然而宏华数码上下始终选择沉默。

Hangzhou HongHua digital technology co., LTD（Hereinafter referred to as HongHua digital）IPO“will”Within sight of。But in《Investment youdao》Magazine published last week《Offering for projects and transfer of state-owned shares the serious problem HongHua digital IPO suspected of multiple illegal》After a penny saved is a，HongHua digital still remain silent，In this paper the listed“Loss of state-owned assets、Public offering project for fraud、Company to hide the real estate business”And other related questions without any form of reply。Many times reporter contact HongHua digital，Hope these problems from the company can get response，However HongHua digital fluctuation always choose silence。

　　为一探究竟，记者选择再赴杭州，却是旧问未解，新疑又来。这让人不禁惊呼——宏华数码到底藏有多少不为外界所知，但又极其敏感的未披露事项？

To check the，Reporters to choose to hangzhou，Is the old asked unsolved，New doubt and to。This let a person can't help exclaimed - HongHua digital exactly how many houses not has become known to the outside world，But extremely sensitive matters did not disclose？

　募资项目违规开工？ Need to recapitalise project start violations？

　　记者于2012年8月17日首次赴宏华数码位于杭州的总部采访，意外发现宏华数码招股书中所说的运用近90%的募集资金的募投项目被故意隐瞒，只字不提与四层的生产基地相连的18层办公楼项目，存在变相投资房地产的可能。（详情请见《募投项目和国有股转让问题严重 宏华数码IPO涉嫌多重违规》一文）

Reporter in August 17, 2012 first going to HongHua digital located in hangzhou headquarters interview，Surprising HongHua digital in its prospectus said use nearly 90% of the offering to raise funds for the project is deliberately hide，Made no mention of and the four layers of production base connected 18 layer building project，Existing disguised investment real estate may be。（Details please refer to the《Offering for projects and transfer of state-owned shares the serious problem HongHua digital IPO suspected of multiple illegal》are）

　　记者曾以当地居民身份致电宏华数码“数码喷印系统生产基地建设项目”的建设单位，确认招股书中提及的四层厂房以及隐瞒的18层办公楼将同时开工建设。而记者同时致电规划局，规划局也确认该项目为统一项目，将一起开工建设，但由于手续尚未完成，该项目还不能开工建设。

Journalists have to local residents identity call HongHua digital“Digital jet printing system production base construction projects”Construction unit，Confirmed in its prospectus mentioned four layer building and hide of 18 layers of office building will start construction at the same time。And the reporter also call planning bureau，Planning bureau also confirmed the project for unified project，Will start construction together，But due to the procedure is not yet complete，The project also can't start construction。

　　但8月24日，记者第二次来到宏华数码杭州总部，却发现，一周前记者看到的建设用地围墙已经被推倒，相关地块的挖土作业也已经开始，可见募投项目和隐身的“房地产”项目可能已经开工建设。

But on August 24,，Reporter the second came to HongHua digital hangzhou headquarters，found，A week before the reporter sees the construction land walls have been knocked down，Related block of digging work has also begun，Visible offerings for projects and stealth“Real estate”The project may have to start construction。

　　对于规划局所说的“手续尚未完成，该项目还不能开工建设”，记者在现场看到的情况却截然不同，是否存在募资项目未批先建，违规开工的情况？由于宏华数码方面始终不愿接受记者的采访，事实真相无从知晓。

For planning bureau said“Procedure is not yet complete，The project also can't start construction”，Reporters on the scene saw the situation was very different，Whether there is need to recapitalise project not group built first，Violation of the start？Because HongHua digital has always reluctant to accept reporter's interview，The truth is unknown。

　产品售价随意定 财务真实性存疑 Price of product of random fixed financial dubious authenticity

　　仔细查看宏华数码的招股书，该公司的产品销售定价大多比较随意，同样设备给不同客户的销售价格千差万别。而公司对此的解释是销售产品大多为客户定制，个体配置会有变化，所以销售价格没有可比性。

Carefully check HongHua digital prospectus，The company's product sales price most more casual，The same equipment to different customer sales price differ in thousands ways。And the company the explanation is mostly from the sales of products for customization，Individual configuration will have change，So selling prices are not comparable。

　　从已披露的销售数据来看，也的确如此——公司2010年出口地毯数码喷印机2台，总金额是659万，2011出口地毯数码喷印机1台，总金额是647万，价格差一半。现在正在履行或者即将履行的重要合同，同样产品名称VEGA机的价格也是相差悬殊，从每套90万到210万都有，最低的是向绍兴县人生纺织服饰有限公司销售7套，总价是630万，最高的是向吴江市凌通纺织整理有限公司销售2套，总价420万。由于没有具体型号及规格的详细注明，如此价差姑且认为是型号不同，具体配置的差别导致销售价格的差异。

From already disclosure sales data to see，Indeed, in 2010, the company export carpet digital jet printing machine 2 table，Total amount is 6.59 million，2011 export carpet digital jet printing machine 1，Total amount is 6.47 million，Price differential half。Are now perform or will perform an important contract，The same product name VEGA machine price also is six to one，Each set of from 900000 to 2.1 million，Is the lowest life to shaoxing textile co., LTD. Seven sets of sales，Total price is 6.3 million，The highest is to wujiang LingTong textile finishing co., LTD., two sets of sales，Total price 4.2 million。Since there is no specific types and specifications of the details，So hope that the price is different model，The specific configuration differences lead to sales price difference。

　　但令人疑惑的是，在其一款型号为DCP-4212A地毯数码喷印机，同样的型号，销售价格也相差悬殊。该公司向吉林天雅地毯有限公司销售2套，价格是1510万，向莱芜市冠雅地毯有限公司销售1套，价格是700万，每套价格相差55万。

But a doubt is，In one version of DCP - 4212 a carpet digital jet printing machine，The same type，Sale price also six to one。The company to JiLinTian jas carpet co., LTD., two sets of sales，The price is 15.1 million，Laiwu city to crown the carpet co., LTD sales 1 set，The price is 7 million，Prices vary at 550000。

　　宏华数码的地毯数码喷印机2009年、2010年、2011年的销售收入分别是1455万、3211万和3902万，其中吉林天雅一家所贡献的收入就达到594万、652万和1560万，一直是宏华数码国内直销客户中排名第一或第二的大客户。

HongHua digital carpet digital jet printing machine in 2009、In 2010,、2011 years of sales income is 14.55 million respectively、3211 and 39.02 million，Among them, the JiLinTian a contribution income reached 5.94 million、652 and 15.6 million，Has been HongHua digital domestic marketing customer rank the first or the second big customer。

　　按常理，对于长期的大客户吉林天雅来说，应可享受一定的优惠价格。但蹊跷的是，结果恰恰相反，天雅得到的价格反而比其他客户每台要贵55万。不知看到披露的价格差异后，天雅是否觉得自己成了“冤大头”。

According to the common sense，For the long JiLinTian for customers,，Should can enjoy certain preferential price。But a catch in it is，The results on the contrary，Tenya get price than other customers instead of every station to your 550000。Do not know to see the price difference disclosure after，Day, are you become“suckers”。

　　如果宏华数码对此还可以解释为虽然型号相同，但其中有些配置调整，导致成本差异，所以销售价格也有部分调整。但该公司另有一款产品三年来的成本基本一样，最高销售价格竟是最低的近三倍，这种价格差异公司又将做何解释？

If HongHua digital it can also interpreted as though the same model，But some configuration adjustment，Lead to cost variance，So the sale price also some adjustment。But the company another product three years of cost are basically the same，The highest selling price is the lowest nearly three times，This kind of price difference company and will do any explanation？

　　宏华数码地毯数码喷印机中的1米机，2009年到2011年的单位成本基本维持在6万元左右，但销售价格却是2009年最低12.82万，2010年突然就涨到33.31万，基本相当于前一年的3倍，到2011年，价格又降到了17.09万。成本相同，但三年来的销售价格如坐过山车般大起大落，令外界困惑不已。

HongHua digital carpet digital jet printing machine of 1 meter machine，2009 to 2011 unit cost basic maintained at 60000 yuan，But the sale price is 2009 years minimum 128200，In 2010 suddenly rose to 333100，Basic is equivalent to a year before three times，By 2011，Price has dropped to 170900。Cost the same，But three years of sales price as a roller coaster, dramatic ups and downs，To the outside world puzzled。

　　对此，记者咨询了相关会计师，会计师表示，产品成本一致而销售价格起伏很大是一种不正常的财务现象，一般情况下，审计师出具报告的时候需要特别注明。而成本6万的产品卖33万，如此高的毛利润也让人对此项交易的真实性产生怀疑。

this，Reporter consulting the relevant accountant，Accountant said，The product cost consistent and sales price fluctuation large is a kind of abnormal financial phenomenon，generally，Issued by the auditor report need special indicate。And cost 60000 products sell for 330000，Such a high gross profit also let people are suspicious of the authenticity of transactions。

　　记者在招股书中没有发现宏华数码对此有专门说明，而33万购买这成本6万元的地毯机的“冤大头”又是谁？我们也不得而知。唯一与这些不合理财务现象有些呼应的事情是，2009年9月30日，财务总监车磊先生因个人原因辞职。一位保荐代表告诉记者，报告期内出现财务总监辞职，是一件比较忌讳的事情。

Reporter in the prospectus of HongHua found no digital have a special instructions，And 330000 buy this cost 60000 yuan carpet machine“suckers”And who？We also unknown。Only with these unreasonable financial phenomenon some echo thing is，September 30, 2009，The financial director Mr. CheLei for personal reasons to resign。A sponsor representative told reporters，The report period appear cfo to resign，Is a comparative taboo thing。

　国资“流失”没有最低只有更低 mountainous“loss”Not only lower the minimum

　　记者再赴杭州采访，发现同期发生的另一笔国有股权交易价格之低难以想象，又一家“能力”令人匪夷所思的股东浮出水面。

Reporter to interview in hangzhou，Find homochronous another pen state-owned equity market price low hard to imagine，And a“ability”A fantastic shareholders surface。

　　2007年9月，浙江西格玛计算机应用工程有限公司（由浙江大学计算机与软件公司更名而来）将持有的102.2702万股宏华数码转让给杭州中鑫科技有限公司（以下简称中鑫科技），转让总价为双方商定的110万元，每股转让价格为1.0756元每股（同时国有股转让价格分别为3.7081元和2.7608元）。

In September of 2007，Zhejiang sigma computer application engineering co., LTD（By zhejiang university computer and software company name and come）Will hold 1.022702 million shares HongHua digital transferred to hangzhou in xin technology co., LTD（Hereinafter referred to as the xin technology），Transfer price for an agreed amount is 1.1 million yuan，Share transfer price is 1.0756 yuan per share（At the same time state owned shares transfer price were 3.7081 yuan and 2.7608 yuan）。

　　招股书对该笔转让股价如此之低的解释是，浙江大学计算机与软件公司将股权转让给中鑫科技的股权转让协议在2004年12月2日就已经签署，因当时股权转让未向主管部门办理审批事宜，且2005年7月浙江大学计算机与软件公司更名，因此没有完成股权交易。

Prospectus to transfer the share price so low explanation is，Zhejiang university computer and software company will equity transfer in xin technology equity transfer agreement on dec 2, 2004 has been signed，Because at that time not equity transfer to the competent department for examination and approval matters，And in July 2005, zhejiang university computer and software company name，So there is no complete equity transaction。

　　暂且认为如此解释低价转让有一定的真实性，但2004年的转让价格之低也是极不寻常。招股书显示，浙江西格码为持有上述宏华数码股权，在2001年1月和3月间两次共计出资102万元，即使在2004年12月签订股权转让协议以110万元出让102.2702万股权，近4年时间，投资收益只有区区8万，投资收益率堪比活期利率，更何况该笔交易真实完成是在2007年。

For the moment think so explain low transfer have some truth in it，But in 2004 the transfer price low is unusual。Prospectus shows，Zhejiang sigma for holding the above HongHua digital equity，In January 2001 and march two times between the total investment 1.02 million yuan，Even in December 2004 equity transfer agreement signed in 1.1 million yuan to sell 1.022702 million shares，Nearly four years，Investment income only only 80000，Investment rate of return me than current interest rates，Besides, the transaction completed real in 2007。

　　数据可查的2005年12月31日，宏华数码每股净资产是2.5448元。而在一年前的2004年12月，浙江西格玛签订的股权转让价格居然是每股1.0756元。由于2004年12月至2005年12月这一整年没有股权变更等情况的发生。也就是说，除非宏华数码这一年的净资产收益率达到237%，浙江西格玛的股权转让给中鑫科技才没有国有资产流失的嫌疑。

The data to check on December 31, 2005，HongHua digital net asset per share is 2.5448 yuan。And in a year ago in December 2004，Zhejiang sigma sign of equity transfer price is 1.0756 yuan per share unexpectedly。Due to the December 2004 to December 2005 the whole year without shareholding modification wait for the happening of the circumstance。That is，Unless HongHua digital this year of 237% return on equity，Zhejiang sigma's equity transfer in xin technology did not suspected of loss of state-owned assets。

　　中鑫科技何以能有如此“能力”低价获得国有资产，记者在宏华数码数次不接受采访的情况下，试图求证中鑫科技，然而记者通过网络检索无法获悉中鑫科技任何联系方式或办公地点，在调取中鑫科技工商资料（与招股书披露信息相同）后，赶赴中鑫科技注册地——杭州天目山路160号国际花园西塔14楼B室，发现该地点为别家公司办公地点。记者找到大楼物业处咨询，在能找到的登记材料中，最早在2010年1月，该注册地就是别家公司的办公地点。中鑫科技玩失踪，到底是唱的哪出戏？

Why can the xin technology there are so“ability”Low price for state-owned assets，Reporter in the HongHua digital several times not to accept the interview cases，Trying to verification of xin technology，However reporter through the network retrieval can't learn in xin technology any contact way or office，In science and technology in obtaining the commerce material（And prospectus disclosure of the same information）after，In science and technology to the registered - hangzhou tianmu mountain road no. 160 international garden west tower 14 B room，To find the place for another company office。Reporters found building property management office consultation，Can be found in the registration materials，The earliest in January 2010，This place is another company office。In xin science and technology play missing，What is the singing which play？

　　至记者截稿，依然无法联系到中鑫科技，而浙江西格码也无人接受记者采访。限于采访局限，记者手头的很多线索也无从查证。但为了能够避免类似于胜景山河(002525,股吧)、新大地这样的公司再出现在我们的资本市场，伤害广大投资者，记者拟将所有宏华数码涉嫌IPO造假的证据和线索整理后，向证监会实名举报，提请监管部门彻查。

To press press，Still cannot reach the xin technology，And zhejiang sigma also no one with reporters。Limited to interview limited，Reporter in hand many clues also without knowing where to begin verification。But in order to avoid similar to the wonderful mountains and rivers(002525,guba)、The new earth such company to appear in our capital market，Damage the investors，Reporters will be proposed to all HongHua digital suspected fraud IPO evidence and clues after finishing，Report to the CSRC rule，To investigate the supervision department。