On the verge of delisting, *ST Tianlong was forced to the edge of the cliff by Qingdao Longli Biotechnology Co., Ltd. (hereinafter referred to as “Qingdao Longliâ€), which was under the premise of the board of directors vetoing the reorganization proposal.
On the morning of September 6, Han Ning, the entrusted lawyer of Qingdao Longli, came to the Intermediate People's Court of Taiyuan City, Shanxi Province, to apply for a ruling “declaring the respondent*ST Tianlong bankruptcy debt repaymentâ€. Han Ning told the "China Times" reporter: "The current net assets of negative *ST Tianlong owe Qingdao Longli's debt is 116.5 million yuan."
"There is not much time left for *ST Tianlong to avoid delisting." Changjiang Securities analyst Zhang Yuefeng told this reporter that according to the previously released 2013 quarterly report, as of the end of March, *ST Tianlong's net assets were -133 million yuan. If this situation cannot be changed, the Shanghai Stock Exchange will be triggered at the end of the year.
Billion huge debt
Previously, this debt of *ST Tianlong and Qingdao Longli was rarely known.
"The total amount is 116.5 million yuan, Qingdao Longli should be the biggest creditor of *ST Tianlong." Han Ning told this reporter.
Han Ning told reporters that the respondent *ST Tianlong has had difficulties in operating since 2003 and has serious liabilities. In the past three years, the debt has been much higher than the assets, and the net profit is negative. Since July 2012, the main business LED backlight has been discontinued and is only maintained by own property rental. Its 2012 annual report and the first quarter of 2013 report show that its assets are insufficient to repay all debt.
"The creditor-debtor relationship between Qingdao Longli and *ST Tianlong was established according to law, the debt performance period has expired, the debtor has not fully settled the debt and the respondent's assets are insufficient to pay off all debts." Han Ning said that in order to protect the applicant's claims, In accordance with the provisions of the "Enterprise Bankruptcy Law of the People's Republic of China", the bankruptcy application was filed with the Taiyuan Intermediate People's Court, requesting that the *ST Tianlong bankruptcy debt be declared in accordance with the law to realize part of the creditor's rights of Qingdao Longli.
According to informed sources, Qingdao Longli’s claim was transferred from DAC China SOS (Barbados) SRL on September 29, 2010, and the total amount of claims was 155,386,670 yuan.
The documents provided by Han Ning show that this claim has been confirmed by *ST Tianlong. According to the "Debt Restructuring Agreement" signed by the two parties on November 8, 2010, both parties confirmed that as of June 30, 2010, *ST Tianlong owed a debt of RMB 192.56 million to Qingdao Longli, and both parties agreed to reduce it to RMB 116.5 million.
"Since then, *ST Tianlong did not repay the debts in accordance with the agreement, and only repaid 13.3 million yuan to Qingdao Longli. After that, no further results will be obtained." Han Ning said that the application for the ruling "declared the respondent * ST Tianlong bankrupt Repaying debts is a helpless move.
Reorganization plan is connected in succession
For *ST Tianlong, how to protect the shell is a priority.
Zhang Yuefeng told this reporter that as of 2012, the net assets of *ST Tianlong have been negative for 9 consecutive years. As of the end of the first quarter of this year, the company's total liabilities amounted to 485 million yuan. According to the existing regulations, if the net assets in 2013 are still negative, the company will face the risk of suspension of listing.
However, the *ST Tianlong shell on the edge of the delisting is facing a lot of resistance.
The reporter noted that in early August, China Railway China, which entered the country in April this year, submitted a plan to remove the trap. The main contents of the plan include: shareholders donating assets, that is, the shareholder intends to donate 100% of the shares of a company to the listed company without compensation. The company will obtain a commercial and residential land worth about 150 million yuan through auction.
However, this program was rejected by the board of directors on August 1. The Board of Directors believes that although the draft basically revolves around the negative equity of the net assets at the end of 2013, it avoids the company's suspension of listing, but there is no specific safeguard measures, and there are many uncertain factors in operability. The major shareholder did not explain the basic situation of the free gift company. The proposed donation of assets has not yet been auctioned and may involve real estate. Whether the shareholders can successfully acquire the assets and donate them to the listed company still has significant uncertainties. At the same time, the debt restructuring needs to obtain the financial support and guarantee measures of the shareholders before they can discuss with the creditors, otherwise it will not be implemented. In addition, *ST Tianlong and Sanjin Building have equity, debts, debts and mortgages.
On August 2, the board of directors of the company sent a letter to China Railway Huaxia, requesting the major shareholder to make revisions and improvements and formally submit it to the board of directors for deliberation. However, on August 9, China Railway Huaxia submitted the Tianlong Getaway Kit again to the company. The main contents were not revised according to the above comments.
Due to dissatisfaction with the shell-keeping program, on the board of directors held on August 12, a total of 7 directors attended, and 6 people voted against China Railway China's plan, and one abstained. This program failed to be approved by the board of directors. At this point, China Railway Huaxia, who entered the *ST Tianlong in April this year, has proposed two proposals for the release of the *ST Tianlong, but they were all rejected by the directors of *ST Tianlong.
In Zhang Yuefeng's view, the reason for the proposal submitted by China Railway Huaxia was that the company's urgent need to resolve the issue of avoiding delisting was not fully considered. The time left for the company to "guarantee the shell" has been less than four months, and shareholders should come up with a practical "shell-keeping" plan as soon as possible.
According to the announcement of *ST Tianlong on the evening of August 20th, the private placement plan proposed by China Railway Huaxia is to raise 350 million yuan in a way of not less than 4.21 yuan/share, of which 250 million yuan is planned to build aluminum and magnesium in Taiyuan City. Alloy auto parts production base; it plans to use 100 million yuan to repay part of the company's debt and replenish liquidity.
“This is obviously not the best solution.†Zhang Yuefeng analyzed that the non-public offering of investment projects reached production in 2015. How can we solve the problems that need to be solved urgently?
Bochum Group or life-saving straw
Han Ning actually has been paying attention to the trend of *ST Tianlong.
What worried Han Ning is that since last year, *ST Tianlong's shareholding has changed frequently.
At present, the company's top three shareholders are China Railway Huaxia, Mianyang Yaoda Investment Co., Ltd. (hereinafter referred to as "Mianyang Yaoda") and Taiyuan City State-owned Assets Supervision and Administration Commission, respectively holding 20 million shares, 18.71 million shares and 9296.68 million shares, holding shares The ratios were 9.88%, 8.94%, and 4.59%, respectively.
“Although the company has no actual controller because of its low shareholding ratio, from the previous analysis of the company, China Railway Huaxia has appeared as a financial investor, and Mianyang Yaoda and its actual controller Bochung Group or It is the key to the company's current shell protection.†Han Ning analyzed that, considering that there are only four months left, how to make the company's net assets “disengaged†has become the focus of many parties.
One corroboration is that the company's board of directors vetoed the restructuring plan proposed by China Railway China in the early stage. More should be considered that the Bochum Group is pushing forward the second phase of the project (the total investment of the project is 1.658 billion yuan, including 1.1 billion loans from the China Development Bank). Support for the construction of the project) and large-scale projects such as the Volkswagen Audi EA888 engine block.
According to media reports here, the directors and secretaries of the three development zones in Shanxi Province have led the team to the Bochum Group Chengdu headquarters to visit and invite Bochung Group to invest, just on August 19, Boping Group President Dong Ping and Taiyuan City The main leaders of the government met and conducted preliminary exchanges on the investment and development of the Bochum Group in Shanxi.
“Although there are many entanglements in specific programs, fundamentally, whether it is China Railway Huaxia, Mianyang Yaoda, or *ST Tianlong’s third largest shareholder Taiyuan SASAC, all three parties need to be Tianlong Group (300063). Detach the shell and work together, and work together." Zhang Yuefeng said, otherwise under such a tight time, *ST Tianlong's delisting is unbearable loss for either side.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
On the morning of September 6, Han Ning, the entrusted lawyer of Qingdao Longli, came to the Intermediate People's Court of Taiyuan City, Shanxi Province, to apply for a ruling “declaring the respondent*ST Tianlong bankruptcy debt repaymentâ€. Han Ning told the "China Times" reporter: "The current net assets of negative *ST Tianlong owe Qingdao Longli's debt is 116.5 million yuan."
"There is not much time left for *ST Tianlong to avoid delisting." Changjiang Securities analyst Zhang Yuefeng told this reporter that according to the previously released 2013 quarterly report, as of the end of March, *ST Tianlong's net assets were -133 million yuan. If this situation cannot be changed, the Shanghai Stock Exchange will be triggered at the end of the year.
Billion huge debt
Previously, this debt of *ST Tianlong and Qingdao Longli was rarely known.
"The total amount is 116.5 million yuan, Qingdao Longli should be the biggest creditor of *ST Tianlong." Han Ning told this reporter.
Han Ning told reporters that the respondent *ST Tianlong has had difficulties in operating since 2003 and has serious liabilities. In the past three years, the debt has been much higher than the assets, and the net profit is negative. Since July 2012, the main business LED backlight has been discontinued and is only maintained by own property rental. Its 2012 annual report and the first quarter of 2013 report show that its assets are insufficient to repay all debt.
"The creditor-debtor relationship between Qingdao Longli and *ST Tianlong was established according to law, the debt performance period has expired, the debtor has not fully settled the debt and the respondent's assets are insufficient to pay off all debts." Han Ning said that in order to protect the applicant's claims, In accordance with the provisions of the "Enterprise Bankruptcy Law of the People's Republic of China", the bankruptcy application was filed with the Taiyuan Intermediate People's Court, requesting that the *ST Tianlong bankruptcy debt be declared in accordance with the law to realize part of the creditor's rights of Qingdao Longli.
According to informed sources, Qingdao Longli’s claim was transferred from DAC China SOS (Barbados) SRL on September 29, 2010, and the total amount of claims was 155,386,670 yuan.
The documents provided by Han Ning show that this claim has been confirmed by *ST Tianlong. According to the "Debt Restructuring Agreement" signed by the two parties on November 8, 2010, both parties confirmed that as of June 30, 2010, *ST Tianlong owed a debt of RMB 192.56 million to Qingdao Longli, and both parties agreed to reduce it to RMB 116.5 million.
"Since then, *ST Tianlong did not repay the debts in accordance with the agreement, and only repaid 13.3 million yuan to Qingdao Longli. After that, no further results will be obtained." Han Ning said that the application for the ruling "declared the respondent * ST Tianlong bankrupt Repaying debts is a helpless move.
Reorganization plan is connected in succession
For *ST Tianlong, how to protect the shell is a priority.
Zhang Yuefeng told this reporter that as of 2012, the net assets of *ST Tianlong have been negative for 9 consecutive years. As of the end of the first quarter of this year, the company's total liabilities amounted to 485 million yuan. According to the existing regulations, if the net assets in 2013 are still negative, the company will face the risk of suspension of listing.
However, the *ST Tianlong shell on the edge of the delisting is facing a lot of resistance.
The reporter noted that in early August, China Railway China, which entered the country in April this year, submitted a plan to remove the trap. The main contents of the plan include: shareholders donating assets, that is, the shareholder intends to donate 100% of the shares of a company to the listed company without compensation. The company will obtain a commercial and residential land worth about 150 million yuan through auction.
However, this program was rejected by the board of directors on August 1. The Board of Directors believes that although the draft basically revolves around the negative equity of the net assets at the end of 2013, it avoids the company's suspension of listing, but there is no specific safeguard measures, and there are many uncertain factors in operability. The major shareholder did not explain the basic situation of the free gift company. The proposed donation of assets has not yet been auctioned and may involve real estate. Whether the shareholders can successfully acquire the assets and donate them to the listed company still has significant uncertainties. At the same time, the debt restructuring needs to obtain the financial support and guarantee measures of the shareholders before they can discuss with the creditors, otherwise it will not be implemented. In addition, *ST Tianlong and Sanjin Building have equity, debts, debts and mortgages.
On August 2, the board of directors of the company sent a letter to China Railway Huaxia, requesting the major shareholder to make revisions and improvements and formally submit it to the board of directors for deliberation. However, on August 9, China Railway Huaxia submitted the Tianlong Getaway Kit again to the company. The main contents were not revised according to the above comments.
Due to dissatisfaction with the shell-keeping program, on the board of directors held on August 12, a total of 7 directors attended, and 6 people voted against China Railway China's plan, and one abstained. This program failed to be approved by the board of directors. At this point, China Railway Huaxia, who entered the *ST Tianlong in April this year, has proposed two proposals for the release of the *ST Tianlong, but they were all rejected by the directors of *ST Tianlong.
In Zhang Yuefeng's view, the reason for the proposal submitted by China Railway Huaxia was that the company's urgent need to resolve the issue of avoiding delisting was not fully considered. The time left for the company to "guarantee the shell" has been less than four months, and shareholders should come up with a practical "shell-keeping" plan as soon as possible.
According to the announcement of *ST Tianlong on the evening of August 20th, the private placement plan proposed by China Railway Huaxia is to raise 350 million yuan in a way of not less than 4.21 yuan/share, of which 250 million yuan is planned to build aluminum and magnesium in Taiyuan City. Alloy auto parts production base; it plans to use 100 million yuan to repay part of the company's debt and replenish liquidity.
“This is obviously not the best solution.†Zhang Yuefeng analyzed that the non-public offering of investment projects reached production in 2015. How can we solve the problems that need to be solved urgently?
Bochum Group or life-saving straw
Han Ning actually has been paying attention to the trend of *ST Tianlong.
What worried Han Ning is that since last year, *ST Tianlong's shareholding has changed frequently.
At present, the company's top three shareholders are China Railway Huaxia, Mianyang Yaoda Investment Co., Ltd. (hereinafter referred to as "Mianyang Yaoda") and Taiyuan City State-owned Assets Supervision and Administration Commission, respectively holding 20 million shares, 18.71 million shares and 9296.68 million shares, holding shares The ratios were 9.88%, 8.94%, and 4.59%, respectively.
“Although the company has no actual controller because of its low shareholding ratio, from the previous analysis of the company, China Railway Huaxia has appeared as a financial investor, and Mianyang Yaoda and its actual controller Bochung Group or It is the key to the company's current shell protection.†Han Ning analyzed that, considering that there are only four months left, how to make the company's net assets “disengaged†has become the focus of many parties.
One corroboration is that the company's board of directors vetoed the restructuring plan proposed by China Railway China in the early stage. More should be considered that the Bochum Group is pushing forward the second phase of the project (the total investment of the project is 1.658 billion yuan, including 1.1 billion loans from the China Development Bank). Support for the construction of the project) and large-scale projects such as the Volkswagen Audi EA888 engine block.
According to media reports here, the directors and secretaries of the three development zones in Shanxi Province have led the team to the Bochum Group Chengdu headquarters to visit and invite Bochung Group to invest, just on August 19, Boping Group President Dong Ping and Taiyuan City The main leaders of the government met and conducted preliminary exchanges on the investment and development of the Bochum Group in Shanxi.
“Although there are many entanglements in specific programs, fundamentally, whether it is China Railway Huaxia, Mianyang Yaoda, or *ST Tianlong’s third largest shareholder Taiyuan SASAC, all three parties need to be Tianlong Group (300063). Detach the shell and work together, and work together." Zhang Yuefeng said, otherwise under such a tight time, *ST Tianlong's delisting is unbearable loss for either side.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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