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【天相投资】*ST广夏:重整进展一波三折

[Tianxiang Investment] * ST Guangxia: there have been twists and turns in the progress of restructuring

天相投資 ·  Aug 25, 2011 00:00  · Researches

From January to June 2011, the company achieved an operating income of 0 yuan, an operating profit loss of 5.8392 million yuan, a loss reduction of 10.4926 million yuan compared with the same period last year, a net profit loss of 5.8338 million yuan belonging to the owner of the parent company, a loss reduction of 10.4901 million yuan compared with the same period last year, and basic earnings per share of-0.01 yuan.

The company has no production and operation business. The company's main business is the cultivation, processing and sales of wine grapes. As the company's equity in Guangxia Helanshan Grape Wine Co., Ltd. has been judicial auction in early 2009, there are no production and operating assets. In addition, the sales business of Guangxia Helan Mountain, a wine sales company controlled by the company, has also stalled because of the auction of the wine-making company. As the company has no production and operating assets and no main business income, the losses are mainly management expenses, financial expenses and asset impairment losses.

The reorganization plan is rejected by both the investor and the creditor. On September 16, 2010, the Intermediate people's Court of Yinchuan City, Ningxia Hui Autonomous region ruled to accept the creditor's application for restructuring of the company and appointed the company liquidation group as the manager. The company announced the draft restructuring plan in June this year, drawing up Ningxia Ningdong Railway Co., Ltd. and its related parties as the restructuring party. It will inject high-quality assets with net assets of not less than 4 billion yuan into Yinguangxia, and after the completion of major asset restructuring, the total net profit of listed companies for three consecutive fiscal years is not less than 1 billion yuan, so that Yinguangxia can restore its sustainable operating ability and profitability. However, at the two investor meetings held on June 29 and July 20, the investor rights and interests adjustment plan was not approved by a vote. At the creditors' meeting on July 20, the draft restructuring plan was not adopted.

Apply to the court for approval for execution. On August 1 this year, the manager of the company applied to the Yinchuan Intermediate people's Court for approval to implement the draft reorganization Plan. The final decision of the asset reorganization plan and the reorganization party will be reviewed and voted at a general meeting of shareholders after the completion of the reorganization, which will be approved by the China Securities Regulatory Commission. If the court does not approve the draft reorganization plan, Yin Guangxia may be declared bankrupt and liquidated in accordance with Article 88 of the Enterprise bankruptcy Law. The shares of the company will be suspended from November 4, 2010. after the company's restructuring plan is ruled by the court, the manager will promptly apply to the Shenzhen Stock Exchange for resumption of trading in accordance with the relevant regulations.

Profit forecast and investment rating. The company has no production and operating assets, and the operation of the whole company is at a standstill. Due to the uncertainty of the company's future asset restructuring, we do not give profit forecasts for the time being, and investors can pay attention to trading opportunities.

Risk hint. The risk of bankruptcy liquidation of a company.

The translation is provided by third-party software.


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