Financial Services Association, December 17 (Reporter Li Yongjun and Huang Lu) Tan Yuexin, who did not “guide” the Yellow River to death, after probably the longest wait of 17 years in the history of A-share shell control, finally took full control of the Yellow River in Lanzhou (000929.SZ).

How to lead this company to a downward trend in revenue for many years. The revenue for the first three quarters of this year was only 0.178 billion yuan. Listed companies facing a “starred hat” crisis to get out of the swamp will be a new issue facing Tan Yuexin and the new management team.

17 years of brewing

On the evening of December 16, Lanzhou Yellow River announced the board by-election and executive appointments. Tan Yuexin took office as chairman, Guo Lili, who is in the same Xinyuan Group department as Tan Yuexin, as president, Song Min as vice president and board secretary, and Tan Min as financial director. Yang Shijiang, the company's former actual controller, and his old department all quit and no longer work in the Yellow River in Lanzhou.

In March 2008, Xinyuan Group, headed by Hunan native Tan Yuexin, first became a creditor of Huanghe Group, the majority shareholder of Xinsheng Investment, the controlling shareholder of Lanzhou Huanghe, and then became a shareholder of 49% of Xinsheng Investment's shares and 45.95% of Xinsheng Industry and Trade's shares through stock repayment, and agreed that Xinyuan Group would restructure the listed company Lanzhou Huanghe. In 2015, due to the need to restructure the Yellow River in Lanzhou, the parties agreed that Xinyuan Group would transfer the above two shares to Hunan Yucheng Investment Co., Ltd., the controlling shareholder of Xinyuan Group.

At the beginning of the new century, Xinyuan Group, which took over a large plot of land by repairing Furong South Road, the main road in Changsha City, is known locally as the “King of Nancheng.” When Tan Yuexin first intervened in the reorganization of the Yellow River in Lanzhou, he apparently came with a dream of going public.

Tan Yuexin, who was born in 1964, apparently didn't expect that “Northwest Beer King” was not easy to drink; this restructuring actually took more than 16 years.

In 2015 and 2018, Yucheng Company and the Yellow River in Lanzhou carried out two major asset restructurings, both of which failed. The time has come to 2024, with the introduction of new stricter delisting regulations and the “six rules of mergers and acquisitions”. This restructuring, which has been delayed for many years, has ushered in a turning point.

On the one hand, the Yellow River in Lanzhou, where revenue has declined for many years since 2015, and net profit has also been negative for many years after deducting Africa, is facing increasing pressure. In the first three quarters of 2024, Lanzhou Huanghe achieved revenue of 0.178 billion yuan and a net profit loss of 38.68 million yuan.

According to the new delisting regulations, the lower of the total audited profit, net profit, or net profit after deducting non-recurring profit and loss for the most recent fiscal year of the Shenzhen Main Board Company is negative and the operating income is less than 0.3 billion yuan. The exchange issued a delisting risk warning, or “*ST”, for its shares. Obviously, the Yellow River in Lanzhou has no way back; it must find another life.

On the other hand, Xinyuan Group, which has various business segments such as environmental protection, medical care, property, and commerce, saw more possibilities after the release of the “Nine Rules of the New Country”, especially the “9.24” New Deal.

Common interests led Yang Shijiang and Tan Yuexin to choose to shake hands and make peace in November of this year, announcing the “three-step” plan. After Tan Yuexin's side once again paid 0.29 billion yuan, Yang Shijiang chose to quit, and Tan Yuexin finally took the lead.

Where is the future?

For many investors in the Yellow River in Lanzhou, neither Tan Yuexin nor Xinyuan Group are unfamiliar words. But how to get the Yellow River in Lanzhou out of trouble as soon as possible, facing a “star-studded hat” crisis, is a must-answer question for the new actual controller.

At the base camp in Hunan, Tan Yuexin has various industries such as environmental protection, property, and investment. In Zhejiang, large-scale medical care industries such as Taihu Health City have also been set up.

According to an analysis by a financier who has been observing the restructuring bureau of the Yellow River in Lanzhou for many years, Tan Yuexin had less than half a month left for the new team this year after taking full control of the listed company. On the premise that revenue of less than 0.18 billion yuan was achieved in the first three quarters, it is obviously impossible to reach the hard target of “0.3 billion in annual revenue” by surprise.

Therefore, it is likely that the Yellow River in Lanzhou will experience “wearing a hat with stars” in the future. However, the weak performance of listed companies may be reversed after Tan Yuexin's side takes over and the new actual controllers empower the listed companies.

According to the source's analysis, Tan Yuexin still hasn't given up after 17 years of suffering, and finally gained control of the Yellow River in Lanzhou. It is “normal for people” to cherish it even more. Therefore, in the Yellow River in Lanzhou after the change of ownership, “wearing a hat” may be inevitable, but the delisting warning should say there is no need to worry too much, and the possibility of subsequent asset placement still exists.