Transfer of shares in hydropower companies *st min Electric anxious thin as what?

*st min (600131, closing price 7.86), which has eliminated the risk of delisting, announced today (January 14) that it is proposed to transfer the shares of three power companies by means of publicly listed transactions. If the price is calculated according to the listed price, the company will recover about 199 million yuan after the transfer is completed.　　However, the daily economic news reporter found that the three company's hydropower stations are about to be completed and put into production, *st min electric power to the "children" raised, but now to hand, this is a bit confusing mind. The transfer of three shares of hydropower companies announced that the *st Min Board agreed to the company through the public listing of nine plus one of the company's 55% shareholding, transfer of the holding of the Yangjiawan company 98% Equity, transfer of the holding of the Zhejiang-li company 51% Equity. After the transfer is completed, the company will no longer hold the shares of the three companies.　　Since there is no clear assignee, the counterparty is not yet sure. Data show that Nine plus one company owns the secondary hydropower station 13600 kw installed development rights. The current capacity of 9,600 kw of two-class power plant is under construction, completed progress of 90%, the first-level power station has not been officially started; Yangjiawan Company has a Yangjiawan hydropower station, the total installed capacity of 18,900 kw. At present, the plant is under construction, the completion of the progress of 90%; Zhejiang-Li Company has the board ditch secondary hydropower station 11400 kw installed right to development.　　At present, the installed capacity of 6,400 kw of first-level power plant is under construction, completed progress of 80%, is expected to launch power generation in May 2011, secondary power station has not yet officially started. Harsh terms of payment for the assignee even more exaggerated is that *st min seems to be very short of money, the recipient of the time required to pay extremely strict.　　The announcement expressly requires the transferee to pay 30% of the equity transfer to the company after the signing of the agreement on the transfer of the equity, and to pay the remaining 70% equity transfers within 5 working days after the transfer of the registration procedure. For the construction of the project capital, the agreement entered into force, the assignee must pay 30% of the advance payment of the principal, the remaining 70% of the change in the registration of equity changes in the process of completion and 9 months after the handover three times.　　During the period of payment, the assignee pays the fund occupancy fee to the company in respect of the unpaid part according to the loan interest rate of the bank at the same period; Net profit for the year 144 million *st min The third quarterly Bulletin of 2010 shows that the company's asset-liability ratio is 71.55%, a bit higher than the industry average of 63.34%, with cash on the books of 103 million yuan, more than the Xichang power (600505, before the closing price of 9.41 yuan) and other companies are sufficient.　　If it is to integrate hydropower assets, why not eliminate backward, inefficient power plants, but transfer the fast-completed power plant equity. In this respect, *st Min explained that the transfer can optimize the company after the earthquake asset structure, recovery of investment costs to improve profitability, promote the company's sustained, stable, healthy hairExhibition。 In addition, the company also released 2010 annual performance Letters, the whole year attributable to the listed company's shareholders net profit of 144 million yuan, earnings per share of 0.29 yuan. Performance growth is due to the company's hair, power supply compared to the previous year, and increased significantly, while the sale of electricity prices increased; At the same time, the disposal of *st Guanghua (000703, closing price of 42.91 yuan) the benefits of the shares also further increase the company's profitability.