From 560 million yuan to buy shell steel trade king in Ningxia Heng Force

The new owner paid 560 million cash to buy the shell, which happened in Ningxia Heng Force (600165.SH). According to Ningxia Hengli September 28 announced the reorganization plan, a company named Shanghai New Day Equity Investment Co., Ltd. (hereinafter said to invest in the new Day) will be cash 561.6 million cash subscription Ningxia Heng Force set out 80 million shares of new shares; After the release, the investment will be 29.2%　　The holding ratio becomes the company's largest shareholder, the original holding shareholder Ningxia Electric Power Investment Group (hereinafter referred to as "Ningxia investment") and its wholly-owned subsidiary in Ningxia, the total shareholding ratio will be diluted to 20.47%. Data show that new and Jin shareholders of the new investment in the actual control of the "Steel Trade King" Home Shou, rely on the operation of iron and steel trading. Now in Shanghai and other East China and the Yangtze River region to establish a complete steel sales system, the control of Shanghai Songjiang Steel City and Suzhou Changjiang Triangle Steel Market 2009 total revenue reached 54 billion yuan; In addition, home control of the new Day investment subordinates investment,　　Baotou is Xiang Real estate and other companies into commercial real estate development business.　　The reporter understands the information shows, at the end of August, after the suspension of Ningxia Heng Force, as the reorganization of the new Day investment has also considered the assets to subscribe to the new shares of the scheme, but because of the current listed companies with high asset and liability ratio, liquidity shortage and other factors finally selected cash subscription scheme.　　And although the new Day investment subordinates have a lot of quality assets, but the short term of the listed companies will not change the main line of steel wire rope, the disclosure of additional 561.6 million yuan to raise funds to 98.7 million yuan for 30,000 tons/year special steel Wire rope technical renovation project, and no mention of asset injection.　　560 million yuan in cash to buy the shell September 27, Ningxia Hengli Board of Directors to consider the adoption of the company's "Non-public issue A shares of the proposal," according to the bill, the company plans to 7.02 yuan per share price to the new day of investment targeted 80 million shares, the latter to 561.6 million yuan in cash to subscribe to all new shares　　After the distribution is completed, the new Day investment will hold all 274 million shares of 80 million shares, 29.2% of the shareholding will replace the original position of Ningxia Electric investment holding shareholders, the new day investment in the first major shareholder home will also become the actual control of listed companies.　　It is disclosed that this round of the set increase of 561.6 million yuan after deducting the issue fee will be used in the following three areas, of which the annual output of 30,000 tons of special steel wire rope technical renovation project will cost 98.7 million yuan, 161 million yuan for repayment of bank loans, the remaining about 300 million yuan will be all used to supplement the company liquidity Previously, the company has passed to the construction Bank (601939.　　SH) Shizuishan Farmers Branch Loans 105 million yuan to start the project, the remaining 98.7 million yuan will be through the targeted additional fund-raising solution. It should be admitted that in recent years, the rate of the balance of power in Ningxia has indeed shown a high sign, 2007-2009 respectively, 61.32%, 63.28% and 65.66%, the first half of this year, the ratio of assets and liabilities isUp to 69.18%. According to the reporter understand, although Ningxia Heng Force Disclosure 2009 domestic peer asset-liability ratio average level of 53.33%, the main business is also the steel wire rope of the 2009-year asset-liability ratio also reached 62.52%, the first half of this year is a rise to 64.4%.　　The reason for its repayment of bank loans is clearly not there.　　Although at the sponsor training conference held in early September, regulators had made it clear that "fundraising is not encouraged in principle to replenish liquidity and repay bank loans", but the Ningxia Hengli plan still decided to pay the 561.6 million yuan of the increase of 300 million yuan to repay the bank loans. An investment banker in Shanghai explained to reporters, "in accordance with the rules of the meeting, the funds used to replenish liquid assets can not exceed 30% of the total fund-raising, but if all to lock up the three-year strategic investors issued, can exceed 30% of the limit."　　"This means that as new entrants into the shareholder's new Day investment in the subscription of a 80 million yuan targeted to the additional shares need to be locked for at least 3 years, the new day investment in the reorganization plan gave a lock commitment."　　Short-term injection of assets it is strange, however, that although the new day investment will become the controlling shareholder of Ningxia Heng Force through the directional issuance, it only discloses the general orientation of the 561.6 million yuan subscription funds, and does not mention the asset injection.　　In fact, the 2009 information about the restructuring of Ningxia Heng Force, which stems from the company's main business in recent years is difficult to continue the situation, on the other hand, the company's financial pressure is increasing year by year.　　August 31 after the suspension of Ningxia Heng Force, the market has placed great expectations, and hope that the reorganization of the party can bring an asset stripping and injection of high-quality assets reorganization plan.　　However, on the contrary, the investment in the new day was silent about asset injection. According to the Ningxia Hengli disclosure, home hold a 31.07% equity stake in the new day, while holding 50% of Jiangxi New Day Property Holdings New Day investment of 10% of the equity, while the new Day investment in Shanghai Xiang Investment in Xuzhou, Wujiang and Zhejiang Deqing and Haining have a lot of commercial real estate projects,　　And the new day investment holding Baotou Xiang Real estate is currently in the development of Inner Mongolia SEG City project. It should be pointed out that home's steel trading business is not under the new day investment. such as the Shanghai Songjiang Steel Market, which was built in 2005, is operated by Shanghai Songjiang Steel Market Management Co., Ltd., which is controlled by Xiao, and more steel trade is operated by Shanghai West Steel Trade Development company, and Shaw's actual control of the Western Shinkansen is a well-known steel spot trading platform in China, In the National Steel circulation Enterprises ranked fifth.　　[Page] However, the new strategy announced by the West New Shinkansen on September 6 has made it possible to inject a little of the force into Ningxia. In Ningxia Heng Force soon after the suspension, the West Shinkansen and China Railway Materials Corporation signed a strategic reorganization agreement in Beijing on September 6. Under the agreement, the two sides will jointly fund the formation of a joint venture, the latter gradually acquire the new West Shinkansen flagUnder the main core assets and business.　　In fact, in Ningxia Heng Force announced the reorganization of the plan also did not mention the new day investment and even the actual control of the home to keep the relevant assets into the listing, it just said that through the increase is expected to "optimize product structure, release the company's production capacity, reduce financial costs and enhance profitability".　　Specifically, the company disclosed that the completion of the investment in the Technical transformation project will add a pre-tax profit of 23.83 million yuan, and the supplementary liquidity for the company to release 100,000 tons of capacity will increase pre-tax profit of 26 million yuan. Accordingly, the new Day investment commitment if the release in the first half of 2011 to complete, then to ensure that the Ningxia Heng Force net profit of not less than 20 million yuan, if this issue in the second half of 2011 to complete, then to ensure that the company's net profit is not less than 40 million yuan,　　After the issuance of 273.9535 million shares of total equity projection, that is, 2011 earnings per share reached 0.073 yuan or 2012 earnings per share of 0.146 yuan. Previously, the Ningxia Heng Force released 2010.5 Annual report shows that the first half of the company loss of 36.6564 million yuan, about the earnings per share of-0.189 yuan.