"Railway first shares" S*st North Asia investigation

February 11, the suspension of four years, several times threatened to return to the city of North Asia Industrial (Group) Co., Ltd. (600705.SH, hereinafter referred to as S*st North Asia), in the "bankruptcy reorganization" years later, suddenly back to life, the Chinese aviation group under the China Airlines investment wholly-owned restructuring started. "Major shareholders and the actual controllers have never given up on the restructuring of the railway system.　　"February 13, a 4-year continuous activist s*st North Asia retail investors said. S*st North Asia from the dead, China Airlines investment suddenly injected, let the hard rights for several years of the retail investors are ecstatic, they believe that the departure of the railway system, is the only way to recover the loss.　　However, as the first railway concept, the railway system suddenly let go of the financial platform, the reasons for intriguing.　　The first railway concept, the corruption of the railway system, the once hollowed out billions of assets, and a series of mystery mysteries may be suddenly restructured with subtle moments that will eventually come to the truth or remain hidden forever. North Asia ups and downs s*st North Asia ups and downs behind, is a miniature version of the railway system restructuring dynastic.　　S*st North Hoe was founded in July 1992, the initiator and major shareholder is Harbin Railway Bureau (hereinafter referred to as "Kazakhstan Bureau"), the company on May 16, 1996 listed in Shanghai, when the "first railway Shares", is popular with the capital markets and retail. This August 1, and Kazakhstan Bureau "geopolitical" closely related to the original leadership of the Shenyang Railway Bureau was transferred.　　Since then, S*st North Asia Bankruptcy reorganization, the Ministry of Railways directly under the Unit Shenyang Railway Bureau, played a vital role.　　As a reform pathfinder, has become the first share of the railway s*st North Asia became the Kazakhstan bureau and even the Ministry of the Darling, Kazakhstan will own monopoly resources of high-quality assets allocated s*st North Asia.　　July 6, 1999, the Bureau of Kazakhstan undertook to s*st North Asia exclusive responsibility for the Harbin Bureau within the jurisdiction of several railway lines on the passenger train transport business.　　January 2001, the Company and Kazakhstan Bureau, Beijing Railway Bureau, Zhengzhou Railway Bureau signed a cooperation period of 16 years of cooperation in the operation of the Passenger Transport project agreement, S*st North Asia has been in the cooperation of the railway administration in the area of cooperation with the railway administrations to operate the line of priority.　　S*st North Asia also has a great vision for the road network reform, its successful listing, the 1999 and 2001, respectively, raised more than 1 billion of the funds are put into the railway transport. However, the good plan of S*st North Asia, in 2003, the former railway minister, Fu, who pushed forward the reform of "road network Separation", stopped short of the distribution of benefits within the railway system, and the reform of "road network separation" was abolished, and the railway transport Development Plan of S*st North Asia was stillborn, the original 7 Gold Line transport was stranded,　　Investment in railways and was occupied by the excess of 500 million yuan in the Ashes, expensive to buy EMU can only be used for free. Since then, affected by the policy, the original benefit of the S*st North Asia deep in the loss morass, S*st North Asia to start trade, real estate diversification development strategyAnd immediately buried the bane of the railway system corruption nest, which has been the core of successive directors of the Kazakh bureau.　　May 25, 2007, three consecutive years of loss of S*st North Asia, the subsequent four years, bankruptcy reorganization has been a high-quality assets of billions of s*st North Asia's only demand.　　In the past four years, the railway system represented by the Harbin Bureau, which occupies about 20% of the major shareholders, has been throwing out the internal reorganization of the railway system, and the core of the reorganization plan is that the railway system will continue to control the financing platform and seek absolute control.　　The railway system has many reasonable official rhetoric about how to keep S*st's control right, however, it is easy to conceal the problem of the corruption nest case, which is still s*st by many retail shareholders in North Asia.　　The Waterloo case, which was thought to lead to a major earthquake in the railway system, was s*st for more than three years after the case of the railway system, which originated from north Asia. April 1, 2009, S*st North Asia, the original chairman of the Liu Guiting case sentence, which constituted the embezzlement of funds, sentenced to life imprisonment.　　The sentence, which was more than a year in court, declared that the corruption of the railway system, with Liu Guiting as the main responsibility, ended. However, the crackdown on corruption within the railway system leaves a lot of subtlety.　　Officials involved in the S*st North Asia case include, the former deputy director of Harbin Railway Bureau Sheibin, the former director of the Beijing Railway Bureau, the CPPCC's ten-term committee member Li Shutian, the former general manager of China Iron Material Corporation Qi Xiaomin, the former director of the Ministry of Railways Ho Hongda, Heilongjiang Provincial Bureau of the former director Ding Joppen, the Ministry of Railways, a leader of the Secretary Yang These persons have a common characteristics, and Harbin Railway Bureau has a very deep source.　　Among them, the former general manager of China Iron Material Corporation Qi Xiaomin, the former director of the Ministry of Railways Ho Hongda and the Ministry of Railways, a leader of the Secretary Yang MoU, the details of the disclosure is relatively vague. 1999, Li Shutian from the Secretary of Kazakhstan to transfer the Beijing Railway director. From June 1999 to May 2000, Qi Xiaomin replaced Li Shutian as director of Kazakhstan and also as chairman of S*st North Asia Group.　　May 2000, Qi Xiaomin transferred to Beijing, serving as party secretary of China Railway Materials Corporation.　　If Li Shutian, Qi Xiaomin Promotion of Beijing, is because of the road network reform, with the railway concept of the first s*st of the Kazakh Bureau of the political achievements, promotion, from the successor Ho Hongda began, it is more strange. In the s*st of the North Asia Group, Liu Guiting is in the middle of a storm, but Ho Hongda is clearly an important player.　　However, during the period from August 2000 to April 2002, Liu Guiting was only the vice chairman and general manager of the S*st group, while Ho Hongda was the director of Harbin Railway Bureau and Chairman of S*st North Asia, and was in charge of all the powers of the S*st North Asia's large shareholder, Kazakhstan Iron and S*st. July 2003, Ho Hongda from the customs into Beijing, from the Harbin Railway Bureau director moved to the Ministry of Railways, Deputy Minister of government department. The Department of Political Affairs is in charge of important departments such as Office, Personnel department and propaganda Department. As a planned economy eraTail, the Ministry of Railways has retained this particular militarized sector of the department, which is also a special case in all State Department ministries. Before Ho Hongda moved to the top of the railway ministry, the S*st North Asia, under its chairmanship, had just had a huge financing crisis. After several years of Ho Hongda promotion, the Bureau still conveyed too many leading cadres to the railway system until the nest case broke out and the Bureau of Kazakhstan was severely adjusted.　　S*st North Asia Nest case erupted, and did not let S*st North Asia on the right track, after the reorganization of the deadlock, so that the target of retail shareholders directly pointed to the top of the Ministry of Railways.　　The reorganization of the deadlock occupies less than 20% of the railway system, led by the reorganization of the plan, deduce a farce.　　2008, S*st North Asia affiliated company, creditor Heilongjiang Yu-Hua Guarantee Investment Co., Ltd., to the Harbin Intermediate Court to apply for S*st North Asia bankruptcy; Harbin Intermediate Court in accordance with the "Enterprise Bankruptcy Law" ruled S*st North Asia company bankruptcy reorganization, and designated S*ST North Asia reorganization Liquidation Group.　　April 17, under the chairmanship of the Harbin Intermediate People's Court, the first investor meeting voted on the plan for the reduction of shares, and after the voting of the conflict between the Non-tradable shareholders and the circulating shareholders, the scheme was approved with the opposition of most retail shareholders. The rare case of stock market contraction, so that the circulation of shareholder assets shrank sharply, the shareholding shrank by nearly 2/3. "S*st North Asia such a large plate of listed companies, the General reorganization Party is not very interested."　　"S*st North Asia general manager, former Shenyang Railway Administration Engineering department deputy chief engineer Kyung said, shrink shares is in order to adjust the scale of equity, complete reorganization as soon as possible. However, tailor-made stock, more like the restructuring of the Shenyang Railway Administration paving the way. According to S*st North Asia's original total equity is 979.7 million shares, if not shrinking stocks, Shen Iron want to hold up to 60%, need to add 1.469 billion shares, the market value will reach 5.714 billion yuan.　　It is clear that the iron ore, which was originally intended to inject a mere 500 million yuan in the book value, has gained absolute control over the capital. Therefore, the contraction of shares, high premiums, low price, a series of operations, the reorganization of Shenyang Railway Bureau, in accordance with the higher authorities to adjust the instructions, tried to carry out two reorganization, its reorganization plan is not unexpectedly rejected.　　In the last two years, S*st, which has been bogged down in a restructuring stalemate, has not even been released for as long as September. Previously, Hong Kong's new Henderson, Goldman Sachs, etc. have tried to take the S*st North Asia, during which there was also outside the railway system to try to enter the domestic capital, but eventually did not win or the Ministry of Railways passed. "The railway ministry at that time proposed a leap-forward development, rail construction needs more financing platform."　　"An analyst at an investment bank in Beijing said the Ministry of Railways has consistently disagreed with the reasons for the accidental recapitalisation of the railway system. However, many S*st shareholders accuse the railway department of not wanting to lose its financing platform, nor is it hoping to expose more of the huge assets lost in the S*st North Asian corruption and bankruptcy reorganization, causingA round of anti-corruption earthquakes.　　As the people involved in the bankruptcy reorganization and s*st North Asia, Harbin Railway Bureau or the reorganization of the Shenyang Railway Bureau, and restructuring has been deadlocked, s*st North Asian assets still have a lot of mysteries.　　Asset Puzzle 2003, the railway network reform stopped, S*ST before North Asia's huge financing almost free investment construction, followed by the operating dilemma. In the field of railway transportation and other areas of depression, s*st North Asia Diversified development strategy, still let S*st North Asia accumulated a large number of assets.　　According to the information disclosed, the s*st of the North Asian bankruptcy before the reorganization of the quality of assets have two main parts, one is, holding Xinhua life, Century Securities, South vehicles, North vehicles and other equity; second, the real estate industry has a large number of properties, the media valued about 2.4 billion yuan. However, most of the top 4.1 billion of the quality assets calculated by the two main investors have been auctioned off before the bankruptcy reorganization. According to the company's public information, the first auction is Changchun Passenger Transport Company (hereinafter referred to as "long Customer Company") of 98.39 million shares, April 2007 and June, long passenger shares two times total of 105.6 million yuan was auctioned, more than s*　　St Asia investors said the book value of the stake amounted to 167 million yuan, the auction price and book value of more than 60 million yuan. Subsequently, in turn, the auction includes 32.5 million shares of South Vehicle quartet, China Railway Express 13,986,857 shares, Harbin Commercial Bank 10.24 million shares, affiliated subsidiaries of Shanghai S*st North Aresson Trade Development company held in Ningxia Mei Li paper stocks 3 million shares, China North Car original shareholding 98.39 million shares.　　These assets are blamed by retail shareholders for lower-priced deals than book value. November 19, 2010, S*st held 64.89 million shares of Xinhua life in the Beijing Equity Exchange auction, the result of the auction,　　Century Jinyuan Investment Group and Fauze Group Co., respectively, 42.76 Yuan/unit and 43.09 yuan/share of their respective auction 36 million shares and 32.49 million shares, total turnover of 2.939 billion yuan. According to the company's public information, S*st North Asia will be the proceeds of the auction to repay debt.　　It is worth mentioning that in 2008, after the company was declared bankrupt, the first register of claims, S*st North Asia owed a debt of 2.277 billion yuan, 2010, a second register of claims, increased the debt of 240 million yuan. Prior to that, circulating shareholders questioned why the company after the bankruptcy of the debt will continue to increase and why the assets are frequently sold, the S*st North Asia general Manager Kyung responded that in the People's Court notice of the claims in the declaration period did not declare creditors, can be in the final allocation of property before the Declaration,　　and has the right to be equal to other similar creditors of the right to discharge, all auctions are also in accordance with the law. At the same time, for real estate assets, s*st employees in North Asia said that this part of the asset capital operation is quite complex, in the end, after the outbreak of the S*st North Asia Nest case, has become a mystery。 According to the special audit report of S*st North Asia reforming assets status, the assets of S*st North Asian bankruptcy reorganization were saved, collected, recovered and disposed by law, and the total amount of assets recovered amounted to more than 3.6 billion yuan, s*　　The effective assets of the St-North Asian reorganization were increased from 334 million to 3.8215 billion yuan in the January 2008 bankruptcy reorganization. S*st billions of of the quality of assets, in Harbin Railway Bureau as the direct director of the railway system personnel under frequent operation, and eventually become an empty shell, its details, as of China Airlines investment is still a mystery.