Countdown to the *st when the reorganization of the mystery when the broken

Since *st Hong Sheng (600817) April 9 on the day of the suspension of the listing, leaving the company two major shareholders time is not much, if the reorganization of the December 31, no significant substantive progress, can not return profits, then wait will be the end of the city. The worst change in history. *st Hongsheng 2008-year loss to 2.814 billion yuan, earnings per share-21.86 yuan, a Chinese listed company's highest record of loss per share, by public opinion as the worst company in history. Last December, Longchang, the former chairman of the company, was sentenced to three counts of evasion, false contributions and flight.　　This is the kind of company that has become a sweet pastry, by the interests of the party. This February, Xi ' an puming logistics Trade Development Co., Ltd. to 190 million Yuan *st Hongsheng 33.59 million shares, holding 27.6% to become its largest shareholder, all kinds of signs that puming logistics is eager to restructure the board, thus leading the overall restructuring of the company.　　The former holding shareholder, now the second largest shareholder, Acer Industrial equity ratio of only 5.23 million shares, equity ratio of 4.1%, but Acer industry is unwilling to hand over control right, and in recent public disclosure has been with Benxi Mining signed the "reorganization intent agreement." A person familiar with the matter said that the reason why *st became a sweet pastry is mainly due to the apparent indebtedness of the parent company. In relation to 12,800 of total equity, the consolidated report of *st in the 2009 Annual report shows that the total liabilities are about 3 billion, indeed a large number. But it is not difficult to find that the parent company only about 600 million of the debt, the subsidiary liability of about 2.4 billion, if Acer industry-led restructuring, Acer industry may assume the majority of the subsidiary liabilities, that is, more than 200 million U.S. dollars in debt.　　In addition, the listed companies 600 million of the financial liabilities of only about 15 million, Hongsheng itself also has more than 20,000 square meters of property, these factors to make the outside world fancy this relatively clean "shell resources." But the actual situation may not be as simple as the new big shareholder puming Logistics thought. First of all, the 2009 annual report of the huge deficit let puming logistics some unprepared. Relative to the third quarterly only loss of 11.072 million yuan, the final report reported losses unexpectedly as high as 386 million yuan, directly into the suspension of the listing of the team.　　Second, puming Logistics may not realize that Acer industry is not out of the party, its subsidiaries of more than 200 million U.S. dollars in debt is not a foregone conclusion, if the debt settlement mechanism can not agree, from Puming Logistics leading restructuring will be difficult. Who will lead the reorganization under the dispute in fact, Puming Logistics has not yet had a substantial reorganization of the scheme submitted to Hongsheng. From the point of view of puming logistics itself, its 190 million funds from the XI ' an hi-tech demonstration Industry Investment Co., Ltd. Loans, puming logistics registered in XI ' an, registered capital of 20 million yuan, the natural person Guo Yongming for its actual control, its main business for steel, wood, cement, decoration materials, mechanical and electrical equipment, electricity and water equipment sales　　, warehousing, distribution. 2009, Puming Logistics business income is only 3.26 millionYuan, net profit 91,900 Yuan.　　Its control of the core Enterprise XI ' an Myrtle Big Store Development Co., Ltd., the business has been stagnant for more than three years; Yuncheng puming Real Estate Development Co., Ltd., has not carried out business at present, another Guo Yongming shares 20% of the company Baoji Hing Lung Mining Co., Ltd., the business has just begun. People familiar with the matter pointed out that the arrival of puming logistics is somewhat hasty. The understanding of Hongsheng before the auction is not exhaustive, if the Hongsheng did not suspend the listing, then Puming Logistics will have more time to find a reorganization party to control the board.　　However, the last few months may be forced into the puming logistics, although a single big, but can not control the company's dilemma. Statistics show that *st in the last few days before the IPO, the company's top 100 shareholders have increased significantly, and basically have been changed hands. There is no doubt that the majority of these new entrants are directed towards the concept of reorganization and will play a key role in voting.　　Rough statistics, excluding the 33 million shares of Puming logistics, Acer industrial 5.23 million shares, the remaining 98 shareholders share about 20 million shares of the company. For the You Hompo industry, the assumption of a smooth and benxi mining restructuring plan, to get more than 2/3 of the past is not grasp the full. But analysts pointed out that if the Puming logistics vote against, it will be a mutually beneficial outcome, the protection of the interests of small and medium shareholders will not be discussed.　　Therefore, the two major shareholders still have the possibility of negotiation. "Peace talks" or the fundamental way it is understood that Acer industry in December last year has begun contact with Benxi mining, and to deal with the issue of creditor communication, the progress is progressing smoothly.　　If the reorganization is progressing smoothly, *st will become a listed company in mine excavation.　　A few days ago, Shun Tung investment on the *st of the bankruptcy of the application, the court has been entertained, although Acer Industrial denies and Shun East investment there is a relationship between, but did not deny that shun East investment from Acer Industrial hands took the *st Hongsheng related claims. Acer Industrial, a senior executive told reporters that if the puming logistics have the right to restructure the party, they are willing to discuss the feasibility of joint. Until now, Acer Industrial and puming Logistics has not a good basis for negotiations.　　One of the two major concerns of Acer's industry today is the court's decision to restructure, which will be their biggest goal, and the upcoming shareholder meeting, which will produce a new board of directors, which should be a board of directors looking after the interests of all parties. For Puming logistics, want to grasp the power of reorganization, only at the time of the transition has the ability to control the board, if successful, then whether the announcement of the more powerful restructuring party, or continue to hold the pipa half cover, will be under the sun to accept shareholders ' consideration.　　The reporter also learned that in June, the company will convene the annual general meeting of shareholders, the current board of directors would propose new nominations, the new nominees neither from Acer Industrial nor from Puming logistics, but may be the restructuring of the key role of professionals. If Acer industrial or puming logistics are only concerned about the interests of one side, then *st is only to return to the city. The most injured and most innocent are often listed companies and small and medium-sized investors. From the perspective of safeguarding the interests of listed companies and the interests of the majority of shareholders, the two major shareholders carry out "peace talks" or the fundamental way to solve the problems.