How long will the dead seabirds last?

April 30 this year, after three failed restructuring of the *st Seabirds (600634.SH) was Shanghai to implement the risk of delisting warning.　　However, the company's actual controller, Zhou Zhengyi, did not abandon the plan to restructure.　　In the Shanghai joint investment and CICC investment because the shareholding can not be transferred to the reorganization, the Zhou Zhengyi chose to transfer the shares of the listed company's controlling shareholder Dong Hong to achieve the goal of smooth transfer, but it is worth discussing the behavior of capital reduction. After being incorporated into the Zhou Zhengyi capsule in 2001, the total net profit of *st seabirds from 2001-2009 was 42.5142 million yuan.　　In addition to the end of 2001, "0.2 yuan per 10 shares", small shareholders can no longer through the investment of the company to obtain the red share dividend. The huge loss of 60.99 million yuan last year showed the real control of the people eager to sell the shell of the determination of resources.　　Retroactive adjustment also made the year before the year from the micro-win 631,300 yuan into a loss of 2.586 million yuan, if the 2007 years of 2.9695 million yuan loss, *st seabirds in fact long overdue. Financial means are used appropriately.　　2003 broke nearly 40 million yuan after the loss, the next two years to deduct the non-recurrent profit and loss of the net profits are negative, but are disguised as hundreds of thousands of and millions of yuan profit to pass.　　But the 2009 loss of more than 60 million, the first half of this year's revenue only 7 million Yuan company, as of August 24, the share price has 12.07 yuan.　　The stockholders ' fancy is nothing more than the shell value of the loss-making company, which has only 87.2 million shares of the total equity. But as of now, the shell value is only reflected in a sentence-the new restructuring party Bao Chongxian Commitment, within 12 months after July, under conditions permitting, the *st seabirds carry out a major asset restructuring plan.　　However, foreign shareholders in Hong Kong seem to disagree. The shareholder, which began reducing its stake in the fourth quarter of 2009, was heavily reduced in the second quarter of this year.　　7 months of time, the shareholding from 15.5749 million shares to 2.5116 million shares, 13 million shares in the average 12 yuan in the range of 260 million yuan. *st seabird time is apparently still quite a lot, if the restructuring could not be completed this year, *st seabirds will be released next year in 2010 annual report losses, would be suspended, but only in 2012 to complete restructuring, and the loss of the year can still avoid the fate of the city.