North Sea national Hair Fu sing with real estate tycoon to buy back the two-pronged approach

Zhu Yongjuan couple into the *st trilogy: Capital Increase-repurchase-increase subscription, and then its holding ratio to 39.14% Financial weekly major research group Yang Lui Mao/Writing in many ways, the *st country is a good shell resources.　　At present, the total market value is 1.323 billion yuan, below 1.5 billion standard, total share capital 279 million shares, below 300 million standard, stock price 4.74 yuan, below 5 yuan standard. From the operating results, since the listing in 2003 10 years, its main business is constantly changing, but the performance has been in the profit and loss between the wandering.　　*st was profitable in the 5 years of 2003, 2004, 2005, 2007 and 2010, but the total profit was only 81 million yuan, but the losses in the remaining 5-year total amounted to 495 million. From the view of shareholding structure, the shareholding structure of *ST is more dispersed and the proportion of institutional shareholding is small. Holding shareholder in Guangxi state-owned investment group 14.98%.　　The other 1% shareholders have only 2, respectively, the Beihai construction Investment development company, the shareholding 6.93%, China Construction Bank-China dividend hybrid open-end Securities Investment Fund, a shareholding of 3.17%.　　From the asset structure, the current total assets of 630 million yuan, the total liability of 540 million yuan, net assets of 89.19 million yuan, the asset-liability ratio of 85.83%. As of the end of June 2013, *st issued a long-term loan of 0, short-term loans of 56.7696 million yuan, but only a monetary fund of 19.3976 million Yuan, the company short-term solvency pressure. However, 66% of the company's liabilities from other payables, as high as 355 million yuan, which owed to shareholders or related parties of the total amount of 314 million, including Guangxi state-owned investment group 166 million yuan,　　Beihai Ocean fishery 10.419 million yuan and Guangxi Han Goldman Sachs investment 137 million yuan, and Guangxi state-fat Investment group of 166 million Yuan and Guangxi Han Goldman Sachs investment of 137 million yuan loan interest rate is zero, the repayment pressure is relatively small, another 41 million yuan repayment pressure is greater. In addition, the company currently has no major litigation or disputes, but there is a holding shareholder shares are frozen, collateral defects.　　As at the end of June 2013, the *ST group held the shares of the state issued a frozen, pledged the number of 21.1413 million shares, of which 13.3413 million shares pledged to shareholders in Guangxi Han Goldman Sachs investment, 7.8 million shares by the judicial freeze.　　Real Estate owner Zhu Yongjuan The results of successive years of loss of *st national hair near the edge of the retreat, in order to protect the shell into the new actual control of the real estate boss Zhu Yongjuan 2013, *st National hair again into the shell year. Previously, as a result of 2008 and 2009 consecutive losses of 173 million and 143 million, the *st country in 2010 Beatles hat, faced with the risk of a moratorium on listing.　　At that time, the new actual control person Panli, 2010 to achieve a profit of 16 million yuan, the success of the shell. But the 2011 and 2012 *stand a continuous loss of 39 million yuan and 110 million yuan, in the first half of 2013, the company again loss of 7.7705 million yuan, near the edge of the city, so the case is once again put on the agenda.　　And this time, the shell is still the way to replace the actual control person. July 24, *st issued a notice, July 22 Zhu Yongjuan, Peng, Panli and Guangxi Han Goldman Sachs and other quartet signed an increase in capital agreement, Zhu Yongjuan Cash contribution of 120 million yuan to Guangxi Han Goldman Sachs to increase capital, Guangxi Han Goldman Sachs original shareholders Panli and Peng voluntarily waived the recognition of this increase in capital.　　Guangxi Han Goldman Sachs is the sole shareholder of the *st Group, the holding shareholder of the state-owned company, after Panli and Peng respectively held 72% and 28% of the shares of Han Goldman Sachs in Guangxi. After the increase in capital, Peng holds 30.8 million shares of Guangxi Han Goldman Sachs, Zhu Yongjuan holds 100 million shares, and both of them hold a 62.29% stake in Guangxi-Han Goldman Sachs.　　Because Zhu Yongjuan and Peng as the conjugal relations, is the unanimous action person, therefore after the completion of the capital increase Zhu Yongjuan couple will become Guangxi Han Goldman Sachs's controlling shareholder, and replaces Panli to become the *st country hair Actual control person.　　The company said that the purpose of the Peng and Zhu Yongjuan couples is to improve the financial and business situation of the *ST state, to upgrade the production and sales capacity of the original products, and to expand the new business for the company at the right time, and to share the value created by the company's future development. The so-called new business, interpreted by observers as a possible real estate business.　　The announcement shows that the increased management of the Zhu Yongjuan control of the 4 enterprises are real estate enterprises, respectively, Nanning Tsui are real estate companies, Nanning Oriental Star Real Estate development company, Nanning Bai Chen Real estate company and Nanning Sunshine Coast real estate development company.　　The real purpose of the Zhu Yongjuan couple, which is to increase and buy back the money, is to hope that its real estate business can be injected into the listed companies by the end of June 2013, and the Guangxi state-owned investment group holds *st 28.0294 million shares with a stake of only 10.04% per cent. In order to further strengthen the *st of this shell resources control, to prevent the risk of being acquired, the Zhu Yongjuan couple took two major measures: first, the Guangxi state-fat Investment group in advance on August 2, 2013, through the agreement to buy back the sale of securities transactions of the *ST state issued 13.8 million shares to buy back, Increase its shareholding to 14.98% per cent. Second, the speedy introduction of a 700 million increase in the number of Zhu Yongjuan couples for a $534 million blood transfusion subscription.　　If add the July 22 to Guangxi Han Goldman Sachs increased capital of 120 million yuan, Peng and Zhu Yongjuan in the *st country, the cost of more than 650 million yuan. According to *st issued July 30 of the scheduled increase plan, to 3.78 yuan/share price to Zhu Yongjuan, Peng, Panli, Yifangyuan four natural persons targeted 185 million shares, raise capital 700 million yuan.　　300 million yuan will be used to repay the *st to the relevant party in Guangxi, Guangxi, China and Goldman Sachs and other arrears, the remainder will supplement the liquidity, for the company's existing pesticide, pharmaceutical business and other business to provide financial support. In the fixed-increase release of 1.85Billion shares, Peng and Zhu Yongjuan respectively subscribe to 22.5146 million shares and 119 million shares, accounting for the overall number of shares of 76%, the subscription amount of 85.1052 million yuan and 449 million yuan respectively, totaling 534 million yuan.　　If this is done successfully, Peng and Zhu Yongjuan will rise from 14.98% per cent before the increase to 39.41% after the release, and have become more entrenched in the holding position of the *st state. *st said that through directional additional to the listed companies to inject cash, reflecting the actual control of the public companies to support the attitude and help the company out of the current difficulties of confidence and determination.　　As a result of the 2011 and 2012 consecutive losses, the company has been implemented risk warning, the need for shareholder funds to support changes in the current financial situation. At the end of 2010, the end of 2011 and the end of 2012, *st Country issued a consolidated statement of assets and liabilities ratio of 68.1%, 72.49% and 85.08% respectively, as of June 30, 2013, the company's asset-liability ratio climbed further to 85.83%, the company has long been in a highly indebted environment operation, The structure of assets and liabilities is seriously unreasonable. According to the company's calculations, the non-public offerings, the capital structure has been greatly improved, the solvency will be significantly improved.　　Among them, the company's asset-liability ratio fell sharply from 85.83% to 23.35%. Some investment bankers believe that the real purpose of the Zhu Yongjuan is to hope that its real estate business can be injected into the listed companies. After all, paying off debt only improves the company's financial position and does not improve the company's profitability.