Rhine Biological plant extraction of the debt of the shell-biased qualification medium

"Rhine biology is not very good shell, in addition to market capitalisation, the biggest problem is up to 1.043 billion of the debt." "Shanghai, a large securities and acquisitions Department of a major research group of the financial weekly Ding Qingyun Dai Jianmin/writing qualification good shell, Jane, is short clean." Short, small market capitalisation, small equity, low share price. Clean, no debt, no lawsuit, no dispute, less assets. Rhine Biological market value of 1.93 billion yuan, debt-biased, shell qualification medium, not easy to shoot. But from the market point of view, a lot of selling points, small plates, shareholders have the will, no lawsuit, no disputes, the local regulatory level positive attitude, there is still room for imagination. The market debt is too large, it is advisable to install large assets to ensure that the new shareholders gain absolute control, the Rhine is suitable for the assets of more than 6 billion, annual profit of 200 million (estimated at 30 times times earnings). In terms of market capitalisation, the Rhine has a total market value of 1.93 billion yuan, slightly above the level of 1.5 billion yuan below the market value of good shell resources generally delineated by investment banks. Rhine Biological Backdoor If it is to obtain a guaranteed holding power, its injected assets must be valued in large enough quantities. For the Rhine creature, the backdoor had to acquire a 50% per cent stake, with a value of at least 1.93 billion yuan injected into the asset. This threshold blocks a large number of potential restructuring parties. To ensure that new shareholders gain absolute control, the Rhine is suitable for assets above the value of more than 6 billion yuan, annual profit of 200 million yuan (estimated at 30 times multiples). But in terms of equity, the Rhine's total biological capital is 130 million yuan, less than 200 million of equity, and the equity is small enough. From the operating situation, the Rhine biological main industry is relatively single, and for many years in the margin of loss, shareholders have to protect shell pressure. The Rhine creature was listed in 2007, and in 2010, the Rhine creature lost 24.62 million yuan for the first time. In 2011, it relied on disposal of assets and government subsidies to direct blood transfusions of 65.34 million. In 2012, the Rhine creature continued to lose 66.01 million yuan. In the first half of this year, its net profit was only 1.57 million, again facing the Shell war. From the view of the shareholding structure, the majority shareholder of Qin-June Holdings 19.77%, the top ten shareholders are all exclusively natural shareholders, in addition to the founder shareholder, the remaining shareholder proportion of all not more than 0.5%. In the quarter of 2013, its institutional shareholder holdings were only 445,000 shares, which were almost negligible. Small plates, coupled with fewer rational and professional institutional shareholders, mean that the two-tier market is easily manipulated by major shareholders and investment-banking intermediaries, and that, once restructured, the Rhine creature has a greater likelihood of passing it. From the structure of assets and liabilities, Rhine total biological assets of 1.211 billion yuan, total liabilities of 1.043 billion yuan, net assets of 165 million yuan, assets and liabilities ratio of 86%. Although the net asset of the Rhine is not large, the most intractable problem is that debt is as high as 1.046 billion. Shanghai, a large securities mergers and acquisitions department head confessed that the Rhine biological is not good shell, in addition to market capitalisation, the biggest problem is as high as 1.043 billion of the debt, deal with a lot of trouble, the programme design is more difficult. Key in 1.046 billion debt stripping such as major shareholders do not agree to peel off assets and liabilities, continue to put listed companies,New shareholder follow-up pressure will be very big. However, if the separation is very difficult, and the Bank trust and other creditors prior consultation. The Rhine organism can become the shell resource, also must see the big shareholder Qin army to want to sell. In the 2011, Kin Ben Jun has sold its assets to barely protect the shell, but the main business has not changed substantially, so far, the Rhine living in the loss line struggle. Rhine Bio-founder shareholders include Kin Ben Jun, You Wen-de, Yang Xiaotao, Liangming, Li Aijong 5 people. Kin Ben Jun, Liangming for brotherly relations, Yang Xiaotao and Li Aijong are husband and wife relationship, before listing total shareholding 50%. Over the years, the original shareholders are not interested in the main business, but keen to cash. 5 of thousands of founders retreated, and then set out. So far, Kin Ben Jun, Liangming Brothers only hold the Rhine biological 22.16% shares, You Wen-de only 8.72%, Yang Xiaotao, Li Aijong couple almost reduced their holdings. This to a certain extent, supporting the large shareholder's willingness has been shaken, the key is the right to sell the shell opportunity to appear. Next, how to deal with 1.043 billion of the debt is the difficulty of designing a trading scheme for investment banks. From the structure analysis of debt, Rhine bio 1.043 billion liabilities mainly include long-term loans 420 million, short-term loans 157 million, received accounts 122 million, other accounts payable 117 million, special payables 180 million. Further analysis, the prepayment account for the customer advance, is the operating liabilities, just due delivery, no repayment. Most of the other payables are the money of the large shareholder Kin Ben Jun, You Wen-de lent to the listed company, not the foreign creditors. Special payables is the relocation of the factory in advance compensation, no reimbursement. In addition to the debt-biased, Rhine bio-estimated liabilities of 0, there is no lawsuit, but also relatively "clean." In other words, the real debt pressure on the Rhine is 420 million long-term borrowings and 157 million short-term borrowings, totaling 677 million. The main creditors of Rhine biology are Xiamen Minmetals Trust, International Trust, Dongguan Trust, import and Export bank. Two years after Ming is the peak of the life of the Rhine. Its long-term loan maturity is mainly from 2014 to 2015, and the interest rate is very high, Dongguan trust rate is even up to 10.25%. Kin Ben Jun has pledged all equity to CITIC Securities. You Wen-de, the second shareholder, also pledged 36.94% of its shares to the National maritime securities. The pledge of shareholding of large shareholder, its mortgage market value is 400 million, increase the difficulty of transaction. How to reorganize the two sides of the game China big Gene PE shareholder Yunfeng Fund related personage discloses, China big Gene capital operation first step is likely to be listed in Hong Kong, backdoor Rhine biological possibility is very small. According to the actual situation, the investment bank gives two kinds of feasible stripping scheme, the key depends on the game between buyer and seller. The first is to split all the assets and liabilities to the original shareholders, the original shareholders can be net of 160 million of the net assets, solve the debt problem. Second, the assets and liabilities are stripped to the original shareholders on the basis of the original shareholder transfer part of the shares to the new shareholders, set up a part of the solution to the debt problem. At present, a number of investment bank mergers and acquisitions department does not include the Rhine bio-key research, tracking, tackling the "Shell resource" library. And the Rhine shares, the current adherence to the main business, the shell problem does notBig。 There is not much gossip about the reorganization of the Rhine organism in the market. Gado borrowed shell Rumors of a long history, a large number of gossip objects, Rhine Living is just one of them. And another gossip object Hua da gene PE shareholder Yunfeng Fund related people have disclosed to the financial weekly, the first step of the Chinese gene is likely to be listed in Hong Kong, backdoor Rhine biological possibility is very small. Guangxi Hua Tin Group Backdoor Rumors, three years ago, compared to the previous two reliable. Wah Tin Group is a subordinate company of Guangxi Sasac, the largest reserves of indium in the world, tin reserves accounted for 1/3 of the national total. Its total assets, 5.5 billion, is large enough to prop up the 1.93 billion market value of the Rhine creature. Guangxi Company Backdoor has always been active, the local government has a positive attitude. In addition, China Tin Group is a local state-funded Guangxi, more easily supported by local government.