"Seabirds" That Never Die: 3 years of 4 reorganization

Starting from the end of 2007, the first reorganization, the former Shanghai's richest man Zhou Zhengyi control of the listed companies *st seabirds (600634.SH), less than three years, has started four restructuring.　　Unlike the previous three, the latest round of restructuring, which began in May this year, has taken the form of a change in the actual control of listed companies through the transfer of large shareholder holding rights in listed companies. However, the reporter found that the new actual control person Bao Chongxian took over the *st seabird large shareholder of Shanghai East Hong Industrial Investment Co., Ltd. (hereinafter referred to as the East Hong Industrial) 100% Equity, the latter in April this year, the company has raided the registered capital from 751 million to $200 million.　　Subsequently, Bao Chongxian from the natural person Zhou Zhenming (Zhou Zhengyi brother) hands to buy 50 million yuan Dong Hong Industrial 100% of the equity, become the actual control of *st seabirds.　　More importantly, the long lawsuit of the east macro industry once faced with the objections of other creditors, this will affect its control of listed companies, the new reorganization will also face obstacles to the reorganization of listed companies.　　According to the reporter understand, the last round of reorganization appeared in the East macro industry a foreign creditor's debt problem has not been resolved. In this respect, the reporter on August 23 call *st seabirds, its securities office staff said that the East Hong Industrial capital is not aware of the matter, and for the previous round of reorganization (November 2009 and around) when the East macro industry faced 172 million yuan of debt, said the people, the East macro industry has not informed the listed companies, "　　Should have not been returned. "　　Restructuring of the 3-year 4 restructuring from the Zhou Zhengyi behind the scenes control of East Hong Industrial *st in late 2000, in addition to 2001 and 2002 respectively recorded 27.9359 million Yuan and 25.7052 million yuan of net profit, after the listing of the company's operation will be lackluster.　　First of all, in 2003, the company appeared nearly 40 million yuan of huge losses, 2004 and 2005, although the micro surplus of 597,700 yuan and 6.9278 million yuan, but the deduction of non-recurrent profit and loss after the loss of the net profit is only 2.5641 million yuan in 2006. The beginning of 2007, Zhou Zhengyi, so that *st seabirds face more difficult business dilemma, East macro industry began to look for new restructuring party.　　About six months after the suspension, *st seabirds announced the reorganization plan in early June 2008.　　The new restructured party, Shanghai joint venture, invested in some of the shares held by Dong Hong Industrial (13,865,170 shares in 18,865,170 shares), and plans to subscribe to a total of 62 million shares of *st seabirds under its 100% stake in the joint holdings of Kyrgyzstan property.　　According to the commitment of the reorganization plan, after the reorganization of the listed companies, the net profit of 2009 and 2010 reached 179 million yuan and 215 million yuan respectively, corresponding to the 149.2 million shares after the reorganization of the total share capital of 1.2 yuan and 1.44 yuan per share of earnings. However, when the first reorganization progressed to November 2008, it was unable to reach a totalKnowledge and forced to suspend. After the commitment period of March without major reorganization, the *st seabirds started a second reorganization in March 2009.　　On the premise that the reorganization party is unchanged, the *st seabirds decide to acquire all the real estate assets of Shanghai Kyrgyzstan union directly in the form of non-public offering, and the relevant intermediary agencies are also entering into the audit and evaluation work. However, strewn.　　Because of the reorganization plan to inject one of the assets of listed companies in the Changsha state Star City property rights transfer failed to complete its shareholders in the agreed time of the approval of the General Assembly, the second effort of Shanghai Kyrgyzstan joint venture ended. After a loss of $2.9695 million in 2007, the *st seabirds announced the company's 2008 Annual report, after the failure of the second reorganization, to 631,300 yuan, but at the end of April this year, the net profit of listed companies was adjusted to a loss of 2.586 million yuan. Coupled with the huge loss of 60.9942 million yuan last year, the *st of seabirds is imminent.　　If the *st seabirds again face losses in 2010, stocks will be suspended.　　All of this is clearly at the fingertips of the controlling shareholder, and CICC investment in the new reorganization surfaced in November 2009.　　According to the third reorganization plan, the reorganization of CICC investment capital of 200 million yuan, from the East macro industry to acquire its holdings of 21.63% (18,865,170 shares) of the holding rights.　　But on December 19, 2009, *st seabirds announced that the third reorganization failed after just 1 months, as a result of judicial reasons that led to the inability to transfer equity to CICC and shareholder debt.　　According to reporters understand that the restructuring of the failure of the reason is still the East macro industry was pledged to the ownership of the stake, which became the key to the previous three restructuring failures.　　In fact, as early as 2006, Zhou Zhengyi had sought a reorganization of the *st seabirds in the system by the machine reform.　　In June, Zhou Zhengyi family member Sherong (Zhou Zhengyi brother-in-law) holding 60% of the Shanghai Thai investment, has planned to take over the East Hong Industrial owned *st seabirds, the price is to undertake the East Hong Industrial Bank of Shanghai Branch of the company of 60 million yuan of debt.　　However, in the end the scheme was aborted by the approval of the Societe Generale Credit Commission, which still played the role of *st seabird holding shareholder.　　The capital reduction behind Dong Hong industry may be due to the failure of the first three restructuring, the fourth reorganization of the *st seabirds in May this year, to avoid the issue of the suspension of ownership of listed companies by the restructuring of the listed company's controlling shareholder, Dong Hong Industrial.　　According to the *st seabirds July 5 disclosure of information, from Wuxi Natural person Bao Chongxian to 50 million yuan from the Zhou Zhengyi on behalf of holding shareholder Zhou Zhenming hand by the East macro industry 100% of the equity.　　The history of the East Hong Industrial, it is specifically for the acquisition of *st seabirds set up. In early September 2000, Shanghai famous agricultural and sideline Products Co., Ltd. (hereinafter referred to as Shanghai famous Company) and Shanghai far reachesImport and Export Co., Ltd. jointly funded 50 million yuan to set up the East macro industry.　　Among them, Shanghai famous company, which is controlled by Zhou Zhengyi's agricultural Kay Group, occupies the position of controlling shareholder of Dong Hong Industry by 95% of the investment.　　A few days later, Dong Hong Industrial to 157 million yuan to replace the cost of Shanghai Hua Cheng Radio factory to become the first major shareholder of Seabird Electronics, but from the Shanghai new Exchange accounting firm's audit report showed that, as at the end of September 2000, the East macro industry to pay only 10 million yuan in advance down payment.　　After the holding of seabirds electronics, Dong Hong Industrial changed its main business to real estate through asset replacement, and renamed Seabird Development. Less than 3 years thereafter, East macro industry has become an important platform for Zhou Zhengyi asset integration, after three increase, the company registered capital from the inception of the 50 million yuan to 751 million yuan, after a number of changes in equity, Zhou Zhenming brother-in-law in Tanghaigen and Tang's sister-in-law Zhou Min, respectively, holding Dong Hong Industrial 80.03% and 19.97%　　Equity.　　However, with the investigation of Zhou Zhengyi in 2003, Tanghaigen, the host of the agricultural Kay Group began to encounter resistance, Zhou Zhengyi's brother Zhou Zhenming in August 2005 and early 2008 to accept the Tanghaigen and Zhou Min holdings of East Hong Industrial shares, become the latter's single individual shareholders.　　Although the 2003 Seabird Development issued a clarification bulletin, the company's actual control of the Tanghaigen and Zhou Zhengyi no contact, but according to the listed companies after the disclosure of information, whether it is Tanghaigen or Zhou Zhenming, are entrusted to hold equity, the Zhou Zhengyi behind the listed companies are the actual control of the people.　　The audit report of Shanghai Xing Zhong accounting firm shows that, as at the end of 2008, the shareholder's rights and interests of Dong Hong Industrial Corporation is about $738 million, so why is the 100% of its shares only priced at 50 million yuan?　　Reporter investigation found that in May this year before the completion of the transfer of shares in the end of February, the East Hong Industry, a shareholder decided to show that the company's shareholders decided to the East Hong Industrial registered capital from 751 million yuan to 200 million yuan.　　It is noteworthy that the reporter from the East macro industrial registration data found that since its inception, the company basically has no operating income, 2003-2008, the annual loss of 1 million-5 million yuan, but its balance sheet "other receivables" has been high. In 2000-2003, the East macro industry increased its capital frequently, its "other receivables" were 375 million yuan, 265 million yuan, 669 million yuan and 472 million yuan respectively, and 2004-2008, the company "other receivables"　　Also maintained 514,474,205 yuan unchanged, during which the company's equity although experienced two changes, but the registered capital has been 751 million yuan. The Dong Hong Industrial will reduce the registered capital from 751 million yuan to 200 million yuan, the reduction of the difference of 551 million yuan and the above "other receivables" 514 million yuan very similar.　　However, information obtained from journalists could not show the unit of arrears of the "other receivables". As for the difference between the 200 million-yuan registered capital and the 50 million-yuan acquisition, the *st SeaThe bird's third-time reorganization of CICC's investment disclosure has begun to reveal itself.　　At that time, CICC investment commitment will be on behalf of the East macro industry to pay for the Great Wall assets Shanghai office, Agricultural Bank Shanghai Branch and Societe Generale Shanghai branch of the total of 172 million yuan in debt. But the reporter obtained the East macro industry internal documents show that as of April 15 this year, according to the East Hong Industrial production of balance sheet and property list,　　The company's external debt is 45.8635 million yuan and the company has paid off or provided a corresponding guarantee to the creditor who has demanded the repayment of the debt or provided the guarantee, and undertakes that the unliquidated obligations shall continue to be discharged by the company and shall be guaranteed by the shareholders. On the afternoon of August 23, the reporter called the *st Seabird Securities Office, a staff member on the phone, said about the East macro industrial debt has not been notified of listed companies, "should have not returned."