S*st recombination Higen 2 billion Ni-Co mine backdoor reborn

S*st (000693.SZ) tied the last straw to the mineral. December 5, the temporary listing has reached three years of S*st to release the reorganization announcement. It said that the company has recently been with the controlling shareholder of the first group of friends and Shaanxi Hua Nickel Cobalt Metal Co., Ltd. (hereinafter referred to as Hua ni Cobalt) actual controller Wang Chunhu signed an asset restructuring framework agreement, the latter held the Hua Ni-Co 100% equity injection S*st Poly Friends,　　At the same time, it is promised that the assets to be injected have corresponding profitability and continuous operation ability. In July this year, the company has identified with the former reorganization of the party in Shanghai, China Sharp holding group on its real estate business, but the real estate loan shell listed after the cold, helpless abortion.　　This is the reorganization of s*st Higen. Faced with the imminent withdrawal of the market and the embarrassment of not share reform, the company, a person familiar with the situation, said its restructuring expectations than any previous time is heavy. "After so many years, we do not want to let corporate investors huff, but also do not want to be blamed."　　"But carefully considered, the ultimate trend of the company is still the market is quite controversial mineral backdoor." The foregoing personage discloses, the Hua Ni-cobalt holds a high quality Ni-Co mine, is the second largest monomer nickel cobalt mine, after Gansu's Jinchuan mine, the pre estimate may reach 2 billion yuan. "The value of rare metal minerals is self-evident, and the promotion of corporate value is the most direct." "But the backdoor of mining assets has stalled at the same time as the regulatory backdoor real estate."　　In this situation, a person in Chengdu, a broker said that its approval risk may become the fetters of the company's rebirth. The two-time bet on mining "is actually a hot potato." "When it comes to the reorganization, the aforementioned brokerages are joking. In his view, the current situation of mineral backdoor and real estate is actually identical. "Since the second half of this year, regulators have backdoor across cross-industry industries, and it has been pointed out that these two sectors will be restricted industries." Many of the relevant programmes have stalled.　　"Last year's real estate backdoor case, undoubtedly let s*st friends ate a Bo." According to the reporter understand, since May 2007 after the listing, for the introduction of foreign aid restructuring, S*st first took the first step of debt restructuring, and in the following May 16, was accepted the resumption of stock listing applications. In the same year October, the company and Shanghai in the official signing of the restructuring framework agreement, lock real Estate backdoor.　　June 2009, it will be related to asset restructuring, debt restructuring, share reform program has been reported to the SFC. But it was not expected that since the beginning of 2010, the state of the real estate industry policy regulation increasingly stringent.　　In the communication with the SFC has not made substantial progress, the company helpless on July 9, and the reorganization of the final release of the reorganization agreement, abandoned the real estate backdoor.　　In this context, the mining borrowing shell can not help but some "a bet not, two times to gamble" the potential meaning. "As early as the end of 2009, the company has seen the signs of a real estate shift, the restructuring has not too much hope, so the first half has begun to contact other restructuring parties." And in choosing the mineral side, the company also considered more cautious.　　"The former said that, unlike tungsten and molybdenum ore backdoor, nickel cobalt ore is more scarce, the value of the protection of high degree, but also with the country in recent years to strengthen the protection of domestic rare metals more consistent with policy support. "There is no problem with policy, so long as reasonable valuations are given, backdoor should not be too much of a problem." "In the case of regulatory tightening of the mineral backdoor, the aforementioned companies believe that" can not be generalized.　　If the value is recognized, rare metal minerals should be more recognized in the capital market. But it is noteworthy that this year, including molybdenum non-ferrous metal mining reorganization case has not been the material approval of the regulatory level.　　such as St Everest mining issue, Tian Xing instrument iron ore backdoor case, as well as *st deflection of molybdenum ore backdoor. "In addition to the valuation premium issue, there are land and environmental requirements." All these add many variables to the backdoor of mineral resources companies. So the uncertainty is still greater. "said the former securities broker.　　However, the company is more optimistic, according to the company plan, the final plan or before the end of January next year disclosed.　　Capital injection or up to 2 billion in the opinion of the company, all mineral backdoor case the biggest variable or valuation problem, s*st also no exception. Relevant data show that the reorganization of Fanghuaze nickel Cobalt, was established in 2004, headquartered in Xi ' an state-level High-tech Industrial Development Zone, registered capital of more than 76.6666 million yuan, is the nickel-cobalt metal material processing and production as the core to nickel-cobalt resources mine, based on the nickel material research and unique processing technology characteristics, set smelting　　Processing and sales of integrated non-ferrous Metal enterprises. The company's main products for electrolytic nickel, cobalt chloride, nickel sulfate and its products, with an annual output of 5000 tons electrolytic nickel, 300 tons of cobalt chloride production line, the annual processing of nickel iron ore 400,000 tons.　　Is the country's second largest nickel metal production base, Shaanxi Province is the largest nickel metal and by-product production and processing base. According to the reporter understand, the company's core assets for the subsidiary-Ping Hai Xinhai Resource Development Co., Ltd. (hereinafter called Ping ' an Xinhai). The company is located in Pingan County, Qinghai Province, where the mine is located.　　It owns the mine called Shi Yuanshan Nickel-cobalt mine. People familiar with the matter said that the mine, Ping An, has about 2.145 square kilometers, the nickel reserves of 153,000 tons, 7.01 million tons of iron reserves, cobalt reserves of 5472 tons, is currently the second largest monomer nickel-cobalt ore, after the nickel-cobalt mine in Jinchuan, Gansu province.　　In addition, the company currently owns about 40 square kilometres of prospecting rights in the area. "The preliminary estimate is about 1.8 billion." People close to the company said. In addition to plant, production lines and other production equipment, the total valuation may be around 2 billion.　　But for the premium rate problem, the person said, because the current detailed assessment results are not released, not disclosed. However, in terms of profitability, the company's Web site shows that at present the company's annual production of nickel Plate 5000 tons, nickel sulfate 10000 tons, cobalt oxide 120 tons and by-products, to achieve annual sales revenue800 million yuan.　　People familiar with the matter said that this is 2009 years of data, and the year to achieve more than 200 million net profit, is expected this year's revenue will exceed 1 billion yuan, net profit of more than 300 million yuan. "At present in the capital market can be compared to the company only Jean nickel industry, in recent years, the profit margin of about 10%, and the Hua Ni Cobalt is about 30%, it is worth paying attention to."　　"The aforementioned securities dealers believe. At present the nickel cobalt market price Although experienced 2007 years of sharp decline, but relative to other metal price is still high, the future profit bullish.　　Compared with Jean nickel industry, the ore resources of Hua Ni-Co have a bigger profit advantage.　　Rare metal big guy. It is noteworthy that with the disclosure of backdoor news, Shaanxi rare metal big man also emerged. According to the bulletin, on behalf of the Hua Ni-Cobalt signed the reorganization Framework agreement Wang Chunhu for the company's actual control person. And Wang is currently a well-known enterprise in Shaanxi-Star Wang Group (the star Wang groups) of the actual control.　　Industry insiders said that Wang Chunhu is China's non-ferrous metal manufacturing industry, renowned experts in the extraction of non-ferrous metals, purification and purification fields with specialized research and practical experience. Relevant data show, Wang Chunhu, September 1958 students, Han, engineering master, senior engineer, Shaanxi star Wang Enterprise Group President, Xi ' an Xinhai Resources development Group Chairman.　　Successively at Northwestern University, East China University of Technology, respectively, obtained the Bachelor and Master's degree in inorganic chemical engineering. It is reported that, in addition to the Hua Ni-Cobalt, its current control of the core enterprises in Shaanxi Star Wang Group.　　Shaanxi star Wang Chemical Co., Ltd., Shaanxi star King Zinc Industry Co., Ltd., Shaanxi United States habitat decorative Building Materials Chain Co., Ltd., Shaanxi Huajiang Metal Co., Ltd., Xi ' an Xinhai Resources development Group Limited, such as a number of mineral resources companies. In addition, there are data shows that at present, Wang Chunhu has five mines, metal reserves more than 3 million tons of metal, variety categories involving nickel, zinc, molybdenum, vanadium, tungsten gold, lead, iron and other eight varieties, and according to the international famous mine evaluation agencies SRK market price evaluation,　　STAR Group reserves of metal resources value of more than 100 billion yuan. This time the Hua Ni-Cobalt, is the king previously through star Wang Group invested enterprises. Said people familiar with the matter. At present, Wang Control has more than 60% of the equity, the remaining four strategic investment agencies and a small number of individuals to buy shares.　　Institutions mainly for fund management companies and brokerage direct investment departments. It is noteworthy that the foreign bank-Citigroup group in 2007 also invested in the Hua Ni-cobalt.　　Citi's initial stake in the company as a strategic investor was intended to promote the company's overseas listing, but the 2008 financial crisis and the country's restrictions on overseas listings of some of its rare assets in the current year had led to the eventual miscarriage of Citi, people familiar with the matter said. However, the current investment in the company's strategic investors are also strong. People familiar with the matter said the institutions were mainly from large state-owned financial institutions and individual investors were also prominent. But because the company is currently in a major restructuring phase, the person did not disclose the specific list.