St Kejian 1.8 billion "shell": the market is not optimistic about the stock price

Suspension of the reorganization of nearly two years of *st Kejian (market, interrogation) (000035. SZ), finally in the evening of September 16 disclosed the reorganization plan and the card, Jiangsu days Ying Environmental Energy Co., Ltd. (hereinafter referred to as "Day Ying Environmental protection") intends to backdoor the company listed.　　Financial profit, current savings interest rate increased by 1000% However, due to the lower price of its offering, the less attractive performance commitments, the market is not optimistic about the share price after the return of the card, many investors said they will vote against the shareholders meeting. Low recognition November 8, 2011, *st Kejian formally suspended, for bankruptcy reorganization.　　Bitter wait nearly two years later, the company finally disclosed the reorganization plan, day Ying Environmental protection plan to realize the shell listing.　　September 16, *st Kejian Securities representative Feningping told the Economic Observer, *st Kejian and days of environmental protection major asset restructuring, will soon be able to reach a willingness to cooperate. The proposal shows that the transaction will be *st Kejian in private shares, the purchase of Santa Jun and other 17 of the trading side of the total holdings of environmental protection 100% shares and raise supporting funds. Among them, the purchase of assets of the issue price of 4.76 yuan/share, the total issue of not more than 378.1513 million shares, Non-public offerings to raise the price of supporting funds, the need for companies to obtain the CSRC approval after a separate determination.　　After the transaction is completed, the actual control of the listed companies will become Santa Jun and Mao Hongju couples. Day Ying Environmental protection is mainly engaged in garbage incineration power generation and other related industries. June 30, 2013,　　The book value of the total assets of 1.784 billion yuan, the full book value of 856 million yuan, the initial estimate, the use of income method to evaluate the estimate of 1.814 billion yuan, compared with its July 31, 2013 unaudited net assets of the book amount of 866.6493 million yuan value-added 109.31%. The environmental-friendly shareholder list is packed with a stampede of ventures, including peaceful innovation, Chong-Chuang investment, Nantong Kun Tak, shanghai New, Shanghai Yu Fu, tai hai Lian, Hong Silver investment, million Feng Jinyuan, Chengdu Venture, Tiansheng Tatsu, Shanghai Beebe, Ningbo Asian business, Golden Gamutsoft, Xinjiang Jianxin and other institutions, common in the "finishing a foot"　　Grab a ticket to the feast. Day Ying Environmental protection commitment, put into the assets in the reorganization of the implementation of the year's net profit is not less than 170 million yuan. However, it is the data that sparked the market discontent. Haitong Securities (market, interrogation) in an internal information said: "*st Kejian acquisition of waste incineration company, diluted more, attractive."　　"From the stock price can also be seen, the same day, although the *st Kejian stock trading, but the period of trading several times open, turnover rate also increased, no other restructuring shares of the momentum of continuous trading." The economic Observer reported roughly that the total of 189 million shares of existing equity in the *st Kejian, combined with the issuance and raising of cash, amounted to about 600 million shares. If the net profit for this year is a promise of 170 million yuan, the earnings per share is about 0.3 yuan. According to the daily trading price of 12.86 yuan, dynamic P/E to 43 times times. and the current environmental protection of the dragonThe first sound environment (market, interrogation), dynamic P/E is also 50 times times.　　This also suppresses the *st Kejian the rising space. An investor in Shanghai said: "The company's additional price is too low, resulting in a serious dilution of revenue, we strongly demand that the company in accordance with the 20 trading days prior to suspension of issuance." "The scheme of the additional price of 4.76 yuan/share, only for *st Kejian before the close of the close of 12.25 yuan 38.86%."　　The average price for the 20 trading days before the stock suspension was 11.27 yuan. Because *st Kejian reorganization from bankruptcy, the reorganization of the two sides can agree to negotiate additional price, in the law is not defective, before the Shaanxi smelting Stone, Fu Austrian shares (market, interrogation) and so is this mode of operation.　　As for minority shareholders ' objections, they will have to wait until the shareholders ' meeting to see the vote.　　This newspaper more than a day to contact the environmental protection, the company's office, a person said, the company executives all travel outside, inconvenient to interview, but the plan passed smoothly, the company is very confident.　　Reorganization is urgent in fact, *st Kejian restructuring is imminent, it has been a loss for many years, if this year can no longer achieve profits, will be suspended. To this end, *st Kejian emergency start asset reorganization program. April 16, *st Kejian and the reorganization of the intention of the first Agricultural group formally signed a reorganization intention agreement. According to the *st Kejian reorganization plan, the reorganization party must meet the following conditions: The value of the assets of the reorganization is not less than 1.8 billion yuan, the net profit of the major assets reorganization is not less than 170 million yuan, the earnings per share is not less than 0.3 yuan, and can guarantee a certain growth in the next year. "A closer look at the environmental restructuring plan, is actually stepping on the lower limit of the above requirements, all the data are right." This approach is too obvious.　　"An investment banker who declined to be named in Shanghai said to the economic observer.　　According to the above requirements, as the first agricultural group to be injected into the assets of chickens, ducks and other poultry breeding, aquaculture and processing assets, the first half affected by H7N9, the operating conditions of a large fluctuation, performance anomalies, temporarily inconsistent with the company's reorganization plan on the restructuring of the relevant requirements of the party. "The reorganization between *st Kejian and the first agricultural group could have achieved a good ending, but it was eventually stranded because of major problems in the first agricultural group."　　"This is very bad for both sides, especially when the negative situation of the first group of farmers is the focus of the industry, and when the negative effects of H7N9 can be eliminated, it will directly affect the company's capital operation," said Bingxiao, a researcher in the investment consultancy finance industry.　　In this case, *st Kejian, with the consent of the first agricultural group, the company to take remedial measures, and another reorganization intention US Ying Environmental protection, and finally reached cooperation intention.　　Senior manager of Hong Kong Excellence Management Consulting Co., Ltd. took off the Economic observer said *st Kejian this kind of electronic business enterprises with low value-added value, facing the problem of transformation and upgrading, the original industry want to further development has been difficult, and now there is no chance of transformation, had to restructure, sell shell, including the sale of existing assets. However, the days of the green moneyFace is not well-off. According to the consolidated balance sheet, days of environmental protection earlier this year, the balance of money capital of 72.38 million yuan.　　On June 30, the balance of its monetary Fund shrank by 47.8%, leaving only 37.76 million yuan. In order to make the profit meet the requirement, *st Kejian the supporting financing funds to be used for the construction and operation of environmental protection projects. According to Jiangsu Environmental Protection Department September 11 issued the "Jiangsu Days Ying Environmental Protection Energy Co., Ltd. first Environmental Protection verification Application Report", Days Ying Environmental protection plan to raise funds all invested in "Binzhou Day Ying Environmental Energy Co., Ltd. Binzhou domestic waste incineration power plant project" and "　　Liaoyuan Environmental Energy Co., Ltd. Liaoyuan domestic waste incineration power plant project "two projects." This newspaper learned that *st Kejian this supporting financing amount of not more than 600 million yuan. Once the supporting financing fails, the construction of environmental protection projects will be postponed, and the profit can be forecasted.