St Light of the reorganization plan "see dead"

After the reorganization of the second trading day, St Cavalry (600698) continued to fall. September 6, the company's shares received 6.91 yuan/share, down 4.95%.　　The sale of 130,000 hands will not only st the price of the car firmly nailed to the plate, but also indicates that the company's stock Outlook trend is not optimistic.　　In the reorganization of the plan of September 3, st The heavy volume fell 4.97%, the total number of transactions amounted to 48.868 million shares, the turnover rate reached 11.5%.　　Investors believe that the restructuring plan to put into the asset size and profitability is not enough to support the St 970 million of the share capital. The change of the day Geese September 1, St Cavalry, China Changan and the military-loaded group of three parties signed the framework Agreement.　　St Cavalry Board September 2 passed the "Framework Agreement" and "reorganization plan". According to the agreement, St light Cavalry and China Changan replacement assets, St of the listed companies to put out all the assets and liabilities, Chang ' an in China in its holding of Hunan days Geese 100% stake in China Changan acquisition of the armed group holding the St 31.43% stake, the price for the replacement of the St all assets and liabilities.　　Chang ' An is a big shareholder of St. After initial estimates, the assets were valued at $370 million and the assets were valued at $600 million.　　Part of the difference from China Changan to cash, the completion amount of more than 200 million yuan.　　It was such a restructuring that allowed investors to flee wildly.　　Investors believe that the restructuring plan to put into the asset size and profitability is not enough to support the St 970 million of the share capital.　　According to the data disclosed by the plan, the registered capital is only 35.73 million yuan in Hunan Wild Goose in 2009 to achieve the ownership of the parent company's net profit of 50.3473 million yuan, the first half of 2010 to achieve ownership of the parent company's owner of the net profit of 40.4847 million yuan.　　The investor said, according to the data of the first half of this year, Hunan days after the injection, St light light per share of earnings less than 1 cents. He said that if the Hunan Wild Goose IPO, even fewer shares, it will be more favorable. But in this situation, the company will not be able to pay dividends, and can not expand equity, "this is a mutually-divided situation."　　He suggests a choice of appropriate replacement assets or additional asset injections.　　In fact, the asset injection plan is to rush in the St the holding shareholder share reform commitment to expire before the launch. November 2008, the St to complete the reform of the cavalry.　　In order to promote the smooth implementation of the share reform, the company's controlling shareholder group special Commitment: After 24 months after the completion of the reform, to the Jinan cavalry injection of high-quality assets or replacement of related assets, injection (or replacement) assets will reach the recent fiscal year in Jinan, the total assets of more than 50%, or more　　It is the commitment of the group of soldiers to let the St the share reform program smoothly. Profitability is questioned when the reform, the group and St Cavalry Board also common commitment, will make the 2008 profit of Jinan. St The 2008 degree of the Cavalry is realThe net profit is 5.06 million yuan. However, the St of the profit is a short-lived, in addition to the 2008 profit, the first half of 2007-2010, St The cavalry has been in the loss.　　Among them, 2007-year loss of 114 million yuan, 2009-year loss of 96.4 million yuan, and the first half of this year also lost 17.99 million yuan. It was the weakness of the group's restructuring that led investors to take a critical look at the newly placed assets. Investors first will be suspicious of the eyes of Hunan Wild goose profit data.　　The assets reorganization plan did not disclose the detailed financial data of Hunan geese, but only the company's operating income, net profit, total assets and owners ' equity in the past three years were briefly introduced. The data show that Hunan Geese 2008 to 2010 of the first half of the net profit of 18.7919 million yuan, 50.3473 million yuan and 40.4857 million yuan respectively. Hunan Wild Goose 2009 net profit increased by 167.92% compared with 2008.　　And the company revealed that the 2009 Hunan Geese's leading product valve sales fell sharply year-on-year, the company's net profit growth is mainly due to the decline in raw material prices and government subsidies in 2008 significantly increased. "For the purpose of listing, local governments have a big incentive to raise subsidies, but it has fooled investors by whitewashing the company's profitability," the investor said. In addition, the plan only disclosed the total assets and owner equity of Hunan Geese. "We do not know the company's indebtedness, it is difficult to determine the quality of the wild goose in Hunan or not." "The announcement shows that the Hunan days when the Wild Goose was founded in 2003 registered capital of 144 million yuan, 2005 Soldiers Pack Group agreed to Hunan geese registered capital from 144 million yuan reduced to 35.73 million yuan.