St of the key period of the protection of the shell of Yang sail two degrees of the transit system to disrupt

Yang Fan's panda cable in April this year withdrew the IPO application, the future is likely to borrow *st of the shell listed in many ways, *st is undoubtedly high-quality shell resources. At present, the total market value is 1.391 billion yuan, below 1.5 billion standard, the total share capital 196 million shares, below 300 million standard, the stock price 7.11 yuan, surpasses the baseline 5 yuan many. From the main business, the company is only the remaining steel trade, business single and low gross margin, the number of employees only 73 people, easy to split reorganization. Ownership structure, *st of the proportion of the shares of the relatively dispersed, the top ten shareholders for individual shares. The shareholding ratio of Wuhan New generation of large shareholder holding shareholder is 16.84%. The remaining top ten shareholders only 3 holding more than 1%, respectively, Hubei Chinese Medical College Science and Technology Service company shareholding 1.98%, former director Xu Yu shareholding 1.54%, natural person Zhang Shuping shareholding 1.06%. From the asset structure, the current total assets of only 10.4885 million yuan, the total liability is as high as 44.1612 million yuan, the owner of the equity-33.6727 million yuan, the ratio of assets to debt to 421.04%. From the structure of debt, the company does not have bank loans, financial costs even negative. The main liabilities of other accounts payable 38.7155 million yuan, which deal with the holding shareholder Wuhan New generation of science and technology exchange of 23.8118 million yuan, to cope with the Wuhan Land Reserve Center loan of 12.33 million yuan, has not yet been paid. and Wuhan New generation of science and technology to solve the problem, and to Wuhan Land Reserve center of the loan, has been aged raking, dealing with some difficulty. The company is also involved in a lawsuit. The cause is Wuhan's new generation of technology by the Wuhan surplus investment company to sue for payment of equity transfer of 69.3 million yuan and liquidated damages, and *ST to undertake joint and several liability. However, Wuhan New generation of science and technology has pledged on March 31, 2011, agreed to bear the *st of all economic responsibility. As a result, the lawsuit has less impact on the company. At present, the company as a shell resources, the biggest problem is that there are less than 4 months to face the crisis of the city, halfway to kill the transit system to fuel the dangerous situation. However, the shell for 4 years, and the local government, the shell will be very strong, the future will not stand idly by. Yang Sail Department 2 shots to protect the hull of the Abacus is, will be the real estate company Shanghai Kaidi injected *st, but not fruit *st to become the current such a clean shell, and 2009 Yang Sail system of the master has a great relationship. The company formerly known as spring Shares in the Shanghai Stock Exchange in June 2004. Due to the large shareholder's occupation of funds and illegal guarantee and other factors, the company began to lose in 2007, 2008 also wear St hat. The exit crisis is imminent, so a new generation of controlling shareholder technology decides to start an asset restructuring plan. However, it is quite complicated to reorganize. Data show that as at the end of 2008, *st of the main operating assets of the 69.1595 million yuan was seized and mortgaged, involving debt litigation amount of more than 300 million yuan, and because of the inabilityRepayment of loans to creditors such as banks, a new generation of technology held *st 28.12% of the stake in the frozen state. *st has publicly disclosed that the company and the Qingdao gold industry, Hubei Daily Media Group, China Sanjiang Aerospace industry Group 3 companies have reached a reorganization intention, but have no fruit and eventually. April 2009, Tilt-Sail investment by the next generation of scientific and technological original shareholders held 100% of the equity, thus realizing the indirect control of *st, the actual control of the person from the Xu Jin changed to Chanhanwen, Teng. Money, teng two people become the control of *st, on the one hand, actively negotiate with the creditor, reached a debt settlement agreement, on the other hand to the company to provide loans to repay debts, to maintain the day-to-day operation of the company. *st so successful to protect the shell, but also become a clean shell. And the money, teng two people's Abacus, will be its real estate company Shanghai Kaidi injected *st Chinese medicines, listed. However, the plan eventually failed because of real estate regulation. Due to the 2010 and 2011 is a continuous loss, st of the case of the shell war again. 2012, through the establishment of a subsidiary of Shanghai E-Xin industry to carry out new business of steel trade and increase operating income, as well as dispose of the company's land to achieve 40.7381 million income, seek and obtain financial subsidy 74.38 million, the full year to achieve profitability, successful protection shell. And the cost of the shell to pay is that the sail system has to reduce significantly. In the second half of 2011 to the end of 2012, the new generation of science and technology accumulated reduced *st more than 20 million shares, the shareholding ratio from 28.12% to 16.59%. Restructuring Game: Zhongtian system is the key to *st the core of the case, Zhongtian system aggravating, the future does not exclude the staged sail and Zhongtian two major shareholders on the control of the company in spite of the success of the 2012 shell, but *st's main business is still no improvement, but also need constant blood transfusion, To defuse the company's risk of suspending the listing. July 30, 2013, *st to the actual control of Yang Fan investment issue 100 million shares raise not more than 504 million yuan for supplementary liquidity. After the increase, the investment will be from behind the scenes to the front, directly holding *st 33.83% shares, promoted to the largest shareholder. At this point, the holding ratio of the sail system increased from 16.59% to 44.81%, and the controlling position was greatly enhanced. However, the key moment of the transit system of the card stir. From August 2 to August 15, the Zhongtian Development Holding Group Co., Ltd., Zhejiang Heng Shun Investment and Shanghai Tiancheng Investment, the cumulative purchase of *st 8.4796 million shares, accounting for more than 5.02%, become the company's second largest shareholder. In order to prevent the transit system to take further action, the two main measures taken to sail the system. First, prepare to revise the articles of Incorporation of *st; the second is to increase the company's stock by a new generation of 500,000 shares, accounting for 0.26% of the company's total equity, and the future cumulative increase in the proportion will not be less than 5%. The Zhongtian department has also taken a strong counter measure. August 30, the second provisional shareholder meeting of *st in 2013, 9 proposals, including the proposed plan, were not approved. Although the transit system is voting for abstention, there is no difference between the role and the negative vote. *st in the key moment of the case, the Zhongtian system of the aggravating *st of the planned abortion, the future does not rule out the two major shareholders of the sail system and the transit of the company's control rights of the battle. But no matter who wins the negative, high-quality asset injection is certainly the direction of the company's future restructuring. The future injection of *st of the assets, may be the Yang sail system. In addition to real estate assets, Yang fan investment and other assets, such as wire and cable, auto parts, green food processing and so on, in which the Yang fan of the panda cable in April this year withdrew the IPO application, the future is very likely to borrow *st of the shell listed. Of course, also do not rule out the sail system other than quality assets injected. For example, Zhongtian is currently owned by the civil construction, real estate, chemicals, electronics, investment management and other business, including high-quality assets. Only to the Zhongtian Department of the Zhongtian fluorine silicon Company For example, the company mainly engaged in silicone monomer, ring and related products, has been the formation of annual production capacity of silicone monomer 80kt/a, and has the leading domestic level of production capacity.