St Titanium Dioxide Redemption "phantom" two times

With the announcement of two reorganization plans, St Titanium dioxide (002145.SZ), the only two-year listed company, has once again attracted the attention of the market funds.　　From last December 24 to January 4, St Titanium dioxide's share price ushered in a 27% rise. Everything seems to be back on track.　　But this is clearly not the whole story. A few days ago, our correspondent from Nanjing relevant regulatory departments to obtain loan data, as the St Titanium dioxide New "Savior"-the buyers of Nanjing Jin Pu group figure is not "bright." According to relevant data, Nanjing Jin Pu group to inject the assets of listed companies is not as "sexy" as the market expected, on the contrary, three of the assets to be injected into the listed companies, two companies face huge external guarantees, a company's loans are all facing the risk of maturity, on the other hand,　　As the proposed injection of assets into the formation of Nanjing Petrochemical Historical Change, the company in the disclosure of the reorganization plan is clearly deliberately ignored the past. More notably, because of the previous St Titanium dioxide Bulletin is only a reorganization plan, so the Jin Pu three companies to inject the assets also only disclosed a simple financial data, and this reporter from the relevant regulatory agencies to obtain the loan data show that, in addition to the reorganization plan disclosed in the liability data,　　The proposed injection of Jin Pu real estate and Nanjing Titanium dioxide two companies have a huge amount of external security. Taking Gimpo Real Estate as an example, the company currently registers a total of 17 foreign guarantees in the period of validity, the total amount is 571 million yuan. This includes 5 mortgage-backed contracts.　　Specifically, Gimpo Real estate currently as guarantor guarantee the total amount of 12 guarantees involved in the sum of 341 million yuan, which 4 of the security object for the Nanjing Titanium Dioxide Company, and the remaining 5 of the total of 230 million yuan of the collateral security guarantee is also Nanjing titanium dioxide.　　According to the previous reorganization plan of St Titanium dioxide, the owner's equity of Gimpo Real estate was only 326 million yuan as at the end of October last year, but the estimated value was about 2.0895 billion after the cost method was used to evaluate the value-added 503%. Similarly, Nanjing Titanium dioxide, which is the main object of Gimpo real estate, also carries a huge guarantee of up to 120 million yuan. According to the data obtained by reporters, currently has a total of 12 loans of about 450 million yuan in Nanjing titanium dioxide for a named Jiangsu Jin Pu North chlor-Alkali Chemical Co., Ltd. (hereinafter referred to as "golden Pu chlor-alkali") of the total number of legal persons to provide 26 accumulated 120 million yuan guarantee.　　Can be compared to the October 31 last year, Nanjing Titanium dioxide net assets of only 478.6 million yuan.　　Reorganization plan disclosed information shows that the Jin Pu chlor-Alkali is a wholly-owned subsidiary of the Jin Pu group, mainly engaged in sodium hydroxide, polyvinyl chloride and other chemical products production and sales. In addition, the proposed injection of St Titanium dioxide's third asset Nanjing Petrochemical Financial situation is also not optimistic. According to the loan data obtained by the relevant regulatory authorities in Nanjing, the company's current 4-sum loan of $50 million will expire before the end of April this year,A 10 million-yuan short-term loan maturity date is February 20 this year.　　In fact, for Nanjing Petrochemical, which had already begun to seek IPOs in 2007, it was difficult to avoid the backdoor of its historical changes, even though it had chosen to automatically withdraw its IPO filings before the second IPO. According to Nanjing Petrochemical in 2007 disclosed the prospectus Declaration, the Guo Jindong and Guo Jinlin Brothers control Company in March 2001 an increase in the stock, by the Guo Brothers and related people Chen Han commissioned Nanjing Guo Petrochemical Investment 37.85 million Yuan is from the Nanjing Petrochemical own borrowings,　　The company has just completed a six-year reform of the registered capital of only 12.1569 million yuan.　　And this loan until December 2003 only by the Guo Brothers control of gold three ring industrial company on behalf of the return, in the previous one months, Nanjing Petrochemical shareholders will also be dissolved. Although in the current IPO declaration, other shareholders in the 2007 Nanjing Petrochemical Project signed a "confirmation on the issue of equity", the relevant sponsor agencies and legal advisers also said that the irregular behavior of the company listed "will not constitute" obstacles, but this content in the reorganization plan is no longer mentioned.