The Bohai Sea Leasing borrows the shell *st the Hainan department expands the capital map

Click to view the latest market Xiao Qing May 31, 2010, February 4 suspension of the *st Huitong (000415.SZ) finally opened the veil of asset reorganization.　　In the actual control of the Sea Group, under the strategist, the establishment of less than three years of the Bohai Sea leasing successfully backdoor to achieve the overall listing.　　*st on the day of the disclosure of the reorganization of the plan, *st will be through major asset replacement and non-public distribution of the purchase of assets, put into the Bohai Sea leasing 100% Equity, will be the main completely become more financing leasing business, the company's controlling shareholders from the boat base group changed to HNA industry. Credit securities an analyst told our correspondent, compared with other listed companies, HNA Group seems more interested in capital operation, and HNA group's expansion is inseparable from the capital market.　　It is in the continuous big capital "cake" driven by the power, HNA Group has now directly or indirectly 7 listed companies into its capital map.　　Secondary market, in a a-share of the whole day a large concussion of the situation, *st is the pursuit of investors, *st Hui Tong after the day after the card to 9.56 yuan of a zigzag trading board opened up to the end of the plate, not the slightest impact by the market diving. The Bohai Sea leasing overall listing according to the reorganization plan disclosure, the Bohai Sea leasing borrows the shell *st sinks Tong two steps to go. The first is the replacement of assets, that is, *st to all assets and liabilities and HNA industry held by the Bohai Sea Leasing equivalent equity, the company's existing staff in accordance with the "people with the assets" principle by HNA industry or its designated third party to undertake; That is, the company to the Bohai Sea leasing all shareholders issued shares to buy its holdings of the Bohai Sea leasing surplus shares. The proposed price is set at 9 yuan/share, the number of issues not exceeding 700 million shares.　　After the reorganization is completed, *st will hold 100% stake in the Bohai Sea lease. Bohai Sea Leasing was established in 2007, in September 2008 by the Ministry of Commerce approved as the fifth batch of domestic financial leasing pilot enterprises. It was initially established with a registered capital of 100 million yuan. Since its establishment, has experienced up to 9 times to increase capital expansion shares.　　Up to now, the Bohai Sea leasing registered capital has increased to 6,260,850,000 yuan, the forefront of the industry. In the Bohai Sea leasing shareholder, HNA Industry directly owns the Bohai Sea leasing 67.15% of the equity, and through the letter of investment in the Bohai Sea to hold 5.75% of the equity, HNA Industrial total holds the Bohai Sea leasing 72.91% of the equity; On the other hand, HNA industrial holding shareholder HNA Group through the Yanshan investment holding the Bohai Sea % of the equity, while HNA Group Holdings Tianjin Yanshan Investment Management Co., Ltd. (HNA Group shareholding 66.67%) for Tiancheng Investment (limited partnership) of the general partner is the actual controller, and Tiancheng investment in the Bohai Sea leasing 1.06% of the equity.　　Finally, HNA Group total control of the Bohai Sea leasing 90.42% of the equity (including HNA Industrial Holdings). The Bohai Sea leases the existing business all is the Post-sale return the project, its existing project includes the total amount 800 million yuan Tianjin free trade Zone office Building Leasing Project,3.63 billion-yuan Airbus A320 Aircraft Factory leasing project, 1 billion-yuan Zhoushan with base Shipping Co., Ltd. under construction Dock Wharf structure and equipment leasing project, 1.8 billion Wuhan four bridge financing leasing projects. However, in the Bohai Sea leasing net profit machine composition ratio, each financial subsidy is the work must be done. Bohai Sea Leasing 2008 to achieve the ownership of the parent company net profit of 38.7526 million yuan, 2009 to achieve the ownership of the parent company net profit of 101.7382 million yuan.　　Among them, the 2009 Bohai Sea leased a total of government subsidy of 45.56 million yuan, accounting for the annual net profit of 44.78%. As of March 31, 2010, the Bohai Sea leased a government subsidy of up to 82.64 million yuan, is the implementation of the Airbus A320 aircraft leasing project Business Tax return form the government subsidy, the subsidy accounted for its 2010 first quarter net profit of 66.38%.　　The company said that the 2010 Bohai Sea lease for the year to obtain government subsidies accounted for the 2010 annual net profit of 36.84%. "HNA Department" territory expansion in fact, in the Bohai Sea lease borrow shell *st before, HNA Group has Hainan Airlines (600221.SH), Meilan Airport (00357.HK), Sian Minssen (000564.SZ), Bao Shang Group (000796.SZ), SST (　　600751.SH), green-view real Estate (000502.SZ) and other listed companies, belong to the airport aviation, commerce, food, logistics, hotel management and other sectors.　　After several times of asset maneuver, HNA Group is no longer a simple air transport enterprises, its business covers aviation, tourism, commerce, logistics, finance, airport management, real estate, hotels and other eight industries. Among them, this April hna put Green view real estate also into the bag. April 1, 2010, the green-view real estate released assets reorganization plan, in the company holding residential, industrial and other real estate company shares sold to major shareholders, will be to Hna home, hotel holding shares to buy its holdings, including hotel management company 100% stake, Urban construction days, 100% equity, yanjing Hotel 45% Ownership of property Holdings.　　After the completion of the transaction, the green landscape real estate transformation to engage in leasing-type property development.　　November 13, 2009, in order to solve the competition, Bao Shang Group and Xi ' an people's livelihood have issued a "major asset restructuring program approved by the SFC," Bao Shang group's retail assets have been moved to Xi ' an people's livelihood. According to the replacement plan, Bao Shang group to hold 100% of Baoji commercial Equity and HNA Commercial holdings of 6 of the corresponding shares of the company to replace. Subsequently, HNA business will be replaced by the Baoji commercial 100% of the stake sold to Xi ' an people's livelihood. And Xi ' an people's livelihood payment method is to the controlling shareholder HNA business with 5.74 yuan per share of the price of 33.965 million shares. Total price of 194.9 million yuan, and the Treasure business group stripped to HNA business prices the same. After the replacement, HNA will have a 28.19% share of the company. 2010January 8, Baoji commercial all assets officially injected XI ' an people's livelihood. And changed behind the Bao Shang group became the first in China to operate aviation food as the main business of listed companies.　　After the replacement is completed, the main business of Bao Shang Group will turn to the catering service industry with aviation catering and railway catering as the main. However, "HNA Department" borrow Shell SST Sea now appears to have touched the "nails." Grand China Logistics as early as June 2007, through the Sea SST 29.98% shares into the maritime market. Its 2009 annual report and the 2010 quarterly show that the net profit loss for the period was 236.407 million yuan and 29.9038 million yuan respectively. Not only that, the SST Sea is also involved in legal disputes with Norwegian shipowners, involving an amount of about 10 million dollars.