The first Zhong Jinxin Trust bankruptcy reorganization in Zhejiang International Trade Initiative

-Our correspondent dong various indications that the Jinxin Trust's bankruptcy reorganization road is progressing smoothly, and has been the beginning of the dawn. In order to keep the Jinxin trust and create conditions for its bankruptcy reorganization, Zhejiang International Trade Group Co., Ltd. will accept all its shares under the arrangement of the relevant departments in Zhejiang province. Agricultural products, Dongfeng Technology Two listed companies have announced in April this year that they are holding Jinxin trust shares to the Zhejiang international trade. Just a few days ago, the last listed company that shares the Jinxin trust, Zhejiang Guangsha, which holds the company's shareholding in Zhejiang Province, is also going to transfer all Jinxin trust shares at once.　　It also marks the collapse of the three listed companies that were once mired in the Jinxin trust, and the restructuring of the Jinxin Trust will take a big step forward. Zhejiang Guangsha Securities Department yesterday said in an interview with the Securities daily, "the transfer is based on the company's future development needs of the decision, but also in accordance with the reunification of Zhejiang province arrangement." The proceeds from the transfer of the Trust will be credited to the company's current profit at the time of the transfer of the shares. "For the protection of Jinxin Trust into the Zhejiang international trade to call the" Jiangnan first village "Jinxin Trust once in the capital market, but with its illegal operation, mismanagement, resulting in huge losses, eventually collapsed in 2005. The company was finally on December 30, 2005 by the China Banking Regulatory Commission will be ordered to suspend the reorganization. Jinxin Trust case let Zhejiang Guangsha, agricultural products, Dongfeng Technology shares of three listed companies face huge investment losses. In the Jinxin Trust, after the "public", agricultural products, Zhejiang Guangsha, Dongfeng Technology and other listed companies have fully included the value of equity investment impairment preparation.　　At that time, the three companies ' performance was greatly impacted. With the help of relevant departments in Zhejiang Province, Jinxin Trust has officially set foot on the road to the resurrection. In December 2007, the Jinxin Trust sold its 48% stake in the fund to China Merchants Securities at 6.32 billion yuan, resolving the debt crisis. Jinxin trusts thus avoided the risk of insolvency and entered the bankruptcy judicial process on January 15, 2008. Zhejiang Province concerned to maintain financial licences, and designated Zhejiang International trade for the Jinxin Trust reorganization of the implementation. 　　As of June 30, 2008, Jinxin Trust total assets book value of about 8.68 billion yuan, after the inventory adjusted book value of about 7.95 billion yuan, net assets book value of about 1.54 billion yuan, the evaluation value of about 1 billion yuan. Data show that Zhejiang International Trade was established in 2008, is the Zhejiang provincial government investment set up wholly state-owned companies. Zhejiang Guomao performs the function of the state-owned assets contributor, and bears the responsibility of maintaining and increasing the state assets. Business scope for the authorized scope of the state-owned assets management, involving foreign trade, economic cooperation, real estate, industrial investment, trade services, financial securities, import and export trade for the main business. Zhejiang International Trade 2008 (without audit) to achieve sales revenue of 33.8 billion yuan, total profit of 880 million yuan three listed companies have to unload the trust "baggage" with the Zhejiang countryJinxin Trust, three listed companies began to transfer the holding of Jinxin Trust shares. April 2009, the agricultural products announced that it is to be held by the Jinxin Trust 100 million shares one-time transfer to Zhejiang International trade, the total transfer of 100 million yuan, the transfer of income can increase the company this year pre-tax income of 100 million yuan. Just before the transfer of agricultural products to the Jinxin Trust, Dongfeng Technology has decided to transfer 50.9 million shares of Jinxin Trust Investment Co., Ltd. to Zhejiang International Trade, and the payment of the transfer payment is divided into three periods. Recently, as early as 1997, with the participation of Jinxin trust Zhejiang Guangsha finally intend to give up this period of 12 years of trust investment business.　　The company said to 100 million yuan to clear jinxin Trust equity. Zhejiang Guangsha said that, in accordance with the Company's development strategy, but also in order to support the reorganization of the Jinxin Trust, decided to transfer the shares of the Jinxin Trust.　　Because Zhejiang Guangsha has made a 100 million yuan long-term equity investment impairment in 2005 to Jinxin Trust, this share transfer income will increase the current profits of Zhejiang Guangsha. The three listed companies collectively transferred out of the Jinxin trust, not only to get rid of this ill-fated trust investment, but also to be expected to revert to the proposed impairment of equity investment.　　Once the official transfer of equity, Zhejiang Guangsha and other companies will also get a lot of money. Zhejiang Guangsha has turned to focus on its main business. Zhejiang Guangsha The current financial sector investment mainly includes Jinxin trust and Zhejiang Commercial Bank, after the transfer of Jinxin Trust Equity, the company's financial operations will be significantly contracted. "We have developed a strategic goal of concentrating on real estate," he said.　　Zhejiang Guangsha insiders said to reporters, and this is also in Zhejiang Guangsha's latest plan to reflect. In Zhejiang Guangsha announced empty Jinxin Trust all shareholding on the same day, the company also announced a directional distribution program. According to the plan, Zhejiang Guangsha Public offering not more than 180 million shares, raise funds not more than 1.2 billion yuan, raising capital for the development of Dongyang Xintiandi 2# and 3# plots.　　This decision once again proves that with the double influence of the financial investment risk and the real estate industry recovery, the Zhejiang Guangsha is putting its center of gravity again on the operation of the main business. Obviously, once the trust business as the company's major investment projects, after experiencing the Jinxin trust turmoil, these listed companies have decided to shrink the front.