The future of *st chemical borrow shell is uncertain

Inject Yangquan coal Industry (Group) Co., Ltd. (Yang Coal Group) assets This concept really let *st East carbon (600691) elated.　　After the announcement of the reorganization plan, *st East Carbon 3 days in a row unlimited trading, 6th finally volume, also to the limit of 13.02 yuan/shares, Yang Group of chemical assets injected already let *st East Carbon Harvest accumulated 21.57% of the gains. However, in the face of the bright-coal group, a glossy shareholder name, the coal chemical that is about to inject *st East is not a good asset, not only in 2009, but also in the 11-month net asset yield of 2010 years ago, only 0.36%.　　On the other hand, the Yang Coal Group also undertakes the trusteeship of the shares (600281) large shareholder Taiyuan Chemical Industry Group Co., Ltd. (referred to as too chemical group), too much of the shares and Yang Coal chemical industry competition, so that Yang coal chemical eventually can be settled *st East Carbon remains a great variable. Puffiness Coal Chemical According to the *st East Carbon announcement, first, the company at the transfer price of 1 yuan to Zigong state-owned assets operating investment limited liability company (referred to as Zigong State investment) The sale of all assets, liabilities (including contingent liabilities), business and attachment to the above assets, business or the above assets, business related to all rights and obligations, And by the Zigong state investment to undertake *ST East Carbon and its subsidiaries all personnel. After completion, *st East Carbon Xiangyang Coal Group, Shanxi Hyde Rui Investment Co., Ltd. (referred to as Heidery), Sino-Trust Limited Liability company (hereinafter referred to as the Trust), Beijing Safety Control Investment Co., Ltd. (referred to as Beijing Security control), China Xinda Asset Management Company Limited, Hebei Hui Jie Investment Co., Ltd., Hebei Zheng FA Investment Co., ltd , Guoliang, Dinglianjie, Tengwentao to 10.36 yuan/share price directed additional, purchase its holdings of coal chemical and its subsidiaries of the equity. The estimated value of the assets to be purchased is estimated at $4.73 billion.　　According to this calculation, the number of shares issued is expected to be about 457 million shares. Coal chemical value geometry? Public data show that the company was founded in June 2009 by the Yang Coal group with its own 4.76% of the equity and Beijing Security control investment 20 million yuan in cash jointly established. In November 2009, the Yang Coal group in its possession of Fung-XI fertilizer Industry 63.83% Equity, Qilu 35% of the equity, Hengyuan Chemical 40% of the equity, Yantai Juli 51% of the equity, Shenzhou fertilizer 51% The equity and 380 million yuan of money to the Yang coal chemical industry to increase capital; Hyde Rui with its possession of the abundant XI fertilizer industry 36.17% of the equity, in good faith to cash 668 million yuan, Beijing security control to cash 112 million yuan respectively to the Yang Coal chemical industry to increase capital. Yang Coal chemical industry is mainly engaged in coal chemical investment and technical services and other business, as a holding company, production and operation Business by the subordinate holding subsidiaries, subordinate company's main products for urea, methanol, caustic soda and other related products, including urea production capacity of 2.15 million tons/year, total methanol production capacity of 730,000 tons/year, synthetic ammonia 150Million tons/year. From the financial data, the 16.4 billion yuan total assets of the Yang coal chemical industry seems to be just "puffiness" as of November 30, 2010, The company's ownership of the parent company is only 3.277 billion yuan, and 2010 years ago 11 months of operating profit of only a few 98.42 million yuan, the ownership of the parent company's owner net profit of only 11.86 million yuan, the return on net assets is only 0.36%; if back to 2009, the company even lost 331 million yuan.　　In addition, 7 subsidiaries of Yang Coal Chemical industry, in 2010 years ago 11 months, in addition to the construction of the Heshun chemical, only qilu and positive yuan chemical to achieve profitability, other losses.　　Senior investment bankers said the main products are low gross margin of chemical products, so even if it injected *st East Carbon, the future *st East carbon profitability is still difficult to reassure investors.　　Yang Coal group superfluous? The profit risk of the proposed injection of assets is not the biggest variable facing the restructuring of *ST East Carbon. According to the same as the coal chemical enterprises in the "too" shares of the November 27, 2010 announcement, the holding shareholder of the group of Yang Coal Group integration of the reorganization of the group of the first proposal. The plan is divided into two steps: The first step, the Tai Group to the Yang Coal group trusteeship; The second step, the group will be a whole. After the trusteeship, by the Yang Coal Group is responsible for the relocation of the group.　　Subsequently, the Shanxi provincial government principle agreed to the Yang Coal group Trusteeship Group, and requirements, Yang Coal Group Trusteeship Group, to take advantage of the integration and reorganization of the opportunity to plan the future development of enterprises, and constantly enhance the core competitiveness of enterprises, and strive to be strong and big enterprises. This means that, once the Yang Coal chemical injection *st East Carbon, then *st East Carbon will face with the competition of the shares. According to the announcement of *st East Carbon, Yang Coal Group is committed to: if the Trust program to obtain the approval of Shanxi provincial People's government, Yang Coal group and the group will sign the Trusteeship Agreement, and the Commission of Coal chemical or *st East Carbon to the Tai Group for Trusteeship; After the implementation of the transfer,　　Yang Coal Group will start as soon as the Yang Coal Chemical Industry and the group or its related parties to absorb the merger scheme to resolve the Yang coal chemical Industry and the company's competition problem. "No matter the chemical assets of Yang Coal group finally to which listed companies as an integrated platform, it is not." "An investment banker analyzed the Chinese securities News reporter if the Yang Coal chemical industry is a good asset, then the Yang Coal group Why not choose to inject too much stock directly, and to inject *st East Carbon, and then to two listed companies to integrate the business; ST-East carbon or too much of the shares, are the interests of the public shareholders damage. From this point of view, *st East Carbon Reorganization, the mirror flower, the possibility of water in the moon is really not small.