The loss of Everest in Tibet: the sale of land assets

Tibet Everest (Market, interrogation) (600338. SH last night released the third quarter report, its in the first three quarters of the listed company attributable to the net profit of shareholders reached 25.07 million yuan, operating income is 1.07 billion yuan, reversing the first half loss of 25.58 million yuan situation. But the turnaround was only due to the sale of land assets in Tibet's Everest this August. In fact, after deducting the profit and loss of a non-mobile asset of more than $68.9 million, the amount of Everest in Tibet has been further increased by 47.42 million yuan over the same period last year. As Tibet's Everest earlier said in its semi-annual report, the risk of a moratorium was defused by last year's settlement of the assets of the settlement and the debt-free restructuring of the Bank of Tibet, but "does not mean that the fundamentals of the company have fundamentally improved". The three quarterly reports show that the current total assets of the Tibet Everest is 586 million yuan, with a total liability of 531 million yuan, the ratio of assets and liabilities remains high 90.61%. As of the end of June this year, Tibet Everest's asset-liability ratio was once as high as 99.51%, which is still subject to the upstream raw material supply, the main business is smaller, less profitable and other risk factors. At the beginning of August this year, Tibet's Everest is located in Chengdu Shuangliu County Wen Xing Zhen industrial land and real estate shares, and Chengdu Chuan-Hong Industrial Co., Ltd. to establish a new company, this part of the land use right to the value of 157 million yuan, the real estate evaluation of 152 million yuan, in the year expected to produce the disposal For the Tibetan Everest, worse news has been announced. As early as July 2011, Tibet's Everest on the disclosure of the reorganization plan, to the major shareholder Xinjiang Tacheng International Resources Limited and China Global new technology Import and Export Co., Ltd. to acquire the Tower of Mining Co. This March, Tibet's Everest adjusted the restructuring plan. But Tibet Everest's reorganization plan did not obtain the Securities and Futures Commission listed company merger reorganization Audit Committee approval. October 14, the SFC announced the "on the approval of the Tibet Everest Industrial Co., Ltd. to Xinjiang Tacheng International Resources Limited to purchase assets issued by the decision", pointed out that the reorganization of Tibet Everest has three major problems: the proposed injection of assets in the north of the mine did not obtain mining warrants, no mining production conditions The mining right evaluation of the assets to be injected is inadequate and does not conform to the relevant provisions of the mining right evaluation criteria; The fair nature of the underlying asset-related transaction pricing is beyond judgment. The Board of Directors of the Company of Everest, Tibet, will make a resolution on whether to revise or terminate the reorganization plan within 10 days from October 15, the date of receipt of the decision.