The main cliff reorganization obstacle in Hubei Golden Circle is the former two shareholder's debt dispute

2013 Annual report, Hubei gold ring total assets of 1.478 billion yuan, net assets of 619 million yuan, and all types of liabilities amounted to 858 million yuan, the asset-liability ratio of 58% Financial weekly major research group Yuan Hope Front/writing total market value of 1.3 billion yuan, total liabilities 858 million yuan, the ratio of assets and liabilities 58%,　　In many market-focused "shell resources", Hubei gold ring approach the choice of the upper shell. However, the potential backdoor is most concerned about its decentralized ownership structure and complex equity relations.　　Not long ago, the first major shareholder Hubei Jiaxin Investment Group and two of the shareholder of Hubei Chemical Fiber Development Co., Ltd. and a debt dispute, Hubei Jiaxin Investment Group Holdings of Hubei gold ring stake was frozen by the court.　　The value of the shell resource of Hubei gold ring is clouded. The market capitalisation is close to the high quality Hubei gold ring total share capital 212 million shares relatively high, but combined with current market value level, the total market value of 1.34 billion yuan condition to the backdoor side of the attraction is not small company market value is the first factor to judge the value of shell resources. Generally speaking, the higher the value of the lower shell resources.　　At present, the total market value of Hubei gold ring is about 1.3 billion yuan, which is in line with the standard of classification within 1.5 billion yuan of the market value of high-quality shell resources. For the potential backdoor in Hubei gold ring, to obtain the company's controlling power, the asset value injected is the same as the current total market value of Hubei gold ring.　　In fact, the price is not expensive, but it is not cheap for the companies that want to borrow the shell listed. At the outset, Hubei gold rings A total of 51.98 million equity shares when it was listed in 1996.　　Later, the total share capital of Hubei gold ring increased to 212 million shares by means of dividend Shang, stock transfer and allotment. When the market in the selection of high-quality shell resources, the index of equity level is within 200 million shares. By contrast, the 212 million share of total equity and 200 million share of the threshold gap is not big.　　If combined with current market capitalisation level, 212 million shares, the total market value of 1.34 billion yuan conditions on the backdoor side of the appeal is not small. At present, Hubei gold ring shares in the 6-7 yuan/share of the range, than 17 years ago, 7.8 yuan/share of the issue price is lower.　　After a series of unfavorable macro-factors, the valuation level of Hubei gold ring is at a reasonable low level, which is a good time for the reorganization party to enter. Not only that, in recent years, Hubei gold ring is also struggling to earn, can not get rid of the nightmare of loss. In 2010, the net profit of Hubei gold ring was only 3.36 million yuan, and the loss reached 73.06 million yuan in 2011.　　In 2012, the net profit of 4.33 million yuan was barely realized, then in the first half of 2013 it plunged into a loss, with a net gain of $7.78 million. Hubei gold Ring gives the explanation, mainly is the main product sales price drop caused. Hubei Gold rings has been engaged in chemical fiber industry, main products include viscose filament, cellophane, chemical fiber pulp and so on.　　Since 2009, the company's business situation to the market for Hubei gold ring main industry ability began to question.　　All these allow the potential backdoor market to have more space to imagine the future of Hubei gold ring. 8.5.8 billion liabilities, stripping real estate business in the second half of the year to the first half of next year, Hubei gold ring need to deal with 522 million of dollars in debt, under the double pressure of debt and performance, it will be engaged in real estate subsidiaries completely stripped from the value of the stock market to consider the shell is not enough. In the 2013 annual report, Hubei gold ring total assets of 1.478 billion yuan, net assets of 619 million yuan, and all types of liabilities amounted to 858 million yuan, the asset-liability ratio of 58%.　　For Hubei gold rings with net assets of 600 million yuan, 858 million yuan is not a small number. From the structure of debt, the liquidity liabilities reached 830 million yuan, but not the liquidity liabilities of 28 million yuan.　　Liquidity liabilities, short-term loans of 191 million yuan, notes payable and receivables are more, respectively, 250 million yuan and 220 million yuan, in addition, the expiration of one year of illiquid liabilities of 81 million yuan, accounts payable 77 million yuan. Hubei gold ring Current long-term loan amount is zero, 28 million yuan of illiquid liabilities mainly is deferred income tax liability and expected liability.　　The real debt pressure of Hubei gold ring is mainly from the short-term borrowings of 191 million yuan, the payable notes of 250 million yuan and the illiquid liabilities of 81 million yuan, which is about 522 million yuan.　　The second half of this year to the first half of next year, Hubei gold ring need to deal with the above 522 million yuan debt.　　Under the double pressure of net profit and debt, Hubei gold ring shrink business scope, will be engaged in real estate subsidiary Hubei Golden Ring Real Estate Development Co., Ltd. completely stripped.　　Hubei Gold Ring Real estate predecessor was established in 2001 Shing Investment Co., Ltd., 2005 Hubei Gold rings to 188 million yuan price to obtain its 99% stake, and in 2010 renamed as Hubei Gold Ring real Estate, the company has developed a Thai-Chaoyang project, Golden Circle, the Royal Jiangyuan Project two projects. Hubei Gold rings will divest the real estate business to CICC investment in Hubei, to 82.53 million yuan to transfer the holding of 99% of the company's shares.　　Compared with 90.23 million yuan long-term equity investment net amount, Hubei gold rings This business stripping also loss 7.7018 million yuan.　　Although the stripping of the main business is not able to return investment costs, the level of debt improvement also has no direct impact, but simplifies the Hubei gold ring business structure and investment structure, reducing the future business expansion or reorganization of the difficulty. The possibility of restructuring is not high Hubei Golden Circle equity diversification, and the majority shareholder Hubei Jiaxin Investment Group and two of the shareholders of Hubei chemical Fiber has a debt dispute, Hubei Jiaxin Investment Group holds the stake in Hubei gold ring was frozen by the court, until next July backdoor party is the most worried about the ownership structure.　　The problem of Hubei gold ring is also dispersed in the shareholding structure, and the proportion of large shareholder's shareholding is small. Among the top ten shareholders, 4 institutional shareholders and 6 individual shareholders. The first shareholder is Hubei Ka Xin Investment Group Co., Ltd., holding 16.38%; the second shareholder is Hubei Chemical Fiber Development Co., Ltd., holding 11.1%; three shareholders Changjiang Securities and five shareholders Hangzhou Fu Kun Industrial Co., Ltd.For the 2013 new shareholders, the ratio of shareholdings was 2.53% and 0.64%.　　The total shareholding ratio of 6 individual shareholders is only about 3%, and the largest shareholding is Yinlichang, which is only the fourth largest shareholder and holds a 0.68% stake in Hubei gold ring. It can be seen that the decision-making power of Hubei gold ring mainly comes from the first major shareholder and the second largest shareholder.　　However, the two are now in a debt dispute. According to the Bulletin of Hubei Golden Ring, the large shareholder of Hubei Jiaxin Investment Group Co., Ltd. and two shareholders of Hubei Chemical Fiber Development Co., Ltd., two shareholders of the holding company chemical Fiber Group has a debt dispute, the court decided to freeze Hubei Jiaxin investment Group Holdings Hubei gold ring 33.8743 million shares, the total holding of the 98%,　　And the freeze period lasts until next July. The debt dispute between the major shareholder and the two shareholder has not been resolved, which will adversely affect the next step of Hubei gold ring.　　If the decision of the major shareholder and two shareholders is not unified and the shareholding is frozen, the probability of the short-term reorganization of Hubei gold ring will be greatly reduced. Before, the market has been informed that the Hubei rice floral wine industry, Hanjiang group to borrow shell Hubei gold ring, there are rumors that China Ordnance Group also want to borrow shell Hubei gold ring.　　But so far, Hubei gold rings has not passed any clear sell shell idea. September 14, Hubei gold rings said it intends to invest 131 million yuan to build functional cellulose fiber production line. This move market interpretation is in its main business income declining situation, promote industrial upgrading transformation is inevitable. This also means that the possibility of Hubei gold ring short selling shell further decline.