Tibetan Medicine Enterprise Changing body Room enterprise North City to borrow Shell *st

Source: Internet
Author: User
Keywords Sasac backdoor listing risk of delisting
Every reporter Xiangxiaohui from Shanghai "Daily economic news" Yesterday learned that *st (600773, closing price 6.77 yuan) Significant asset restructuring has been approved by the Shanghai Sasac. Shanghai Sasac has agreed to Zhabei the 347 million shares of the 100% stake in the Shanghai North City Development Investment Company (hereinafter referred to as the northern city) for *st.  After the reorganization was completed, Zhabei Sasac held 60.25% shareholding and became the controlling shareholder of *st, and the main business of the company will be transformed from Tibetan medicine to the development of real estate with the reform of old area and the guarantee of housing construction as the key.  Huge guarantees drag down the company's development *st to introduce new restructuring party is also a last resort. From the public materials, *st since its inception, has invested in foreign trade, environmental protection and many other industries, but for many reasons, the performance of the year slipped.  At the end of 2005, the major shareholder in Beijing New Union Jin Tatsu, the company's operation made a substantial adjustment, the production of Tibetan medicine as the main business, 2006 successfully realized the loss. However, the company's legacy of more than 520 million trillion dollars in large guarantees, overdue loans and other issues have not been resolved, the biggest obstacle to the development of the company.  With huge guarantees, the company was unable to continue to obtain loans from the bank, the development of the lack of financial support, the company in 2007, 2008, two consecutive years of losses, face a moratorium on the listing and even the risk of delisting. "The Zhabei Sasac intervened to restructure, it not only solves the problem of continuous operation of the company's main business, but also resolves the huge guarantee risk that has been restricting the company's operation and reorganization for many years, and it is the innovation way of the whole circulation era to replace the debt or guarantee of listed company with the stock of listed company.  "Rich-country fund strategy analyst Zhang Hongbo The Daily economic news," said reporters. June 3, *st, said the announcement, for China Merchants Bank Limited Chengdu Camp Doorway Branch and Tibet Jinzhu (Group) Co., Ltd. Two security responsibilities have been properly handled, at the same time, Zhabei Sasac also agreed to be acquired through directional additional shares of the 30 million shares in the price, for the total settlement *  St to Shenzhen Jinzhu South Trade Co., Ltd. nearly 520 million yuan overdue loan guarantee. According to the reorganization plan, in the direction of the acquisition of additional assets, *st to the total assets and liabilities to the total of 1 yuan of the nominal price transfer to Shenzhen investment.  Co-investment is a company that has been set up by *st, a major shareholder in Beijing, to undertake all assets and liabilities to be stripped of *st. At present, the Shanghai Sasac and the shareholder meeting have already passed the reorganization plan.  *st said, now only wait for the CSRC approved.  The first time the district Sasac led the reorganization in the reorganization, Zhabei's role has been a matter of concern to all parties. "This is the first time the Shanghai district SASAC has fenced in a reorganization and merger," said an insider who was reluctant to be named by the Shanghai state-owned authority.And it is a case of listing, with practical significance.  "It is understood that the northern city of investment belongs to the state-owned enterprises, is the largest real estate development enterprises in Shanghai Zhabei, at present the main business scope for the old area transformation, security housing construction and other residential commercial housing, commercial real estate development." The above insider introduction, the North City investment has been identified as a new round of the old district transformation and Zhabei housing construction of a number of key plots of the construction of investment side.  According to the Shanghai "Eleven-Five" plan, it is expected that by 2010, the cumulative completion of 4 million square meters of urban housing renovation, of which Zhabei "Eleven-Five" old modified plots of about 500,000 square meters, the old land volume of large plots. Yinbercheng, director of the Real Estate Research center of Fudan University, analyzes that the financing of the guaranteed housing can be Provident Fund interest, land transfer money, or entrust the company to bank loans.  Because the price of affordable housing is limited, generally less than 9500 yuan/square meters, the company's profit is very low, through bank loans to solve the source of funds to operate more difficult. Yinbercheng said: "Zhabei Sasac, on the one hand can make the company to reduce the burden of debt, on the other hand, the SASAC listed financing." ”
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