Transforming Real Estate without door *st titanium dioxide can not escape three continuous losses

Originally hoped that through the reorganization glow New *st titanium dioxide (002145), because of the real estate regulation and slipped again to retreat the city edge. October 30 *st Titanium Dioxide announcement terminated the company's major asset reorganization.　　And the real estate restructuring dream, the company is expected to lose 9500-10 in 2010, 0 yuan, while overdue loans have been increased to 212 million yuan.　　Market participants pointed out that, near the end of the year, if *st can not be in the short term by receiving government subsidies and other means to fill losses, then the August 2007-year listing of the SME board will be suspended for three consecutive years of losses. Reorganization of the two-degree "broken" November 2008, *st Titanium dioxide Holdings shareholder Xinda assets and Tianjin Lingang Investment Holdings Limited to plan assets reorganization matters.　　However, after repeated communication between the Lingang investment and the other tripartite shareholders to be injected into the assets, the successor was forced to terminate after the other shareholders did not agree to give up the preemptive right. At the end of 2009, *st, a poorly operating company, ushered in a new reorganization. According to the reorganization plan, the company's major shareholder China Xinda, two shareholders of the Nuclear 404 Co., Ltd. intends to transfer 36 million shares to Jiangsu Private Enterprises Jin Pu Group, with partial equity replacement of the Jin Pu Group held in Nanjing Titanium dioxide equity. At the same time, *st titanium dioxide to Gimpo Group, Fujian Jin Tatsu and other 10 objects issued shares, buy Jin Pu Group held Nanjing Petrochemical, Gimpo Real Estate 100% equity.　　The estimated value of the target assets to be injected is 2.835 billion yuan, and after the reorganization is completed, *st titanium dioxide is expected to reach 2 billion yuan in 2010 and a net profit of 54.72 million yuan. However, the deepening of the property control this year has caused the restructuring of the company again to naught. October, the SFC clearly declared that the real estate development enterprises have suspended the application for reorganization, and the accepted real estate reorganization application for the Ministry of Land and Resources.　　October 30, *st titanium dioxide issued a notice that, in view of the above situation, the company can not provide additional materials to the SFC on time, the reorganization of the assets is difficult to continue, the company has signed an agreement with the reorganization of assets reorganization, after the General Assembly vote, the company will apply to the SFC to withdraw the entire It is noteworthy that *st titanium dioxide 2008, 2009 consecutive losses, if the 2010 continued losses will be suspended listing. Three quarterly reports show that this January-September, the company lost 67.706 million yuan. And the company has promised that the reorganization of the termination of the matter through the general meeting of the shareholders after the date of the adoption of the 3 months will no longer carry out major asset restructuring work.　　Therefore, *st titanium dioxide is no longer possible to carry out major asset reorganization before the end of 2010. The main business is weak August 2007 listed *st titanium dioxide, 2008 years of loss, the reason is that the company's main business is sluggish, the ability to withstand market risk is too low.　　Historical data show that the company's profitability is too dependent on tax incentives and non-operating income. *st Titanium dioxide Main is rutile titanium dioxide production and sales, with 45,000 tons of titanium dioxide capacity. Industry personage points out, because is located in the Gobi Desert of GansuHinterland, raw materials and finished products, the transport radius is long, high transport costs make the company operating costs and sales costs far higher than the normal level of the industry, the product does not have the market competitiveness. It is reported that 2002-2005 for China's titanium dioxide industry rapid development, scale expansion, economic benefits of a good period, 2006-2007, the national economic environment began to become hot, raw material prices, part of the export rebate policy cancellation, titanium dioxide into the adjustment period.　　*st Titanium dioxide itself is a single product, located in remote, risk-resistant ability, to respond to market changes is obviously inadequate preparation, resulting in a sharp decline in performance. 2008, 20,092 years, the domestic titanium dioxide industry in the financial crisis under the influence of a few years in the doldrums, at the same time the external need is also serious shortage of titanium dioxide production enterprises backlog of large inventories, product prices have been hovering in the low.　　*st Titanium dioxide Two gold rutile production line The impact of the financial crisis, product inventory is increasing, liquidity is increasingly difficult, therefore, the full parking on December 20, 2008. At the beginning of 2010, the company production line driving, but because the production line early parking time is longer, so after driving has been in an abnormal state, resulting in product costs higher than the sales price. At the same time, by the lack of liquidity, raw material supply and sometimes broken goods phenomenon, resulting in product production has not reached the planned target, so that the fixed cost of unit products relatively high, and product prices are relatively low, this year the company's main business again into a loss.