Two years of long restructuring road: Huitong closed door not sell shell no timetable

is not the "shell-selling" scheme itself does not work, if you can find high-quality assets, restructuring is just within reach of the South Huitong (000920.　　SZ) to "shell" and sell is not a day or two. This is not rehash, but it is clearly not new, and the wind of the reorganization of the southern Huitong has not been interrupted for three years. But it's not yet known when to put it on schedule. The failure of the 2008 reorganization also threw a pot of cold water on investors. But the reality is that if the South is not restructured, it faces the South China Car (601766).　　SH) The dilemma of peer competition.　　In the restructuring of the central and central enterprises, the concept of high-speed railway is now, South Huitong dragged three years of restructuring, how will be interpreted? A difficult restructuring tour the controlling shareholder of South Huitong is China Southern Motor Group, which accounts for 42.64% of the company's shares.　　All along, the reorganization of the southern Huitong and China Southern Vehicle Group of the overall listing of the promotion work, restructuring mainly around the company's main business and controlling shareholder's main business to do asset injection and stripping. At the beginning of 2008, rumours were rife that its controlling shareholder, the Southern Vehicle group, was preparing to inject southern China's railway assets into the southern Chinese car. January 15, 2008 South Huitong suspended the suspension for this purpose. At this time the reorganization plan tends to absorb the merger.　　However, in the period of suspension of the April, the southern Huitong and the South Vehicle group, Guizhou Province material group signed the "on the South Huitong Co., Ltd. to restructure the framework agreement", the Agreement clarified the intention of the reorganization, form and time process. Under this agreement, reorganization of the main intention is: South to the South Car group sales of existing main business and assets, employees with the main business and assets by the South Vehicle group received; South Vehicle group to Guizhou material Group transfer its holding of the southern Huitong part of the shares, so that Guizhou material group become the southern Huitong's controlling shareholder Guizhou Materials group has injected some good business and assets into the southern Huitong through certain means.　　In other words, the 2008 reorganization plan is the South Vehicle Group intends to the South Huitong this "shell" to the Guizhou material group. It was just that the announcement of September 1 of the same year had frustrated the expectation. The reorganization plan aborted, the two level market trend is precipitous. From the 7.9 yuan to the end of October to 3.3 yuan, fell 58%.　　Of course, affected by the overall market decline, there are factors to make up the fall. After the failure of the 2008 restructuring, there have been few new developments in the southern Huitong reorganization. Industry analysts are also more focused on business. "The company should be said to be relatively closed, we have been trying to communicate with them, but have not been approved," said Hua Chuang Securities analyst. Our contact with them is mainly related to the composite reverse osmosis membrane.　　"Guotai's analyst bluntly said the company was not in their area of concern. This "shell" also sell do not sell December 31, 2010, Financial weekly reporter connection Shanghai A private person, the private placement said: "Injected into China South car should be unlikely, should be ' sell shell ', see the right resources." Only concrete progress is not understood. "Chairman Zhao Xiaogang also publicly stated that" the SouthHuitong will take the form of selling shells and is currently in contact with a number of potential restructuring parties. "And in China's South car IPO, the South Car group did not put 42.64% of the South Huitong's stake in the company." The purpose of the shell is to "sell the shell".　　This scheme is a foregone conclusion. The expectation of reorganization revolves around when "sell shell". If according to the timetable, after the reorganization of the South Huitong can get a sustained development and efficiency growth, change the loss situation, the two-tier market share price will generate a rising space.　　This is what small investors are waiting for. Unfortunately, the 2008 "sell Shell" did not succeed, has been stranded to the present.　　However, if the South is not restructured and China South car industry competition, so the market for the South Huitong restructuring is not expected to be eliminated.　　Just wait till when? South Huitong was not doing nothing after the restructuring failed. From the main business of the southern Huitong can be seen from the middle of the 2009 to the middle of 2010, the company's lithium core business, software business, electronic business and other non-performing assets have been stripped, the existing quality of the assets have been greatly improved.　　After the company's micro-hard disk business stripping, the company issued a notice last July, to transfer the 20% of the space Power Holdings, the transfer of shares will be conducive to eliminate the loss of space power operation of the company's overall operating performance of the negative impact, and will further optimize the quality of equity and company assets quality.　　Can these actions be seen as preparations for the next reorganization of the southern Huitong? In spite of such procrastination in time, the industry is hopeful of a "shell sale" of Southern Huitong. "The company's selling shell is expected to become increasingly strong once the relevant targets are found to be better matched," analysts at Tian-phase investment said in a August study.　　"Analysts in the Chinese securities market have also retained expectations of restructuring in their research reports. Why is it so hard? South Vehicle group to promote the overall listing work, the need for the South Huitong to restructure, finalized the "Sell Shell" program. and Guizhou material group in order to bigger and stronger, hope that through the high quality assets into the South Huitong set up the capital market platform. This should be a mutually beneficial, happy thing.　　Why is it so hard to achieve? Guizhou Material Group has 12 wholly-owned subsidiaries such as Guizhou material development Investment company, holding 2 subsidiaries such as China Creation Securities. In the company's announcement during the suspension, special mention of Guizhou material group's Guizhou Materials Development Investment Company and the two subsidiaries of China Creation Securities.　　China-created securities registered capital of 200 million yuan, Guizhou Materials Development investment company registered capital of 340 million yuan, the annual sales scale to maintain more than 200 million yuan, and 2008 holds the Chinese aluminum industry 114 million shares, the market value of 1.118 billion yuan. According to the Southern Huitong 2008 report disclosed that the South Huitong net assets of 1.289 billion yuan. We can see that the net asset scale of China-creation securities and Guizhou material development investment company is similar to that of the south.　　Therefore, in the agreement of the Guizhou material group, said the "quality of assets" is likely to be Guizhou materials development investment companies and China-created securities. But then the brokerage backdoorIrregular issues have been exposed, especially after the turmoil of the Pacific Securities borrowing Shell listing, the Securities and Futures Commission on the "backdoor" listing of the road also has a more stringent norms. Thus, Guizhou material group under the injection of the stock rights of China's creation has also vanished.　　The reorganization plan was then declared a failure. In front of the South Vehicle group is, South Huitong and China South car in the entire vehicle business competition in the tangle. So South car Huitong reorganization is imperative.　　Can not choose to absorb the merger, we have to "sell shell" to the end. From the failure of restructuring in 2008, it is not the "shell-selling" scheme itself does not work, if the search for high-quality assets, the reorganization of the southern Huitong is just within reach.