Who swallowed the St Chang fish? If you lose, you will face withdrawal

Beijing East Two ring East 40 bridge northwest corner, Hua Pu Center Building I has been renamed as "Zhonghui Plaza", and began to rent and sell outside. In the calm, there has been a surge of waves.　　Recently, about the St Chang Fish (600275.SH) reorganization predicament and property rights dispute report, let the company share price all the way down, to July 7 close to 4.96 yuan, the decline of nearly 20%. Rumours are rife. And all this fuse, it is the St. Chang Fish Holdings in the company and South Korea Bai Yi's Zhongtian Hongye a lawsuit-about the property rights of the center of the controversy.　　If the lawsuit in case of losing, St Chang Fish will face the risk of delisting, if the success of the success of St Chang Fish will be rapidly increased, from the loss of surplus.　　And behind the lawsuit, is the 2006 St Chang Fish Holdings in the company since the nightmare of an awakening.　　The origin of disputes originates from the company.　　Public data show that from 2002 to 2006, St Chang Fish Two shots, from the large shareholder, Hua Pu Group in the hands of Beijing Real Estate Development Co., Ltd. to acquire a total of 97% of the equity, the total amount of funds spent about 517 million yuan.　　The dispute over the center was followed by JPMorgan Chase, Ruian and the Chinese company.　　According to St Chang Fish General manager Dr., in early 2006, JPMorgan Securities (Asia Pacific) Limited (JP Morgan's subsidiary) (hereinafter referred to as "JPMorgan") and the Hong Kong Ruian construction Industry, set up Zhongtian Hongye Company, invested 1.1 billion yuan to build the Hua Pu Center building.　　2006 3-June, China and Zhongtian Hongye signed a series of agreements on real estate strategy investment, including "Beijing commercial housing pre-sale contract", "Supplementary pre-sale contract" and many other agreements, as the Zhongtian Hongye into the capital of the security guarantee and achieve the completion of sales profit distribution after the scheme. In JPMorgan's view, the strategic investment in the central mansion is a good deal.　　Its entrusted to the Ernst and the accounting firm, the center of the project audit showed that at that time, the center has been covered to 14 floor, in the early stage of the company into the Hua Pu building 1.27 billion yuan, is a normal project under construction. The reporter inspected the company in the real estate Department for the record of the "Beijing Commercial housing pre-sale contract" and "supplementary pre-sale contract." "Beijing commercial housing Pre-sale contract" shows: in the company to 1.1 billion yuan to the center of China pre-sale registration. The supplementary pre-sale contract shows that: the pre-sale of 1.1 billion yuan of funds for project construction, and by both sides to seek and realize will be the central sales to the third party, the funds in the deduction of Zhongtian Hongye Investment in the capital of 1.109 billion yuan and fixed return after the company and Zhongtian Hongye in the 8:2 profit share, the company has 80　　%, Zhongtian Hongye 20%. At the time, the St Cheong-fish under the control of the company, the reason is willing to work with JPMorgan Chase, Ruian, but also have their own calculations. Located in Beijing East two ring East 40 Bridge of the center is located in prime location.　　After the construction of the project with the help of investment, it is enough to make the St Chang fish earn a full pot. With the change of shareholder of Zhongtian Hongye, makeWuchang's wishful thinking fell short. In the 2008, with the advent of the financial crisis, JPMorgan Chase and Ruian industry successively withdrew from the Zhongtian Hongye.　　After a series of equity transfer, Zhongtian Hongye become a wholly owned subsidiary of South Korea Bai Yi.　　Korea hundred benefits control Zhongtian Hongye, after the Zhongtian Hongye and the company signed agreement, publicly tore, and sued in the company. May 2008, St Chang Fish issued a notice, said the company into arbitration lawsuit. Changed the owner of the Zhongtian Hongye said that the company and the company signed is not a strategic investment agreement, but buy a building agreement.　　And the above agreement mentioned in the 1.1 billion yuan, is the center of the pre-sale. Uncompromising before the strategic investment, suddenly became the purchase agreement, the incident quickly turn.　　From this, the company and Korea Bai benefits began a head-on confrontation. July 6 Afternoon, the reporter called Zhongtian Hongye vice general manager Lin Feng. Lin Feng said, at that time, the center was built four or five years, the company loans a lot, is a veritable uncompleted building.　　St Chang Fish in the eyes of the "golden Land" into the Zhongtian Hongye mouth of the "rotten tail building." The company obviously disagrees with Lin Feng's statement.　　St Chang Fish General Manager Dr. introduced, in and Zhongtian Hongye signed a package agreement January 15, 2006, Asia International Financial Holding Co., Ltd. has sent to the Hua Pu Group, the company issued a 2.2 billion yuan acquisition of the Hua Pu Center acquisition intention. "2.2 billion do not sell, after less than two months but 1.1 billion sold, Maple and Wuchang senior are ' live Lei Feng '?" Hua Pu Center was already built to 14 floors, the project total investment of about 22 billion, but with 1.1 billion yuan sold, the price is less than half of the entire building, if this agreement is established, it can only be ' inconceivable ' to describe.　　Dr. replied. However, Zhongtian Hongye vice general manager Lin Feng to reporters, from the beginning, Zhongtian Hongye and the company to discuss the overall acquisition of the central building.　　Lin Feng said, in June 2006, and Zhongtian Hongye on the overall purchase of the Central building of the "pre-sale contract", the two sides on the Beijing Municipal Construction Commission carried out the pre-sale contract registration, the relevant formalities are very complete.　　However, Lin Feng mouth of the purchase agreement, seems to have some flaws. The reporter looked at the St Chang Fish 2006-2008 related bulletin found that the external bulletin for the transaction, are defined as "real estate strategy investment behavior." At that time, media reports and photos of the on-site contract show that the three parties are strategic investment behavior. As a listed company, St Chang Fish Announcement Why Zhongtian Hongye did not find?　　Lin Feng said, "the company has never been concerned about the foreign announcement of the major shareholder of the company." December 2009, the two sides finally came to the first trial verdict: Beijing Dongcheng District Court decided that the company and Zhongtian Hongye signed the "commercial housing pre-sale contract" and "supplementary pre-sale contract" and other four contracts are invalid.　　According to Lin Feng, the Beijing Dongcheng District Court ruling, Zhongtian Hongye has appealed to Beijing Second Chinese Academy, is currently awaiting the results of the collegiate. The future of St Chang Fish is what is not, still need to waitCourt ruling. However, whatever the final outcome of the controversy at the center of China.　　The reality is that, under the influence of the lawsuit, the central building has been built and cannot be sold. The consequence is that St-Chang Fish, a for-profit company, becomes heavily indebted and is on the verge of retreating to the edge of the city.　　Prior to this, St Chang Fish Hope in the center building sales profit, to achieve the company's performance improvement.　　And for the outside of St. Chang fish in the project "is 515 million buy, 221 million sell" question, the reporter looked at the notice of St Cheong Fish found that rumors and facts have access.　　The announcement shows that to 2008 St Chang will hold the 3% equity transfer to Beijing in the irinotecan, St Chang Fish currently held in the 94% equity, not the financial cost, the actual purchase price of 493 million yuan. May 2009, in view of the Sino-earth Company and Zhongtian Hongye about the building of the center of the arbitration dispute, if the loss of the company, will cause huge losses to the listed companies, St Chang Fish will be determined according to the accounting standards to extract related losses. In order to avoid the risk of listed companies, St Chang Fish will be held in the company's 94% stake in the fair and reasonable price to sell to the Hua Pu group.　　Calculated at a premium of 6%, determined to be 221 million yuan. In addition, the Group agreed to grant compensation to listed companies on the basis of the final results of the China-China Company and the Zhongtian Hongye competition. The compensation method is: If the company wins the motion, the net value of the 94% equity of the company is 663 million yuan.　　Hua Pu Group pledged to give compensation to the company, the amount of compensation is 663 million yuan and equity transfer price of 221 million yuan between the difference of 442 million yuan. According to a high level of St Cheong Fish, because of the property dispute, the center can not be sold to the external rental, and in the year to bear huge maintenance costs and financial costs.　　If the lawsuit in case of losing, St Chang will face the risk of returning to the city, if the win, the center to achieve sales, in the land and more likely to achieve more than 600 million of the profit, St Chang Fish will quickly improve the performance, from the loss of surplus. The precarious st-Chang Fish, the impending Hilling of a paper verdict, will determine its future fate.