Xiangtan electrification cannot withstand 900 million heavy rare earths frequently patronize

In the future reorganization of the plan, in addition to the reorganization of the shareholder scheme, the debt stripping scheme or reorganization plan will be the key point of reorganization Financial weekly major research group Yuan Hope Front/writing market has been a large number of proposed backdoor party, the IPO lockout period is so. They are always looking for listed companies with a total share capital of 200 million shares, within the market value of 1.5 billion, and struggling to lose money. In their view, such a listed company is the ideal of high-quality shell resources.　　 Xiangtan electrification meet all of the above conditions. Total equity 139 million shares, with a total market value of less than 1.1 billion yuan, continued to lose in the first half of the year and is expected to continue to grow in the third quarter of this year.　　 Not only that, the large state-owned shareholders of the big one is to let investors have confidence in their restructuring, but from the news of the reorganization in 2012, investors expect restructuring has not been achieved.　　Although Xiangtan electrification almost have high-quality shell resources of all the characteristics, but other companies want to borrow the shell Xiangtan electrification is not easy. Ideal shell resource saddled with over 900 million liabilities in the first half of 2013, Xiangtan electrification total assets of 1.3 billion yuan, but belong to the listed company's shareholders of the net assets of only 297 million yuan, the total liabilities of 944 million yuan, the asset-liability ratio reached 72% single from market capitalisation, the current deep households in the total market value of less than 1.2 billion yuan in less than 100 , and to remove the now can not borrow Shell listed gem company, the remaining is about 70.　　 Xiangtan electrification is one of the most sought after by Shell. Xiangtan electrification total share capital 139 million shares, compared to 2007 when the listing of 75.4 million shares increased about 6500 shares. One of the criteria for investment banks in their search for Shell resources is total equity below 200 million shares.　　 In general, less than 200 million shares of the shell can absorb the larger the size of the new shares for the old share dilution effect will be smaller.　　 In accordance with the usual logic, Xiangtan electrification is the investment lines are looking for high-quality shell company. More favorably, for potential backdoor parties, if they want to have absolute control over the restructuring, the backdoor will only need to inject half of the current market value of assets, that is, about 500 million to 600 million yuan of high-quality assets.　　 If only want to obtain relative holding power, only need to inject than the first major shareholder Xiangtan Electrochemical Group Co., Ltd. equity market value of slightly higher assets. Xiangtan electrification is by Xiangtan Sasac wholly-owned Xiangtan electrochemical Group as the main sponsor, combined with the other four enterprises jointly established, Xiangtan electrification Group has so far held Xiangtan electrification 46.76% of the shares, the total market value of about 500 million yuan.　　 This means that, in the future, the reorganization party will inject at least 500 million yuan of assets, would gain a relatively holding shareholder status. and Xiangtan electrification of other shareholders are more dispersed holdings. The second shareholder National Social Security Fund Council only holds 2.75% of Xiangtan electrification, three shareholder Shanghai Jian 铮 Investment Management Co., Ltd. holds 2.31%.　　 The other 7 shareholders are individual shareholders, with a shareholding ratio of 0.27% to 0.41%. Xiangtan electrification relatively concentrated ownership structure, let the shell listing or asset reorganizationDecision-making becomes simpler and avoids the problem of excessive coordination costs among shareholders. It seems that the quality of the shell resources of the Xiangtan electrification of the highly sought after deserved.　　 However, as a reorganization of the party, in addition to the state-controlled shareholders have some hesitation, for the Xiangtan electrification behind the 944 million-yuan debt is also worried. So, reorganization or not? What kind of corporate restructuring is introduced?　　 Key to see the major shareholder Xiangtan electrochemical group how to choose. In the first half of 2013, Xiangtan electrification total assets of 1.3 billion yuan, but belong to the listed company shareholders of the net assets of only 297 million yuan, the total liabilities of 944 million yuan, the asset-liability ratio reached 72%.　　 Among them, the non current liabilities are only 59 million yuan, and the current liabilities are 885 million yuan, and the current liabilities account for more than 93%. In the current debt, short-term borrowing accounted for nearly half of the total of 410 million yuan, slightly lower than the 450 million yuan at the beginning of the year. However, the increase in bills payable was increased from $229 million at the beginning of the year to $281 million.　　 Other accounts receivable, advance payment, pay for workers and other current liabilities are significantly increased.　　 Xiangtan electrification short-term direct cause of debt pressure mainly from short-term loans and notes receivable, the two liabilities amounted to 691 million yuan, equivalent to Xiangtan electrification net assets twice times more. In the future reorganization of the plan, in addition to the reorganization of the shareholder scheme, the debt stripping scheme or reorganization plan will be the key point of reorganization.　　But it is undeniable that, as a large state-owned enterprises Xiangtan electrification Group, then how to choose the restructuring path will be the Xiangtan electrification of this high-quality shell resources of the future play the most crucial role. 2012, the reorganization of the premature death of Hunan as a local state-controlled listed companies, the integration of large mining enterprises in Hunan more realistic. However, the current macro-environment is not too much good can support mining integration into the third quarter of 2012, Xiangtan electrification of the loss began to expand, a single quarter loss of 10.16 million yuan, the first three quarters total losses of 25.27 million yuan. By the end of 2012, the loss of the whole year appeared, the total loss reached 49.24 million yuan.　　Xiangtan electrification is facing a much tougher business situation than 2011. Since 2013, Xiangtan electrification is also difficult to turn a profit. In the first half of 2013, net profit was 23.95 million yuan.　　 And for the third quarter of Xiangtan electrification performance, the market is expected to continue to Shang.　　 It can be imagined that the next Xiangtan electrification of the performance pressure will not be less than the first half of 2013 and 2012, while the country's largest electrolytic manganese dioxide production enterprise's aura is not important, the most important is how quickly to turn the envelope.　　 For Xiangtan electrification, the only hope for the short-term realization of the loss is to integrate High-quality asset packages or the introduction of high-quality strategic investors into the real sense of restructuring, which is the most investors want to see, is not the 2012 feint.　　 Xiangtan electrification intend to reorganize, this in the market is no secret. At the end of October last year, Xiangtan electrification group of controlling shareholderOn the announcement, is planning a major issue related to listed companies.　　 The previous one months, because the market spread Xiangtan electrification reorganization of the news, Xiangtan electrification of the stock price from 6.58 yuan to the highest 9.84 yuan. However, the recent one-month suspension of the restructuring finally did not travel.　　 Xiangtan, a major shareholder, gave the reason for the introduction of strategic investors to increase capital and share major issues more complex, there is uncertainty, decided to terminate the planning of the major issues. At that time, the most popular in the market, one is Xiangtan electrification participate in Hunan rare Earth integration, the other is Xiangtan electrification of the group asset injection, to achieve the overall listing.　　 These two statements have not been confirmed by Xiangtan electrification, but its reorganization intention has been very obvious, but as a state-funded background, at the same time with high-quality Shell resources listed companies, Xiangtan electrification of the reorganization can be very large, negotiating capacity is stronger. From the perspective of the shell, the current Xiangtan electrification of the desire to restructure more and more strongly.　　 More practical issues, choose what kind of company as the reorganization party, is the group parent company, the same region of mining enterprises or high growth of the non-mining enterprise? Before, Jiangxi Rare earth, Hunan rare earth, Xiangtan securities have appeared backdoor Xiangtan electrification to realize the rumors of the listing. Industry insiders believe that, as Hunan local state-controlled listed companies, the integration of large mining enterprises in Hunan more realistic. However, the current macro-environment is not too much good to support mining integration.