This company was once listed as the first stock of Fujian Putian A-share, and is now on the verge of delisting.
Yesterday evening, the Shenzhen Stock Exchange announced that, due to three consecutive fiscal year audited net profit is negative, the Fujian Public Company Limited and the public and 002,070 shares * ST, clinics shares from May 15 to suspend the listing.
According to the financial report, *ST Zhonghe achieved a revenue of 880 million yuan in operating income in 2016, and the net profit of the returning mother was minus 48 million. In 2015, Zhonghe shares realized an operating income of 690 million yuan, and the net profit of the returning mother was 150 million yuan. In 2017, the company achieved operating income of 754 million yuan, and the net profit attributable to shareholders of listed companies was minus 1.040 billion yuan.
* ST congregation and then announced that "there are creditors to the company reorganization, the court has not yet formally ruled admissible reorganization proceedings; the company intends to participate in and promote strategic restructuring of investors Societe Generale mining 000,426, will provide a total of not attending stocks More than 600 million yuan in financial assistance."
Once 500 million lithium involved in the seven daily limit
Today, Zhonghe shares, which faces the risk of delisting, is once a big bull stock.
According to public information, Fujian Zhonghe Co., Ltd. was registered in 2002 and was formerly known as Fujian Putian Hualun Welfare Printing and Dyeing Co., Ltd. The company's main business is the development, production and sales of cotton leisure fabrics. It is the first listed company in Putian.
Later, due to the decline of the industry, Zhonghe Co., Ltd. started its asset restructuring plan in 2012 and integrated the lithium mine business to seek a new fulcrum of profit.
At the end of July 2012, Zhonghe shares, which had been suspended for three weeks, announced that it was planned to acquire no less than 51% of the shares of Xiamen Shishi Trading Co., Ltd. with no more than RMB 500 million, while Xiamen Lanshi held Shenzhen Tianjiao, a lithium battery company. 70% equity of Science and Technology and 33% equity of Aba Prefecture Lifeng Lithium Industry.
In the A-share market, the mines will rise, and this announcement also ignited the share price of Zhonghe. After the announcement of the “mine-related†announcement, the previously unknown Zhonghe shares rose for 8 consecutive trading days, harvesting 7 daily limit boards, and occupying a place in the top three A-share bull stocks in the first three quarters with a rise of 115%. Became the first demon stock of the city.
At the same time, the transaction volume has also increased greatly. From August 1 to August 3, the daily turnover exceeded 300 million yuan. On August 8, the transaction volume reached 570 million yuan, which is called the sky-high price.
In the following 2014 and 2015, the company suspends trading on July 15, 2014 (resumption of trading on August 19, 2015) and September 5, 2014 (resumption of trading on March 11, 2015). A dazzling "internal equity integration", the shares of Zhonghe shares have been rising.
After the stock market crash in 2015, Zhonghe shares quickly recovered, and set a record high of 31.88 yuan at the end of the same year. In 2016, after a wave of adjustments, it quickly returned to the peak of 30 yuan. In terms of market value, the market value of Zhonghe was as high as 19.2 billion.
“The worst company in A shares in 2017â€
According to the report of “Fengyun Yishangâ€, Zhonghe shares Xu Jin and the bank and usury each borrowed 30,000 yuan and 20,000 yuan to establish a small printing and dyeing factory, and gradually grew into a listed company with a maximum market value of 19.2 billion yuan. Xu and his son also climbed the 997th place in the 2016 Hurun China Rich List with a total of 4 billion yuan.
On the other hand, the company’s real controller, Xu’s father and son, carried out a series of reductions. According to statistics, as of the end of 2017, Xu Jin and the cumulative reduction of 52.321 million shares, Xu Jiancheng's reduction in holdings was 19.7832 million shares. Some investors therefore suspect that the controller is suspected of running.
Through the *ST public and announcement statistics, from March 18, 2015 to April 26, 2017, Xu Jin and his father and son reduced a total of 18 times, a total of 1.42 billion yuan. Fund Jun found that Xu’s father and son’s shareholding reduction announcement was repeatedly enforced by the court, which was related to the huge debt owed by the two.
On August 9, 2016, when Zhonghe shares replied to the Shenzhen Stock Exchange's inquiry letter, Xu's father and son's debt situation was also exposed. As of the end of the reporting period (August 9, 2016), the controlling shareholder Xu's father and son were externally Debt (including financial institutions such as trusts and banks, natural persons, etc.) is about 1.3 billion yuan, of which the principal is 850 million yuan, and the accumulated interest and liquidated damages total about 450 million yuan. According to the 2016 annual report, as of December 31, 2016, *ST Zhonghe had overdue loans of 380 million yuan, overdue taxes of 29 million yuan, and overdue interest payments of 150 million yuan.
On the evening of May 11, 2017, a major announcement of Zhonghe shares caused an uproar in the A-shares. *ST Zhonghe, who had just been sealed with the ST title, announced that Xu Jiancheng, the company's largest shareholder, actual controller, chairman and president, was arrested on March 20, 2017 by the Malcolm Public Security Bureau for alleged contract fraud. The announcement also stated that Xu Jiancheng’s alleged contract fraud was a personal act and had nothing to do with the listed company.
Since then, the bad news of Zhonghe shares has continued. In May 2017, due to losses in 2015 and 2016 for two consecutive years, the company was capped and renamed *ST Zhonghe. In September 2017, *ST Zhonghe also released a report on the investigation of the suspected information disclosure violations by the Securities and Futures Commission. In addition, *ST Zhonghe and the board of directors also fell into disarray, and the three vice presidents left. In such a tragic situation, the company was filed for bankruptcy and reorganization.
After years of losses and the chairman was arrested, *ST Zhonghe was once called "the worst company in 2017 A shares." The stock price has therefore plummeted for a thousand miles, and has been down for 19 consecutive times.
After the acquisition of Xiamen Huangyan, the debt ratio reached a new high
It is understood that Zhonghe shares in 2014, an asset acquisition of more than 800 million yuan, may be an important reason for its rapid "fallen".
On August 19, 2014, *ST Zhonghe announced that the company intends to accept 100% equity of Xiamen Huangyan held by Kashgar Huangyan. According to the announcement, Xiamen Huangyan's main assets are 33.33% of the shares held by Xiamen Zhonghe New Energy, and 33.19% of the shares held by Yanfeng Lithium (now renamed Abazhonghe New Energy, holding 98% of Jinxin Mining). In fact, the main trading targets of Xiamen Huangyan 100% equity are: Abat Zhonghe New Energy 54.17% equity, Shenzhen Tianjiao 23.33% equity.
According to the annual report, Zhonghe’s asset-liability ratio reached a record high after the acquisition. From 2013 to 2016, it was 43.71%, 68.96%, 71.87% and 73.71% respectively. At the same time, interest expenses have also increased dramatically year after year.
Before the acquisition, the net assets of Zhonghe and the end of 2013 were only 1.219 billion yuan. The combined profits of the listed companies in the textile industry in the past three years have not reached 100 million yuan.
It is worth mentioning that Zhonghe's shares have led to the performance of the proud company Jinxin Mining is far from the expectations of listed companies, but the money used for mining and prospecting is not less. According to the 2015 annual report of Zhonghe Co., Jinxin Mining, a subsidiary of Zhonghe Co., has borrowed 200 million yuan for exploration and mining, with an annual interest rate of 17%.
In addition, in order to finance, Zhonghe shares also mortgaged their core assets mining rights to each other. In the case that the mining performance is far lower than expected, and the balance sheet can not provide effective protection for the company, the company has to face the dilemma of the core assets being auctioned.
Under the crisis, *ST and the management tried their best to plan for self-rescue in 2017, but there was no real progress. The specific measures are as follows:
On June 2, *ST Zhonghe disclosed that it planned to sell its subsidiary Xiamen Hualun Printing and Dyeing Co., Ltd. due to the planning of major asset restructuring.
In July, *ST Zhonghe disclosed that the land to be sold by Xiamen Huayin, a subsidiary to be sold, was no longer applicable to the three old reform policies due to the impact of land policy adjustment.
On August 9, *ST Zhonghe and the reorganization plan announced, the company has signed an intentional "material asset sale framework agreement" with a certain group of Xiamen (B), and intends to sell all the assets of the textile printing and dyeing business in cash.
On November 2nd, *ST Zhonghe held an investor briefing on the sale of major assets. Xu Jinhe, the major shareholder, confirmed that the major asset matters have not been agreed as scheduled. It said that the trading plan needs to consider the balance of interests of the company's creditors, trading parties, listed companies and all shareholders, and the negotiation difficulty and workload are enormous.
Many ST companies use the shell weapon after the loss. However, the textile business of *ST Zhonghe's parent company and wholly-owned subsidiary has been suspended from production in October last year.
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