*ST Zhonghe’s losses in successive years are on the brink of delisting
Hexin News reported that after continuous loss of performance, mining rights faced with judicial auction, the company was arrested for suspected contract fraud, the reorganization plan was unsuccessful, and the CSRC filed a investigation, *ST Zhonghe resumed trading on November 3, and the stock price has no suspense. One word limit, as of the close of November 7, has been three consecutive daily limit. 75,000 shareholders bear the stock price of *ST Zhonghe and even the new low, including Niu Sanlin and the hot money tycoon Qiu Baoyu. At the same time, the company expects net profit for 2017 to be a loss, and there will be a loss for three consecutive years. *ST Zhonghe is on the verge of delisting.
Debt or debt indebtedness
At the beginning of the listing, Zhonghe was a company mainly engaged in the development, production and sales of medium and high-grade cotton casual wear fabrics. In 2012, it began to intervene in the lithium battery industry. At present, Zhonghe's main business is divided into two major segments: textile printing and dyeing and new energy lithium battery materials.
* ST Zhonghe has repeatedly mentioned that lithium batteries and lithium mines will become the company's strength, and the textile printing and dyeing business will gradually be divested. The company's transformation from the transition to new energy lithium battery materials was once favored by the market, but last year it suddenly changed its face. More unfortunately, Jinxin Mining has stopped production since the beginning of this year.
On October 30th, *ST Zhonghe released the third quarterly report for 2017. The company realized operating income of 583 million yuan from January to September 2017, down 12.43% year-on-year; net profit attributable to shareholders of listed companies was -141 million yuan, down year on year. 372.97%. At the same time, it is estimated that the net profit for 2017 will be 200 million to 250 million yuan.
Once this year's loss, then *ST Zhonghe will suffer a loss for three consecutive years. In accordance with relevant regulations, the company's stock will be suspended from listing for three consecutive years.
On the other hand, as of the third quarter of 2017, the company's total assets have shrunk to 2.658 billion yuan, and liabilities have further increased to 2.084 billion yuan. The asset-liability ratio remained high. From 2014 to 2016, it was 68.96%, 71.87% and 73.71%, respectively, showing an upward trend year by year. In other words, *ST Zhonghe has been heavily in debt, the overall debt is close to the total assets, and the capital is not insolvent.
According to the data, *ST Zhonghe and the real controller have paid debts by selling shares since 2015. In addition, the shares of the actual controlling father and son have all been pledged or frozen.
It can be said that *ST Zhonghe has suffered losses for three consecutive years, debts have risen year by year, and cash flow has grown negatively, basically on the verge of delisting.
The stock price plunged into a thousand miles, and Qiu Baoyu joined hands with 75,000 retail investors.
It is worth noting that on February 28, 2017, *ST Zhonghe released a performance report, expecting 2016 net profit to turn into a profit of 57.69 million yuan. On April 29th, *ST Zhonghe released the annual report, showing that the company's net profit in 2016 became -482.96 million. From the estimated profit of more than 50 million yuan to a loss of nearly 50 million yuan, the difference is nearly 100 million yuan.
In this news, the secondary market responded strongly. On February 28, *ST Zhonghe's share price closed at 14.6 yuan/share. On April 29, the close was only 10.17 yuan/share, and the stock price fell as much as 30%. lost heavily.
Since then, *ST Zhonghe has suspended the trading for more than 6 months on the grounds that the net profit attributable to shareholders of the listed company for two consecutive years is negative and asset restructuring. On November 3, the company announced the resumption of trading, closing at November 7, has been three consecutive daily limit.
*Changes in ST and shareholders' numbers
* ST Zhonghe and the 2017 third quarter report show that the company still has 75,000 shareholders. According to the list of the top ten shareholders of *ST Zhonghe and the third quarterly report, in addition to the real control person Xu's father and son and two trust plans; Zhang Yuan and Cao Ming are BBK 002251, the stock executives, and the two have not reduced their holdings, Zhang Yuan this year In the first quarter, the company increased its shareholding. According to the closing price on November 7, the two people were quilted for 127 million yuan; in addition, Niu Sanlinna held a new share of 3,091,300 shares; another and Xu Xiang, the same era, were the Fujian-based hot money tycoon Qiu Baoyu 3 million shares are still sticking.
*ST Zhonghe and the top ten tradable shareholders
It is worth noting that *ST Zhonghe is also popular with institutions and funds.
According to the data, as of September 30, 2017, a total of 10 institutions and funds held a total of 14.277.7 million shares, with a ratio of more than 2.5%, and the number of shares held remained unchanged. However, compared with the second quarterly report, there are quite a few new funds in the second quarter that have chosen to leave in the third quarter.
Institutional shareholding *ST public and situation
Under the crisis, planning for reorganization and self-help for five months has no real progress.
In the context of the performance of the quagmire, *ST Zhonghe plans to reorganize and seek self-help.
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. But it insists that the matter is still going on.
The chairman of the board of directors was arrested for alleged contract fraud.
* ST has a long history and is not connected with management and major shareholders.
According to the announcement on May 12, *ST Zhonghe received the arrest notice sent by the Public Security Bureau of Malkang City, Aba Prefecture, Sichuan Province on May 11, and Xu Jiancheng, the actual controller, chairman and president of the company, was suspected of contract fraud. On March 20 this year, he was arrested by the Public Security Bureau of Malcolm. He also said that Xu Jiancheng’s alleged contract fraud is his personal behavior and has nothing to do with listed companies. At present, the company's board of directors is operating normally, and the company will continue to pay attention to the progress of the case and timely disclose information.
On September 27, *ST Zhonghe announced that on September 26, the CSRC received the "Notice of Investigation" on the company's chairman Xu Jiancheng. As the company was suspected of information disclosure violations, according to relevant regulations, the CSRC decided to Completed the investigation.
In addition, on August 1, the Shenzhen Stock Exchange issued a public condemnation announcement against *ST Zhonghe and two executives. According to the Shenzhen Stock Exchange, *ST Zhonghe and the 2016 audited net profit and the net profit disclosed in the performance report are quite different. In violation of the relevant provisions of the Stock Listing Rules (2014 Revision), the company's chairman and general manager Xu Jiancheng The Chief Financial Officer, Huang Yanqin, failed to fulfill his duties and fulfill his duties of integrity and diligence. He violated the provisions of Articles 2.2, 3.1.5 and 3.1.6 of the Stock Exchange Listing Rules (2014 Revision) and was responsible for the violation. Have an important responsibility. In this regard, the Shenzhen Stock Exchange gave a publicly condemned punishment to *ST Zhonghe, and at the same time gave a publicly condemned punishment to *ST Zhonghe, Chairman and General Manager Xu Jiancheng and Chief Financial Officer Huang Yanqin.
At the same time, *ST Zhonghe and senior executives frequently resigned this year. In July, Mo Hongbin, the company's vice president, resigned as the vice president of the company's board of directors for personal reasons. On September 30, the company's independent director Zhu Fuhui said that due to his busy work, he could not In the performance of his duties, he was resigned in writing; on October 30, the company's director, vice president, secretary of the board of directors Zhan Jinming resigned as a director, vice president, secretary of the board of directors for personal health reasons; on November 2, the company's vice president Mr. Zhang Ziyi was personally Reason to submit a resignation report. The repeated resignation of the staff has caused the company's board of directors to be lower than the quorum, which has made investors feel worried and the future of *ST Zhonghe is full of fog.
(Editor: Jiang Qilin HF066)
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