Baosteel and other companies 3.3 billion capital increase or its restructuring of Shaoguan ammunition
On 30 September, * ST Shaogang announced that Baosteel Group Co., Ltd. (hereinafter referred to as Baosteel Group) and Guangdong Hengjian Investment Holding Co., Ltd. (hereinafter referred to as Hengjian Investment) signed an agreement on September 28, 2016, (Hereinafter referred to as Shaoguan Iron and Steel) total capital increase of 3.3 billion, the capital increase is completed, Shaoguan Iron and Steel will change the registered capital of 6.04 billion yuan.
* ST Shaoguan Donggong Ban staff to the "Daily News" reporter said that the Shenzhen Stock Exchange has been implemented delisting risk warning companies, if the negative net assets this year, will be increased by the Shenzhen Stock Exchange to suspend the listing risks of.
Shao Chung, executive director of the capital of Shen Chung analysis, the substantial increase in the amount of Shaoguan Iron and Steel, * ST Shaoguan Iron and Steel, in addition to preventing this year's net assets remain negative, more importantly, next year for a major reorganization of assets Reserve "ammunition".
Reduce the risk of stock suspension
* ST Shaoguan Iron and Steel announced that on September 29, the company received the notice of the controlling shareholder of Shaoguan Iron and Steel, Baosteel Group and Hengjian Investment as the only two shareholders of Shaoguan Iron and Steel, holds 51% and 49% respectively. The proposed proportion of the capital increase, the Shaoguan Iron and Steel registered capital and paid-in capital of 2.74 billion yuan, Shaoguan Iron and Steel after the capital increase registered capital will be changed to 6.04 billion yuan.
* ST Shuguang Deputy General Manager of the staff response, indicating that the Baosteel Group and the Guangdong Provincial SASAC in the steel market, the layout of the Guangdong steel market attention. From the steel consumption in Guangdong in July, the local production of steel production is in short supply, and many needs to be supplied by the North to meet the steel.
However, * ST Shaoguan Donggong Ban staff confirmed to reporters, on the current situation, if the company's net assets this year into a negative, will be increased by the Shenzhen Stock Exchange listed on the implementation of the risk of suspension.
* ST Shaoguan Steel in the two consecutive years of substantial loss of net profit situation, the Shenzhen Stock Exchange has its stock trading delisting risk warning. According to << Shenzhen Stock Exchange Listing Rules (revised in 2014) >> provides that listed companies in the third fiscal year in addition to the audited net profit will continue to be negative, the Shenzhen Stock Exchange will be suspended from listing, the listed company for two consecutive accounting The annual audited net assets at the end of negative, the same will be suspended listing of the Shenzhen Stock Exchange.
According to the latest semi-annual report and annual report of the Company, the net assets of the Company will be RMB 126 million in the first half of 2016, a growth rate of -64.48% as compared with the net assets at the end of the previous year; Net assets of 355 million yuan, up by the end of 2014 the growth rate of -87.92%. According to Wind data show that * ST Steel in the first half of 2016 net asset growth rate of -93.87%.
Shen Meng believes that the parent company to increase capital, can not directly change the balance sheet of listed companies, but the parent company of listed companies after the acquisition of capital, through the acquisition of listed companies or some of the performance of less than ideal assets, thereby changing Net assets of listed companies.
There were no restructuring arrangements during the year
* ST Shaoguan Dong secretarial staff that, because this is the increase in Shaoguan Iron and Steel, Shaoguan Iron and Steel's net asset status is better than * ST Steel. If the parent company with a large amount of assets, the company will be announced. This also confirms some of the investors in the "stock bar" and other trading platform questions raised to the * ST Steel's holding parent company a substantial capital increase, not just to prevent the * ST Steel's net assets during the year does not change to Negative values.
Shen Meng believes that the capital increase is more important is to reorganize next year, in order to save * ST Shaoguan to prepare the shell resources. * ST Although in the short term, the sale of assets to the parent company to eliminate part of the risk of being suspended from listing, but still need to immediately reorganize, then the parent company in the new restructuring process, ammunition". This is why the capital increase of the parent company, rather than * ST Steel.
According to the "Daily Economic News" had reported that the Baosteel Group, as * ST Shaoguan Iron and Steel Group, the controlling shareholder, had hoped to own financial assets to replace * ST Shaoguan Iron and Steel assets, thus avoiding the Shenzhen Stock Exchange suspended the risk, but * ST Shaoguan Iron and Steel on June 13 announced the termination of major asset restructuring issues.
* ST's directorate said that there was no intention to restructure this year, and we promised in the announcement that the restructuring will not be resumed in the next six months, but will continue to do so. The main steel industry.
Analysts said the current market situation, it is difficult to say when the iron and steel market capacity to complete the task, in this half a year or a year is also difficult to rise in the trend, the price of steel in recent years has always been in the volatility And the adjusted state.
Shen Meng believes that the real shell resources to save lives, must be reorganized, which does not rule out the parent company after the replenishment in the next year to use the capital increase of funds for a new restructuring. By selling assets to achieve shell, can not solve the company's overall structural and systemic problems.
* ST Shuguang Deputy General Manager of the staff to the "Daily Economic News" reporter response, uncertain whether the new reorganization after years, and now the market changes are relatively large, and the restructuring is mainly dominated by the controlling shareholder and the actual controller.