St Huanghai restructuring has been put on hold for 4 months, and the integration of the Chemical tire industry has been blocked.
on August 8, in the old plant area of Huanghai Rubber Co., Ltd. (hereinafter referred to as "St Huanghai (5.30,0.13,2.51%)", 600579), No. 1 Cang'an Road, Qingdao, the company's employees are doing the final relocation work. Soon, St Huanghai will be moved to Jinling Industrial Park, Jihongtan, Chengyang District, 30 kilometers away. However, compared with the clear address of the new plant, the prospect of St Huanghai has confused its employees and investors
"there is no new progress in the reorganization of the company." On the 8th, sunrongqing, the Secretary of St Huanghai, told the Economic Herald. Within nearly four months after the signing of the company's equity transfer agreement, Jiangsu Kaiwei Chemical Co., Ltd. (hereinafter referred to as "Kaiwei chemical"), the potential controller of the company, still did not take over. At the same time, the other two equity successors also fell silent
"the restructuring has been shelved again and again, and the business environment is poor. The situation of St Huanghai is worrying." Sun Cheng, an investor holding st Huanghai shares, said in the guide. Of course, it is not only st Huanghai that was injured. After the two attempts to sell the equity of St Huanghai were blocked, the integration progress of the tire industry under the actual controller of the company, CRRC automobile repair (Group) Corporation (hereinafter referred to as "CRRC") and the ultimate controller, China National Chemical Corporation, was also greatly affectedAfter the Spring Festival, St Huanghai's performance in the A-share market was brilliant -- after giving the performance forecast of a huge loss of 250million yuan in 2011, the company's share price rose instead of falling. In the six trading days from January 30 to February 6, it closed at the limit price for three days, with a cumulative increase of 22.3%. This performance rekindled the market's speculation about the progress of the company's restructuring
it is understood that on October 18 last year, St Huanghai announced that Qingdao Huanghai rubber group, the company's largest shareholder, signed an equity transfer agreement with Kaiwei chemical, Shanghai Yongbang investment and Xinjiang Haiyi Equity Investment Co., Ltd. to transfer its 45.16% equity of St Huanghai at the price of 7.4 yuan/share, and transfer 63.9 million shares, 38.74 million shares and 12.789 million shares to the latter three respectively. Among them, Kaiwei chemical plans to invest 473million yuan to acquire 25% equity of St Huanghai and become the potential largest shareholder
however, within nearly four months after the signing of the equity transfer agreement, Kaiwei chemical and Shanghai Yongbang investment failed to pay the deposit (30% of the transfer), resulting in St Huanghai's failure to submit an application for approval of equity transfer to the state owned assets supervision and Administration Commission of the State Council, and the restructuring progress has been delayed repeatedly
in December last year, the head of CRRC group, surnamed Zhao, who was responsible for the equity transfer at that time, told the herald that since the share price of St Huanghai plummeted after the signing of the agreement, there was a serious inversion with the price of the transfer agreement. The loss was due to the transferee's consideration. The high-speed pulse sent by PLC was input into the high-speed speedometer hsc0 through i0.0 port, and the distance between the ball gaps was judged by comparing the number of pulses obtained in hsc0 with the number of pulses actually needed When the number of pulses received by hsc0 is greater than the preset value, PLC controls the stepper to stop rotating, so as to realize the accurate control of the ball gap distance Reasons for concern (reported in A1 edition of this newspaper on December 23, 2011)
"now the share price has risen so much, if the equity transfer goes smoothly, the share price may continue to rise, and the loss of the transferee will not be too great." Sun Cheng said
the new owner took over the "dilemma"
although the market expectation is strong, the guide learned from all parties that at present, the takeover Party of St Huanghai equity still has no new actions
"I don't know about the reorganization of the company, so I can only do my own work." On the 8th, when the herald came to the old site of St Huanghai, a group of company employees were coming out of the office building. They told the herald that after the 20th of this month, all the equipment and personnel of the company will be moved to the new factory. However, compared with the clear working address, they are confused about the future of the company
"at present, the company is mainly small enterprises, and there is no new progress in production reorganization." The herald then contacted sunrongqing, who said it was inconvenient to accept a face-to-face interview, "if there is a new situation, the company will announce it in time."
the guide then called the three companies that took over the equity of St Huanghai this time. After knowing the identity of the guide, the staff of Shanghai Yongbang investment repeatedly said "I don't know", and then hung up. The staff of Kaiwei chemical and Xinjiang Haiyi Equity Investment Co., Ltd. have been unanswered
a securities analyst wizard who declined to be named said that Kaiwei chemical faced a dilemma in taking over this time. If it takes over, not only will the upside down of the stock price bring certain losses to it, but also there is great uncertainty about whether it can have the strength to save the continuous loss situation of St Huanghai after taking over; If you don't take over, the funds previously paid are likely to be "lost"
according to the previous announcement issued by St Huanghai, the price of equity transfer agreement signed by Kaiwei chemical and other companies, especially in rooms with complex shape design, is 7.4 yuan/share, while the current share price of St Huanghai is 5.17 yuan/share. If the above companies perform, the book loss will reach 30%. At the same time, St Huanghai currently has a large debt, with a loss of 250million yuan in advance in 2011. For the restructuring party, the "hole" to be blocked is getting bigger and bigger
"Sinochem" tire asset integration is blocked
st Yellow Sea restructuring is shelved, which also puts the tire industry integration of CRRC group and China chemical industry group, the company's actual controller, in trouble
it is understood that China National Chemical Corporation has a number of tire companies and rubber research institutes, including Fengshen shares (8.48, -0.03, -0.35%) (600469) and St Huanghai, two listed companies, both of which have obvious horizontal competition. China National Chemical Corporation has been seeking to solve the problem of horizontal competition through the asset restructuring of St Yellow Sea. However, in recent years, the two reorganizations of St Yellow Sea have not been successful, and with the recent changes in the economic environment, the operating conditions of St Yellow Sea may continue to deteriorate
recently, fan Rende, President of China Rubber Industry Association, said that due to the increasing pressure of foreign trade, the export volume of domestic tire enterprises this year is facing the risk of continuous decline. Zhou Ming, an investment consultant of Everbright Securities (10.50, -0.15, -1.41%), also said that the Ministry of Commerce recently issued an urgent warning that the United States may launch more anti-dumping and countervailing investigations against Chinese auto parts products. If it comes true, it will cause a serious blow to the entire tire industry
st Huanghai performance pre loss announcement shows that the company's huge losses are not only affected by market factors such as rising raw material prices and product price fluctuations, but also by internal factors such as the company's insufficient production capacity and relocation affecting production capacity. "Last year, some tire enterprises also operated well, and our situation is relatively special." Sun Rongqing explained the huge losses of the company. The poor automobile performance of a securities company in South China no longer exists. Zeng Wei, an analyst in the automotive industry, said that st Huanghai has been difficult to turn around its losses by virtue of its own business ability, and can only expect restructuring
on September 9, the herald called CRRC again on the restructuring issue. The person in charge surnamed Zhao who was interviewed last time said that he had no authority to accept the interview, and everything was subject to the announcement of St Huanghai. The above-mentioned securities analyst who did not want to be named believed that if the equity transfer has not made progress for a long time, St Huanghai is likely to find another buyer
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