The Lack Of Funds And The Failure Of Hong Kong Group'S Overall Listing

In July 1, 2008, the announcement of the red bean shares was due to the fact that in the process of implementing the non-public offering programme, the government decided to abandon the non-public offering of shares to the red bean group for the purpose of entering the main land and municipal planning of the assets.

The asset injection, which was originally favored by most investors, was abandoned like this, causing panic among the majority of investors and calling the investor rights protection hotline (010-82031724) of the securities daily to find out why the red bean group gave up its earlier listing as a whole.

Reason 1:

Land change and occupation are too large.

Obstacles to the layout of clothing industry

It is understood that in December 21, 2007, at the twentieth meeting of the third board of directors held by the group of red beans, the motion on the conditions for the company to meet the A share conditions of the non-public Development Bank and the motion for the company to issue shares to buy assets were deliberated and approved.

Public information shows that at present, the clothing assets of Hong Kong group besides listed companies are mainly operated by the following companies, including Taihu industrial, red bean clothing, bang Yi dress, far east dress, red bean dress, red dress, red bean jacket, love dream dress, Thailand dress, red bean packaging and red bean import and export.

Many investors and agencies believe that the injection of red bean clothing assets is a great positive news for the future development of Hong Kong stock.

However, in July 1st of this year, Hong Kong shares issued a notice that the land use policy changed due to the municipal planning problem due to the major land to be entered into the assets, which made the company's original issuance plan complete and had substantial obstacles and could no longer be compatible with the strategic development plan formulated by the company.

In July 7th, Meng Xiaoping, a director of red bean, explained in an interview with our reporter: "because the amount of land change accounts for more than 20% of the total assets, which has caused substantial obstacles to the layout and planning of our original clothing industry, so we will abandon the plan."

At the end of 2007, the ormosia group was confirmed in the preliminary plan. It intends to issue 100 million shares to Hong Kong Group Co., Ltd., to purchase the assets of clothing companies and related land, housing and other assets held by the red bean group, so as to achieve the total assets of the group's clothing assets being injected into the listed companies. The estimated value of these assets is about 830 million yuan.

Relevant personages also revealed that later, due to various reasons, the asset injection plan was delayed.

Guotai Junan said in the research report that the "land use policy change" in the announcement did create obstacles to the implementation of the original issue plan.