Shagang Backdoor *ST Copper Into A Shares

Seeking

And after putting the 63.79% stake in Huaisteel special steel into the listed company, will the Zhangjiagang iron and steel group realize the overall listing of all assets in the future? It also makes the market full of imagination about the name of the world's steel giant in Mittal and Pohang, which is located in the small town of Eastern China.

Shagang is coming.

The first rebirth of small and medium board delisting

Shagang Group's listing path can be traced back to 1994, when shagang group already had the basic conditions for listing, and the rapid development of that time was destined for huge capital demand.

But the listing opportunity finally made way for the local state-owned enterprises for two successive times under the arrangement of relevant departments.

In the new century, [23.09 0.57% shares. In 2003, shagang group wanted to realize some assets listing through its Zhangjiagang Oriental Gas Limited company, but the result was rejected by the relevant departments.

Since then, 2007 years ago, Shagang Group has also considered the shell of Liaoning listed companies Linggang [11.40 0.35% shares, it can still fall short, in Linggang and the local government almost ready to clash the last minute, was stopped by the relevant departments of Liaoning Province, the reason is not agree to the province's steel enterprises sold to the field.

However, unexpected events suddenly came.

In 2008, a new financial crisis broke out at the same time as Shagang, a listed company in Zhangjiagang. After that, Gao Xinzhang copper went through a rare "three stage jump", pformed from high tech Zhang copper into *ST Zhang copper, and became the first small and medium-sized board to withdraw from the market.

Shagang acted as a "Knight" for *ST Zhang copper.

In May 21, 2009, *ST Zhang copper formally announced the reorganization plan. The reorganization of Fang Sha Steel intends to put its 63.79% stake in Huaisteel special steel into *ST Zhang copper, so as to realize the backdoor listing of some assets.

Since then, Shagang has made great contributions to promote the resumption of *ST Zhang copper. First, it presented 260 million yuan to the company in the form of bank notes in June 30, 2010. After that, the bank entrusted loans to save *ST Zhang copper for 278 million yuan, and Shagang Group also promised to shoulder the burden of staff resettlement, debt disputes and so on.

At the end of 2010, in accordance with the restructuring plan, *ST Zhang copper issued 63.79% shares to the Shagang Group's non-public offering of 1 billion 178 million shares to the shagang group. After the paction was completed, Shagang Group owned 74.88% of *ST Zhang copper and became the controlling shareholder of *ST Zhang copper. At the same time, the special steel of Huaisteel group under Shagang was also put into *ST Zhang copper.

In March 31, 2011, *ST Zhang copper announced that the company's A share was reissued from April 8, 2011, and the risk warning for delisting was removed from the company's application and the Shenzhen Stock Exchange's approval.

Meanwhile, since April 8th, the company's stock has been changed to "Shagang shares" for short, and the stock code is "002075" unchanged.

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Profitability of state-owned steel enterprises

Overall listing of large imagination

The profitability of Shagang has always been praised by the steel industry.

After the completion of the reorganization, the annual report released by *ST Zhang copper also showed that during the reporting period, the total assets of special steel of Huaisteel group were 10 billion 723 million yuan, the total operating income was 12 billion 537 million yuan, net profit was 561 million yuan, and net asset yield was 19.16%. The total annual income of the company was 561 million yuan.

At the same time, WIND data show that as of yesterday, in the 19 listed steel companies listed in the 2010 annual report, the net assets earning ratio of Daye steel [18.33 0.22% shares is 24.52%. The net asset yield of other steel enterprises is lower than that of Huaisteel special steel. Even if it is regarded as the leading [7.26 of the Baoshan Iron and steel company, the return on net assets is only 12.90%.

Regardless of business scale or revenue, net profit and other financial indicators, the newly injected Steel Company of Huaisteel group is only a small part of Shagang Group.

"It is not the best quality asset, Huaisteel is also bought by Shagang in 2006."

Yesterday, "my steel network" information director, well-known steel expert Xu Xiangchun said in an interview with our reporter.

Statistics show that, in the 2010 year, Shagang developed 21 new products with high tech content and high added value of 21 series and over 50 varieties, and 26 varieties of high strength low alloy structural steel, high rise building steel, pressure vessel steel and automobile girders steel formed mass production.

In 2010, Shagang gained 178 billion 600 million yuan in sales and 9 billion 200 million yuan net profit, up 22% and 75% respectively compared with the same period last year. The total amount of profits and taxes was 12 billion 800 million yuan in that year.

In the same year, Shagang again entered the world top 500, and won the top spot among the top 500 private enterprises in China.

It is precisely because of this that the market is full of expectations for the overall listing of Shagang in the future.

In this regard, Jia Xiang, vice chairman of Shagang, has said before that after Shagang's backdoor listing is successful, it will consider adding other excellent assets of the group to the listed companies.

Xu Xiangchun also said: "now that Shagang already owns such a platform, the possibility of listing as a whole is much larger."

However, he also pointed out that Shagang's first tier enterprises and two tier enterprises are numerous, and their ownership structure is not very clear. Therefore, it is not a big problem to operate in the future if they want to go on the market as a whole.

It is reported that the reason why Shagang chose Huaisteel special steel instead of Shagang is injected into the listed company. In addition to the concept of "special steel" in Huaisteel, there are many subsidiaries, such as many subsidiaries and legal persons and shareholders.