Huafang Textile Infighting Door Details To Restore Half A Month 1 Billion 600 Million Market Value Evaporation

The new energy concept stocks unanimously sung by brokerages Huafang textile (600273.SH) the market value has evaporated more than 1 billion 600 million yuan in half a month since the restructuring was aborted in May 17th.

Since the second half of 2009, Huafang Textile Co., Ltd., whose main business performance is worrying, has invested in the "new energy concept" by investing in holding the Jiangsu Tiantian new energy Polytron Technologies Inc (hereinafter referred to as "Li Tian company") and Zhangjiagang Hua Tian Xin Mstar Technology Ltd (hereinafter referred to as "Alex Hua Tian company"). Price of stock From 6 yuan to 18 yuan in one year. At present, Huafang textile owns 70% stake in Li Tian company and Alex Hua Tian company.

The reason why securities companies look at the stock market is that its New Energy Company performance was released in 2011. It was slapped by Huafang textile company recently, "the low gross margin of Alex Hua Tian company, the financial pressure and financial cost of the company, and the uncertainty of whether the company can make profits as soon as possible". Because of the vague prospects of new energy and the entangling of equity disputes, the shareholders of Huafang textile have been retired.

　　 Broker Sing many companies sing empty

In May 17th, Huafang textile reorganization aborted, resumed the first day of the stock price intraday limit, followed by May 26th, 27, 30, three consecutive trading days down. In June 2nd, Huafang textile dropped 5.15%, closing at 9.58 yuan, hitting a new low in one year, a decrease of -42.3% in one year. Relative to the closing price of 14.81 yuan before restructuring, its stock market value has evaporated over 1 billion 600 million yuan in half a month.

Previously, since the start of the new energy concept, various public offerings and private placement were in the top ten shareholders of Huafang textile company, "the city changed the banner of the big city". Huafang textile shares jumped from less than 6 yuan to more than 18 yuan in one year. In April 22, 2010, the company's largest shareholder, Huafang group, reduced its holdings by 263 million yuan on the day of its record high share price.

Although as of 2010, Huafang textile "battery manufacturing" main business of the "sub sectors", operating income of 2 million 490 thousand and 600 yuan, operating profit margin of -140.43%, still in the loss. It has not yet reached the conjecture of its new energy profit.

In January of this year, Zhou Sili, a researcher at Northeast Securities, said after investigation that Li Tian's performance was expected to be released in 2011. After studying, Huatai Securities researcher Gao Guo predicted that Alex Hua Tian had the capacity of producing 5000 tons of electrolyte annually, which will reach full production in 2011 and make a great contribution to the company's performance. In addition, Donghai securities, Huachang securities, Dongxing securities, Haitong Securities, Xiangcai securities, Tian Xiang Gu, CIC securities, and Ying Da securities have issued a research report, which holds that New Energy Company will make a greater contribution to the performance of listed companies.

In May 30th, Huafang textile announced that Alex Hua Tian's profit outlook is still uncertain, and is continuing to lose money. Li Tian's product market is still in development and cultivation period, and whether it can make profits as soon as possible remains uncertain.

Reporters on May 31st in Zhangjiagang Huafang textile field interview, chairman Dai Yunda vaguely informed, "can only say, we hope (new energy) this year will be profitable." He believes that the current lithium battery industry market situation is not very ideal.

The profit outlook of Huafang textile's new energy is still different from that of securities companies and companies.

Up to the end of the first quarter, the Guangdong Hai Fu Group, the second largest and fourth largest shareholder of the Shenzhen investment group controlled by Tu Huilong, had 14 million 540 thousand shares and accounted for 4.62% of the total share capital.

A person in charge of the Hai Ya group confirmed that after the failure of Huafang textile planning as a whole, the Hai Ya group and Zhong Yue investment chose clearance. When it resumed in May 17th, they sold them at the selling price limit, and completed the clearance in May 25th.

This person frankly, Hai Ya group's investment in Huafang textile is valued for its new energy sources. The reasons for the final clearance include, but are not limited to, the dispute between Huafang textile New Energy Company and Xiao Zhao Asia.

Check evidence of both parties at court

In June 2nd, Shaw and Huafang, holding 30% stake in Alex Hua Tian company and a small number of shareholders of Li Tian company, made a cross examination in the court of the intermediate people's Court of Suzhou.

Xiao Zhaoya said that he was the founder of Li Tian company and Alex Hua Tian company. After his general manager was hired by Shi Weixin, director of Huafang textile office, he planned to transfer his shareholding to third parties. After being refused by Huafang textile, he sued Hua Fang textile for the transferable share of the price of 2.3 yuan / share. Dai Yunda said that Huafang textile could allow Xiao Zhaoya to hold shares, and the focus of the two sides' contradiction is to transfer the price.

The lawyer of Huafang textile said Alex Hua Tian's assets were being reduced, not worth the above "offer", and submitted an assessment of Alex Hua Tian. The assessment shows that Alex Hua Tian's net assets book value is 15 million 140 thousand yuan, but the assessment value is 10 million 980 thousand yuan, and the appreciation rate is -27.50%. The assessment date is at the end of 2010.

But Xiao Zhaoya stressed that 2010 is the incubation period of the company, and the loss is normal. In 2011, the monthly profit of the company will reach at least 800 thousand yuan per month.

Reporters from the Alex Hua Tian insiders in August 2010 -2011 May "electrolyte delivery registration" shows that in the past three months, the trial production of Alex Hua Tian's electrolyte sales is rising month by month: in March 2011, sales of 35.9 tons, sales of 2 million 630 thousand yuan; April sales of 34.1 tons, sales 2 million 490 thousand yuan; May sales 7.4 tons, sales 4 million 729 thousand and 400 yuan, will contribute about 1 million 420 thousand yuan gross profit in the month.

Alex Hua Tian, general manager of Shi Weixin, said that the reason why Hua Fang textile did not agree with the above transfer was that "the plan to grant Xiao Zhaoya shares is a Japanese, called Horiguchi Haruki, who has the bottom of the case." He also questioned Horiguchi Harukima's desire to stake Alex Hua Tian's company, but it has not seen the company yet.

Horiguchi Haruki admitted to reporters that he had invested in a training institution, the partners suspected of false invoices, resulting in problems left over by history, which have not yet been resolved, but they can not be described as "bottom of the case", and will not affect their acquisition of shares of Alex Hua Tian company.

He said he knew the lithium battery industry very well. He saw Xiao Zhaoya take the initiative to contact the stock transfer information on the Internet. "Alex Hua Tian's electrolyte in the mainland of China sells for about 120 thousand yuan per ton, but exports to Japan can reach 18 yuan." Horiguchi Haruki said that if he got the equity, he could not only arrange for the Japanese customers but also use his connections to sell Alex Hua Tian's electrolyte to Southeast Asia. "I didn't go to inspect it because it was only a transferee's intention at the moment, but it has not yet entered the operational level." He said.

The reporter was informed that Xiao Chao had 15 million yuan in registered capital, and he had planned to purchase 8 million of his registered capital by 18 million 400 thousand yuan, while another Japanese Ishii Miyuki was willing to give 16 million 100 thousand yuan to the remaining 7 million yuan.

Alex Hua Tian's articles of association show that Huafang textile has the priority transferee for the transfer of Shaw Asia shares, and Xiao Zhao has not agreed to Hua Fang textile for the transfer of shares unilaterally to the third party.

Dai Yunda said that Hua Fang textile also listed Xiao Zhaoya as the defendant. The case will be held in June 9th, with the aim of refuting Xiao Zhao's lawsuit.

Xiao Zhaoya's lawyer Chen Liang believes that if New Energy Company shareholders' contradictions can not be solved, they will not only impede New Energy Company operation, but will also seriously damage the interests of shareholders of Huafang textile, especially small and medium-sized shareholders, because of the release of promising new energy performance.