Visit Honghu Lake Qujiawan&Nbsp; There Is No Basis For Guangdong Huanian To Hold Shares On Behalf Of Qu Zhaoyu

The song "The Waves of Honghu Lake Beat the Waves" made Honghu Lake, a county-level city in Hubei Province, a household name; The past and present life of a Lantian Co., Ltd., after ten years, once again stirred the nerves of the capital market. Recently, the report on the bankruptcy and reorganization of Jianghu Ecology (formerly Lantian Shares) has attracted wide attention. As the first domestic company that has retired to the third board, its bankruptcy reorganization, every step forward and every measure Chinese capital [5.40 -1.82%] It has considerable exploration significance in the market.

Last week, the reporter of Securities Daily went to Honghu for the second time and interviewed all parties concerned about the issues that investors pay attention to; Visit Qujiawan on the spot to understand the real situation of relevant assets. From the field interview, under the leadership of the local government, Guangdong Huanian Company has invested human and material resources to start operation after receiving the assets of Honghu aquatic products tourist season Be able to open the door when coming.

The reorganization plan was not passed

Transferred assets are being handed over

On May 25, the first creditors' meeting of Jianghu Ecology was held in Jingzhou Intermediate People's Court Three proposals The three proposals were not passed, namely, "Property Management Plan", "Property Valuation Plan" and "Restructuring Plan (Draft)".

"It is not surprising that the proposal was not passed," said Dai Gangnian, chairman of the Honghu CPPCC and head of the Jianghu Ecological Bankruptcy Reorganization Administrator Group, "because of time constraints, the representatives of the banks concerned did not obtain the authorization of the head office and could not vote."

According to reports, the administrator reviewed and preliminarily confirmed that there were 92 creditors, and the confirmed amount was more than 3.534 billion yuan, while ICBC [4.43 0.45% shares] had 1.2 billion yuan of creditor's rights. According to the Bankruptcy Law, all proposals must be approved by more than half of the number of creditors and the amount of claims (the reorganization plan must be approved by 2/3 of the amount of claims). The bank representative with the largest share of claims did not obtain authorization and did not participate in the voting, so that the two plans and the draft reorganization plan were not approved. Dai Gangnian said: "Although the relevant proposal has not been passed, the administrator is still confident in the bankruptcy and reorganization of the Jianghu ecology, and will do everything possible to do a good job."

On the other hand, after the reorganization party Guangdong Huanian transferred the assets of Lantian Aquatic Products Company, the transfer of relevant assets is in progress. Luo Yuelong, the general manager of Guangdong Huanian, said that the hotel and other facilities are being renovated in full swing, striving to transform 350-400 guest rooms in the peak tourist season this year, so as to initially have the ability to receive tourists. The reporter saw in Qujiawan that many employees were pruning in the yard which had been deserted for many years and was overgrown with weeds. Luo Yuelong said that these employees are newly hired villagers. The company will try its best to create entrepreneurial and employment opportunities for local villagers, and employees of the original Honghu aquatic products can stay as long as they want.

Luo Yuelong also said that they will invest 1.75 billion yuan in five years, and about 200 million yuan will be invested in the first phase from this year to next year, which is mainly used to transform the original hotels and tourism facilities. At present, 18 million yuan has been invested. Among them, Lianhua Hotel [13.84 0.29%], Paradise on Earth Hotel and other hotels will be renovated according to the standards of medium and high-end hotels; The original buildings in the Second Industrial Zone will be built into youth hostels, and part of the original industrial plants will be transformed into food streets and tourist supermarkets.

Government led bankruptcy reorganization

Select restructuring party and focus on comprehensive strength

"The bankruptcy and reorganization of the Jianghu ecology was conducted under the leadership of the local government from the beginning," Dai Gangnian said. "There is no need to hide this. If the government does not act, this asset will continue to rot."

It is understood that in 2008, the main leader of the former Hubei Provincial Party Committee gave instructions on a document, requesting to revitalize the assets of the Jianghu Ecological Company and help enterprises solve difficulties. In August of that year, Honghu City set up a special work team headed by the Secretary of the Municipal Party Committee to formally promote the bankruptcy and reorganization of the Jianghu ecosystem.

Dai Gangnian introduced to the reporter that when the bankruptcy reorganization application of Jianghu ecology was submitted to the court, the court required that the reorganization intention agreement must be signed. As a result, it took more than a year to find the restructuring party. Finally, it found Guangdong Wenshi Group and signed a restructuring intent agreement with it. The whole process of reorganization can stand the test of history and legal inspection.

With regard to the recent report of Wenzhou Nanxijiang Agricultural Group, which has made a lot of noise, Dai Gangnian said that the reason why he did not choose Nanxijiang was that after comprehensive consideration, he believed that the overall strength of Nanxijiang was not enough to revitalize the overall assets involved in agriculture, industry and tourism.

In fact, Honghu's concern was confirmed not long ago. Some media disclosed that in February this year, Nanxi River mobilized its employees to purchase equity for the acquisition of Lantian aquatic product assets. On June 1, Ye Tan, a well-known financial commentator, mentioned in his article that "some people reported that Nanxi River had illegally raised funds, but that it was only employees who bought shares. After thorough investigation, they would be cleared".

It is understood that the statement about "illegal fund-raising" of Nanxi River came from an internal fund-raising document disclosed on the Internet. It said that 30 million shares were privately placed internally, and each shareholder was limited to subscribe within 100000 shares in principle, with 5 yuan per share, raising a total of 150 million yuan. The funds raised were used for acquisition and business recovery, with the goal of a suspended agricultural company in Hubei that was undergoing bankruptcy and reorganization; It is also expected to resume listing before the end of February 2013. If it fails to resume listing at the end of February 2013, it can withdraw its shares freely with 15 ‰ monthly return. The objects of raising funds are shareholders of the group company, relatives and friends of shareholders, group employees, business associates, members of relevant associations of the group company, etc.

Xia Shaolin, a lawyer from Beijing Deheng Law Firm, said that the return of the old third board share transfer companies to the main board was unprecedented and difficult. The timetable for the return to listing could not be determined, and there was a great risk of raising funds at high interest rates.

As a lesson from the past, the restructuring of Heilongjiang Longdi Shares died prematurely because of the high interest private lending of the restructuring party. According to media reports, at the end of 2007, Longdi Shares, also an old third board share transfer company, started asset restructuring. In March of the next year, the restructuring party accepted 75 million shares of Longdi Shares held by the State owned Assets Supervision and Administration Commission of Heilongjiang Province for 50 million yuan, becoming the largest shareholder. However, most of the 50 million yuan came from private usury loans.

Later, the creditors asked for loans. Half a year later, the shares of Longdi shares held by the restructuring party were ruled by the court to be owned by the creditors, so the restructuring plan of Longdi, which was called "the first share to resume listing" by the media, was aborted.

Holding shares on behalf is not a fact

Increase investment and resume operation

Various discussions on the bankruptcy and reorganization of the Jianghu ecology have pushed Guangdong Nianhua to the front stage. Luo Yuelong told reporters that the statement that Guangdong Nianhua natural person shareholder holds shares on behalf of Qu Zhaoyu is not true.

Luo Yuelong introduced that Chen Xiongfei, the chairman of Guangdong Huanian Company, is the president, director and legal representative of Zhongnan Hengzhan Group Co., Ltd. (hereinafter referred to as Zhongheng). Zhongheng has total assets of nearly 8 billion yuan and net assets of more than 5 billion yuan, mainly engaged in real estate, hotels, property management, tourism and other businesses; Foshan Dafa Wholesale Market, in which Chen Xiongfei is the shareholder, is the registered place of Guangdong Huanian. The total annual transaction amount of this market exceeds 6 billion yuan. Feng Zhihong, another natural person shareholder of Guangdong Nianhua, is mainly engaged in steel business, and the steel enterprises it operates and holds are key leading steel enterprises in Foshan.

Qu Zhaoyu himself firmly denied the idea of acting as a deputy. On June 3, when he was interviewed by telephone, he said to reporters: "I have nothing to do with Guangdong Huanian. It is absurd to say that others hold the shares for me. I am still the third largest shareholder in the Jianghu ecology. Why should others hold the shares for me? Isn't that to gild the lily?"

Luo Yuelong said that in the total investment of about 1.8 billion yuan in Jianghu ecology, the direct investment in aquaculture accounted for about 20%. Wen's Group holds 20% of the shares in Guangdong Huanian. Wen's plan is to revitalize the original Lantian Feed Factory and transform it into a large-scale feed factory with an annual output of 150000 tons to meet the feed needs of Wen's aquaculture industry in Hubei; In addition, 300 million yuan will be invested to build a "piglet" factory with an annual production scale of 600000 pigs, which will drive the surrounding farmers with the "farmer+enterprise" model. At the same time, the fish and pig breeding industry characterized by the "fish pig mixed breeding" model will be developed. The total investment in breeding and feed factories is about 450 million yuan. Wen has selected a vice president from its enterprises all over the country to be responsible for the implementation of this project in Honghu.

Jin Dechang, the deputy general manager of Guangdong Huanian in charge of tourism business, said that Honghu Scenic Spot is a national 4A scenic spot. It is a pity that under the extremely hot national tourism market, there were only 20000 to 30000 tourists in Honghu Scenic Spot during the May Day holiday this year, and 70000 to 80000 tourists throughout the year.

It is also a red tourist attraction. There are hundreds of thousands of tourists in Jinggang Mountain in Jiangxi Province, Shajiabang in Jiangsu Province, Weishan Lake in Shandong Province and other scenic spots throughout the year. After Hua Nian officially took over, first repair the damaged facilities, and strive to have the necessary reception capacity when the peak season comes on June 10, and open the door to welcome guests; We will strive to double the number of tourists every year in the first three years, with a minimum target of 500000 tourists per year.
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