Textile Enterprises Restructure &Nbsp Again; Preference For Mineral Property Is Hard To Predict.

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Tianshan textile announced in June 17th that the pfer of the share pfer price of the company's 75% purchase of the West Delta mining company has been approved by the Xinjiang chamber of Commerce.

Having experienced the first reorganization, Tianshan textile has made a comeback and unveiled the curtain of the textile and garment sector.

Especially for textile enterprises, in order to cope with the international economic environment and fierce market competition, there may be more listed companies in the industry in the future.

Although the reorganization has given new opportunities to many enterprises that are difficult to keep up with or even been on the verge of delisting, many companies have returned to the capital market through other assets injection and main business pformation.

From the new field of textile and garment enterprises, mineral and real estate industries occupy the majority.

But for the reorganization of the business situation, whether it is textile and garment enterprises themselves, or reorganization, are facing greater risks.

Sticking to the main business? Changing the business?

In June 29th, ST de cotton announced that it intends to pfer its 8851.23 shares of state owned shares through an open solicitation agreement, which was approved by the Shandong provincial SASAC.

This share pfer, which accounts for 50.29% of the total share capital of the company, is of great significance, allowing the market to rekindle its hope of restructuring.

ST de cotton went public in October 18, 2006. Since 2008, the company has been losing money for a number of years. Management believes that restructuring is the only way for the company to turn around.

Therefore, in 2009, the German cotton group publicly pferred 52 million 700 thousand shares of its listed companies, which was eventually acquired by the Shanghai love Klc Holdings Ltd (hereinafter referred to as AI Jia Holdings).

According to the restructuring plan at that time, ST de cotton acquired the 100% equity interest of Shanghai AI family real estate group development Co., Ltd., which is owned by AI Jia holdings. After the reorganization is completed, ST de cotton will become a real estate enterprise.

However, with the strict regulation of the real estate industry in October 15, 2010, the SFC announced that it had postponed the application for reorganization of the real estate development enterprises, and solicited the opinions of the Ministry of land and resources for the reorganization of the real estate applications that had been accepted.

The backdoor listing of real estate companies has been "on the brakes", and the restructuring of ST de cotton has not ended.

In June 2nd this year, the ST cotton announcement announced that it would terminate the major asset reorganization of AI family holdings in purchasing assets and related pactions.

At the same time, the first largest shareholder, the German cotton group, intends to pfer the 88 million 512 thousand and 300 state-owned shares of *ST de cotton by way of an open solicitation agreement.

After the share pfer is completed, the German cotton group will no longer hold the ST German cotton stake.

In the two tier market, the restructuring is expected to replace the performance, supporting ST de cotton's share price.

In May 27th, ST's cotton share price was 8.13 yuan, but it quickly rebounded and stabilized above 10 yuan.

In addition to the restructuring of the main industries such as ST cotton, there are also textile and garment enterprises adhering to the main business.

In June 28th this year, Meyer announced that the company received a letter from the largest shareholder of Hubei Meyer Group Limited (hereinafter referred to as "Meyer group"). The largest shareholder of Meyer group, the real owner of property rights, intends to sell 79.94% of its all Meyer group shares through open auction.

The completion of this pfer will result in a change in the actual controller of the company.

Last June, Meyer announced that it became a creditor of the original credit loan company.

There are market rumors that Jin Pai limited and the actual controller of the United States of America China XinDa assets reached a restructuring agreement, strong card Co., Ltd. will inject strong liquor assets.

However, Yang Wensun, chairman of Meyer, made it clear that the company will continue to develop textile and garment industry in the future and increase its brand building.

Although the statement said, the pfer does not involve any changes in the company's main business, such as the restructuring of the company.

But fund manager Wang Yawei, who is good at betting on Restructured shares, has quietly "settled in".

As of the end of the first quarter of 2011, Wang Yawei held the top ten tradable shareholders in the Chinese market, holding 2 million 500 thousand shares.

Preference for restructuring of real estate and mineral enterprises

Whether it is to abandon the main textile industry, or insist on the original business structure, in the uncertain industry situation, textile and clothing listed companies choose to diversify into a trend.

After leaving the textile industry, "to rely on" other industries, the textile enterprises reorganized the drama continues.

From restructuring to industry, real estate and minerals are the main choice.

Before ST de cotton, Wanhao Wan also borrowed the original textile stocks *ST Qingfeng, and became a listed company based on chain hotels and real estate investment management.

In 2008, the company began restructuring two times and injected 2 billion 400 million yuan assets into Tianbao mining industry.

The main fabric of cashmere yarn, cashmere sweater, sweater and blouse is also "love" mineral.

With the help of restructuring expectations, it has been out of 5 trading boards for a long time, but after the first reorganization, the stock price has rapidly descended.

Nevertheless, Tianshan textile still chose to apply for reorganization of the west mining industry in June this year.

In fact, since the beginning of the financial crisis, the main business of Tianshan textile has suffered losses.

Although its operating profit in 2010 turned into a deficit, it only gained a profit of 730 thousand yuan.

To reverse this situation, the local government began to inject mineral resources into the company.

With the help of the government, Tianshan textile began to reorganize its mineral resources.

In June 17th, Tianshan textile announced that the pfer of the share pfer price of the company's 75% purchase of the West Delta mining company has been approved by the Xinjiang chamber of Commerce.

According to the announcement, Katie mining has pferred its 50% stake in Xi Tuo mining to Tianshan textile. Tianshan textile has issued about 74 million 30 thousand shares through the issue of shares, issued about 74 million 30 thousand shares to the Katie mining industry, issuing 5.66 yuan per share, and Qinghai snow Chi has pferred its 25% stake in Xi Tuo mining to Tianshan textile. Tianshan textile has paid about 37 million 10 thousand shares through the issue of shares as a consideration, and the issue price is 5.66 yuan per share.

The reason why mineral injection is chosen is self-evident. In 2010, the total profit of Tianshan textile was 5 million 980 thousand yuan, and the government subsidized 5 million 850 thousand yuan, accounting for 97% of the total.

Among them, only 4 million 370 thousand yuan of social security subsidies accounted for more than 7 of the company's profits.

Tianshan textile and securities affairs representative Zhao Weiguo once said that after the financial crisis, the development of the textile industry was not good enough, and the future was restrained by the internal and external situation, and the profit of the textile industry was rather thin.

It is not difficult to understand whether the market is concerned about the success of its restructuring.

Asset restructuring opportunities and risks coexist

Textile and garment enterprises have high expectations for the reorganized performance, but not after the reorganization, the business situation can be "soaring".

Although the diversification of textile and garment enterprises can share the cyclical and fluctuating risks of single business, the investment of the listed companies in the textile and garment industry after restructuring is completely unfamiliar, which worries investors.

Taking the reorganization of Tianshan textile as an example, the evaluation of the industry is mixed. The main reason is that it is impossible to achieve profit in 2011.

According to "Xinjiang Tianshan wool textile Limited by Share Ltd to buy Xinjiang West Extension Mining Co., Ltd. equity project asset evaluation report", from 2012 to 2014, the 75% shares of the West Extension mining mining profit share of 53 million 258 thousand yuan, 70 million 118 thousand yuan and 70 million 118 thousand yuan respectively.

Corresponding earnings per share were 0.109 yuan, 0.144 yuan and 0.144 yuan.

Tianshan textile said that the added value of the net assets assessment of Xi Tuo mining was 337.34%, of which the appreciation rate of intangible assets was 1020.4%.

But huge profits often bring huge risks. The sky textile has no experience in mineral resources. At the same time, the investment in resource exploitation is huge.

He Zaihua, a senior researcher at CIC, pointed out that from the perspective of risk and revenue, Tianshan textile's acquisition of Xi Tuo mining industry is a coexistence of risks and benefits. The risks are mainly reflected in the following aspects: first, Tianshan textile's main business is textile, lack of experience in the development and operation of mineral resources, and doubt whether it can realize the stable operation of the west mining industry after the acquisition; second, the capital investment in the early stage of mineral resources exploitation is large, and is easily interfered by such problems as technology, environment and administrative licensing. Whether Tianshan textile can overcome these problems is variable.

In addition, Tianshan textile said that due to its current main assets, the first mining section of the Loess Slope in Hami, Xinjiang, was built in 2010 and 2011, and the mining industry of West mining could not achieve profits in 2010 and 2011.

In addition to Tianshan textile, the recent textile and apparel listed companies plan to restructure their assets in Chinese clothing (000902) and Huarun Jin Hua (000810).

But according to the July 6th announcement, Chinese clothing announced that the relevant communication and demonstration work could not be completed within the specified time, and the Longchuan gold mine decided to suspend the reorganization.

According to the announcement, the reason for the restructure is that the reorganization is complicated and the underlying assets are more extensive. Meanwhile, Chinese apparel and big shareholder Heng Tian Group promise not to plan reorganization at least 3 months later.

In July 6th, China's clothing was limitless.

In May 31st, since the announcement of the suspension of Chinese clothing, a total of 4 announcements were made.

In the 2 months before the reorganization of China's clothing industry, its second and third major shareholders reduced substantially.

April 19th China clothing announcement said that from last December 31st to April 18th this year, the third largest shareholder Asset Management Co of China the Great Wall has reduced 2 million 756 thousand and 400 shares, accounting for 1.07% of the total share capital.

After its reduction, its shareholding ratio dropped to 3.39%.

In addition, as of the close of May 17th, two stocks of East West Spring Company had reduced 12 million 899 thousand and 900 shares through block trading and centralized bidding, accounting for 5% of the total share capital.

From March 3rd to May 17th this year, the number of times of West Quan reduction was as high as 16 times.

However, despite the setbacks in the restructuring of listed companies like Chinese clothing, the restructuring of the textile and garment sector is still difficult to stop.

Perhaps now is the time to stop and learn to meditate.