Group Reorganization Helps To Break The Bottleneck Of The System.

Against the rampant Internet rumors and plummeting stock prices, mailyard Yang Wensun, chairman of the board of directors, said in an exclusive interview with our reporter recently that the spanfer of shares of the group is proceeding with the approval process, and the management of the company has been actively promoting the cooperation. There is no rumor in the act. The company is operating normally, and the main economic indicators in the first half of the year have maintained growth momentum. Yang Wensun also stressed that the spanfer of group equity is conducive to the solution of the institutional problems of long term bondage and the improvement of corporate governance structure.

Yang Wensun told reporters that the Construction Bank's holding of Meyer group company is a legacy of debt to equity swap. For a long time, due to the banking regulations, the construction bank can not directly participate in the business activities of the enterprise, and the company's decision-making mechanism and responsibility system is actually not perfect. Because the authorization is not clear, the management of the company often fails to make decisions. Some major investment projects can only be brewed for a long time, or even put on the shelf. This has become an important bottleneck restricting the development of the company.

Yang Wensun introduced that in order to standardize the corporate governance structure of the group company, and in order to reflect the proceeds through exit, the Construction Bank agreed to publicly share the 79.94% equity interest of the group. In June last year, the Construction Bank hired KPMG accounting firm to do a due diligence investigation on the group company, and then arranged the public listing spanfer items. The spanfer of property rights strictly adheres to the relevant regulations of the Ministry of Finance on the management of state owned assets spanfer of financial enterprises.

Yang Wensun explained, Huangshi SASAC as group The two shareholder of the company has also played an important role in the spanfer of shares. As a large local enterprise in Huangshi, the development of the group company is directly related to the employment stability of more than 10 thousand employees. The Huangshi municipal government held a special office for this purpose, and set up a working group led by the relevant municipal leaders to coordinate and push forward the matter in accordance with the law. Yang Wensun said that the management of the company plays a role of promotion rather than a decision-making role, and it is even more impossible for Internet rumors to act as a supporting agent.

According to the introduction, the current collection of intention The spanferee includes three companies: drow holdings, Chinese technology and Jiangyin wool textile company. According to the spanfer procedures, the relevant accounting firms have conducted a due diligence investigation of the intentional spanferee enterprises. The Huangshi SASAC also organized experts to conduct qualification examination on the aspects of investment and financing schemes, financial due diligence, democratic evaluation, industrial relevancy, brand awareness, management ability and business credit, etc. At present, the Huangshi municipal SASAC has submitted the qualification review opinions to the Hubei branch of the CCB, which is implementing the approval process.

In response to rumors that Hubei's local authorities intervene in the spanfer of shares, Yang Wensun said he believes that the Construction Bank and local governments will follow the principle of marketization and make them open and fair. In view of the direct decline of stock prices, Yang Wensun said that the company has repeatedly clarified that there is no rumor in the listed company's asset restructuring behavior, but with the new controlling shareholder's entry, the corporate governance structure is further improved, and is bound to enter a new stage of development.