The Delay Of ZOJE'S Restructuring Is Too Tight.

ZOJE's announcement was 3 days later than originally planned, but the result remains unchanged.

It is still unclear how the Leapfrog Group will eventually get out of the predicament.

In August 28th, ZOJE was originally a ZOJE stock (002021) day to release the integration plan with the flying group, but due to the urgency of the time, the integration scheme failed to come out in time, and the announcement integration plan was announced and resumed in September 1st.

"These 3 days can be compared to the 30 days before."

A Taizhou investor, Mr. Ying said, the two companies are in Taizhou, and he invested in ZOJE shares, so he was particularly looking forward to the announcement in September 1st.

However, 3 days later, the investor did not get the result he expected.

The day before yesterday, ZOJE shares announced that due to the wide range of work and heavy workload, the parties failed to agree on the integration plan.

The company is committed to no longer planning major asset reorganization within 3 months from the date of resumption.

The stock was put on the limit all day after the resumption of the day at 10:30.

Yesterday, I continued to limit.

Like Mr. Ying, many people who care about the leap Group are also disappointed by this announcement.

However, yesterday, reporters learned from ZOJE and leaps that the integration between the two sides was not completely blocked.

"The main reason is that the time is too tight, and we still have the intention to integrate. After 3 months, we will definitely have further consultations."

In, ZOJE shares and leapfrog group were the leading enterprises in the sewing machine industry.

However, this year, this pair of male and female has been in various difficulties for various reasons.

In June of this year, the group fell into the danger of capital chain breaking.

On the one hand, it is derived from its excessive pace of expansion; on the other hand, it has nothing to do with the plight of the whole industry.

For a time, the group jumped to the brink of bankruptcy due to tight funds, and the fate of Qiu Jibao, chairman of the group and chairman of the group, attracted much attention.

Almost at the same time, ZOJE, another sewing machine enterprise in Taizhou, was publicly condemned by the Shenzhen stock exchange for its large shareholders.

On May 15th, the Disciplinary Committee of the Shenzhen Stock Exchange publicly condemned the 17 directors, supervisors and senior managers of ZOJE shares, ZOJE group, Cai Kaijian and ZOJE shares.

Three days later, six ZOJE executives, including Cai Kaijian and Tang Weibin, resigned.

"The deep reason behind this incident is also due to the adjustment of sewing equipment industry."

Taizhou, another unnamed sewing machine manufacturer, said that with the RMB appreciation, labor costs rising, credit crunch and other changes, Taizhou sewing equipment industry suddenly entered the freezing period.

Meanwhile, a series of malpractices, such as vicious competition in the industry, concentrated products in the middle and low end, are beginning to appear.

Under the influence of the environment, the performance of ZOJE shares has also declined sharply.

According to its published mid day report, the main business revenue in the first half of this year was 299 million 483 thousand and 900 yuan, a decrease of 39.41% compared with the same period last year, while the net profit realized was only 18 million 876 thousand and 800 yuan, a decrease of 61.17% compared with the same period last year.

The government is pulling the line and looking for a win-win situation. The leading enterprises in the two major industries are in the same predicament. It is possible to consolidate and warm up together.

This is undoubtedly a good opportunity to get rid of the crisis for the leap, and for ZOJE, it is also a kind of self rescue for itself.

It was the Taizhou municipal government that finally led the two sides to sit at the negotiating table.

"There are many versions of the restructuring leap before, but what is really more feasible is through industry integration."

An industry insider in Taizhou told reporters.

Taizhou is the most important processing and manufacturing base of sewing machinery industry in China and even the world. It is known as the "China made sewing equipment manufacturing capital". It has gathered many famous sewing machines manufacturing enterprises, such as leap, ZOJE, new Jack, gemstone, Tongyu, and thousands of related parts supporting enterprises.

Sewing equipment manufacturing industry is one of the five pillar industries in Taizhou.

However, since the second half of 2007, with the structural adjustment of China's textile and garment industry and the domestic and foreign factors affecting the export tax rebate rate and other factors, sewing machinery industry has entered an industrial adjustment period, and many sewing equipment manufacturers are having difficulty in operating.

Zhang Ruimin, director of the Taizhou Economic Commission, said in an interview with reporters that helping Taizhou to get out of the predicament is not only the idea of the municipal government, but also the desire of the provincial government.

In July 30th, the announcement of ZOJE shares said that in July 26th, the company received an invitation from the local government industrial and economic department to participate in the integration of sewing equipment industry in Taizhou, and discussed with the group of the same industry as the leap Group of the industry on industrial integration and bilateral cooperation.

"We just hope that the two sides can integrate in the same industry so as to achieve win-win situation."

Zhang Ruimin is looking forward to the integration of the two major enterprises.

A month's negotiations failed. In fact, there were rumors in the July 26th before the integration of ZOJE and leaps.

Because of the industry integration, ZOJE shares will be suspended in the afternoon of July 25th.

At this time, ZOJE shares rose 5 consecutive trading days, from 5.50 yuan to 7.02 yuan on the way.

"We only started contacting with leaps after July 26th."

Cui Yanfeng, deputy director of ZOJE shares, said that after 3 days of intense negotiations, the two sides signed the letter of intent in July 28th, and ZOJE and the leap Group will carry out industrial integration.

After that, the two enterprises sent out relevant industry researchers, financial personnel and forensic personnel to study the specific industrial integration plan under the coordination of relevant functional departments of the local government, and submit their respective authorities for research and approval.

However, ZOJE shares announced yesterday that since the signing of the letter of intent to cooperate with the leap Group in July 28, 2008, it has repeatedly discussed the matter of integration with the leap Group, and has held several consultations with the parties concerned.

However, due to the wide scope and heavy workload of the integration work, the parties have not yet reached an agreement on the integration plan.

"Both sides are very sincere about this integration and are very eager to succeed."

Nguyen Kyrgyzstan, deputy secretary of the Party committee of the leap Group and chief responsible for integrating negotiations with ZOJE, told reporters yesterday that there were too many problems involved in the whole negotiation process, some of which were more complicated, and it was very difficult to negotiate in a month.

Ruan Ji Quan revealed that the current asset price assessment of the leap Group has not been put in place.

For both sides of the integration action, leap asset assessment is the first step.

It has been reported that GF has assessed the assets of the leap for 2 billion 400 million yuan, while the Taizhou municipal government believes that it has 2 billion 600 million yuan.

"It's mainly too late."

When it comes to the failure to reach an integrated consensus, ZOJE's deputy director, Cui Yan Feng, said yesterday that according to the provisions of the listed companies of small and medium-sized boards, it must be negotiated within a month, otherwise it can only be shelved temporarily.

I hope that we will be able to sit together again.

Yesterday, both sides of ZOJE and Leo said they had only temporarily suspended negotiations, and the two sides' integration had not been blocked.

"We have basically the same views on some big issues."

Ruan Ji Quan said that there are still some differences between the two sides in terms of asset valuation price and shareholding ratio.

It is understood that both sides hope to leap by ZOJE holdings. "But how much specific shares are held, because asset prices have not been assessed well, it is difficult to decide."

Nguyen Kyrgyzstan said that the two sides must continue to talk about it in the future, and the Taizhou municipal government also very much hopes that ZOJE and leaps can finally lead to cooperation.

For integration, ZOJE is also looking forward to it.

In response to concerns over whether ZOJE's restructuring will drag down ZOJE, ZOJE Group official said that although the city government played a leading role in the integration process, it was not a mandatory order.

ZOJE will also consider itself from the company's own perspective. Restructuring will certainly not drag on the listed companies.

According to the source, ZOJE's products are mainly industrial sewing machines, which mainly sell the domestic market, and the main products are domestic sewing machines. The advantages of the two enterprises are complementary.

In the process of integration, ZOJE reorganized the assets of sewing machines, and this business still made money.

After restructuring, the brand will be retained.

ZOJE shares will surpass Shang Shen Bei to become the first sewing machine enterprise in China. "

"If integration is ultimately successful, it is not only a good thing for the two companies, but also a strong heart for the entire sewing equipment industry."

For the integration of the two sides, the industry is also full of expectations.