Home >

Xinyang Feng Backdoor Listing Will Inevitably Lose Money In Garment Restructuring.

2014/1/16 16:37:00 22

??? 日本語 Fran?ais English 中文

Xinyang Feng Backdoor Listing Clothing Restructuring

Chinese clothing, which is deep in the mire of losses, has finally come to light after months of waiting. The restructuring plan is expected to be completed by the end of February this year. P

Chinese clothing, which is deep in the mire of losses, has finally come to light after months of waiting. The weekly newspaper reporter learned that the major asset restructuring plan of China's clothing industry is expected to be completed by the end of February this year.

December 11, 2013, Chinese clothing announced that the company's major asset restructuring plan was formally approved.

After the reorganization is completed, the controlling shareholder of Chinese clothing will be changed from China Heng Tian Group to Hubei Yang Feng Limited by Share Ltd (hereinafter referred to as "Yang Feng shares"), and its main business will be pformed from textile printing and dyeing and textile trade to production and sale of phosphatic compound fertilizer.

"after the company's assets are put into operation and the assets are put into operation, the issue of shares will be processed, and the relevant procedures will be completed after the relevant procedures have been completed at the exchange and the company. It is expected to be completed before the end of February."

In January 9, 2014, for the completion of restructuring, Chinese clothing on the investor interaction platform answered.

this reorganization is another self redemption of this old textile enterprise. In order to return the funds, Chinese clothing has repeatedly traded in related pactions to adjust profits. The company was also warned of the risk of delisting in 2010 because of two consecutive losses. Although the same year, it turned losses and pferred to print, but it quickly fell into a huge loss.

the assets injected into the restructuring are 100% stake of Hubei Xinyang Feng fat Limited by Share Ltd (hereinafter referred to as "Xinyang Feng").

In the 2010-2012 year, Xinyang Feng achieved a net profit of 382 million, 476 million and 371 million yuan respectively, which is called "quality resources".

Although Xin Yang Feng's profitability is strong, the overall market demand is also sluggish, adding uncertainty to its future development.

"At present, the supply of fertilizer market exceeds demand, and competition among enterprises is fierce.

In the future, the industry structure will be adjusted. Some factories with high energy consumption or no resource advantages will gradually be eliminated by the market.

Li Yu, a fertilizer industry analyst at Treasure Island, told the times weekly reporter.

many times related pactions difficult to block losses

according to the reorganization plan, the proposed assets will be injected into the 100% stake of Xinyang Feng fertilizer industry. The estimated value of the assets is 2 billion 578 million yuan. The assets are estimated to be all assets and liabilities of Chinese clothing. The net value is 320 million yuan, the difference between them is about 2 billion 200 million yuan, and the difference is partly purchased by the Chinese clothing to the 45 natural persons, such as Yang Feng shares and Yang Caixue.

after the completion of the reorganization, the total share capital of Chinese clothing will be changed to 601 million 800 thousand shares, of which the foreign shares will hold 290 million 300 thousand shares of A shares of Chinese clothing, with a shareholding ratio of 48.24%. The concerted action person Yang Caixue will directly hold 29 million 652 thousand and 200 shares of A shares of Chinese clothing, with a shareholding ratio of 4.93%.

According to this calculation, Yang Feng shares and its concerted action will hold 32 thousand shares of A shares of Chinese clothing, with a shareholding ratio of 53.17%.

At this point, Yang Feng shares will become the controlling shareholder of Chinese clothing, while Yang Caixue, chairman and general manager of Yanfeng shares, will become the actual controller of Chinese clothing.

to explain to Chinese clothing, Xinyang Feng is one of the leading enterprises in China's phosphate and compound fertilizer industry. If it can smoothly be injected into the listed companies, it will help to enhance the core competitiveness of listed companies and contribute to the sustained and healthy development of listed companies.

"We will re register a company and continue the textile printing and dyeing business."

Chinese clothing secretaries staff told times weekly reporter.

asset restructuring may be an act of necessity for Chinese clothing that is in a great loss.

According to its semi annual report in 2013, the company achieved revenue of 629 million yuan during the reporting period, down 6.84% from the same period last year, while the net profit attributable to shareholders of listed companies was 32 million 968 thousand and 700 yuan, down 72.03% from the same period last year.

In 2012, it was a loss of 44 million 174 thousand and 800 yuan, down 1608.34% from the same period last year.

"whether it is from the scale or from the financial data, Chinese clothing is in a medium position in the textile industry, and there is still a big gap with the enterprises such as" Hua Hua Group "and" YOUNGOR ".

The poor performance of Chinese clothing is related to the macro environment and the downturn in the industry, on the other hand, it is also related to the industry cold tide after the early rapid expansion and the rising operating costs.

Ding Weiqi, the Consulting Director of the CIC consultant, told Times reporters such as the sluggish performance of Chinese clothing.

in fact, after experiencing a loss of 47 million 775 thousand and 900 yuan in 2008 and a loss of 48 million 610 thousand and 600 yuan in 2009, Chinese clothing was warned of delisting risk at the beginning of 2010, and the stock was changed to "*ST in service". In 2010, when China realized 23 million 596 thousand and 700 yuan profit, Chinese apparel successfully removed its hat in April 2011, but then its net profit began to decline in a straight line without any signs of reversing.

reporter found that in order to adjust profits and get rid of the declining trend, Chinese clothing has been buying and selling assets many times, and most of them are related party pactions.

In January 11, 2013, Chinese clothing announced the acquisition of a 39.95% stake in Shanghai Jinhui Investment Industrial Co., Ltd. (hereinafter referred to as "Shanghai Jinhui") under the control of a large shareholder under the control of the same shareholder. After the completion of the acquisition, Shanghai Jinhui became a wholly owned subsidiary of Chinese apparel.

Chinese apparel said the acquisition would bring profits to the company 50-100 yuan per year.

span style=" font-family: "style="; "

< --EndFragment-- > April 2010, 60% of the shares owned by Chinese garments will be pferred to Beijing Xiaodong industry and Trade Co., Ltd., and the share pfer price will be 14 million 10 thousand yuan. "--EndFragment--"

October 27, 2011, 70% of the shares of Chinese clothing control company, Foshan Shunde District Zhongfu textile printing and dyeing Co., Ltd. were officially listed on the Beijing property exchange. The paction price of the pfer was not less than 54 million 554 thousand and 570 yuan. After a week, it was taken by Hongda, a subsidiary company of China Hi-Tech Group Corporation, a Chinese apparel holding stock company, with a paction price of 54 million 554 thousand and 570 yuan.

In P June 2008, part of the receivables owned by Chinese clothing will be replaced by the property of Zhejiang building and COSCO International owned by the company's shareholders.

The estimated value of Chinese apparel assets is 39 million 822 thousand and 900 yuan, and the value of assets to be assessed is 35 million 36 thousand and 200 yuan. The difference is paid by Chinese and silk companies in cash within 30 working days from the date of entry into force of the asset swap agreement.

the prospect of pformation of chemical fertilizer business is unknown.

2011, China clothing launched the advanced customization "a href=" http://www.91se91.com/pioneer/ "men's clothing brand < /a", and hired the Italy clothing brand Zegna's Asia region design director Francesco Fiordell as the chief designer.

In the semi annual report of 2013, , Chinese clothing said that "cooperation with the top garment factories in Italy" is a combination of Chinese and Western culture in terms of form and culture, and is strives for improvement in quality. Both in terms of culture and market, it has its own unique competitiveness.

But the times weekly reporter found that in addition to the description of the "community", the Chinese clothing 2012 annual report and 2013 semi annual report did not mention the sales of the brand clothing, and there are few related information on the Internet.

The "P" men's clothing is a high-end customization, and has always been accepted by customers.

The above director of Chinese clothing agency said that she did not know clearly about the sales volume of the "community".

relative to China's < a href= "http://www.91se91.com/pioneer/" > clothing > /a > the past dismal performance, the new trading company, Xinyang Feng, has made brilliant report cards in recent years.

In the first half of this year, Xinyang Feng realized a net profit of 260 million yuan. From 2010 to 2012, Xinyang Feng achieved a high profit for three consecutive years, with net profit of 382 million, 476 million and 371 million yuan respectively.

as one of the leading enterprises in China's phosphate and compound fertilizer industry, the company mainly engaged in phosphate fertilizer, compound fertilizer, organic and inorganic compound fertilizer and other businesses.

But it is interesting to note that at the end of February 2013, Yanfeng shares stripped the original phosphate resources of Xin Yang Feng, and promised only that they would be injected into the listed companies in the future.

In this regard, in the announcement, Yang Feng shares explained that Xinyang Feng mining's main mining assets are prospecting rights, and most of them are in the prospecting stage. In the future, Xinyang Fung mining will be injected into the company after the assets belonging to Xinyang Fung mining industry form a sustained and stable production capacity.

"large scale chemical fertilizer enterprises will have their own mines, or mine companies under their own controlling shareholders group. Because the ore price is relatively low, and the fluctuation is not large and the profitability is not strong, some listed companies in the fertilizer industry will strip off the mine which is not very profitable."

Li Yu explained to the times weekly reporter that she said this practice is not uncommon in fertilizer enterprises.

"now the competition of chemical fertilizer enterprises is relatively large. If the advantage of phosphate resources in Yanfeng shares is, then the cost will be well controlled."

Li Yu analysis shows that the market price of monoammonium phosphate is now between 2005 and 2010 yuan. If the enterprises own phosphate resources, they will have greater price advantage.

it is worth noting that the Hubei Hubei Chemical Industry Co., Ltd., controlled by Yang Cai Xue's brother Yang Caichao (hereinafter referred to as "Hubei chemical industry"), is also engaged in chemical fertilizer production.

According to the industrial and commercial information, the business scope of Hubei chemical industry includes "sulphuric acid, superphosphate, monoammonium phosphate, compound fertilizer, compound fertilizer production and sale", which is highly coincided with Xinyang Feng's business.

it is understood that < a href= "http://www.91se91.com/pioneer/" > Yang Caichao < /a > was once one of the shareholders of Yang Feng's largest shareholder.

Until 2003, Yang Caichao himself held 2 million shares of Yang Feng shares, with a shareholding ratio of 5.89%, the second largest shareholder after Yang Cai Xue.

In August 2003, Yang Caichao pferred his stake to Yang Cai Xue and Yang Huafeng, and then faded away from Yang Feng shares.

However, the above information was not disclosed in the reorganization plan.

despite the strong momentum of earnings, Xinyang Feng fertilizer industry also said in the announcement that the downturn in international and domestic economic environment and the overall market demand are becoming an important risk for future business development.

"At present, the supply of fertilizer market exceeds demand, and competition among enterprises is fierce.

In the future, the industry structure will be adjusted. Some factories with high energy consumption or no resource advantages will gradually be eliminated by the market.

Li Yu believes that the competition of fertilizer industry will become increasingly fierce in the future, and the survival of the fittest will become inevitable.

"Xinyang Feng fertilizer industry is really good in the industry, but the price of fertilizer is easily affected by upstream raw materials, import and export and agricultural policies, so it is not easy to judge specifically."

An industry insider said.