Xia Ke Environmental Protection: Heavy Person Bidding Is Alleged To Be Opaque.

If the Shanghai Tun German consortium takes 29% stake in *ST Xia Jia, plus the original shareholding of China based mining, "Ren Yuan Lin" will have a shareholding rate of over 35% for *ST Hsia.

Either live or die.

*ST Xia Ke is playing a life and death "bankruptcy reorganization".

As a result of continuous losses and debt pressure, *ST has been reorganized by creditors since the end of last year.

But investors are still looking forward to the redevelopment of *ST's "Phoenix Nirvana" and share prices soaring.

In the process of reorganization, reorganizing investors who play a leading role is of great importance.

Investors were waiting for the arrival of a "White Knight" to save "*ST".

In mid March, *ST Xia Ke announced the reorganization of investors.

Breaking through is a company that has a common interest with major shareholders.

Some investors questioned that this is a big shareholder's right hand side.

At the same time, the pfer of capital involved in the reorganization process and reorganization of investors' bidding have also been questioned.

In addition, the majority shareholder is also considered to be playing the "high throw low suction" - the "ally" subscribe the stock price, far lower than the big stockholder's reduction price.

Accordingly, some investors said that they were organizing retail investors, and would like to block the reorganization plan at the future shareholders' meeting.

Over 1 billion 100 million of the loan overdue hopes of restructuring.

In the evening of March 14th,

The announcement of "reorganizing investors" was announced.

Taking this as an opportunity, investors questioned and resisted the "*ST Xia Ke reorganization".

In the eyes of some investors, the "conspiracy" of large shareholders runs through the process of *ST's reorganization.

In a report material, an investor wrote the sentence "Xia Xia is really insidious and Yin dies and scattered households do not discuss".

*ST Xia Ke is located in Jiangyin, Jiangsu, mainly in colored yarn and colored polyester fiber.

Over the past two years, by the industry downturn and other factors, *ST Xia Ke's performance has been poor.

In 2013, *ST Xia Ke lost 350 million yuan. Last month's performance bulletin showed that *ST Xia Ke would lose 870 million yuan in 2014.

At the same time, *ST also has huge debts.

Data show that as of November 21st last year, *ST Xia and holding subsidiaries had overdue loans amounting to more than 1 billion 100 million yuan.

Since last year, banks, suppliers and other creditors have brought *ST Xia off to court.

In September last year, a creditor was unable to repay the loan with *ST Xia Ke.

On the grounds of that, apply to Wuxi intermediate people's court to reorganize it.

In November 19th last year, the Wuxi intermediate people's court decided to accept the case of *ST Xia Xia reorganization. The reorganization of *ST Xia Kai opened the curtain.

It's a great thing.

Whether it is successful or not is directly related to the life and death of investors in the two tier market.

If the reorganization fails, *ST Xia Ke may be declared bankrupt and terminate the listing; otherwise, once the reorganization is successful, the new owner may be injected into the assets and usher in the new life.

The surge in share prices will also happen.

Investors are expecting the latter outcome.

In November 14th of last year, *ST's stock price was 5.6 yuan after the resumption of trading, and its closing price was 8.41 yuan / share when it stopped trading in December 22nd last year.

That is to say, *ST Xia Ke shares rose 5 percent in a month or so.

"During this period, many retail investors catch up with buying."

Investor Xu Pan said that everyone was concerned about the progress of restructuring and looked forward to the stock price rise after the success of restructuring.

In February 25th of this year, the manager of *ST Xia Ke reissued the tender notice on reorganizing investors.

Wuxi Rong Hai investment consulting company is the manager of the *ST Xia Ke appointed by the Wuxi intermediate people's court, who is responsible for managing the property and business affairs of the latter during the reorganization period.

In the announcement, the manager Wuxi fusion sea elaborated the necessity of introducing and reorganizing investors.

"*ST Xia Ke is heavily indebted, seriously lacking in debt paying funds, and the production and operation are difficult to sustain."

The announcement said that the introduction of reformed investors could help them raise funds, maintain production and operation, and promote the reorganization.

The capital reserve fund is converted into capital stock.

In Wuxi, Hai Hai also announced the "restructure of investment".

"This has aroused investors' vigilance."

Xu Pan said.

"Bidder participates in the reorganization of *ST Xia Ke by buying Xia Ke shares."

According to the announcement, *ST Xia Ke intends to pfer 160 million shares to the capital reserve fund, of which 116 million shares are sold to investors.

The winning bidder became a shareholder of *ST Xia Ke after 29% of the shares were pfered.

Last year's three quarterly report shows that the largest shareholder of *ST Xia Ke is Jiangsu Zhongji Mining Investment Co., Ltd., its shareholding ratio is 13.71%, and the second largest shareholder Chen Jianzhong's shareholding ratio is 7.64%.

That is to say, after getting 29% of the equity, the new investor will become the largest shareholder of *ST Xia Ke.

Xu pan has some doubts about the pfer of capital reserve to capital stock.

He said that the original *ST Xia Ke's total share capital was 240 million shares, and the converted share capital was 160 million shares, "even if the price of 7 yuan per share is calculated, the market value of this part of the stock is 1 billion 100 million yuan."

"The total assets of the listed companies were 1 billion 600 million yuan, and the overdue loans were 1 billion 200 million yuan.

Is it necessary to make such a high proportion of increase in such a case of "selling assets to repay loans"? "Xu pan questioned.

At the same time, Xu also objected to "whether the capital increase is in accordance with the legal principle".

In accordance with the provisions of the company law and other legal provisions, the listed company's capital increase must be considered by the general meeting of shareholders, and more than 2/3 of the voting shareholders can agree to implement it.

"The capital reserve fund put forward by the manager is converted to capital stock and has not been voted by the general meeting of shareholders, and is suspected to be invalid in violation of the procedures."

Xu Pan thinks.

In March 27th, the Beijing News reporter called Liang Junliang, who contacts Wuxi's melting sea, several times.

A securities lawyer told the Beijing News reporter that the "capital accumulation fund conversion scheme" put forward by the manager is still a preliminary plan at present, so investors are now questioning the "violation of procedures" too early.

"But before it is formally implemented, it must pass the voting agreement of the shareholders' meeting."

The percentage of shareholders' alienation is the loss caused by difficult supply companies.

Wuxi Renhai announced the "restructured investment method" also mentioned that when the listed companies increased their capital stock with capital reserve fund, the company's largest shareholder was 6% of the company's stock holdings, and the second largest shareholder, Chen Jianzhong, also handed over 6% of its holdings.

"Such a small proportion of pfer, showing the majority of shareholders' greedy."

In the view of Xu pan, *ST Xia Ke has been performing poorly in recent years, and the big shareholders are not to blame. "6% of the pfer can not make up for the losses brought by large shareholders to the company".

Compared with the listed companies with A share reform precedents, the pfer ratio between China Mining Group and Chen Jianzhong 6% is not high.

In 2012, when Jincheng shares were restructured, the pfer ratio of the former largest shareholder was 30%. Last year, when the long oil was restructured, the pfer ratio of the former largest shareholder was as high as 50%.

On the interactive platform of the Shenzhen Stock Exchange, in response to many queries raised by investors, *ST Xia responded that the determination of the proportion of the shares pferred and pferred to the stock market "comprehensively considered the factors such as the demand for debt repayment funds, the structure of the capital stock and the responsibility of the shareholders of the corresponding shareholders."

"The final draft of the reorganization plan will also be submitted to the creditors' meeting and the investor's meeting to vote and apply for approval after the approval of the Wuxi intermediate people's court."

*ST Xia Ke said.

Restructuring investors are closely related to major shareholders.

After the announcement of *ST's search for reorganizing investors, an old acquaintance came to the scene and became the winner.

In the evening of March 14th, Wuxi's fusion sea was announced by the identity of *ST Hsia manager. It was composed of Shanghai Dun de Equity Investment Co., Ltd., Shanghai Yue Yue investment management center, and Beijing AVIC Technology Co., Ltd., and became the reformer investor of *ST Xia Ke.

Earlier, the conditions for reorganizing investors determined by Wuxi's financial inclusion included total assets of not less than 500 million yuan and net assets of not less than 300 million yuan.

Industrial and commercial information shows that Shanghai was founded in November 2012, with a registered capital of 500 million yuan. Shanghai Yue Yue was founded in March 5th this year, while the registered capital of Beijing Airlines is 500 thousand yuan.

"From the time of registration capital and establishment time, Shanghai is the core of this consortium."

Xu Pan said.

What is particularly noteworthy is that one of Shanghai's two largest shareholders is Jiangsu Yuan Lin philanthropic foundation.

The latter holds a 99% stake in Shanghai.

The official website of the Yuan Lin Foundation shows that it is a non-public fund sponsored by Ren Yuanlin, chairman of Yangtze River Shipping (Holdings) Limited.

For *ST Xia, Ren Yuan Lin can be regarded as "old acquaintance" and "senior supervisor".

At present, the largest shareholder of *ST Xia Ke is Zhongji mining.

There are four shareholders in Zhongji mining industry, namely, Chu Jianjian, Huang Kai, Ren Yuanlin and Jiangyin zhe boat investment.

It is reported that in January 17, 2012, China based mining and its concerted people bought shares in the two tier market, becoming the largest shareholder of Xia's environmental protection.

Business data failed to show the current four shareholding ratio.

Public information released in 2009 showed that Ren Yuanlin and Jiangyin Ze boat hold 10% and 25% stake in Zhongji mining, respectively.

Jiangyin Ze boat is recognized as Ren Yuan Lin's company.

That is to say, Shanghai *ST, a reformer investor from Shanghai, has close ties with former major shareholder Zhongji mining.

"It means" left-handed right-handed. "

Xu Pan was disappointed at the result.

In his view, under the original large shareholder control, *ST Xia passenger business losses, and large shareholders' allies, will not play a role in reversing *ST Xia's performance.

Reorganization of investors is alleged to be opaque.

In addition, Xu pan also believes that managers in the tender process, information is opaque.

According to the February 25th announcement, the tendering scheme, business plan and resettlement plan should be scored by the tenderers in the tendering process.

In March 11th, Wuxi Renhai said that after issuing the bidding notice for reorganizing investors, "the intention investors have sent managers to inquire about the contents of the bid".

"Those who want to have investors and how many points have they got, all of which have no announcement, directly say that Shanghai has won the bid."

Xu Pan believes that this practice of managers is lacking in openness and pparency.

On the interactive easy platform, *ST Xia guest endorsed the tender.

*ST Xia Xia said that the tender was "supervised by the Wuxi intermediate people's court." the notary office of Xicheng, Wuxi, conducted the notarization of on-site supervision. "