Why Did The Cashmere Industry Receive 600 Million Government Subsidies?

According to the world clothing shoes and hat net, Ningxia cashmere cashmere Limited by Share Ltd (hereinafter referred to as "*ST velvet") announced in the evening of January 1, 2018 that the company received the notice of the Yinchuan Municipal Finance Bureau in December 29, 2017 and decided to give the company a financial subsidy of 445 million yuan. In addition, the company received the notice from Lingwu City Finance Bureau on the same day, and decided to give the company a financial subsidy of 200 million yuan.

The above funds were appropriated to the company account in December 29, 2017, and it is expected to have a 645 million yuan impact on the company's revenue in 2017.

In addition, the company signed a debt relief agreement with Ningxia de noi power project and Linzhou second construction group. The company was exempt from debts totaling 112 million yuan.

Network reporter understands here, Ningxia de can Electric Power Engineering Co., Ltd. and Linzhou Second Construction Group Construction Co., Ltd. is a long-term business cooperation unit of *ST Zhong Rong, and the construction of *ST middle velvet Ecological Industrial Park provides construction services for *ST velvet.

As of December 20, 2017, the total debt of *ST cashmere and the above 2 companies amounted to 421 million yuan.

In view of the fact that there are some difficulties in the operation of *ST cashmere and the funds are relatively tight, the two companies have recovered some of the funds as soon as possible. After friendly consultations, the two companies signed the debt relief agreement with the *ST velvet respectively, and agreed to exempt the above part of the debt from the *ST cashmere. The total amount of exemption amounted to 112 million yuan.

*ST Zhong Rong is a labor-intensive enterprise. As a listed company located in the northwest region, the company mainly produces and sells cashmere, wool, linen and its blended textiles.

The main products are mainly natural and plant fibers.

The finished product covers yarn, fabrics, garments, and

Such as knitted and woven products, including all kinds of worsted and woolen fabrics.

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According to the financial report, in the first three quarters of 2017, *ST realized the operating income of 1 billion 649 million yuan, down 30.01% compared with the same period last year. The net profit attributable to shareholders of listed companies was 385 million yuan, an increase of 19.36% compared with the same period last year.

*ST Zhong Rong explained that during the reporting period, the company's performance decline was mainly due to the company's adjustment of the sales structure, the reduction in the sale of the washing products from raw materials, and the delay in the delivery date of the products and yarn.

*ST Zhong Rong controlling shareholder Ningxia Bank of China International Group Co., Ltd. and the two largest shareholder, Heng Tian Ju Xin (Shenzhen) Investment Center (limited partnership), packaged and sold the assets and liabilities other than cashmere, wool, linen and its blended textile trade business, including: (1) 100% stake in the company's raw materials, 100% stake in Jiangyin textile company, 100% stake in Duncan company, 91.89% stake in Cambodia Co, 100% stake in linen textile company, 100% stake in wool worsted product company, and inferior capital contribution amount and corresponding rights and obligations in the Silk Road Fund; and (500 million) non equity assets and related liabilities other than cashmere, wool, linen and blended textiles trade category (except for specific liabilities). In today's (January 2, 2018) evening, at the thirty-seventh meeting of the sixth board of directors of *ST cashmere, the *ST central velvet board passed the motion on adjusting the sale of major assets, according to the motion.

According to the evaluation report issued by the Zhonghe asset appraisal company in December 31, 2016 as the benchmark date, the value of the underlying assets is estimated at 919 million yuan. At present, the counterparty is actively raising the funds needed for delivery, and the delivery will be delivered immediately after the funds are in place.

However, in December 14, 2017, *ST Zhong Rong replied to the letter from the Ministry of communications of the Shenzhen Stock Exchange. According to the major asset reorganization plan, *ST Zhong Rong will raise funds of not less than 6 billion yuan to pay the paction price and repay the assets and liabilities of the paction.

As a result, the scale of capital needed to be raised in the next paction is relatively large, and the links and processes involved are relatively complex. The fund structure is being adjusted accordingly. *ST Zhong Rong has been making persistent efforts to make contacts with many agencies so as to raise the funds needed for the exchange as soon as possible, and make delivery immediately after the funds are in place.

As of the same day, no substantial progress has been made, and the *ST will continue to work hard to achieve delivery as soon as possible, but there is a risk that funds can not be delivered on time and can not be delivered on time. "

Internet journalists have learned that since 2016, the Bank of China has fully developed its own industrial chain and resource advantages, and has continued to consolidate its business, expand its market and promote the construction of the textile industry demonstration park, in order to create a high-end textile and garment industry base.

Under the pattern of "manufacturing bases and serving the international market", the company has implemented a diversified product development strategy, extending wool, linen and blending business, so as to ultimately realize the strategic pformation of apparel brand operators.

At present, 5 million cashmere sweater projects and 2 million 100 thousand high-end cashmere dress construction projects have been put into operation. Some 20 production lines of 20 cashmere yarn have been put into production and operation.

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