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ST Restructuring Is Not Easy.

2011/3/31 10:14:00 45

Restructuring Of ST Company With Large Market Capitalization

Everyone wants to catch the pheasant and wait for it to turn into a Phoenix.

assets reorganization

On this road, the body fat body pheasant becomes Phoenix is doomed to be difficult.

ST light riding

This is the latest case. China Changan plans to set the price of the original assets at 588 million yuan, and the Hunan Tianyan intends to make a price of 385 million yuan. The difference is made up of cash in Changan, China.

The existing net assets of ST Qingqi are 311 million yuan, which has been losing money for many years and losing its profits. The assessment is 588 million yuan, which is already low. The net profit of the new Hunan Tianyan in 2010 is 60 million yuan, and the assessment is 385 million yuan, which is not high.

But this plan was overthrown by individual investors of ST Qingqi.

The main reason is that the ST Qingqi has a market value of more than 6 billion 500 million yuan before the announcement of the asset placement scheme, and its net profit after replacement is only 60 million yuan, and it belongs to the traditional automobile industry.

New assets are difficult to support such a large market value. Individual investors want to make money, and only expect more favorable solutions.

Supporting ST's 6 billion 500 million yuan market value is not a continuous loss of assets for many years, but a commitment after the weapons group entered the company in September 2006. Ordnance Group pledged to install or replace assets to change the situation of ST light motorcycle business. It is precisely under this expectation that investors will continue to attract investors. The share price is far from the fundamentals. This is also the reason why there are few institutional investors in the ten largest shareholders of ST.

Southwest

Negotiable securities

The sponsor's representative Ma Xing said that the ST Qingqi could launch a private placement plan to put in good assets to achieve the purpose of preserving the shell. The plan is now launched. It is estimated that the majority shareholders will replace the original assets in order to stop bleeding, so as to clear the way for further development.

In fact, before the ST light ride, S*ST North Asia and ST Samsung also encountered similar twists and turns on the reorganization road.

S*ST before the suspension of listing in North Asia, the market value exceeded 4 billion yuan, the company was already heavily insolvent, and the major shareholder put forward the stock reduction and the railway assets.

ST Samsung's share capital is nearly 900 million. When it was planned to restructure in late 10 2009, its market capitalization was nearly 8 billion yuan.

Too much capital and high market value are the common features of these companies.

The bigger the shell, the greater the risk.

Investors expect to inject the scale and quality of assets, but for restructured parties, the market value is too big to support, and there is no cost of disposing inferior assets.

Ma Xing said, generally, the more clean the market, the smaller the market, the more the economy. In addition, it depends on the borrower. If the shell is too small, the large scale of assets and the high proportion of large shareholders may not be enough.

As for the way of backdoor, Qujiang culture once searched for it, and after finding scandal with ST Samsung, it eventually found ST long letter. Its share capital was only about 80000000. It announced that the market value before borrowing was less than 1 billion yuan. This is the rational natural choice of enterprises.

Even the heavyweight companies are not necessarily big borrower. When Shanxi Coal International announced that the market value of the shell was less than 2 billion yuan, the market value of the energy was less than 1 billion 400 million yuan, while the net value of the assets was more than 8 billion yuan.