Influenced by this good news, * ST Dongling opened trading up and down. However, * ST Dongling failed to hold on to the price limit. By the end of publication, * ST Dongling reported 7.66 yuan. It rose slightly by 1.86%.
White Knights Holdings * ST Dongling? Prior to that, the share price has doubled.
Before the completion of this transaction, Dongling Industrial Holdings Company held 167,298,544 shares, accounting for 22.10% of the companys total equity. It was the controlling shareholder of the company, and Lai Ningchang was the actual controller of the company.
* ST Dongling said that after the completion of the transaction, Guofu Investment will hold 83,649,277 shares of the company, accounting for 11.05% of the companys total equity. The number of shares that the company can actually control the voting rights will reach 167,298,544 shares, accounting for 22.10% of the companys total equity. Guofu Investment will become the companys single number of shares that can actually control the voting rights. The largest shareholder, the companys control rights will change.
Guofu Investment is a limited partnership. China National Fund Management Co., Ltd. under the State Asset Supervision and Administration Commission of the State Council, Beijing Nianfu Investment Management Co., Ltd., Mudanjiang Xingchang Youdao Investment Center and China Aviation Trust Co., Ltd. jointly hold Mudanjiang Guofu Investment Center (referred to as Guofu Investment).
On March 26, 2019, * ST Dongling announced that the controlling shareholders intend to transfer part of their shares. It intends to transfer 83,649,277 shares of its shares to a partnership planned by China New Fund Management Co., Ltd. and Beijing Nianfu Investment Management Co., Ltd., accounting for 50.00% of the total shares held by the company, accounting for the public. 11.05% of the total share capital of the Division
After the announcement, * ST Dongling rose 83.47% and nearly doubled its share price.
Major shareholders and second shareholders are bound up by mines and hated by mines.
In 2014, * ST Dongling (then known as Dongling Grain and Oil) paid 3.69 billion yuan to buy 100% equity of China Agricultural Group and Jiangzhiyuan in Xinjiang. At the same time, the proposed non-public issuance of shares will raise 1.229 billion yuan of capital for the Dongtai Mining Project under the flag of Zhongnong International.
In fact, as early as 2013, China Agricultural International is preparing to expand and develop the potash mine in Dongtai mining area of Ganmeng Province, Laos. On the basis of the original 100,000 tons, it plans to build another 1 million tons of potash mining and processing project, which needs 4 billion yuan.
However, the shareholders of China Agricultural International were unable to develop, so they found * ST Donglings largest shareholder - Dongling Industrial Co., Ltd. with the help of the financing capacity of listed companies controlled by it, to realize the 1 million tons expansion project of Dongtai Mining Area.
At that time, because of the loss of grain and oil trade business * ST Dongling was also in urgent need of transformation. Both sides were ready to acquire the Dongtai Potash Project under the control of Dongling Industrial Co. * ST Dongling by issuing shares. At the same time, the non-public issuance of shares raised 1.229 billion yuan of capital for Dongtai Mining Project, and then assisted by China Agricultural Group to obtain 20-30 billion yuan. With a loan of 100 million yuan, one million tons of expansion projects will be realized. In addition, China Agricultural Group helped to obtain loans of 2-3 billion yuan to realize an expansion project of 1 million tons.
On July 14, 2015, the restructuring plan of * ST Dongling issuing shares to purchase assets and raise matching funds was approved by CSRC. After the completion of the transaction, Dongling Industrial Company, the former actual controller of the listed company, was still the largest shareholder holding 22.10% of the shares of the listed company. China Agricultural Group became the second largest shareholder of the listed company, holding 19.15% of the shares of the listed company.
At the same time, 10 traders such as China Agricultural Group have promised that the net profit after deducting non-profit in 2015, 2016 and 2017 will not be less than RMB 11.5 million, 19 million and 451.5 million respectively. If the difference between the actual net profit and the promised net profit in 2017 of China Agricultural International exceeds RMB 180 million, 180 million of them will have to be traded. The major shareholders and their affiliates have promised to subscribe to the listed companies in cash to raise 1.229 billion yuan to speed up the construction of a million tons of potash project in Dongtai mining area, and have agreed to pay 10% liquidated damages to the listed companies if they give up their subscription.
Ben Li thought it was a happy marriage, but I didnt think that life after marriage was not as good as the promise before marriage.
After the above trading scheme was approved by the SFC, Dongling Industrial Co., Ltd., the first largest shareholder, did not subscribe to the above-mentioned additional shares within the agreed time; however, the actual performance completion values of China Agricultural International, promised by the second largest shareholder and ten other trading parties in 2015, 2016 and 2017 were 12.2474 million yuan, 38.1521 million yuan and 24.741 million yuan, respectively, which did not meet the commitments. The two sides entered a state of mutual conflict.
China Agricultural Group accused Dongling Industry of not subscribing as promised, 1.229 billion yuan of capital could not be implemented, 1 million tons of expansion projects were not implemented, and the performance pledged in 2017 was not completed; Dongling Industry accused China Agricultural Group of not implementing the 2-3 billion yuan loan, which is the main part of the project funds, and its own and related parties committed to subscribe. 1.229 billion yuan is only a small part of the projects funds.
Internal Fighting Upgrade * ST Dongling is on the edge of delisting
Therefore, according to the asset impairment compensation clause signed at the time of reorganization, the two shareholders of China Agricultural Group should compensate more than 1.1 billion yuan; China Agricultural Group does not confirm the impairment of the evaluation report.
Accordingly, Zhongqin Wanxin Accounting Firm issued an audit report on the 2017 annual report of listed companies for the reason that it could not judge the assumptions of asset valuation and the appropriateness of financial forecast in the valuation report.
Its just around the corner to sell stocks to keep the shell and take off the stars.
According to relevant regulations, the annual report of 2018 must be based on the confirmation of the amount of impairment of assets in the annual report of 2017, otherwise the annual report of 2018 will continue to be non-standard, and the companys stock will face the risk of suspension of listing.
In response, * ST Dongling decided to promote the Potassium Salt Project in Laos, announcing that it would invest 200 million yuan in phases in the way of cash input from its own funds.
However, due to the large amount of funds needed for the Potassium Salt Project in Laos, listed companies said that only 200 million yuan can increase production capacity of existing devices through technical renovation measures, which can not meet the overall demand for project funds. So the controlling shareholder thought of selling shares to raise funds.
On March 26, * ST Dongling announced that the controlling shareholder, Dongling Industries, intends to transfer 83.6493 million shares of its shares to Guoxin Fund and the newly established partnership of Beijing Nianfu, accounting for 50% of the total shares of the company and 11.05% of the total shares of the company. After the transfer is completed, Dongling Industry will act as a concerted actor of the new partnership. The new partnership will become the largest shareholder of the company which can actually control the voting rights, and the control rights of the company will be changed.
The company said on the same day that in order to eliminate the impact, the company has hired an asset appraisal agency to re-evaluate the value of mining rights in Laos potash mine.
With the finalization of the investor of Guofu * ST Dongling, the day of * ST Dongling taking off its stars and caps has also come a step closer.
Source: Yang Bin_NF4368, Responsible Editor of China Foundation Newspaper