* ST Huayes new general manager Zhong Xin: Debt problems like myocardial infarction

category:Finance
 * ST Huayes new general manager Zhong Xin: Debt problems like myocardial infarction


Debt reconciliation model

Influenced by the radish stamp incident of 10 billion creditors rights, * ST Huayes share price plunged, and denomination delisting was always the sword of Damocles hanging over the companys head. In order to renew life, the company has actively launched multiple self-rescue programs, not only with the financial sector creditors signed the Intention for Concerted Action, but also has been in communication with restructuring consultants.

Unlike many other companies that are also in liquidity crisis, * ST Huaye has certain hematopoietic capacity. Zhong Xin told the Securities Times that in addition to the continuous contribution of the real estate sector to income, Chongqing Hospital has also excellent hematopoietic capacity, and the company has planned the next two or three development plans. Therefore, the relevant restructuring consultants are more willing to help the company solve the problem.

It is reported that * ST Huayes Beijing real estate project has received a pre-sale license recently. Securities Times reporters recently visited the Third Affiliated Hospital of Chongqing Medical University, which is regarded as the companys most stable business sector, and found that everything was working well and that the first half of this years performance was relatively satisfactory.

After many A-share companies fall into liquidity crisis, the preferred method is debt restructuring, while some insolvent companies prefer to go through liquidity difficulties through bankruptcy restructuring. However, Zhong Xin made it clear to reporters that this model is not suitable for * ST China for the time being. The main reason is that the company is subject to regulatory investigation. On July 1 this year, * ST Huaye received a notice of investigation from the Securities Regulatory Commission, and decided to file a case against the company for information disclosure violations. Now more than a month has passed, and there is no clear result of the investigation.

In this context, Zhong Xin said that * ST Huaye currently identified the main direction of resolving the crisis is debt reconciliation. Through judicial reconciliation, and creditors hand in hand into the judicial process, which can be seen as a reduced version of judicial restructuring, we hope * ST Huaye can make A-share judicial reconciliation the first single.

However, Zhong Xin also stressed that * ST Huaye has a large number of creditors. In the process of debt reconciliation, we should take into account the interests of the original shareholders, new war investors, creditors, small and medium shareholders, and finally find a balance.

The board of directors changed blood quickly

On August 2, the Shanghai Stock Exchange disclosed its decision to denounce * ST Huaye, Huaye Development, Xu Hong, then chairman of the company, Guo Yang, then financial director, and publicly affirm that Xu Hong and others are not suitable to serve as directors, supervisors and senior managers of listed companies within 10 years. On August 7, * ST Huaye issued the Notice on the resignation of directors and executives and the by-election of directors and the appointment of executives, and the board of directors agreed to appoint Zhong Xin as the general manager of the company.

For this rapid exchange of blood, Zhong Xin told the Securities Times reporter that it is also for the sake of more convenient and steady progress of debt reconciliation work. For example, Xu Hong usually came to talk about this work in person before, but after Xu Hong resigned, it was a big question as to who was the new successor, so the company accelerated the process of board re-election.

Xu Hong, the former chairman of the board of directors, directors, general managers, legal representatives, strategic committees and members of the salary and assessment committee, has applied to resign as chairman and general manager of the subsidiaries of Beijing Junhe Bainian Real Estate Development Co., Ltd. and Beijing Goldman Sachs China Real Estate Development Co., Ltd. He also continued to be responsible for the related business of subsidiaries of listed companies, and continued to act as the chairman of the Board of Directors of the Third Affiliated Hospital of Chongqing Medical University. Xu Hongs previous commitment to increase the companys stock holdings and other related commitments continued to be fulfilled. Xu Hong told the Securities Times that he respected the decision of the exchange. Now the company has hired new general managers, secretaries and financial directors, and the alternative teams are in place quickly, and most of them are the backbone of the post-80s generation. I have served Huaye for many years, hoping to contribute my strength to the company at the critical moment of the company crisis. I will abide by my previous commitment to the company and the market, complete the increase plan and not reduce it within three years, and work with the company to advance and retreat. Source: Responsible Editor of Securities Times: Yang Bin_NF4368

Xu Hong, the former chairman of the board of directors, directors, general managers, legal representatives, strategic committees and members of the salary and assessment committee, has applied to resign as chairman and general manager of the subsidiaries of Beijing Junhe Bainian Real Estate Development Co., Ltd. and Beijing Goldman Sachs China Real Estate Development Co., Ltd. He also continued to be responsible for the related business of subsidiaries of listed companies, and continued to act as the chairman of the Board of Directors of the Third Affiliated Hospital of Chongqing Medical University. Xu Hongs previous commitment to increase the companys stock holdings and other related commitments continued to be fulfilled.

Xu Hong told the Securities Times that he respected the decision of the exchange. Now the company has hired new general managers, secretaries and financial directors, and the alternative teams are in place quickly, and most of them are the backbone of the post-80s generation. I have served Huaye for many years, hoping to contribute my strength to the company at the critical moment of the company crisis. I will abide by my previous commitment to the company and the market, complete the increase plan and not reduce it within three years, and work with the company to advance and retreat.