Since August 15, * ST Printers share price has fallen below 1 yuan and has been falling all the way. According to the Shenzhen Stock Exchange, if the closing price of 20 consecutive trading days is less than 1 yuan, it will face face face face delisting at face value. According to the stock price trend, the fate of * ST Print delisting seems to be announced ahead of time.
Of course, if * ST Printer delists, it will be the first in the A-share film and television category. But when it is difficult for the company to issue continuous risk tips, the chairman of the company, Wu Bing, led the team. As the chairman and CEO of * ST Printer, she sees the company as her own son. Ive never given up. I havent run. Well stick to it until the last minute. Wu always treats illnesses in the United States for physical reasons. Assistant Wu Bing added.
In fact, in the 5th Announcement of Risk Tips on the Possibility of Termination of Listing of Company Stocks issued by * ST on September 6, there are some latest trends of the company. Xiao Wenge, the former actual controller, signed a stock trusteeship agreement with Wu Bing. On the same day, Wu Bing and Qingdao Zhongxin Fusion Non-performing Assets Disposal Co., Ltd. (hereinafter referred to as Qingdao for short) Shidao Zhongxinrong) signed a share trusteeship agreement, transferring 44.04% of the shares held by Xiaos Cultural Revolution to Qingdao Zhongxinrong. Since then, the Xiao Cultural Revolution has completely withdrawn from the * ST Printing Period, and Qingdao Zhongxin has merged into the * ST Printing Periods controller.
On September 9, ST Indias core team flew to Shenzhen to communicate with Shenzhen Stock Exchange in search of bankruptcy settlement. The last three days will be related to the life and death of * ST Printing, and it will help * ST Printing operate the bankruptcy reconciliation plan. It is Youyendong, a senior domestic reorganization expert.
On September 8, Wu Bing, chairman and CEO of * ST Printing and Discipline, Tian Zhengqiang, Vice President of Qingdao Zhongxinrong Financial Consulting Company, and You Niandong, Chief Economist of Shenzhen Davo Financial Consulting Company, were interviewed by Daily Economic News. The expectations and operability of * ST Printing and Discipline for bankruptcy settlement were introduced in detail.
Actively seeking bankruptcy reconciliation
The Indian media sought bankruptcy settlement in a weeks time.
According to the regulatory letter issued by the Shenzhen Stock Exchange, Xiao Wen Revolution on September 1 entrusted all shares to Wu Bing, and then transferred from Wu Bing to Qingdao Zhongxinrong. Subsequently, the creditor Beijing Fenghe Haoyuan Advertising Co., Ltd. filed an application for bankruptcy liquidation with the Intermediate Peoples Court of Suining City, Sichuan Province (hereinafter referred to as Suining Intermediate Court).
According to Wu Bing, the debt of ST Printing and affiliated companies is about 8 billion yuan, and that of ST Printing reaches 1 billion yuan. The creditors of listed companies are 7, the creditors of major shareholders are 14, and the bond amount of major shareholders is about 8.5 billion yuan. Among them, the parent company of the listed company has 1 billion yuan and the subsidiary company 500 million yuan, which together does not exceed 1.5 billion yuan.
According to the relevant provisions of the law, the bankruptcy settlement of listed companies requires the approval and approval of the competent government agencies. However, after the debtor and the creditor have reached an agreement to settle the debts by concession, the agreement will come into effect with the courts approval.
To get the creditors understanding, you Niandong thinks: When a company has delisting risk, especially a light asset company like * ST Print, the property available for distribution is very limited. In this case, the stock becomes the only quoted asset.
* ST India has the opportunity to seek a solution. The only advantage lies in the high concentration of large shareholdersequity, more than 66%. Bankruptcy settlement is nothing more than stock repayment and cash repayment. As long as the major shareholder himself is willing to take out a part of his stock to optimize the companys debt, the scheme can be implemented very quickly in theory.
Prior to this, for the bankruptcy settlement program, every reporter found that only Xiancheng Mining and Zhongliao International succeeded.
The only danger before delisting
For creditors, if the * ST Printing System succeeds in bankruptcy settlement, they may need to release part of their rights and remove part of the equity pledge, but there is still hope for the appreciation of residual rights in the future. The logic and finance are interlinked to use the appreciation of the remaining stocks to cover the rights and interests of the creditors of the major shareholders. You Niandong thinks.
But it is surprising that Qingdao Zhongxinrong is willing to take over the help. Because no matter how you look at it, the risk of * ST Printing is higher than expected, and Tian Zhengqiang also says frankly that he didnt want to do this case at first.
Wind data show that as of September 9, the market value of the * ST Print is only 1.08 billion, and will continue to depreciate if it is not improved. Through Wu Bing, Xiao Wen Revolution entrusted all the shares to Qingdao Zhongxin Fusion, which is the hope to seek new growth points.
By calculation, Qingdao Zhongxinrong estimates that by 2020, * ST Printers earnings will reach 200 million yuan. You Niandong speculated: This is in exchange for the control of listed companies. At the same time, I personally think it may also have advertising effects in it.
In the current harsh environment, * ST India Ji still gets the annual agents of FAW and Jingdong. In the summer hit drama Changan Twelve Hours, * ST India Ji also accounts for about 10% of the investment.
But the two biggest risks facing ST Printing are annual report risk and delisting risk. Annual report risk can be solved through debt reconciliation and financial optimization, but the stock price is less than 1 yuan for a long time, which will lead to passive delisting. You Niandong analysis.
With the consent of the Shenzhen Stock Exchange, * ST Printing and Discipline will immediately start the shareholdersmeeting and adopt the way of reducing the share capital, i.e. shrinking the shares, to release the interests of shareholders and seek long-term value.
However, there is not much time left for the * ST Printing Period. If the stock price does not reach 1 yuan by the New Years Day of 2020, it will be delisted when waiting for the * ST Printing Period.
* The Decline of ST Indian Period
Speaking of * ST India, how many people sighed.
Established in 1992, ST Printing and Discipline, before entering the film and television industry, the most powerful business is advertising. Customers have developed from Jialing Motorcycle to BMW, Audi, Nike and so on. It has also won many awards at domestic and foreign advertising festivals.
In 2014, High Gold Food, a foreign trade pork food processing enterprise backed by Indian Media, was on the market. After the completion of the backdoor, the actual controller of listed companies changed to Xiao Wenge, and the main business changed to integrated marketing services. Since then, the company has been transforming smoothly, most of which is due to the co-production of Iron Man 3 by the Indian media, which has won 754 million box office and won the second place in the annual box office. Printing and Discipline Media is the first Chinese company to cooperate with Manwei in the production of films. It participates in the early stage planning, script development, investment, filming, production, film publicity and distribution.
In the cooperation between China Film Company and Hollywood, Indian Media has created many first time. Including Chinese elements in the shooting of Iron Man...
With the halo of the only global high-concept entertainment brand of A-share IP trader, ST Printer has a market capitalization of over 40 billion yuan in the first half of 2017, leaping over Huayi Brothers and Light Media.
However, its market value has shrunk by more than 97% today, and its huge loss in 2018 is over 2 billion yuan. The turnover rate is over 80%. It is difficult to recruit new teams because of the tight cash flow. According to the latest data released by the companys stakeholders: * About 40 people remain in ST Printing.
* Although the setbacks of ST India are related to the industry environment, they are not well managed or have deeper reasons. After three years of listing, * ST Printing Accurately fulfilled its performance commitment. By 2018, however, the performance of the Indian Discipline Media had been drastically downgraded. The results show that in 2018, the companys net profit attributable to shareholders of listed companies is - 2.06 billion yuan. For the reason of the huge loss, the Indian media said that it was because of the decline in income and the large amount of asset impairment losses. By 2019, * ST Printing Company realized business income of 59.8 million yuan and net profit of 92.0046 million yuan in the first half of the year.
The semi-annual report shows that during this period, the companys production and operation activities stagnated, its debts defaulted and its bank accounts frozen. In terms of foreign investment, the company has suspended the unstable business of repayment cycle such as film and television business and IP derivative business, and no new investment in film and television business and IP derivative business has been added in the near future. In daily operation, on the basis of collecting accounts receivable, the companys primary objective is to cash in the sales of previous inventory dramas, at the same time. Develop advertising business with relatively stable payback cycle.
In addition, since April 2016, five directors of Indian Discipline Media have resigned, including the Financial Controller, the Secretary of the Board of Directors and three independent directors. Wu Bing, chairman of the board of directors, serves as general manager, financial director and Secretary of the board of directors. According to a letter of inquiry at the end of last year, Wu Bing said that he could not return to China for an interview with the regulatory authorities because of his illness.
Source: Daily Economic News Responsible Editor: Yang Bin_NF4368