70000 investors boiling bet restructuring success! The stock is back on the market

category:Finance
 70000 investors boiling bet restructuring success! The stock is back on the market


A year later, it came back. How did you do it?

*St Yida: the companys stock resumed listing on August 17

According to the announcement, since November 2017, the companys headquarters and subsidiaries have successively suffered from capital chain fracture, inability to pay employees wages, loss of contact with key management personnel, and outbreak of employee resignation. Subsidiaries of listed companies have successively lost control and their main business is gradually in a state of stagnation.

The financial reports of the company in 2017 and 2018 were issued audit reports that could not express opinions by accounting firms. According to articles 14.1.1, 14.1.3 and 14.1.7 of the stock listing rules, the Shanghai Stock Exchange decided to suspend the listing of a shares and B shares of the company from July 19, 2019.

In order to thoroughly solve the difficulties faced by the companys operation and safeguard the interests of small and medium-sized shareholders, the company reorganized the board of directors and the board of supervisors, appointed new management, and gradually restored corporate governance and internal control; actively promoted major asset restructuring, and completed the acquisition of 100% equity of Chifeng Ruiyang Chemical Co., Ltd. (hereinafter referred to as Chifeng Ruiyang) in November 2019. Through the injection of high-quality assets, the sustainable operation ability of listed companies has been enhanced, and the operating conditions of listed companies have been improved. At the same time, the company has solved the major debt problems of the subsidiaries out of control and affecting the normal operation of the company through the implementation of public listing, agreement withdrawal, active negotiation with creditors and debt restructuring. After the implementation of the above measures, the companys total assets, net assets, income, net profit scale increased accordingly. At present, the company has fully met the requirements of the stock listing rules for the resumption of the listing of shares.

1. The company disclosed the annual report of 2019 within the legal period

2. The companys net profit before and after deducting non recurring profit and loss after audit in 2019 is positive

4. The audited ending net assets of the company in 2019 are positive

5. The financial accounting report of the company in 2019 has not been issued by the accounting firm with qualified opinion, unable to express opinion or negative opinion

6. The company has the ability of sustainable operation

7. The company has a sound corporate governance structure and internal control system, and the operation is standardized. There is no false record in the financial accounting report

According to the announcement, on August 10, 2020, the company received the notice on approval of Shanghai ZhongYiDa Co., Ltd. stock resumption application, which mainly includes:

We have received your companys application for resumption of listing and relevant documents. According to articles 14.2.1 and 14.2.18 of the Listing Rules of Shanghai Stock Exchange (hereinafter referred to as the Listing Rules), the Listing Committee of Shanghai Stock Exchange (hereinafter referred to as the stock listing rules) has examined and approved the application for resumption of listing of your companys shares. According to the examination and approval opinions of the listing committee, the exchange has decided to agree to resume the listing and circulation of 375574590 A shares and 360360000 B shares which have been suspended from listing in the stock exchange.

At present, the largest shareholder of * ST Yida is Cinda Securities - Industrial Bank - Xinda Xingrong No. 4 collective asset management plan, holding nearly 25%.

At the beginning of the year, Xinda Securities Group Co., Ltd. announced the change of the assets management plan of Xinda group. Cinda securities, as the manager of the asset management plan of the controlling shareholder, exercises the shareholders rights on behalf of it.

In fact, the change of control right is due to the judicial disposal after the pledge financing default of Dashen group, the original controlling shareholder of * ST Yida.

In the process of * ST Yida extricating itself from difficulties and applying for resumption of listing, Cinda securities and Cinda assets have made great contributions.

After the new management took office, * ST Yida actively communicated with the main creditors and solved the major debt problems affecting the normal operation of the company through debt restructuring and debt exemption.

From November to December 2019, Xinda assets Guizhou branch, a related party of * ST Yida, respectively signed a debt purchase agreement with BiAn Avenue, Kashgar rural commercial bank and Xiamen bank, acquiring the creditors rights of the above-mentioned creditors to * ST Yida and its subsidiaries; Shengyun investment provided 38 million yuan of financial support for the company, and the company paid for Yian factoring, Wensheng company, Yiyang small loan and other creditors at the same time It also transferred the creditors rights of Xinda assets Guizhou branch, and assisted the company to complete the debt restructuring.

On December 31, 2019, * ST Yida and Shengyun investment signed the debt exemption agreement, which exempted Shengyun investment from the companys obligation to pay off its debt of 266 million yuan and its corresponding interest, penalty interest, overdue fine or liquidated damages (if any). After Shengyun investment transferred the equity of Xiamen ZhongYiDa, the company received the debt exemption notice, and Xiamen ZhongYiDa gave up the right to claim the creditors rights of RMB 115 million.

White horse Knight Shengyun investment also stands behind Xinda.

The disclosure shows that Shengyun investment is 100% controlled by Guizhou Yunfu Chemical Industry Co., Ltd., and 100% of Guizhou Yunfu chemical industry is subordinate to Guizhou Xinfu investment, and the latter is ultimately controlled by Xinda assets and Guizhou state-owned assets.

Once A-share exotic company

In June last year, * ST Yida announced that due to the companys failure to disclose the annual report in 2018 and the first quarter report in 2019 within the statutory time limit, according to the listing rules, the trading of the companys shares will be suspended from April 30, 2019.

The Shanghai Stock Exchange will decide whether to suspend the listing of the companys shares within 15 trading days after the suspension.

This is a thunder company of a share. How wonderful is it? Lets count.

2. Audit reports issued by accountants for two consecutive years without expressing their opinions

3. The former management, including the former non independent directors, supervisors, senior managers and staff, lost contact!

4. The whereabouts of the companys seal, license and financial information are unknown.

5. The company has also been investigated by the China Securities Regulatory Commission.

6. In addition, the companys annual report data show that there are only two employees.

On December 27, 2018, Shanghai No.1 Intermediate Peoples court ruled to lift the freezing of 260 million shares of restricted shares held by Dashen group, and delivered the underlying shares with a price of RMB 505 million to the asset management plan managed by Cinda securities to offset the corresponding amount of debt.

On January 3, 2019, the target shares will be unfrozen and transferred. The asset management plan managed by Cinda securities holds 260 million shares of the company, accounting for 24.27% of the total share capital of the company. As the manager, Cinda securities exercises the shareholders rights on behalf of the asset management plan.

*St Yida said that the ruling will lead to the companys controlling shareholder from Dashen group to Cinda securities.

False increase in profits of more than 80%

4. Collective punishment of senior executives

In June this year, recently, the Shanghai securities regulatory bureau investigated and transferred the case of * ST Yidas illegal disclosure of important information to the judicial organs. After the first instance judgment of the third intermediate peoples Court of Shanghai, four responsible persons were respectively sentenced to criminal detention to fixed-term imprisonment, which became the first case of Shanghais listed companys illegal disclosure of important information.

It is reported that * ST Yida is mainly engaged in landscape engineering construction, municipal engineering construction and sales of seedlings, and in recent years, information disclosure violations have occurred frequently. According to the investigation of Shanghai Securities Regulatory Bureau, Xiamen ZhongYiDa, a subsidiary of * ST Yida, confirmed the project income and cost of Jinggangshan international mountain bike track landscape supporting project with the percentage of completion method without any project implementation, which led to the false statement of information disclosure in the third quarter report of * ST Yida in 2015, including the virtual increase of business income of 72.67 million yuan, accounting for 50% of the current disclosed business income 24%; the total amount of false increase profit was 10.64 million yuan, accounting for 81.35% of the total profit disclosed in the current period; the net profit was increased by 7.98 million yuan, and the loss was disclosed as profit. After the Shanghai Securities Regulatory Bureau found the above-mentioned suspected criminal acts, while investigating the administrative legal responsibility, the Shanghai Securities Regulatory Bureau transferred the case to the judicial organ according to law, and actively supported and cooperated with the Shanghai public security, procuratorial and court investigation, prosecution and trial work, and finally successfully investigated the criminal legal responsibility of the relevant offenders.

The relevant person in charge of Shanghai Securities Regulatory Bureau said that the state is actively promoting the construction of Shanghai into an international financial center. The financial information disclosure of listed companies should consciously follow higher standards and stricter requirements, and strive to keep up with the information disclosure level of Listed Companies in the world-class market. In addition to strengthening the administrative law enforcement and imposing strict administrative penalties, the suspected criminal acts should be transferred to the judicial organs in a timely manner, and the criminal responsibility should be seriously investigated according to law. Both administrative and criminal measures should be taken to effectively increase the illegal cost of financial fraud of listed companies. In accordance with the spirit of the new securities law, under the unified arrangement of the CSRC, together with relevant departments, the Shanghai Securities Regulatory Bureau will conscientiously summarize the experience and practice of handling the case, further intensify the crackdown on illegal and criminal acts of securities and futures, safeguard the market order and the legitimate rights and interests of investors, and create a good legal environment for supporting the construction of Shanghai international financial center Environment.

20 day 19 limit

Investors who bet heavily on restructuring are right

Before the suspension of trading of * ST Yida last year, many investors bought stocks to gamble on restructuring. Since last years trading limit began on February 1, the stock price of * ST Yida has risen by 147.93% as of March 7 last year. In the 20 trading days, * ST Yidas limit board number was as high as 19.

At the site of the shareholders meeting of * ST Yida in March last year, a retail investor was excited to shout to the surrounding people. Buy another million shares tomorrow! Cinda securities has such a big head that it will be reorganized in the future! At the scene of the shareholders meeting, a gray haired old shareholder said excitedly.

The investor said that he bought 90000 * ST Yida shares around August 2018, and his profit has been more than twice, but he looks higher and needs at least 10 times to stop..

In fact, there are many retail investors with similar ideas among the investors participating in the shareholders meeting. A retail investor who took a train from Anhui Province to Shanghai to attend the general meeting of shareholders pursued a higher price after the companys stock price rose continuously on February 11, expecting Cinda securities to handle the mess of * ST Yida.

This year (2019) first shell, next year (2020) capital operation, to trust the major shareholders, the retail investor said.

The so-called wealth insurance in the pursuit of, really by 70000 shareholders bet right. According to the latest data, there are 70000 shareholders behind * ST Yida, nearly 20000 more than before the suspension.

Source: China Fund News Editor in charge: Yang Bin_ NF4368