*St opals controlling shareholder declared bankruptcy and the companys return to the stock market

 *St opals controlling shareholder declared bankruptcy and the companys return to the stock market

In response, a partner of a law firm said the bankruptcy of the controlling shareholder may affect its equity auction. In addition, the current stock price of the company is lower than the par value price of the stock (the current suspension price of the stock is 0.77 yuan / share), which indicates that the market does not recognize the value of equity, and there is a great possibility of losing auction.

Chen Xiaodou, a well-known legal blogger, believes that there may be a flow auction. If the auction continues, the court can force the transfer of equity. However, it is not ruled out that the powerful owner or the transaction party thinks that the shell of the listed company itself is very valuable, so as to race for the relevant equity.

In practice, as long as the price is low enough, some people are willing to accept the offer, Chen stressed.

As the share price has been continuously lower than the par value, * ST OP has been suspended from listing and may eventually be ordered to delist. In this context, the company originally hoped to introduce new investors in the equity auction of controlling shareholders, so as to restructure the companys business and avoid being deprived of listing qualification. However, it seems that the bankruptcy of the current controlling shareholder and the adverse impact on the equity auction will cast a shadow over the road of * ST ORPs resumption of listing.

According to public information, * ST opal is mainly engaged in steel logistics and supply chain finance. As of September 30, the companys total assets were about 735 million yuan, and the net assets attributable to the parent company were about - 2.504 billion yuan. In the first three quarters, the company achieved a total revenue of 248 million yuan, and the net profit attributable to the parent was - 9.2688 million yuan. The amount of loss decreased year on year, but it has not yet realized the loss. It is worth mentioning that the amount of illegal external guarantee reached 1.231 billion yuan, accounting for 48.69% of the net assets (audited) in 19 years. According to the data in qixinbao, the risk of * ST OP is as high as 136, and is still involved in many unfinished lawsuits.

Although the company has repeatedly said in the announcement that it is actively promoting debt restructuring, improving the companys asset situation, as soon as possible to resume production and operation, restore profitability, and strive to resume listing. However, the companys trading has been suspended for nearly six months, and the latest financial report has not shown that the actual operation of the company has been greatly improved. On the afternoon of November 20, the reporter had repeatedly called the companys investor hotline, hoping to understand the companys current operating conditions, but none of them answered.

The reporter learned that, if the company wants to resume listing, it is the key to eliminate the related matters that can not express opinions in the audit report as soon as possible and strive to achieve positive net assets in 2020. From a theoretical point of view, it is still possible to correct net assets, Chen said. As long as the positive impact appears and is large enough, it is possible to realize the correction of net assets. The partner of a law firm mentioned above thinks: it is worth observing, it depends on the integration ability of the offeror.

Source of this article: Wang Xiaowu, editor in charge of CFA_ NF