Another A-share mine! Over 2.4 billion debt default guarantee! Tencent wins

 Another A-share mine! Over 2.4 billion debt default guarantee! Tencent wins

However, * ST Gangtai rose 5.05% to 1.04 yuan on the 23rd, closing the limit. Data show that there are 26000 shareholders gambling on the restructuring of the stock.

What will happen?

*St Gangtais second largest shareholder applied for bankruptcy liquidation

The company guaranteed more than 2.045 billion for its violation of regulations

*St Gangtai (600687. SH) announced that Gangtai group, the second largest shareholder of the company, was applied to Shanghai Third Intermediate Peoples court for bankruptcy liquidation of Gangtai group due to its inability to pay off due debts and obvious lack of solvency. At present, Gangtai group has raised an objection and the court has not accepted the bankruptcy liquidation application. It is uncertain whether the court will accept the bankruptcy liquidation of Gangtai group.

As of the date of this announcement, Gangtai group holds 195511269 shares of the company, accounting for 13.13% of the total share capital of the company, and is the second largest shareholder of the company.

*St Gangtai is a listed company under Gangtai group. The company is committed to building an Internet plus gold ecosystem based on Internet gold jewelry, which promotes the connotation and value added of jewelry products through entertainment marketing.

Whats more frightening is that * ST Gangtai has provided illegal guarantee for the loan of Gangtai group and its related parties without the companys deliberation procedure. At present, the total amount of illegal guarantee principal that has not been resolved is RMB 2.045 billion, including RMB 593 million for Gangtai group. If Gangtai group enters the bankruptcy liquidation procedure, the above-mentioned illegal guarantee may cause losses to the company, and the specific impact shall be subject to the final ruling of the court.

196million shares held by Gangtai group

Frozen by judicial waiting list

Since last years illegal guarantee mine bombing, * ST Gangtai has repeatedly disclosed that the shares held by Gangtai group have been frozen by the judicial waiting list.

On November 20, * ST Gangtai announced successively that 196 million shares held by Gangtai group were frozen by judicial waiting.

There are three loan disputes involving Gangtai group and Gansu Branch of China Great Wall Asset Management Co., Ltd. (hereinafter referred to as Great Wall Asset Management Gansu company), Lanzhou square sub branch of industrial and Commercial Bank of China Limited (hereinafter referred to as ICBC Lanzhou square sub branch), Hualong Securities Co., Ltd. (hereinafter referred to as Hualong securities), etc Gansu company, Lanzhou Square branch of industrial and Commercial Bank of China and Hualong securities filed a lawsuit with Lanzhou intermediate peoples Court of Gansu Province and applied for waiting for freezing the companys shares held by Gangtai group.

The company has just defaulted on its debts

When the parent company is in trouble, * ST Gangtai is also in financial difficulties. On the evening of November 6, * ST Gangtai announced that it is estimated that the company will not be able to pay the interest of 17 rigid shares 01 bond on November 9, 2020.

On November 8, 2017, * ST Gangtai publicly issued corporate bonds (17 rigid shares 01), according to the announcement, 17 rigid shares 01 issued a total of 500 million yuan; the current bonds are 5-year fixed rate bonds, with a coupon rate of 7.20% in the first three years of the duration, with the option of the issuers coupon adjustment and the option of investors repurchase at the end of the third year; it was listed on the Shanghai Stock Exchange on November 22, 2017 The trustee of the bonds is Guotai Junan Securities Co., Ltd. (hereinafter referred to as Guotai Junan).

At the same time, the announcement disclosed that * ST Gangtai had many events affecting Gangtai holdings solvency during the period of 17 Gangtai 01. Guotai Junan believes that this factor has constituted a breach of contract stipulated in the bond raising instructions and bond trustee management agreement, leading to the early maturity of all principal and interest of the current bond.

On August 15, 2019, Guotai Junan issued an arbitration application to Shanghai Arbitration Commission, requiring Gangtai holdings to honor the principal and interest of the current bonds held by Gangtai holdings to the holders of 17 rigid shares 01 bonds. The arbitration has ruled that the company will pay Guotai Junan 17 rigid shares 01 bond principal, interest, lawyers fees and arbitration fees.

Five risks have been pointed out before

Listed on the list of the dishonest executors

It is worth noting that in the middle of September, * ST Gangtai specially issued a risk warning announcement. For the relevant matters and risk description of the company, please make rational investment and pay attention to the investment risk.

1. Suspension and delisting risks

2. Risk of breach of guarantee

As of June 30, 2020, the total amount of the companys remaining unliquidated illegal guarantee is RMB 2.045 billion. Some guarantee matters have entered the litigation procedure. The company will apply for the above guarantee invalid according to law, but whether the application for guarantee invalid can obtain the support of the court is uncertain. Therefore, the company has the risk of being judged to be jointly and severally liable and the corresponding assets of the company being executed.

3. Litigation risk

4. Liquidity risk

5. The company was listed in the list of dishonest executors

The company was sued by the relevant creditors for civil loan guarantee liability and financial loan contract disputes, and required the company to perform the payment obligations of effective legal documents. After some cases entered the execution stage, the company was listed in the list of dishonest executors by the court.

This year, it lost another 600 million yuan

Risk of delisting

The audited net profit of the company in 2018 and 2019 is negative for two consecutive years. According to item (1) of article 13.2.1 of the listing rules, the companys shares continue to be subject to delisting risk warning. If the company continues to lose money in 2020, the company will be suspended from listing by the exchange. If the company continues to lose money in 2020 and 2021, the company will be deregistered by the exchange.

The highest drop of 95%

Now there is still speculation

*St Gangtai used to be a big bull stock with a market value of over 30 billion yuan. At the end of 2015, the share price of the stock reached 24.16 yuan per share.

However, the stock price has been hovering around 1 yuan for a long time.

However, the stock still rose 5.05% on the 23rd, with a market value of 1.55 billion yuan.

In the stock bar, many investors think that the company will protect its shell and want to fight.

According to wind statistics, as of September 30, there were still 26000 shareholders holding * ST Gangtai

Tencent steps on thunder

*St Gangtai completed the restructuring in 2013, from real estate to gold mining and sales industry. In March 2015, * ST Gangtai issued a restructuring plan, which plans to issue no more than 187 million shares in private at the issue price of 17.57 yuan per share, and raise about 3.3 billion yuan for the acquisition of Kelan company, Regel communication, o2o marketing channel and information management center construction projects, and supplement the working capital.

The issuing objects include Gangtai group, Tencent computer and other nine specific investors.

The company pointed out in the plan for additional issuance that after the completion of the non-public offering, the company will make full use of the Internet channels of leading enterprises such as Tencent computer and big data and other industry resources with the help of rich Internet experience of Kelan companys core management team, so as to seek deep cooperation opportunities, realize rapid growth of online traffic, and strive to become the first-class Internet-based platform in China Taiwans gold and jewelry enterprises.

In January 2016, the issue of * ST Gangtai was completed. Tencent computer has subscribed for 22.6131 million shares, involving an amount of 180 million yuan, with a lock-in period of 36 months.

In the secondary market, * ST Gangtais stock price reached a new high of 24.38 yuan / share in December 2015, and then fell all the way. As of November 23, 2020, the company closed at 1.04 yuan / share. Perhaps because of the serious floating loss, Tencent computer did not choose to leave after three years.

According to e company, the interactive platform shows that since this year, investors have been asking * ST Gangtai about Tencents shareholding. For example, in June this year, * ST Gangtai replied that at present, Tencent still holds more than 10 million shares of the company. On September 21, the company replied that Tencents shareholding has not changed for the time being.

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