St Gangtai explosion thunder not only debt default, parent company was applied for bankruptcy liquidation!

category:Finance
 St Gangtai explosion thunder not only debt default, parent company was applied for bankruptcy liquidation!


Prior to that, * ST Gangtai just broke out of debt default. And has been negative for two consecutive years, there is a great risk of delisting.

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?

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.

Gangtai group holds 196 million shares

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.

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.

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; and 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.

Five risks have been pointed out before

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

Due to the fact that Zhonghua certified public accountants Co., Ltd. issued an audit report that could not express its opinions in the financial report of the company in 2018, which touched item 4 of article 13.2.1 of the Listing Rules of Shanghai Stock Exchange: the financial accounting report of the latest accounting year was issued by an accounting firm with no opinion or negative opinion, the companys stock trading was withdrawn Special treatment of city risk warning. On April 30, 2020, the audited net profit of the company for two consecutive years in 2018 and 2019 is negative. 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.

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

As of June 30, 2020, the company has been involved in all kinds of litigation cases: 52 cases in the first instance stage and 4 cases in the second stage, with a total amount of 4.025 billion yuan; 50 cases of the first instance / second instance being executed; the total amount of the cases involved in the accused cases is about 6.613 billion yuan; there are 3 cases under trial, 12 cases are applied for execution, and the main lawsuit involves The total amount of the case is about 664 million yuan.

4. Liquidity risk

Affected by the companys illegal guarantee events, two consecutive years of losses and other factors, some banks withdraw loans and break loans, and the companys capital situation is relatively tight. As of June 30, 2020, the total liabilities of the company are about 6.435 billion yuan, some of which have been in default.

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.

Risk of delisting

According to the financial report of * ST Gangtai in 2018, the companys annual net profit loss was 1.165 billion yuan, with a profit of 545 million yuan in the same period of last year; in 2019, the companys net profit loss was 3.375 billion yuan; in the first three quarters of 2020, * ST Gangtais net profit attributable to the owner of the parent company was RMB 623 million yuan, and the net loss of the same period of last year was RMB 334 million yuan.

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.

*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 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.

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: Ren Hui, editor in charge of China Fund News_ NBJ9607