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!


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.

*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

Frozen by 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.

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; 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.

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.

*St Gangtai said it was actively trying to recover funds, strengthen fund control, and strive to get rid of the situation of capital difficulties as soon as possible, so as to safeguard the interests of creditors.

Five risks have been pointed out before

It has been listed in the list of 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.

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.

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

This year, it lost another 600 million yuan

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%

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.

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