Report On Purchasing Funds And Related Pactions Of Tianshan Textile Issued Shares

< p > January 26th, Tianshan < a href= "//www.sjfzxm.com/news/index_c.asp" > textile > /a > issued a report on the issue of shares to buy a href= "//www.sjfzxm.com/news/index_cj.asp" > capital < /a > related pactions, which means that the reorganization of the company which had been rejected by regulators was "resurrected".

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Less than two years ago, Tianshan textile company launched a reorganization plan to increase the assets of major shareholders. However, because of the disclosure of insider information by major shareholder executives before being reorganized, they were investigated for criminal responsibility. The securities and Futures Commission rejected the reorganization application on the grounds that "the underlying assets are facing uncertain risks". After that, mineral company also committed major safety incidents, which has cast a shadow over the restructuring prospects. P

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< p > reporter noted that the latest restructuring plan of Tianshan textile still used the issue price fixed in 2010, but after the stock price rose sharply, the fixed price increased by 5.66 yuan, which is only 45% off of the company's current stock price.

Because this paction is a related paction, some researchers believe that the low issue price will be an obstacle to the approved scheme.

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< p > < strong > the reorganisation of events is broken down, < /strong > /p >

< p > recently, Tianshan textile announced the revision of the fixed increase plan introduced in 2011. It intends to issue 104 million shares to Xinjiang Katie mining investment Limited by Share Ltd (hereinafter referred to as Katie mining), < a href= "//www.sjfzxm.com/news/index_p.asp" > Qinghai < /a > snow technology limited company (hereinafter referred to as Qinghai snow chi), to purchase 75% of the total two holdings of the west mining industry.

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< p > it is worth noting that since Katie mining is a controlling subsidiary of Tianshan textile controlling shareholder Katie investment, the second paction constitutes a related paction.

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< p > "through all kinds of hardships, Tianshan textile has done this job. If it can not be reorganized successfully, it can only be said that God can not get through with the company."

Some investors in the stock bar jokingly said.

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< p > 2008, under the influence of the financial crisis, the textile revenue of the main textile industry of Tianshan fell sharply. At this time, rumors that the company would be injected into the gold mine came out.

A year later, the company announced that it was notified by the state-owned company that the shareholder was planning to restructure and the listed company began to suspend business from the end of July 2009.

But at that time, Yao Rongjiang, general manager of Katie's investment, took advantage of his position to disclose the restructuring information to the third party two days before the suspension of the company's business. Then the third parties bought the company's shares before the suspension. The SFC took charge of the investigation of Yao Rongjiang's alleged insider trading on February 2010, and then investigated the criminal responsibility of the executives involved.

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In March of the same year, in March of the same year, Zeng Fang Katie mining and Qinghai Xue Chi agreed to inject the 75% equity interest of Xi Tuo mining company into a listed company, and the reorganization plan was approved by the local competent authorities. However, the SFC rejected the reorganization application in early 2011, on the ground that "the normal production and operation of the underlying assets is faced with a large uncertainty risk".

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< p > Tianshan textile did not give up.

On the next day after receiving the approval of the SFC, the company announced that it would continue to push forward the restructuring.

In July 2011, the company extended the validity of the reorganization plan for one year.

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When p came to 2012, no progress was made in restructuring.

In July of that year, Tianshan textile again extended the validity of the restructuring plan for a year, and the investors who bet on "restructuring" were exhausted.

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< p > < strong > the new scheme still has "hidden disease" < /strong > < /p >.

< p > although the new restructuring plan has been released, there are still obvious obstacles to the reorganization of Tianshan textile.

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< p > August 2012, an electric shock accident occurred during the installation of the construction unit of the mining area of the mining subsidiary of the west mining company, and one person died.

It is noteworthy that the mining area started production for more than a month at that time, and the Commission had rejected the reorganization application just because of the risk of production and operation in the previous year. The accident also added more uncertainty to the ups and downs of Tianshan textile.

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< p > January 2013, Tianshan textile raised the issue of additional issuance, but at that time, the evaluation report of the underlying assets had already passed the validity period. For this purpose, Tianshan textile specially hired another assessment agency, compared with the first two evaluation values, the assessment value decreased by 107 million yuan and 40 million yuan respectively.

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< p > "such a tortuous restructuring is rare. As a" mine related project ", management demands more stringent requirements for listed companies.

A textile industry researcher told reporters, "insider trading, security incidents, Tianshan textile restructuring road problems have been exposed, the SFC can not be considered."

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< p > except for safety accidents, the low price increase may also be an obstacle to restructuring.

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< p > June 2010, when the Tianshan textile plan issued 123 million shares at 5.66 yuan per share to acquire 75% stake in Xi Tuo mining.

But a year later, the stock market was resumed, and the first week it even received 5 trading boards. It once touched 17.68 yuan. Even in the bear market of the previous two years, the stock price was basically stable at 10 yuan.

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< p > "reorganization has dragged on for three years, according to the current fixed price increase, if we can pass smoothly, the market value of the fixed stock will be close to two times of the target asset appraisal price. In contrast, the fixed price increase will be too low or will impede the examination and approval."

The researcher said.

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