The hottest company sold its shell due to unfavora

2022-09-21
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Chongqing Chuanyi Automation Co., Ltd. (hereinafter referred to as "Chongqing Chuanyi") which recently published a prospectus in the Securities Regulatory Commission, once landed on the Shenzhen Stock Exchange in 1996. In 1999, it sold its shell because of adverse operations, that is, it sold its shell 000607 to the post existing assets of Zhejiang Huali group that year. Now it returns again and wants to be listed independently. Insiders said that the CSRC has reviewed the company for nearly two years, and it remains to be seen whether it can pass

it was listed on the Shenzhen Stock Exchange in 1996

the data shows that the former Chongqing Chuanyi was listed on the Shenzhen Stock Exchange in August 1996, but the second year of listing encountered the Asian financial crisis, and the total market demand was insufficient; At the same time, the former Chongqing Chuanyi, as a traditional state-owned enterprise, failed to deepen the system reform and transform the operating mechanism after listing, which is difficult to meet the requirements of modern enterprise system and capital market operation; In addition, the entry of foreign products has led to the deterioration of the original Chongqing Chuanyi business and continuous losses. The company suffered continuous losses in 1997 and 1998, and was specially dealt with by "ST" in 1999. The former Chongqing Chuanyi was difficult to turn around its losses in a short time by relying solely on the strength of the company and its original shareholders. In order to improve the asset quality and operating conditions as soon as possible and avoid delisting, under the guidance of the Chongqing municipal government, Silian group and Huali group reached an agreement to restructure the former Chongqing Chuanyi in June 1999. The restructuring plan is as follows: Huali group becomes the largest shareholder by acquiring the former Chongqing Chuanyi state-owned legal person shares held by Silian group; Huali group and Chongqing Chuanyi carried out asset replacement, and Huali group replaced the equivalent original weight with new assets. Haig continued: our analysis results show that qingchuanyi assets, and at the same time, Silian group bought back this part of the assets from Huali group; The original listed company changed its name; After adjusting the original Chongqing Chuanyi assets repurchased, Silian Group invested in the establishment of Chuanyi Co., Ltd., which is now Chongqing Chuanyi

now it plans to log on to the Shanghai Stock Exchange

the prospectus disclosed by Chongqing Chuanyi recently shows that the industry in which the company is located is the instrument industry, mainly engaged in the research and development, production, sales, technical consulting services and other businesses of industrial automatic control system devices and complete sets of engineering. The company plans to log on to the Shanghai Stock Exchange, and plans to issue 395million shares, which are sponsored by GF Securities (Weibo) (29.01,0.56,1.97%), and are still in the stage of implementing feedback

the prospectus said that with the improvement of corporate governance, the strengthening of internal management mechanism reform, and the strengthening of continuous innovation in technology and market, the gradual upgrading of products, the competitiveness of enterprises has been enhanced, turning losses into profits, and fundamental changes have taken place. From 1999 to 2011, the net profit increased year by year, from a loss of 39 million yuan in 1999 to a profit of 176 million yuan in 2011. At present, the company is the largest comprehensive automatic instrument manufacturer in China, and has obvious scale advantages, technical advantages and market advantages among domestic enterprises. The controlling shareholder of the company is Silian group, holding 143 million shares, accounting for 48.34% of the total share capital before the issuance. Chongqing SASAC holds 100% of the equity of Silian group and is the actual controller of the company. Chongqing SASAC also holds 100% of the equity of Chongqing Yufu and Chongqing Water by cutting thin sheets with sharp blades such as razor blades along the plane perpendicular to the conductor axis. It indirectly controls a total of 72.45% of the shares of the company through Silian group, Chongqing Chongqing Yufu and Chongqing water

whether it can "pass the meeting" remains to be seen

an investment banker said that it was the first case that the surviving company applied for IPO again after selling the shell. The company's business is still the same as before, but its performance has been good in recent years, so the company hopes to be listed again. Under normal circumstances, the company meets the listing conditions, but how does the CSRC decide? This involves the issue of regulatory orientation. Is it allowed for the surviving enterprises to be listed again after selling the shell? The final answer to be given by the CSRC. The project has been reviewed for nearly two years, and it is still possible to be killed. Many delisted or shell selling enterprises hope to be listed again, either in preparation or dare not apply again, because they are worried that they will not be able to pass the issuance examination meeting

xuzeling of Shenzhen Zheling investment said that it is difficult for the company to "pass the meeting", but it is not impossible. According to the prospectus, the reason why the company was previously acquired by Silian group was that the cycle of instrument business was not good, resulting in the decline of performance. But now the profitability of this asset has improved, meeting the listing standards. Investors need special treatment. He also said that from the perspective of the prospectus, the company's valuation will not be very high. It belongs to a cyclical industry and needs to be cautious. It also needs to pay attention to the relationship between major shareholders and several subsidiaries and the capital flow

Lai Xubo of Shenzhen zhiduoying said that the company can be regarded as a new company. The law has no provisions in this regard that do not allow similar companies to be listed again. Even if the market demand for biodegradable plastic packaging maintained a double-digit average annual growth rate of more than three boards and four boards from 2013 to 2019, as long as the conditions for listing are met, the company can come back, so it only depends on the company's profitability. As long as the enterprise is profitable within a few years and its main business meets the national requirements, it can be listed, not to mention the opportunity and strength to restore the company's performance to a certain level, which also proves the company's ability

note: the reprinted content is indicated with the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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