On the evening of November 23, ST Youf (002427, SZ), a leading domestic polyester industrial yarn company, announced that Gongqingcheng Shengbang Investment Management Co., Ltd. (hereinafter referred to as Gongqingcheng Shengbang) and or its designated related parties, Tian Chang Holdings Co., Ltd. (hereinafter referred to as Tianchang Holdings) and/or its designated related parties, Xinfengming Holdings Group Co., Ltd. (hereinafter referred to as Xinfengming Holdings) and/or its designated related parties are interested in participating in the listing as industrial investors. Corporate pre-reorganization and reorganization.
On November 23, ST Youf signed an investment framework agreement for bankruptcy and reorganization with relevant parties. ST Youf said that the signing of this “Investment Framework Agreement” will help promote the company’s pre-reorganization and reorganization-related work smoothly. conduct. If the company’s pre-reorganization is successful and the reorganization is successfully implemented, it will help resolve debt risks, improve the company’s asset-liability structure, and optimize performance.
However, market sentiment does not seem to be high. On November 24, ST Yuf closed at 6.68 yuan per share, a decrease of 4.98%, and the price limit was sealed.
Three companies intend to participate in pre-reorganization and reorganization
On June 18, ST Yuf received a notice from the People’s Government of Nanxun District, Huzhou City. The People’s Government of Nanxun District, Huzhou City applied to the Huzhou Intermediate People’s Court to initiate pre-reorganization of the listed company. The court reviewed the pre-reorganization. Application acceptance registration.
On November 23, ST Youf and the company’s pre-reorganization manager signed investment framework agreements for bankruptcy reorganization with Gongqingcheng Shengbang, Tianchang Holdings and Xinfengming Holdings respectively.
It is understood that Gongqingcheng Shengbang is an investment platform actually controlled by Shaanxi Coal and Chemical Industry Group Co., Ltd. (hereinafter referred to as Shaanxi Coal Group), a subsidiary of the State-owned Assets Supervision and Administration Commission of Shaanxi Province, and its main investment targets are listed companies in the chemical industry. Shaanxi Coal Group is owned by Shaanxi It is wholly owned by the Provincial State-owned Assets Supervision and Administration Commission and is a Fortune 500 company.
Tianchang Holdings is an enterprise invested and established by the actual controllers of Tianneng Power (00819, HK) and Tianneng Shares (688819, SH), focusing on industrial investment and project investment.
Xinfengming Holdings is the controlling shareholder of Xinfengming (603225, SH). It is a group integrating PTA, polyester, polyester spinning, texturing, and import and export trade.
On November 24, the reporter called Gongqingcheng Shengbang, and the staff on the other side said that they were not aware of the matter for the time being and that the decision-making of the leadership would prevail. On the same day, the reporter called Xinfengming Holdings at the number listed in the industrial and commercial registration materials. The other party denied that it was Xinfengming Holdings and said that the industrial and commercial registration was incorrect. The reporter called the contact number on the official website of Xinfengming Holdings, but no one answered.
In addition, another analyst pointed out to reporters that Tianchang Holdings is a company owned by Zhang Tianren, the actual controller of Tianneng Shares. Although it has no direct relationship with the listed company, from a location perspective, Tianchang Holdings is also in Huzhou and is deeply involved in ST, especially Husband’s bankruptcy and reorganization have advantages.
Why did ST Yuf get to this point?
Information shows that ST Yuf is an enterprise dedicated to the research, development, production and sales of industrial filaments and industrial textiles. The main products include polyester industrial filament, special textiles, cord products, slices, etc.
The top four domestic industrial yarn companies are Gu Tiandao, Youfu Co., Ltd., Hengli Petrochemical and Hailide, with a total production capacity of 1.51 million tons, CR4 of 53%, and industry concentration has increased; currently, domestic industrial yarn companies are divided among themselves. Seriously, the production capacity of leading companies is more than 200,000 tons, and the production capacity of other companies is less than 100,000 tons. Companies with a production capacity of less than 50,000 tons occupy 498,000 tons of production capacity. This part of the production capacity at the bottom of the industry has poor risk resistance and low prices. The gap may accelerate the exit of this part of production capacity.
In November 2016 and December 2017, ST Youf completed the acquisition of 51% and 49% of the equity of Jiangsu Zhihang New Energy Co., Ltd. (hereinafter referred to as Zhihang New Energy), entering the new energy vehicle power battery industry. Zhihang New Energy is a new energy enterprise specializing in the design, R&D, production, sales and service of ternary power lithium batteries for new energy vehicles. It has a complete production line of ternary cathode materials, batteries and PACK systems.
In addition, ST Yuf invested 25% of the equity in Wuhan Zhongyu Power System Technology Co., Ltd. in July 2017 to realize the layout of the hydrogen fuel cell industry.
But why did ST Yuf go to the stage of bankruptcy and reorganization?
According to ST Yuf’s announcement on January 19, 2018, it was investigated by the China Securities Regulatory Commission for suspected violation of securities laws and regulations. After more than two years of investigation, ST Youf received the “Administrative Penalty and Market Ban Prior Notification” issued by the China Securities Regulatory Commission on March 9, 2020, and was found to have failed to disclose the relationship with the actual controller in the periodic report. The original actual controller Yan Jinggang was also banned from the securities market for life due to three major violations: related transactions, failure to disclose external guarantees in regular reports, and failure to disclose contingent liabilities in regular reports.
The financial report shows that ST Youfu achieved operating income of 2.446 billion yuan in 2020, a year-on-year decrease of 20.68%, and achieved a net profit attributable to the parent company of -751 million yuan. In the first three quarters of 2021, operating income was 2.241 billion yuan, a year-on-year increase of 15.97%. Net profit attributable to the parent company was a loss of 286 million yuan, a loss that expanded 117.80% year-on-year.
In the 2021 semi-annual report, ST Youf introduced that the company currently has two major business segments: polyester industrial yarn and lithium batteries, and is laying out the hydrogen fuel cell industry through equity investment. Among them, the lithium battery business refers to Zhihang New Energy acquired by the company, and the hydrogen fuel cell business refers to the 25% equity of Wuhan Zhongyu invested by the company in July 2017.
ST Youf said that Wuhan public opinion�Technology, products and services run through the upstream, middle and downstream of the entire hydrogen energy industry chain, including hydrogen energy preparation, hydrogen energy storage and transportation, fuel cell systems and hydrogen energy utilization. The industry chain covers a wide range, with comprehensive hydrogen energy services and overall solution capabilities. And this may be one of the important reasons that attracted the three companies to compete.
</p
