Time: 201111-0910: 40.
⊙ Reporter Ruan ○ Editor Qiu Jiang
*ST Kejian has suspended trading since today and entered the bankruptcy reorganization procedure.
Three trading days before the suspension, *ST Kejian's share price rose continuously, which constituted abnormal fluctuations in stock trading. *ST Kejian announced today that the Shenzhen Intermediate People's Court has ruled to reorganize the company and related matters from 20110/0/October 17. With the end of the 20 trading days before the suspension, the company's stock will change from 20 1 1 19 October.
*ST Kejian used to be a well-known enterprise in mobile phone manufacturing, but in desperation, he could only dream of breaking his own brand. Since 2005, it has been ST, from wearing stars to picking stars to wearing stars. After six years, it has finally embarked on the road of bankruptcy and reorganization. Unlike many managers of bankrupt and reorganized enterprises, including government officials, *ST Kejian only appointed Beijing Jindu (Shenzhen) Law Firm and Shenzhen Jacky Clearing Affairs Co., Ltd. as company managers in this reorganization. Such a "paperback" dispute has made the industry doubt whether *ST Kejian will be liquidated.
What is in front of the manager of *ST Kejian is a mess. By the end of the third quarter, the company's insolvent amount was 654.38+0.27 billion yuan, and its net assets per share were -8. 1.8 yuan. The balance sheet of the third quarterly report shows that the total assets are 662 million yuan; Short-term liabilities are 600 million yuan, accounts payable are 365 million yuan, interest payable is 350 million yuan, other payables are 273 million yuan, total current liabilities are16100000 yuan, non-current liabilities are 230 million yuan, and total liabilities are189100000 yuan. The company's main assets are long-term equity investments with a market value of 480 million yuan.
*ST Kejian's last reorganization dates back to 2009, when Zhejiang Tongfang Group planned to go public by backdoor, but it finally gave up after two launches.
* What are the difficulties in the reorganization of ST Kejian? The first is that there are too many creditors and too many debts. At that time, the debt of *ST Kejian 310.40 billion yuan involved 2 1 financial institutions. Although it has been "slimmed down" now, the debt of nearly 2 billion is still a heavy burden. *ST Kejian has no assets, so it can be said that it is completely lacking in debt repayment sources. In addition, Shenzhen Kejian Group Co., Ltd., the largest shareholder controlled by two natural persons, only holds 33,665,438+40,000 shares, and Shenzhen Xiong Zhi Electronics Co., Ltd., the second largest shareholder, holds 365,438+40,000 shares, which is only 64,665,438+40,000 shares in a consolidated calculation, and the market value calculated at the closing price is only 790 million yuan. Even if it is fully transferred, it is still far from enough to pay off debts.
The advantage of bankruptcy reorganization is that it can partially reduce debts. From this perspective, it can reduce the cost of reorganization, which is also the deep reason why *ST Kejian insisted on bankruptcy for two years. Some analysts believe that *ST Kejian has a heavy debt, and from the perspective of improving the liquidation rate, it may consider paying debts with shares. However, the implementation of debt repayment by shares is based on the premise that the restructuring plan can be approved by the CSRC, and the final result is unpredictable. There is great doubt whether creditor banks are willing to take such risks.
According to insiders, the failure of Zhejiang Tongfang backdoor *ST Kejian in 2009 was related to the above difficulties. In addition, due to the high cost of debt repayment, the reorganizers are not satisfied with the estimated value of the assets to be injected.
Although the bankruptcy reorganization of *ST Kejian is not easy, some people familiar with the capital market believe that *ST Kejian is unlikely to be liquidated because there is no delisting system in China.
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It is really uncertain whether there is a chance to resume trading. It's very risky.