After the reorganization, the total share capital increased to 654.38+03.86 billion shares, and the total assets were 22.5 billion, 500 million and 23 billion respectively. Claims were declared at 57854 * * 49.7 billion, debts were confirmed (or initially confirmed) * *1,39.5 * * 33.8 billion (of which 4.2 billion secured claims were paid off with 400 million secured property, and the remaining 3.8 billion were converted into ordinary claims), and another 2.46 billion compensated claims, totaling 36.3 billion.
According to the reorganization plan, all small claims below 500,000 yuan are paid in cash, which may require 700 million yuan in cash (1395 households with 500,000 yuan per household); Ordinary creditor's rights of more than 500,000 yuan 100 yuan will be paid off in cash, and the cash required for this item is about 2.57 billion yuan (36.3 billion yuan minus 400 million yuan, a decrease of 700 million yuan * * 35.2 billion yuan); Set up a trust plan to divest 654.38+0.82 billion for debt repayment. The above total amount of about 5 billion may be spent from the existing total assets of 23 billion. All remaining debts are converted into debts, and it is confirmed that the debts have been cleared (another 250 million bankruptcy expenses). The net assets after reorganization are about 65.438+08 billion, and the net assets per share are about 654.38+0.3 yuan.
Costs of different types of shareholders after reorganization:
Debt-to-equity swaps amounted to 3.63 billion shares, with a share price of 65,438+00 yuan (65,438+000 yuan is cash for creditor's rights and trust shares * * 65,438+0.765,438+0 yuan, 8,829 shares), and the debt interest was calculated at the end of May 2026. The stock price exceeds that of 4.5 yuan, and the repayment rate of principal and interest exceeds 50%.
65.438+0.95 billion shares of former major shareholders and related parties are basically pledged, and can be auctioned at any time if their creditors apply.
Before the reorganization, except the major shareholder, the share capital was 3.02 billion shares, and11300,000 shares were transferred. There is a provision in the reorganization plan that165438+300 million shares will be distributed to all shareholders except the top 50 registered shareholders of the company (excluding the original actual controller) after the market closes in date of record. It means that shareholders who hold more shares than the original major shareholders (such as several trust plans, about 800 million shares among the former 10 shareholders) cannot be transferred, and small and medium shareholders who meet the transfer conditions can get more. (If the actual share capital of 2 billion is increased by165438+300 million shares, their cost will be reduced from 4.58 yuan before the suspension to 2.93 yuan, which happens to be 65438+February 27th. When the daily limit is opened between 272 and 298, the transaction amount of 436 million shares is120,000 yuan).
The reorganizers led by GPHL received 41.50 billion shares at a consideration of 6.5 billion, and the cost per share was 1.57 yuan.
The profit growth potential of the existing business after reorganization;
In the 202 1 semi-annual report before reorganization, the operating income was 2.07 billion (3.09 billion in the third quarter and 5.4 billion in 2020), the operating cost was/kloc-0.60 billion (2.5 billion in the third quarter and 5.2 billion in 2020), and the loss was 930 million (3.09 billion/kloc-0.30 billion in 2020).
Compared with the semi-annual report of 2002 1, the cost can be reduced after reorganization: the financial expenses for five months are 880 million, which is about 21100 million for the whole year; The depreciation in the semi-annual report is 230 million, and the depreciation in the whole year is 460 million. Strive to reduce 200 million after reorganization. These two projects strive to reduce 200-230 million.
After the reorganization, the annual operating income will increase from 4 billion to 6-8 billion, the gross profit rate will increase from 202 1 9% in the third quarter to 25%, and the gross profit will reach1.50-200 million. In the three quarters, the sales expenses were 340 million, the management expenses were 550 million, the taxes were 50 million, and the research and development expenses were 65.438+0 billion, totaling 950 million. After the reorganization, we will strive to control the whole year at 654.38+02 billion. At the same time, considering that the financial expenses are zero and the depreciation is reduced by 200 million, the possible net profit after reorganization is 5- 1 100 million. If the gross profit rate is increased to 30%, the net profit can reach 810.40 billion at most. (The investment income in the semi-annual report and the third quarterly report is 65.438+0.8 billion, which is a one-time income from the disposal of long-term equity investment). Calculated at a price-earnings ratio of 30 times, the market value is150-42 billion.
Greater performance growth depends on subsequent integration and new growth points.
According to the latest annual performance forecast, compare the three quarterly reports:
In the fourth quarter, the operating income was 754.38+08 billion, and the net profit after deducting non-recurring gains and losses and new provision for asset impairment was 0-2.8 billion.
In the third quarter, the total assets were 310.50 billion, with an impairment of 4.8 billion. Effective assets should be 26.7 billion, more than the expected 22.5 billion.
The net assets are 7.57 billion to113.6 billion, and the related net income of reorganization is17.5 billion. There should still be debt-to-equity swaps.