Government organizations, to mobilize various luxurious team force hand deliver discontinued when ST Juli, because only in this way, Juli disaster will not affect other apples in the basket.
28 June, Weifang road, Mayor of pine, corporate office, ST Juli (000880) silence. The old Chinese agricultural vehicle industry leader has been completely cut off, a rundown of factory. Almost no outsiders know that the company at the general meeting of shareholders 2004 is held on the second floor conference room. In more than 1300 companies in China, maybe this is the one of spots of the general meeting of shareholders, no flowers, no banners, several shareholders on behalf of the boring to sit together.
Before them, placing the company General Manager Li Xuejun resignation applications, as well as Chief Financial Officer's resignation. Li Jun, 5 days ago by written resignation to the report, the Board of Directors determines the beginning of the year to improve the company's financial situation was not achieved, the business layer to maintain the stability of the company to ensure the successful reorganization of the company. Now that you have tried, the situation for the company I Li, and bodily causes an application to quit.
A month ago on 28th may, Chairman Liu gang had resigned his post is another sinbond Vice President of Beijing. Thus, not only cut off ST Juli, decision-making and management team have been fragmented.
Cut off half a year, ST Juli shareholders finally less bloody taste. Up to two years of fight, the first shareholder of Beijing sinbond (Beijing sinbond company) seems to be throwing weapon, CMS Volt in silence. And, in this rare moment silence around ST Juli security risk erupted, the circle will be another two of Weifang city local companies into one.
The cold of the general meeting of shareholders
On ST Juli exhaustion of the situation at the moment, many people on the Weifang securities market weekly said the company formerly would have their own problems, but after the introduction of external investors, new and old shareholders because the interests tend to have different, so that issues are die-hard entanglement, ultimate fish nets. How to promote enterprise reform, the Government needs to rethink.
They are referring to external investors entering refers to Beijing at the end of November 2002 sinbond with concerted action people have the assignee the ST Juli original shareholder Juli machinery factory by listed companies 28.97% stake, become giant great shareholder ST. After the try to grasp sinbond ST Juli's control, but was Juli machinery factory and the third largest shareholder Weicheng of Sams vehemently resist. Because Beijing sinbond acquisitions, dark with concerted action at the acquisition of listed companies, this approach and its acquisition of Shida Group (600734) is very similar.
Beijing sinbond acquisitions Shida, the latter funds into their own system. Other shareholders are very disturbed, worried about the real group of tragedy in yourself again, and so began the expulsion of Beijing sinbond, major strikes between shareholders. In this procedure, under the guidance of the Beijing sinbond, ST Juli comprehensive inventory balance, the final found financial issues, as they saw for the first time since the listing.
Shareholders of strife and fundamentals rapidly deteriorating immediately aroused the attention of the securities regulatory authorities, in January 2004, the China Securities Regulatory Commission, Jinan Zhengjianju on companies ' survey. In June 2004, the supervisory authority will be the case transferred to the judicial authorities, the relevant personnel involved in succession detainees, Chairman and former Financial Director were sentenced.
In the meantime, banks are not lending to ST Juli, some suppliers have also stopped supplying, accelerates the worsening financial situation of the company, in February 2005, the company issued discontinuation announcement. Maybe cut off is in shock, flames of natural forces. Shareholder of Beijing sinbond abandoned ST Juli Chairman of bits, but also in the general meeting, the representatives of BCG Stephen Lee also features a low profile. Beijing seems to have thrown weapon, sinbond perches Volt in silence.
But shareholders meeting participants do not have to give up condemned Beijing sinbond: this is a special meeting to be held in the period … on 28 may, the resignation of the Chairman of the Board is not responsible for the company ...
Security circle collapses
And in the Conference room window, another crisis is already showing signs of rapid spread and — because and ST Juli secured relationships, Shandong Dragon (000677), Qingdao huaguang (600076) into trouble, regional security risk.
We understand that ST Juli earlier respectively and Qingdao huaguang, Shandong Dragon signed mutual insurance 1 billion and $ 8000. To 27 April 2005, the company's independent directors disclosure guaranty, the company guarantees for a total of Nirvana huaguang three pen, 295 million, respectively, the Bank ICBC 900 million RMB 20 million Yuan, China Construction Bank, ICBC for Shandong dragon from 1647 RMB loan guarantee.
ST Juli's recent announcement said, because the company discontinued and liquidity shortage, gravis, 18 April 2005, the relevant branch of China Construction Bank, require the company to a lawsuit settlement of arrears 3200 Yuan and corresponding interest. In addition, the Court ruled, ST Juli to Qingdao huaguang borrowings 2000 million bear joint liability.
At present, Qingdao huaguang for ST Juli guarantees amounting to $ 9700, Shandong dragon to guarantee 5560 million, most of the overdue.
Mutual assurance is an extremely delicate chain, once this chain of a certain aspect of a problem can occur because dominoes-style collapse again. In the Chinese stock market, mutual insurance act cross has destroyed many listed companies. In June last year, Chinese and Western medicine and ST zhongke building a relationship of "fidelity", "departments", after the collapse of Chinese and Western medicine, because security has assumed obligations to 6720 million principal and interest, penalty 288.7 million, the company's financial situation is in trouble.
ST Juli 2003 loss 9713 million, 2004 loss 2.3 billion loss in the first quarter of 2005, and 1968 million, now the company is still
In the end. If the loss in 2005, ST Juli is a certainty to delisting, so it's a very high risk of debt servicing, Qingdao huaguang and Shandong Dragon will inevitably be affected.In Shandong Dragon, a member of the Securities Department of ST Juli expressed great concern: now it is a serious deficit in the end, don't see it repayment of hope. 5560 million amount on companies, nor is it a small amount, after all, the company's 2004 net profit is 1 million.
At present the fundamentals of Nirvana huaguang also is not optimistic. In the year net profit-4793.95 million, the company expects the performance loss in the first half of 2005. Qingdao huaguang who on the securities market weekly "said:" the Blue Bird, "five companies are facing financial difficulties, now, ST Juli also happen, really do not know how to solve the problem ...
Government starts pulling the redemption
In the regional guarantee risk black clouds capping, ST Juli seemingly without health path, the "Government in the rescue of Juli" message from boring atmosphere jumped over to ST Juli investors and mutual insurance in anxious waiting still to heart.
Weifang State Board members through out the wind to: Weifang City Mayor Zhang xinqi that must be completed within the time limit ST Juli reorganization, and identified new team leader for the restructuring, the two Deputy Mayor, Deputy Head of the listing regulation of second shandongzhengjianju Commissioner, Mrs forces responsible restructuring matters directly to the specific.
Perhaps the side confirmed, recently, Shandong Dragon notice: on ST Juli warranty period extended for one year. The company is one of the sources, to enable it to repay $ 3200, China Construction Bank debt of a branch has instituted proceedings for Juli, in coordination with local government, the Bank has agreed to give loans for Juli, will run for one year.
"We are doing the work of the Bank, as the Bank has agreed to the extension, is to reduce our risk, we also agreed to extend the guarantee period, the parties are hard, Juli might be better. "He said.
It is understood that in June, 28, of shareholders general meeting, the representative of the State Council in Weifang, said company President resigns, the company to quickly select a new Chairman and led the company get out of trouble. Although still in the dark, the shareholders have seen through the window of a light.
In Juli factory, an ordinary employee told the securities markets weekly: Juli and maybe won't die, heard of Weifang diesel engine factory to restructuring. It is understood that in Hong Kong-listed Weichai Power (2338.HK) prepared on ST Juli for substantial asset restructuring, restructuring agreement has been initialled, but only until the Beijing signed a formal contract sinbond last.
It is said, Weichai Power, there are two sets of restructuring programme: first acquisitions 28.97 sinbond hold ST Juli equity, direct to become the largest shareholder; the second is the acquisition of Juli machinery factory holds 16.35% ST Juli equity, as well as the third largest shareholder, holding of State assets Weicheng 6.81% ST Juli's equity, then in the secondary market purchases exceeding 5.81% of ST Juli circulation unit, ST Juli's control.
In fact, sinbond dilemma. If ST Juli delisting, nearly 2 million equity investment is likely to acreage; but at this point to exit, ST Juli per share for the net assets of only $ 0.92, impairment losses.
In addition, according to the securities market weekly, Beijing sinbond already appears capital chain crisis, in the hands of the 65 million shares were Huaxia Bank and Shanghai Pudong Development Bank freeze, if the stockholder cannot smoothly lifted, then ST Juli reorganization only empty talk.
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