These two days, my senior a has added another wonderful thing!
On February 9, the “A-share suspension nail household” Dea General Aviation Holding Co.Ltd(002260) which has been suspended for 1025 days announced that it received the notice on terminating the recommendation of Dea General Aviation Holding Co.Ltd(002260) resumption of listing sent by the company’s resumption sponsor Federal Reserve Securities Co., Ltd. (hereinafter referred to as “Federal Reserve securities”) on February 7, 2022.
In short, Dea General Aviation Holding Co.Ltd(002260) ‘s sponsor, Federal Reserve securities, believes that the company does not have the conditions to resume listing and will no longer provide recommendation services for the company to resume listing.
The attending doctors announced that they had given up treatment, but Dea General Aviation Holding Co.Ltd(002260) gave full play to the fighting spirit of “never giving up”. When replying to the attention letter of Shenzhen Stock Exchange on the 12th, they told the public in thousands of words: I can still go to school.
What happened? Let’s have a look
sponsor “give up treatment”
A-share nail households “never give up”
Dea General Aviation Holding Co.Ltd(002260) in response to the letter of concern of Shenzhen Stock Exchange, it gave several reasons for believing that it has the conditions to resume listing. Mr. fund summarized the following three reasons:
1. The capital of the company’s bankruptcy reorganization investors to subscribe for converted shares can still ensure that the company’s operating capital is relatively abundant.
2. The company’s main business complies with national policies and regulations, and its business model adapts to market demand. Since the reorganization, the company has gradually optimized and adjusted its product structure and improved its business structure.
3. After the new management is selected, the management level will be improved, the operation efficiency will be enhanced, and the profitability of the company will be improved.
Therefore, Dea General Aviation Holding Co.Ltd(002260) there is no objective basis for the Fed securities to say that the company’s “going concern ability is uncertain and does not meet the conditions for resumption of listing”. At present, the accounting firm hired by the company is normally promoting the annual audit in 2021, and the final data shall be subject to the audit data publicly disclosed. The company believes that it has the conditions to resume listing.
According to the announcement, on June 14, 2020, Dea General Aviation Holding Co.Ltd(002260) and the Federal Reserve securities signed the agreement on recommending resumption of listing and entrusting continuous supervision of stock transfer. The Federal Reserve securities assisted Dea General Aviation Holding Co.Ltd(002260) in submitting the application documents for resumption of listing to the Shenzhen Stock Exchange in early July 2020.
Article 5 of Chapter III of “part I recommendation for resumption of listing” of the agreement stipulates that “in the process of recommending Party A ( Dea General Aviation Holding Co.Ltd(002260) ) to resume listing, if Party B (Federal Reserve securities) has sufficient reasons to believe that Party A does not meet the conditions for resumption of listing, Party B may no longer recommend Party A to resume listing.”
why did the Federal Reserve securities finally give up recommending Dea General Aviation Holding Co.Ltd(002260) to resume listing?
Fed securities also lists three reasons:
1. From January to September in 2020 and 2021, the lower net profit attributable to the parent company before and after deducting non recurring profits and losses is -26.9945 million yuan and -24.6929 million yuan respectively. The company expects the net profit attributable to the parent company to be – 90 million yuan to – 60 million yuan in 2021. Dea General Aviation Holding Co.Ltd(002260) there is great uncertainty in the ability of sustainable operation, and it does not meet the conditions for resumption of listing.
2. In November 2020, Guangzhou rural commercial bank filed a lawsuit to require the company to undertake the obligation of making up the difference with respect to the loan principal, interest, penalty interest and other funds totaling about 2.5 billion yuan. Up to now, the case is still under trial, and the company’s obligations in the case are inconclusive, so there is a significant risk of uncertainty.
3. Cao Sheng, the investor introduced in the company’s reorganization, showed signs of discord with xuntu education, which had a great adverse impact on the subsequent operation of the company.
The male says the male is reasonable, and the female says the female is reasonable. What Dea General Aviation Holding Co.Ltd(002260) can do now is either to replace the recommendation institution or apply to the Shenzhen Stock Exchange to withdraw the application materials related to the resumption of listing.
changed ownership several times after listing for more than 10 years
maximum market value evaporation 90%
According to public information, Schindler mould, the predecessor of Dea General Aviation Holding Co.Ltd(002260) , was founded in 1993. It is a foreign joint venture doing supporting business for home appliance brands. A few years later, he set foot in the household appliance business. After several renames, he was listed under the brand name of “ilip” in 2008.
Unexpectedly, five years after listing, all the original shareholders ran away. Since then, Dea General Aviation Holding Co.Ltd(002260) has been played by various capital.
In June 2013, 5 years after the listing of the company, the actual controller of deutcom was changed to the Liu Changle family controlled Wutong Xiangyu.
In this year, German Austrian navigation announced to enter the field of navigation and implement the dual main business model. Two years later, when the company’s navigation business just started, the company changed its name to “German Austrian navigation”.
Taking advantage of the small rocket of the general aviation concept, the company raised funds for two times successively, coupled with the extremely prosperous bull market at that time, the share price of de’ao navigable soared almost vertically in the first half of 2015, with a total market value of 16.4 billion yuan at one time.
The total market value of Dea General Aviation Holding Co.Ltd(002260) before the suspension was only 1.8 billion yuan, an evaporation of 14.6 billion yuan compared with the peak in 2015, a decrease of nearly 90%.
While the share price soared, the Liu Changle family opened the reduction mode. In 2016, the actual controller of the company transferred most of the shares of Wutong Xiangyu to the two companies of song Liang holdings, Huaya Bona and Beijing Hanying, and Song Liang became the actual controllers of deutcom.
Song Liang, who has several funds under his name, made a big move in front of the falling stock price: in 2017, he is ready to sell de’ao TONGHANG to zhenai.com in the way of “similar backdoor”.
At that time, de’ao navigable also said with great seriousness that it was ready to analyze more than 100 million real name registered users of zhenai.com to lock customers for the company’s electrical business and navigable business.
However, later, zhenai quit and refused the German Austrian navigation. The share price of German Austrian navigation has plummeted.
Not only did the share price plummet, but the company’s performance also changed significantly. According to the annual report, the audited net assets of the company in 2017 and 2018 were negative for two consecutive years. On May 10, 2019, the company received the decision on suspension of listing of Dea General Aviation Holding Co.Ltd(002260) shares from Shenzhen Stock Exchange, and then the listing of the company’s shares was suspended from May 15, 2019.
According to its latest performance forecast, Dea General Aviation Holding Co.Ltd(002260) is expected to have a net profit of – 60 million yuan to – 90 million yuan in 2021, down 385.48% to 528.22% from 21.0171 million yuan in the same period last year.
At the same time, on December 10, 2021, Dea General Aviation Holding Co.Ltd(002260) issued the announcement that some shares of controlling shareholders were frozen by justice, which opened the “infighting” between major shareholders and shareholders of the company. In addition, Dong Jiangao of Dea General Aviation Holding Co.Ltd(002260) also resigned one after another. This adds a lot of uncertainty to the resumption of listing of Dea General Aviation Holding Co.Ltd(002260) .
involved in the 2.5 billion “beheading” storm
According to public information disclosure, on June 27, 2017, Guangzhou rural commercial bank and Guotong Trust Co., Ltd. (hereinafter referred to as guoxintong trust) signed the single fund trust contract for guoxintong Huaxiang investment loan, with a trust scale of RMB 2.5 billion and an estimated term of 48 months, calculated from the date of establishment of the trust.
On the same day, Huaxiang investment signed the trust loan contract with guoxintong trust, which granted loans of 1.5 billion yuan and 1 billion yuan to Huaxiang investment on June 28, 2017 and August 3, 2017 respectively. The loan expires on June 28, 2021.
At the same time, Shandong Xinchao Energy Corporation Limited(600777) , Zoje Resources Investment Co.Ltd(002021) , Dea General Aviation Holding Co.Ltd(002260) and Guangzhou rural commercial bank respectively signed the balance replenishment agreement, which stipulates that if Guangzhou rural commercial bank fails to receive the investment principal or income agreed in the trust contract in full on the accounting date agreed in any trust contract (including interest distribution date, principal repayment date and trust early termination date) for any reason, It shall undertake the obligation of making up the difference to the bank.
The final result is that on April 14, 2020, guoxintong trust decided to terminate the trust and liquidate it in advance on April 24, 2020, and close the registration of the trust property in accordance with relevant regulations.
According to the trust loan contract, Guangzhou rural commercial bank announced the early maturity of the loan on November 3, 2020. However, both Huaxiang investment and Shandong Xinchao Energy Corporation Limited(600777) , Zoje Resources Investment Co.Ltd(002021) , Dea General Aviation Holding Co.Ltd(002260) failed to repay the principal and interest on schedule. Therefore, Guangzhou rural commercial bank filed a lawsuit.
The result of the first instance judgment shows that Huaxiang investment shall repay the loan principal of 2.5 billion yuan and the interest, default interest and compound interest to Guangzhou rural commercial bank within 15 days from the date of the legal effect of this judgment. As of November 6, 2020, the interest, default interest and compound interest totaled 1.765 billion yuan. The total amount of interest, default interest and compound interest calculated and paid during the contract period shall not exceed 2.5 billion yuan, The upper limit calculated according to the standard of 24% annual interest rate. From November 7, 2020 to the date of actual repayment, the penalty interest shall be calculated and paid according to the standard of 24% annual interest rate based on RMB 2.5 billion.
There’s a problem! Huaxiang investment argued that “there is beheading interest in this case”.
Huaxiang investment argued in the relevant lawsuit that its company has no objection to the legal relationship of trust loan with Guotong trust. However, with regard to interest, default interest, compound interest and liquidated damages, Huaxiang investment believes that it has exceeded the upper limit specified in Article 2 of the opinions of the Supreme People’s Court on further strengthening financial trial, that is, the borrower of the financial loan contract takes the reason that the interest, compound interest, default interest, liquidated damages and other expenses claimed by the lender at the same time are too high and significantly deviate from the actual loss, Request to reduce the part exceeding 24% of the annual interest rate in total.
At the same time, Huaxiang investor proposed that the interest, default interest, compound interest and liquidated damages claimed by Guangzhou rural commercial bank should not exceed about 860 million yuan as of November 6, 2020.
