The highly concerned reorganization of Yinyi Co.Ltd(000981) ( Yinyi Co.Ltd(000981) ) has made substantial progress again, and the listed company has also ushered in new actual controllers.
Yinyi Co.Ltd(000981) change of actual controller
Due to the implementation of Yinyi Co.Ltd(000981) reorganization plan (hereinafter referred to as “reorganization plan”), the control right of Yinyi Co.Ltd(000981) has changed.
In June 2020, Ningbo intermediate people’s Court of Zhejiang Province ruled to accept the reorganization application of Yinyi Co.Ltd(000981) and officially entered the reorganization procedure. In December of that year, the second creditors’ meeting and the investors’ group meeting of the company voted and approved the draft reorganization plan. The manager of the company signed the reorganization investment agreement with Jiaxing zihejinxin equity investment partnership (limited partnership) (hereinafter referred to as “zihejinxin”). In that month, Ningbo intermediate people’s court also ruled and approved the Yinyi Co.Ltd(000981) reorganization plan and terminated the reorganization procedure of Yinyi shares.
According to the relevant arrangements of the reorganization plan and the reorganization investment agreement, taking Yinyi Co.Ltd(000981) existing total share capital as the base, the capital reserve is converted into shares according to the proportion of 6.48 shares per 10 shares, and then the capital reserve is converted into shares according to the proportion of 5.06 shares per 10 shares. The total share capital of the listed company is finally increased to 9997470888 shares.
Among the above converted shares, zihejinxin transferred a total of 2988200641 shares through the transfer of performance compensation shares transferred by Ningbo Yinyi Holding Co., Ltd. (hereinafter referred to as “Yinyi holding”) and its controlling shareholders, the transfer of the remaining undistributed converted shares and the converted shares transferred by all shareholders for the introduction of restructuring investors, Accounting for 29.89% of the total shares after reorganization, zihejinxin became the largest shareholder of the company, and the voting rights of the shares of the listed company that can be actually controlled are enough to have a significant impact on the resolutions of the general meeting of shareholders of the company. Zihejinxin became the Yinyi Co.Ltd(000981) controlling shareholder. As the executive partner of the controlling shareholder zihejinxin, the actual controller of Chiji group, namely the current chairman of the company, ye Ji, was also changed to Yinyi Co.Ltd(000981) actual controller.
Before the change of actual controller, the board of directors of Yinyi Co.Ltd(000981) company was also reorganized.
According to the announcement, Yinyi Co.Ltd(000981) the fifth extraordinary general meeting of shareholders in 2021 held on December 23, 2021 deliberated and approved the proposal on the general election of the board of directors of the company. The eighth board of directors of the company is composed of 9 people, of which ye Ji was elected as the chairman of the eighth board of directors of the company; Zhang Yuming, the director, is now the general manager of the strategic investment center of Ningbo Chancheng Ecological Construction Group Co., Ltd. controlled by Ye Ji; Zhang Ying is now the supervisor of Ningbo industrial city and director of the president’s office; Shi Chuan is the vice president of Ningbo industrial city.
join hands with local AMC for development
Xiong Xunqiang, the former actual controller of Yinyi Co.Ltd(000981) once controlled three listed companies of Ningbo Kangqiang Electronics Co.Ltd(002119) and Hehua company, including Yinyi Co.Ltd(000981) . However, with the highlighting of the debt crisis in recent years, Yinyi group was also ordered to restructure by the court.
As a real estate development enterprise, Yinyi Co.Ltd(000981) has had negative net profit for many consecutive years.
In 2021, due to the liquidity problems of the company’s partners in individual real estate projects, Yinyi Co.Ltd(000981) made corresponding impairment provision for long-term receivables arising from real estate projects developed in cooperation with relevant partners. At the same time, affected by the downward factors of the macro situation of real estate during the reporting period, the company has accrued corresponding asset impairment reserves for existing houses and development projects with signs of impairment according to the principle of prudence.
In addition, in 2021, due to the continuous influence of factors such as the serious overseas epidemic in Europe, America and Malaysia, the overseas business operation of Yinyi Co.Ltd(000981) auto parts was still greatly restricted, resulting in the decline of sales revenue and loss of operating performance of auto parts sector. During the period, the company also continued to conduct impairment test on relevant assets and goodwill formed by early auto parts M & a business, and accrued corresponding impairment reserves.
Under multiple factors, Yinyi Co.Ltd(000981) expects a loss of 1.9 billion yuan to 2.3 billion yuan in 2021, a year-on-year decrease of 74.71% – 111.5%.
The debt ceiling is accompanied by poor performance, and the restructured Yinyi Co.Ltd(000981) may seek new life.
On February 12, the company disclosed that it would establish a joint venture operation service provider with local AMC Zhejiang Zheshang Asset Management Co., Ltd. (hereinafter referred to as “Zheshang asset management”) and Beijing Beikong Urban Development Group Co., Ltd. (hereinafter referred to as “Beikong development”) which has strong competitive advantages in urban renewal and property services in Beijing and across the country. The company plans to jointly initiate the establishment of Zhejiang guanyicheng (Hangzhou) Investment Management Co., Ltd. with the subsidiaries of Zhejiang commercial capital and Beikong Development Management Co., Ltd.
Yinyi Co.Ltd(000981) said that all parties should give full play to their investment management advantages in the fields of industrial introduction, resource integration and non-performing assets, which can not only give full play to the company’s industrial advantages in the fields of real estate development and high-end manufacturing, but also actively explore deeper cooperation in the fields of new energy vehicles, semiconductors, mergers and acquisitions.
