Illegal guarantee, investigation by the CSRC and application for reorganization by creditors did not affect the share price of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) all the way. Since October, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) (600856) shares have launched two rounds of upward attacks, with the share price reaching 4.19 yuan / share from 1.55 yuan / share at the end of September. At the beginning of this month, the Shanghai Stock Exchange said that it would focus on monitoring * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) and other seriously abnormal fluctuation stocks.
The latest development of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) is that 50.03% equity of Jiangsu Honghai held by Qingdao Zhongtian, a wholly-owned subsidiary of the company, will be auctioned by the judiciary, and once the auction is completed, it will have a significant adverse impact on * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) governance structure and sustainable operation.
Specifically, on December 22, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) announced that the relevant judgments of Zhejiang Provincial High Court had taken legal effect due to the dispute over equity transfer between Jiaxing Shengtian and Qingdao Zhongtian and * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) . Because the Executees Qingdao Zhongtian and * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) did not automatically fulfill their obligations of effective judgment, Jiaxing Shengtian applied for enforcement, with an enforcement amount of 1.989 billion yuan and interest.
Zhejiang Provincial High Court entrusted relevant appraisal institutions to evaluate the 50.03% equity of Jiangsu Honghai held by Qingdao Zhongtian. Upon the application of Jiaxing Shengtian, an auction institution has been selected.
It is understood that Jiangsu Honghai is the implementation company of Jiangyin LNG distribution center LNG storage and distribution station project (hereinafter referred to as Jiangyin LNG project). Jiangyin LNG project is a * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) non-public offering and investment project with an investment amount of 1.16 billion yuan.
In October 2017, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) changed the use of some funds of Jiangyin LNG project for some reasons to acquire 55% equity of Guangdong Huafeng Zhongtian LNG Co., Ltd. (hereinafter referred to as Huafeng Zhongtian) and increase capital. After the change, the funds used for Jiangyin LNG project were reduced to 600 million yuan.
Even if the investment amount of raised funds is reduced, according to the disclosure of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) , the amount of Jiangyin LNG project has not been invested is 600 million yuan, which means that in fact, none of the raised funds allocated to the project has been invested; In addition, the information disclosed by the company shows that 99% of the land part of the project has been completed and has not been officially put into operation.
* Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) said that because the specific time of the judicial auction has not been publicized, the auction results are uncertain. If the judicial auction is finally concluded, after the completion of the above procedures, the consolidation scope of the financial statements of the listed company will be changed, which will have a significant adverse impact on the corporate governance structure and sustainable operation, and will lead to changes in the raised funds and raised investment projects.
The reporter noted that as of November 30, 2021, the unaudited financial situation of Jiangsu Honghai showed that the owner’s equity of the company was 292 million yuan. By the end of the third quarter of this year, the unaudited net assets of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) were -788 million yuan. If Jiangsu Honghai no longer consolidated, the insolvency of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) will intensify. In addition, according to relevant regulations of Shanghai Stock Exchange, if the audited ending net assets of the company in 2021 are negative, or touch other circumstances of termination of listing, the listing of the company’s shares will be terminated.
As mentioned above, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) disputes are entangled. On the one hand, the remaining litigation companies involved in the company’s illegal guarantee may need to bear the corresponding guarantee liability, and the principal balance of the illegal guarantee determined by the company through the court judgment is about 1.33 billion yuan (excluding undetermined interest). There are 17 cases involving illegal guarantee of the company, and the first instance has been decided.
In addition, due to overdue debts, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) and most of the assets and accounts of its subsidiaries have been frozen, resulting in the decline of the company’s financing capacity, aggravating the company’s capital shortage and adversely affecting the company’s business development.
More importantly, * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) has been filed for investigation by the CSRC on suspicion of illegal information disclosure. In case of major illegal compulsory delisting specified by Shanghai Stock Exchange, the company’s shares will face the risk of major illegal compulsory delisting. During the period of being filed for investigation, the company shall not conduct public offering of securities, non-public offering of shares, issuance of preferred shares or major asset restructuring.
At present, the creditors of * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) have proposed bankruptcy reorganization of the company on the grounds that the company cannot pay off its due debts, obviously lacks solvency, but still has reorganization value. The application for reorganization of the company has not been accepted by the court.
(Securities Times · e company)
