On December 24, Lonkey Industrial Co.Ltd.Guangzhou(000523) announced that the Guangzhou intermediate people’s court ruled to confirm the completion of the implementation of the Lonkey Industrial Co.Ltd.Guangzhou(000523) reorganization plan and terminate its bankruptcy reorganization procedures.
Lonkey Industrial Co.Ltd.Guangzhou(000523) said in the announcement that by implementing the reorganization plan, the legitimate rights and interests of all creditors were protected, the asset liability structure of the company was improved, the sustainable operation and profitability were enhanced, and the company returned to a benign development track.
hat off countdown?
In February this year, Ligen leasing, one of the creditors of Lonkey Industrial Co.Ltd.Guangzhou(000523) , applied to the court for pre reorganization on the grounds that “the company still has reorganization value”. After the consent of Guangzhou intermediate people’s court, an investor recruitment announcement was issued on Lonkey Industrial Co.Ltd.Guangzhou(000523) on June 2. Four days later, only Guangzhou Light Industry Group signed up and was directly identified as an investor.
According to the reorganization plan, Lonkey Industrial Co.Ltd.Guangzhou(000523) adjust the rights and interests of investors by converting capital reserve into shares, which are used to introduce reorganization investors and pay off ordinary creditor’s rights. Among them, the restructuring investors invested 150 million yuan and subscribed 40.6504 million converted shares at the price of 3.69 yuan / share; The remaining 944 million shares are used to pay off ordinary creditors, and the stock price is 6.61 yuan / share.
According to the provisions of the enterprise bankruptcy law, for the creditor’s rights that have been reviewed by the administrator and submitted to the creditor’s meeting and verified by the debtor and have no objection, they will no longer bear responsibility according to law after being paid off in accordance with the reorganization plan.
Lonkey Industrial Co.Ltd.Guangzhou(000523) said on the interactive platform that after the implementation of the restructuring plan and the smooth and orderly transition, Guangzhou light industry will inject high-quality assets in time.
According to wind data, as of December 14, Guangzhou light industry was the largest shareholder of Lonkey Industrial Co.Ltd.Guangzhou(000523) , holding 240 million shares, accounting for 14.88% of the total share capital.
According to the reorganization plan, after the implementation of this reorganization, Lonkey Industrial Co.Ltd.Guangzhou(000523) will survive as a legal person, maintain its listing status, retain its main business, and the actual control status of the state will not change.
The company said that in the future, it will continue to do a good job in the production and operation of green daily chemicals and healthy food, strengthen the reform of subsidiaries, gather main businesses, optimize resource allocation and make every effort to improve the operating efficiency of the company.
An insider who did not want to be named told the Securities Daily that the reorganization system is a rescue system, which embodies the protection and rescue function of the bankruptcy legal system. Through the way of marketization and legalization, on the one hand, it can postpone or reduce some debts for enterprises and reduce the burden for enterprises to continue their operation; On the other hand, new investors are introduced into the legal procedures to inject new kinetic energy into the transformation of backward management structure and improvement of industrial capacity, so as to realize the nirvana and rebirth of market players.
shareholders claim compensation
It is reported that Lonkey Industrial Co.Ltd.Guangzhou(000523) was founded in 1959, formerly known as Guangzhou oil chemical plant. It was reorganized from a state-owned enterprise into a joint-stock enterprise in 1992, and was listed on the Shenzhen Stock Exchange in 1993. It has become one of the first batch of joint-stock companies listed in Guangzhou. It is one of the oldest washing products manufacturers in South China.
In September 2020, Lonkey Industrial Co.Ltd.Guangzhou(000523) disclosed that the inventory accounts were inconsistent with the facts. In January 2021, it was suspected of violating information disclosure rules and was filed for investigation by China Securities Regulatory Commission. In November 2021, Lonkey Industrial Co.Ltd.Guangzhou(000523) received the advance notice of administrative punishment and market prohibition from Guangdong securities regulatory bureau, involving 12.8 billion yuan of counterfeiting, 2 billion yuan of false inventory and 4 billion yuan of interest transfer.
Although Lonkey Industrial Co.Ltd.Guangzhou(000523) has made it clear on the interactive easy platform that according to the judgment of the company, Lonkey Industrial Co.Ltd.Guangzhou(000523) has not touched on the major illegal and compulsory delisting in the new delisting regulations, some investors still directly shout out “repay the money” on stock exchange platforms such as stock bar “and” hope to start special representative litigation like Kangmei pharmaceutical case ”
In this regard, lawyer Xu Feng, director of Shanghai Jiucheng law firm, believes that it is “unlikely”, He told the Securities Daily: “at present, Lonkey Industrial Co.Ltd.Guangzhou(000523) does not seem to be in line with the selected scope of starting special representative litigation, because according to the business rules for special representative litigation of CSI small and Medium Investors Service Center , comply with the administrative punishment or criminal judgment made by relevant authorities; The typical case is significant, the social impact is bad and has demonstration significance; Only when the defendant has certain solvency and other circumstances deemed necessary by the investment service center can the investment service center participate in the litigation of the special representative. ”
(Securities Daily)
