Loncin Motor Co.Ltd(603766) on December 30, it announced the progress of the pre reorganization of its controlling shareholder Longxin Holdings: under the supervision and guidance of the fifth intermediate people’s Court of Chongqing, the pre reorganization auxiliary institutions widely carried out the recruitment of strategic investors in accordance with the principles of openness, fairness and impartiality, and carried out the selection of multiple rounds of reorganization investment schemes by establishing a selection mechanism, The consortium composed of Shandong Jiuyang Group Co., Ltd. as the lead party is determined to be the strategic investor in the pre reorganization of 13 enterprises such as Longxin group. At present, the pre restructuring auxiliary institution has signed the restructuring investment agreement with the restructuring investors. The company notes that the reorganization investment agreement signed this time is only a framework agreement, and the specific reorganization plan shall be subject to the reorganization plan approved by the court.
Longxin holdings currently holds Loncin Motor Co.Ltd(603766) about 1.028 billion shares, accounting for 50.07%, with a cumulative pledge ratio of 99.94%, all of which are frozen / waiting to be frozen.
It is reported that on September 30 this year, Loncin Motor Co.Ltd(603766) received a written notice from Longxin holdings. Because it could not pay off its due debts, it already had the cause of bankruptcy, but had the value and feasibility of reorganization. It submitted a pre reorganization application to Chongqing fifth intermediate people’s court. After review by the court, Longxin holdings was determined to meet the conditions for pre reorganization, filed and registered, and issued a notice of pre reorganization to it. On October 9, the pre restructuring subsidiary of Longxin holdings issued an announcement and began to publicly recruit strategic investors in accordance with relevant laws and regulations.
According to the data, Jiuyang group is a limited liability company invested or controlled by natural persons. It was established on November 7, 2005 with a registered capital of 3 billion yuan. Its legal representative is Xu Yingqiang. Its registered place is located at No. 2 Zhengtong Road, Yangli sub district office, Laiwu District, Jinan City, Shandong Province. The business scope includes: medium-sized restaurants, accommodation, limestone mining, processing, sales and clinic services. Site leasing; Manufacturing and sales of general bridge crane, electric single beam crane and electric hoist gantry crane, installation and maintenance of bridge crane, installation, transformation and maintenance of gantry crane, manufacturing and sales of class I pressure vessel and class II low and medium pressure vessel. Strip steel leveling; Wholesale and retail of steel, pig iron, building materials, wood, iron ore, iron concentrate, coke, refractories, pellets, instruments and meters, hardware and electrical equipment, decorative materials and rubber products.
Loncin Motor Co.Ltd(603766) indicates that the company has independent and complete business and independent operation ability, and maintains mutual independence with Longxin holdings in terms of business, personnel, assets, organization and finance. There is no misappropriation of the interests of the listed company by Longxin holding in violation of regulations, such as occupying funds or providing illegal guarantees for Longxin holding. At present, the company’s production and operation activities are normal. The signing of the restructuring investment agreement will not have a significant impact on the company’s daily production and operation activities and financial status.
The company also suggests that the pre reorganization and reorganization of Longxin holdings may lead to changes in the company’s control. The latest financial report shows that in the first three quarters of this year, the company realized an operating revenue of 9.335 billion yuan, a year-on-year increase of 30.62%, of which the export and China business realized revenue of 6.268 billion yuan and 3.067 billion yuan respectively, with an increase of 39.18% and 16.04% respectively; The net profit attributable to the parent company was 711 million yuan, a year-on-year increase of 44.19%; The net profit after deducting non-profit was 429 million yuan, a year-on-year decrease of 5.50%. During the reporting period, the net operating cash flow was RMB 988 million, with a significant year-on-year increase of 102.98%.
(Shanghai Securities News · China Securities Network)
