On May 19, Shuanghuan Technology ( Hubei Shuanghuan Science And Technology Stock Co.Ltd(000707) ) received a notice from the controlling shareholder Hubei Shuanghuan chemical group (hereinafter referred to as "Shuanghuan group"), and the controlling shareholder Hubei Yihua Chemical Industry Co.Ltd(000422) Group Co., Ltd. (hereinafter referred to as "Yihua group") of Shuanghuan group, Hubei Hongtai Group Co., Ltd. (hereinafter referred to as "Hongtai group") and Changjiang Industrial Investment Group Co., Ltd. (hereinafter referred to as "Changjiang industrial group") signed a supplementary agreement on the reorganization of Shuanghuan group on the same day, Some contents of the reorganization plan have been changed.
According to the reform plan of state-owned enterprises in Hubei Province, on May 19, Yihua group, Hongtai group and Changjiang Industrial Group signed the supplementary agreement on the rescue and restructuring agreement of Hubei Shuanghuan Chemical Group Co., Ltd. (hereinafter referred to as the "supplementary agreement"), which agreed to transfer all rights and obligations of Hongtai group in the original restructuring agreement to Changjiang industrial group, and Changjiang industrial group continued to promote the restructuring of Shuanghuan group.
When Yihuan Honghua group agrees to transfer 36% of the original equity of Yihuan Honghua group within 24 months after the completion of the restructuring agreement, both parties shall enjoy the right to transfer the original equity of Yihuan Honghua group for free.
The changed plan shows that both Yihua group and Changjiang industrial group agree that from the entry into force of the supplementary agreement to September 30, 2023, Changjiang industrial group has the right to transfer 36% of the equity of Shuanghuan group held by Yihua group free of charge, and Yihua group should cooperate unconditionally when Changjiang industrial group exercises this right.
Changjiang industrial group, which took over from Hongtai group, is a state-owned enterprise in Hubei Province and is 100% owned by Hubei SASAC. The business scope of the company includes investment in emerging industries and infrastructure, automobile, petrochemical and electronic information industries in Hubei Yangtze River economic belt. At present, Changjiang industrial group holds 34% equity of Shuanghuan group.
At the same time of signing the supplementary agreement, Yihua group and Changjiang Industry Group signed the second supplementary agreement to the rescue and restructuring agreement of Hubei Shuanghuan Chemical Group Co., Ltd. both parties agreed to change the time of the second equity transfer of Shuanghuan group agreed in the original restructuring agreement and refine the investment of synthetic ammonia upgrading and transformation project.
According to the second supplementary agreement, both Yihua group and Changjiang industrial group jointly set up a project company to implement the upgrading and transformation. Shuanghuan technology has the right to contribute in cash and unrestricted assets recognized by both Yihua group and Changjiang industrial group, of which the cash contribution shall not exceed 202 million yuan. Yihua group, Changjiang industrial group and other social capital subsequently jointly injected funds into the project company in the form of capital increase and share expansion, of which Yihua Group invested 150 million yuan and Changjiang industrial group invested 210 million yuan. Changjiang industrial group or its designated entity shall invest no less than 140 million yuan in other forms to support the rescue and restructuring of Shuanghuan group.
Shuanghuan technology said that after the second supplementary agreement comes into effect, Changjiang industrial group has the right to transfer 36% of the equity of Shuanghuan group (that is, the second equity transfer of Shuanghuan group). After the transfer, Changjiang industrial group will hold 70% of the equity of Shuanghuan group in total, but it does not mean that Changjiang industrial group will exercise this power, and it is uncertain when Changjiang industrial group will exercise this power.
