Tempus Global Business Service Group Holding Ltd(300178) , which hopes to resolve the crisis through bankruptcy reorganization, did not expect the desired result.
On May 19, Tempus Global Business Service Group Holding Ltd(300178) announced that the company had received the final judgment of “rejecting the appeal and upholding the original judgment” made by Guangdong Provincial High Court.
In December 2021, the company received the ruling of “not accepting the company’s bankruptcy reorganization application” from Shenzhen intermediate people’s court, and then the company appealed to Guangdong Provincial High Court.
Now, the reorganization application has been rejected again, which also means that Tempus Global Business Service Group Holding Ltd(300178) , which is “on the front line”, is on the verge of delisting.
It is worth noting that on April 27, the company also received the “prior notice” issued by the Shenzhen Stock Exchange, which plans to decide to terminate the listing and trading of the company’s shares. The trading of the company’s shares shall be suspended from the same day. As of April 26, the closing price of Tempus Global Business Service Group Holding Ltd(300178) was 0.8 yuan.
“shell preservation” plan failed
On May 19, Tempus Global Business Service Group Holding Ltd(300178) announced that the company had received the civil ruling issued by the Guangdong Provincial High Court and made the final judgment of “rejecting the appeal and upholding the original judgment” on its application for bankruptcy reorganization appeal.
On the same day, the creditor lianriguangyao’s application for bankruptcy reorganization against the company’s holding tengbang group was also rejected by the Guangdong Provincial High Court.
In December 2021, Tempus Global Business Service Group Holding Ltd(300178) disclosed that the company’s application for reorganization and the application for reorganization of the controlling shareholder of the company by the creditor were not accepted by the Shenzhen intermediate people’s court. Subsequently, the company and the creditor jointly filed an appeal to the Guangdong Provincial High Court.
At that time, the Shenzhen intermediate people’s court held that the CSRC was responsible for the supervision and administration of stock trading, and tengbang international company should obtain a no objection letter issued by the CSRC when applying for bankruptcy reorganization. Up to now, tengbang international company has failed to obtain the no objection letter issued by the CSRC and has exceeded the pre reorganization period. Therefore, the court will not accept the bankruptcy reorganization application submitted by tengbang international company.
The reason why the reorganization of the major shareholder tengbang group was rejected is that the Shenzhen intermediate people’s court believes that the reorganization value and feasibility of tengbang group are low. Starting the reorganization procedure is not conducive to the protection of creditors and does not comply with the legislative value of the bankruptcy reorganization system.
According to experts familiar with bankruptcy reorganization, the acceptance threshold of the reorganization application of listed companies is very high, and the documents issued by the local government and provincial government of the listed company and the no objection letter of the CSRC are required. In addition, there shall be no illegal occupation of funds of listed companies and illegal guarantee by major shareholders. If the listed companies have these two hard injuries, feasible solutions shall be put forward.
Now, the bankruptcy application of the “parent subsidiary” company is “rejected” again, which completely extinguishes the hope of Tempus Global Business Service Group Holding Ltd(300178) relying on reorganization to “protect the shell”.
delisting or finalization
Tempus Global Business Service Group Holding Ltd(300178) was established in Shenzhen in 1998. It started with ticket agency business and gradually developed into a large group company covering four major businesses: Tourism and vacation, aviation operation, business travel management and financial services.
On February 15, 2011, Tempus Global Business Service Group Holding Ltd(300178) was listed on the gem, becoming the only listed enterprise among China’s 100000 ticket agents, and once claimed that its scale in the ticket field was second only to Ctrip.
Starting from the second half of 2018, Tempus Global Business Service Group Holding Ltd(300178) was once plagued with debts and lawsuits. According to the financial data, in 2019, Tempus Global Business Service Group Holding Ltd(300178) net loss was 1.576 billion yuan, and in 2020, the company’s net loss was 1.049 billion yuan, with a cumulative huge loss of 2.6 billion yuan in two years.
On May 6, 2021, because the company’s annual audit accounting firm issued an audit report that could not express its opinion on the company’s 2020 financial report, the company was subject to the special treatment of “delisting risk warning”.
On April 27 this year, Tempus Global Business Service Group Holding Ltd(300178) released the 2021 annual report and audit report, which showed that the audited ending net assets of the company in 2021 were -1.149 billion yuan, and the financial and accounting report was issued by Pengsheng with an audit report that could not express an opinion.
According to the new regulations on GEM delisting, the listing will be terminated if the audited ending net assets are negative or the ending net assets of the most recent fiscal year are negative after retroactive restatement, and the financial and accounting reports are issued with qualified opinions, audit reports that cannot express opinions or negative opinions.
On the same day, Tempus Global Business Service Group Holding Ltd(300178) received the advance notice issued by the Shenzhen Stock Exchange, which planned to terminate the listing and trading of the company’s shares. The trading of the company’s shares will be suspended from April 27, 2022.
It is reported that at present, the Shenzhen stock exchange is deliberated by the Listing Committee on whether to terminate the listing of the company’s shares, and makes a decision on whether to terminate the listing of the company’s shares according to the review opinions of the listing committee.
Tempus Global Business Service Group Holding Ltd(300178) said that due to the rejection of the company’s reorganization application by the Guangdong Provincial High Court, the company failed to enter the bankruptcy reorganization procedure, and the company will do a good job in daily operation and management on the existing basis.
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