The stock price fell more than 90%, the local state -owned assets of 2 billion were paid, and the market value of the controlling shareholders held the stock value of less than 700 million

China Fund reporter Nan Shen

The sequelae of equity pledge during the market abnormal fluctuations in 2015 still affect some companies.

On the evening of September 25, the Asian State Shares of the main dye announced that 166 million shares of the Holding Corporation Asiabang Group held the company's pledged shares were judicially frozen and judicial labels, accounting for 99.99%of their shares, and their consistent actors were acting. Xu Xuzheng's 1 million shares of the company's pledged shares were also marked by judicial, and the applicant was Holdings of Jiangsu Guobei.

In 2016, the high -proportion pledge of Yabang Group broke out in the crisis of capital chain, facing the risk of being forced by financial institutions or even losing control of control. At that time International trusts have invested billions of yuan.

But what I did not expect was that the performance of Yabang's shares after being rested continued to decline, and soon turned to a large loss, and the stock price continued to fall. By April this year, the market value was only 2 billion in the early 2 billion, which was from the bull market in 2015, which was compared to the bull market in 2015. Nearly 27 billion at the high point of high evaporation. At present, the latest market value of Yabang Group's shareholding is less than 700 million yuan, but the principal and interest of Jiangsu Guobei Holdings exceeds 2 billion yuan.

99.99%of the shares are frozen or marked

A announcement on the pledge of the company's actual controller shares on May 7 showed that the Asian State Group and its consistent actors held a total of 193 million shares, accounting for 33.77%of the company's total share capital, of which pledged was pledged. The shares reached 189 million shares, and the pledge shares accounted for 98.15%, accounting for 33.15%of the total share capital of Yabang.

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At that time, the announcement showed that due to the credit loan of the creditor Jiangsu Guojing Holdings, the 25 million shares of Asbon shares held by Yabang Group were frozen.

And Yabang's shares said, "The company verified to the Yabang Group and the relevant parties that the two parties have reached a settlement agreement on the debt, and the Yabang Group and its unanimous actors pledged to Jiangsu International Trust Co., Ltd. Yabang Co., Ltd. 1.89 1.89 100 million shares, there are currently no risk of being enforced. "

But I do n’t know if it ’s too fast, or the Asian Group is optimistic, and it has expanded rapidly in less than five months.

The announcement on the evening of September 25 showed that according to the "Notice of Assistance to the Expedition of the Changzhou City of Jiangsu Province", the applicant's frozen applicants Jiangsu Guojing Holdings and Yabang Investment Holding Group, Xu Xiaochu, Tao Yufang and other disputes in pledged securities. The total amount of claims and application fees is 2.062 billion yuan, and the number of shares is 150 million shares.

In order to meet the frozen requirements, China Settlement Shanghai Branch assisted the court to mark the 142 million stock shares held by Yabang Group and Xu Xuzheng. Bybid and frozen. In this way, as of September 25, 2022, 99.99%of listed companies held by Yabang Group have been judged or marked with judicial labels.

The market value of holding only 670 million

At present, Yabang's latest market value is 2.3030 billion yuan. Based on the proportion of 29.13%of the shareholding ratio, the market value of Asbon Group's shareholding is only 670 million yuan, plus several other consistent acts of acting. The principal and interest of over 2 billion in Jiangsu Guobei Holdings is far away.

The huge borrowing of the Jiangsu Guobusi dates back to 2016.

In September 2014, Yabang's shares were successfully listed on the Shanghai Stock Exchange, which happened to catch up with the launch of the last wave of bull markets. The stock price has risen from 10 yuan (previous right, the same below). The maximum monthly time rose more than 3.5 times, and the market value exceeded 26 billion yuan. At this time, the controlling shareholder Asiabang Group was proud of the spring breeze. With the prosperous stock price and market value, it continued to carry out stock pledge financing.

But what I did not expect was that in January 2016, Yabang's stock price reached 14.06 yuan, down nearly 70%compared with the high point. During the entire decline, Yabang Group and unanimous actors' equity pledge to financial institutions such as Huatai Securities caused a market value and frequently replenished pledge. Until all the stocks were pledged out, the Yabang Group was unsustainable and mandatory liquidation may happen at any time.

At this time, the state's assets of the "Angel of White" Asbon shared. In order to make the Yabang Group's capital chain not broken, the Jiangsu Guobei has successively invested in bailout funds, exceeding 2 billion yuan, and the pledged shares of Yabang Group have also been lifted from the hands of market -oriented financial institutions to Jiangsu Economic pledge to provide guarantees for financing.

However, unfortunately, in 2016, the stock price of Asian State stabilized for a year, since 2017, because the main business began to fail, the stock price re -entered the fall channel. In 2017, Yabang's deduction of non -net profit declined significantly. In 2018, it fell more than 50%. In 2019, it continued to deteriorate 212 million yuan. In 2020, the loss expanded to 616 million yuan. In the first half of 2022, it still lost over 100 million yuan.

In terms of stock prices, the Asian shares fell from the 17 yuan platform. By April this year, the minimum was only 3.73 yuan, and the market value was less than 2.2 billion. Apply for compulsory execution today. There are about 770 million defaults and complaints

In addition to the debt defaults on the Jiangsu Guobei, Asbon Group's debt defaults in the past year and lawsuits involved in debt defaults.

The Yabang Group has two debt defaults in the last year, namely Yabang Group borrowed 20 million yuan from Suzhou Bank Changzhou Sub -branch and 67 million yuan from Ping An Bank Changzhou Sub -branch. Both have filed a lawsuit. In the lawsuit, Ping An Bank's 67 million yuan has applied for execution.

The Yabang Group's debt defaults caused by the provision of guarantees involved a total of 12 litigation, and the total amount of the target was about 692 million yuan.

The company said that if the corresponding shares are treated in the future, it may lead to changes in the company's control rights, which will have a significant impact on the company's equity structure, production and operation, corporate governance, and the performance compensation involving controlling shareholders.

In February 2018, Yabang shares acquired 70.60%of Hang Lung crops in Hang Lung crops in the state of production at a cash of 904 million yuan, including 51%equity held by Hang Lung crops held by the Hang Lung crop held by the Hangbang Group, with a total price of 904 million yuan and a premium of 766.85%. Asset sellers such as Yabang Group promised Hang Lung crops in 2018-2020 net profit of not less than 90 million yuan, 123 million yuan, and 141 million yuan, respectively.

The 2022 semi -annual report showed that the promise has not been fulfilled in time.

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