The New Rules Of Backdoor Restrict The Reorganization Of &Nbsp By Mining Enterprises; The Pition Period Of Tianshan Textile Fulong Thermal Power Is Another Breakthrough.

The SFC recently issued the "major asset restructuring and matching of listed companies".

The SFC said that the Shanghai and Shenzhen stock exchanges had suspended their decision to make a public decision on the implementation of the decision.

Statistics show that the main force of the A share backdoor market has been Housing enterprises, but in April 2010 the implementation of the real estate control policy suddenly declined, and replaced by mining enterprises to become the main force in the capital market.

From the past cases, there are two cases of backdoor mining, which are most criticized by the market. One is the very short time to establish the mineral resources to be injected, and the second is that the mineral resources are still in operation and there is no profit.

According to previous regulatory rules, similar cases have no policy barriers through auditing.

But today, such cases will be further controlled and regulated by the new regulations.

In July 22nd this year, the announcement of Fulong thermoelectric (000426, stock bar) received the notice of acceptance of the administrative license of the China Securities Regulatory Commission, and accepted the application materials for administrative licensing of "Chifeng Fulong thermoelectric Limited by Share Ltd issuing shares to buy assets approval".

Prior to May 23rd, the above reorganization of Fulong thermal power was not approved by the merger and reorganization Commission.

In June 8th, the company announced that it would continue to promote restructuring.

Fulong thermoelectric disclosed the draft of reorganization in May last year to replace the assets of the restructured Xingye group, and injected some assets of non-ferrous metals in the Xingye group, valued at 1 billion 400 million yuan.

After the reorganization, Xingye group will become the controlling shareholder of Fulong thermoelectric company and realize the backdoor listing.

However, a detailed examination of the announcement at that time indicated that the performance stability of the proposed assets was not consistent with the new rules of the backdoor.

According to the draft, the assets of Fu Sheng mining, Xilin mining and other assets that were intended to be injected in 2009 were in a state of deficit; five assets were planned to be injected together, and net profit of 7 million 860 thousand and 6 million 580 thousand in 2009 and 2008 (attributable to 25 million 40 thousand of the parent company's owners' profits and 23 million 530 thousand) were not up to 20 million of the total requirements of the new rules of the backdoor.

In addition, the assets to be injected are set up in early 2008 and have just passed 3 years ago.

Another case is Tianshan textile (000813, stock bar), the company announced in August 1st this year, received the notice of acceptance of the application for administrative licensing of the China Securities Regulatory Commission, and accepted the application materials for administrative licensing of the Xinjiang Tianshan wool textile Limited by Share Ltd to issue shares for approval.

The reorganization of Tianshan textile is also a "two meeting".

The company announced in June 4th that it would continue to promote major asset restructuring and launch a new draft of reorganization.

According to the new plan, the company intends to issue 111 million shares to the related party Katie mining and Qinghai snow express, with a price of 5.66 yuan / share, and acquire 75% stake in the west mining industry held by the latter.

According to investigation, Xi Tuo mining was founded in March 2007, and its only assets, Xinjiang Hami loess slope mining area, is still in the mine construction period and will be put into operation in 2012.

Therefore, the company achieved net profit of -34.42 million, -295.49 million and -92.54 million in the end of March 2011, 2010 and 2009 respectively.

Will the Tianshan textile reorganization be classified as a backdoor?

The new regulation of the "100%" of the borrowing standard is calculated on the date of the change in the right to control.

At the end of 2009, Tianshan textile announced that Hongkong Tianshan and the Xinjiang Uygur Autonomous Region supply and marketing cooperatives would pfer the 76 million 506 thousand shares of the company's agreement and invest with Katie, and Katie's investment signed the equity pfer agreement with Urumqi state owned company and Xinjiang national capital company respectively.

Thus, Katie became the controlling shareholder of Tianshan textile.

Reporters checked and reorganized the draft. The actual control of Katie's investment was made by the Xinjiang SASAC.

But according to Tianshan textile data, the controlling shareholder of the company is Xinjiang state capital investment company, and its single shareholder is Xinjiang finance department.