The Failure Of The Restructuring Of Shareholders During The Period Of Suspension Was Over 800 Million.

In a few days ago, the group was planning to use more than ten billion dollars to restructure. However, because of disagreement, the reorganization of the two shareholders ended up in the period of suspension, amounting to up to 800 million yuan.

The restructuring of up to 11 billion yuan was terminated, while the second largest shareholder reduced substantially during the suspension period.

Such things happen.

On the body.

According to the April 23rd announcement, because of changes in the market and industry environment, the two sides have not reached an agreement on the future development strategy of the company. The company has decided to terminate the restructuring of the company with a magnitude of up to 11 billion yuan.

It is worth noting that Hinur's second shareholder Huaxia life has carried out a substantial reduction in the previous month, pferring the total 55 million shares to a price higher than the two market price of about 8%, and a total cash of 840 million yuan.

At that time, it was the period of suspension.

11 billion restructuring failed

In the evening of April 22nd, he announced that due to changes in the market environment, the two sides had not reached an agreement on the company's future development strategy and so on. In order to effectively protect the interests of all shareholders, the company decided to terminate the reorganization of the company.

In September 8, 2015, Hinur suspended the major asset reorganization and announced the reorganization plan in December 27th of that year. He plans to acquire 100% stake in Xinghe interconnection, such as Huoerguosi micro star Venture Investment Co., Ltd. and Kashi Xinghe Venture Capital Co., Ltd. through issuing shares and paying cash, and the paction price will be as high as 11 billion yuan.

Xinghe Internet is an Internet venture capital investment and operation company. It has created 100 Internet companies.

Prior to this, Hinur's restructuring worth billions of dollars aroused regulatory concern.

In January 7th and January 15th of this year, the Shenzhen stock exchange sent two inquiries to chill and asked 27 questions about the restructuring, asking him to supplement the 100 Internet companies that had been created by Xinghe Internet, including detailed disclosure of all business profiles, investment time, amount, shareholding ratio, exit plan and current assessment value of all the projects involved in the creation or incubation.

Since 2013,

Cloud computing, big health, online entertainment and consumption have become hot spots for equity investment in China.

But since 2015, Internet Co has been largely bankrupt by relying on the 020 mode of burning money.

The Internet Co that built and invested Xinghe internet almost concentrates on the Internet field.

In reply to the enquiry letter of Shenzhen Stock Exchange in April 14th, he pointed out that nearly 60 Internet companies that founded and invested in Xinghe Internet were all concentrated in the O2O Internet business, digital entertainment, cloud computing, health, catering and other Internet sectors.

From the number of exit, the situation of Xinghe interconnection is not very optimistic.

According to previous disclosures, there are two projects that have already been withdrawn from Xinghe Internet, and the total investment amount is 81 million 180 thousand yuan and 17 million 390 thousand yuan respectively. After the withdrawal from stock pfer and asset restructuring, the investment income reached 928 million yuan and 297 million yuan. In 2013, 2014 and 2015, the income in 2015 was 0 yuan, 970 thousand and 900 yuan and 0 yuan respectively, of which 2014 income was mainly income from consulting services.

In the April 22nd announcement, Hinur also said that in the process of restructuring and pushing forward, the environment of the market and industry has changed, and the two sides have not reached an agreement on the future development strategy of the company.

After careful study, we believe that the continued restructuring will face a lot of uncontrollable factors, so we decided to terminate the reorganization.

In fact, compared with the investment field, Xinghe interconnection business mode and nature may be more critical.

In accordance with the provisions of the SFC, venture capital and other specific industries prohibit the backdoor listing. The new three board listing was also halted at the end of last year.

For Xinghe Internet, which calls itself a "joint venture platform", the Shenzhen Stock Exchange asked Hinur to explain whether Xinghe interconnection is venture capital.

If so, it is necessary to explain whether the reorganization meets the relevant provisions of the SFC on listing and financing of venture capital institutions, and whether this plan can continue to advance.

In reply to the Shenzhen Stock Exchange, he pointed out that Xinghe Internet is through the rapid discovery and recognition of the early ideas and patterns in the Internet field. It is the founder's identity to ensure that every commercialization project can create independent business entities and match the entrepreneurial execution team.

Xinghe Internet has authorized the pfer of equity to the entrepreneurial execution team, and the team controls and executes the specific business operation of the venture enterprise, and finally receives the reward through the equity appreciation and liquidation of the enterprise. Its mode is different from the traditional VC/PE.

"From the point of view of mode and operation mode, it is different from the traditional VC/PE, but a large part is the nature of venture capital, and the difference is investment and operation mode."

A PE official in Shenzhen said that the mode of Xinghe interconnection can become a kind of venture capital institution. When it is clearly stipulated, it is not feasible to go backdoor listing.

Two large shareholder reduction during suspension

Not only did the Internet environment and backdoor listing regulations change significantly during the restructuring process, but also during the suspension period, there were many major shareholders who had sold their holdings in large quantities within six months.

In March 17th this year, the second largest shareholder of Huaxia life signed a share pfer agreement with Chongqing Xin San Wei, pferring the 22 million 900 thousand shares and 32 million 100 thousand shares of the sold shares to Chongqing Sanwei, the pfer price of 16.448 yuan / share, and the total pfer price of 904 million yuan.

Public information shows that before the reduction, Huaxia life holds 60 million shares of the company, with a shareholding ratio of 18.75%, second only to the 77 million 680 thousand shareholding of the company's largest shareholder, the bridegroom.

After the reduction, there are only 5 million shares in Huaxia life holdings, with a shareholding ratio of 1.5625%.

According to the 840 million yuan pferee price, Huaxia life gained 64 million yuan, plus 5 million shares that had not been reduced, Huaxia life earned 140 million yuan.

In fact, before that, the largest shareholder of the company has been reduced.

The shares of Huaxia life insurance are derived from the groom and the groom international.

In July 27, 2015, during the last year's stock market crash, the groom, the Sino Dutch group, the groom international and Huaxia life signed an agreement to pfer the 10 million and 50 million shares of the tradable shares to the latter respectively.

At the same time, the bridegroom's 15 million shares were pferred to Chen Tao, a natural person, with a pfer price of 210 million yuan.

Plus the Huaxia life part, the groom and the bridegroom international total cash amounted to 1 billion 50 million yuan.

After the completion of the pfer, the shareholding ratio of the groom and the bridegroom international declined to 24.28% and 9.66% from 32.09% and 25.29% respectively.

Huaxia life and Chen Tao at that time promised that the pferable shares would not be reduced by two level market within six months after the pfer of the shares was completed.

Its reduction time was only more than a month from the lock period, when the restructuring of the company was still advancing.

Since 2014, he has been losing two years.

Annual report data show that in 2014, the company's net profit loss was 46 million 590 thousand yuan, a loss of 50 million 530 thousand yuan after deducting non recurring gains and losses.

Although the profit was 22 million 580 thousand yuan in 2015, it still lost 58 million 690 thousand yuan after deducting non profits, and the deficit was enlarged compared with the previous year.

Strangely enough, the surrender price of Chongqing Sanwei is higher than that of the former.

The stock price before the suspension was 15.14 yuan. The pfer price of the above 16.44 yuan / share was more than 8% higher than that before the suspension.

If he returns

Chongqing's Sanwei will suffer a lot of losses.