*ST Jin Yu (000803): Restructured Long Run For More Than Half A Year, Finally Approved.

At noon June 29th, the *ST Jin Yu (000803.SZ), who was able to acquire the ten party ring's energy and dedication, disclosed that the reorganization was approved by the SFC. This also meant that the reorganization that lasted for more than half a year was finally approved.

The SFC announced that the company had approved the issuance of shares to 34 trading parties such as Gan Hainan, and the matching funds for raising funds were not more than 290 million yuan. Jin Yu approved the reorganization, specifically through the issue of shares and cash payment to buy ten party ring to 86.34% stake.

In fact, at the end of last month, the above reorganization was conditionally passed. The Commission for mergers and acquisitions of the SFC asked Kim Yu to supplement the disclosure materials, and asked the independent financial adviser to make clear comments.

The above request has been supplemented in the revised draft of the latest draft of the company's disclosure. The company said: "after the transaction is completed, the ten party ring will become a controlling subsidiary of the listed company. Its management team and core personnel will enter the listed company as a whole, and the company will maintain the stability of the ten party ring management team and the existing team."

Kim Yu has completed the re-election of the board of directors and senior management. The company said that the current director Wang Kai Jun is an expert in the field of organic solid waste disposal in China. Xie Xin, President of the municipal public utility industry, is able to effectively control the development of Future Ltd business.

"The company will enter the environmental protection industry after the reorganization, and the main business of the ten party ring includes kitchen waste disposal," the company's responsible person said in an interview with the Finance Union.

Data show that the net profit of the ten party ring in 2017, 2018 and the first three quarters of 2019 is 17 million 853 thousand and 500 yuan, 29 million 700 thousand yuan and 20 million 223 thousand and 600 yuan respectively. According to the pro forma examination report, under the assumption that the ten party annex can be combined, the sum of shareholders' rights and interests attributable to the parent company in 2019 totaled 429 million yuan, which was negative. This means that *ST Jinyu, who is warned of the risk of delisting in the end of 2019, is expected to pick up the hat.

It is worth mentioning that since the announcement of the reorganization plan, the trading party has only promised that the ten party ring can deduct the net profit from 2020-2022 to 0 yuan. According to reporters, this is also the first case in recent years approved 0 yuan performance commitment restructuring case.