Tianxiang Environment'S Application For Resumption Of Listing Has Been Rejected, And The Hearing Has Become The Last Opportunity Before May 21

Tianxiang environment (300362. SZ), which has been listed for seven years, is on the verge of delisting.

"Now the company is preparing the materials for the hearing, and the company's senior management and the investors are also negotiating with the securities companies." On the afternoon of May 18, Tianxiang environment related personage told the reporter of the 21st century economic report.

But there is not much time left for Tianxiang.

According to the announcement, Tianxiang environment received the relevant letter from Shenzhen Stock Exchange on the evening of May 14. Because the company failed to submit the recommendation letter for resumption of listing issued by the sponsor, the Shenzhen Stock Exchange decided not to accept the application for resumption of listing of its shares, and decided to terminate the listing of the company's shares.

However, according to the Shenzhen Stock Exchange, Tianxiang environment has the right to apply for a hearing, but it should file an application in writing within 5 trading days from the date of receipt of the notification. If the time limit is exceeded, the hearing right will be deemed to be abandoned.

Tianxiang environmental comparison said that it would apply for a hearing in accordance with the relevant provisions of the Shenzhen Stock Exchange, and submit the hearing application and written statement and defense materials in writing within the time limit.

According to the above time limit, Tianxiang environment needs to apply for hearing before May 21.

"To apply for a hearing, we need to submit the recommendation letter for resumption of listing issued by the sponsor. We are following up and hope to come out as soon as possible." The above-mentioned Tianxiang environment related people said.

The Shenzhen Stock Exchange has decided not to accept its application for resuming listing of its shares, and plans to terminate the listing and trading of the company's shares. Visual China

Only the last step to increase equity

"At present, our most important task is to promote the smooth completion of the reorganization plan as soon as possible. Once this work is completed, the main problems will be solved." The people concerned about Tianxiang environment told the 21st century economic reporter.

According to the announcement, on April 16, the Chengdu Intermediate Court approved the Tianxiang environmental reorganization plan and terminated the reorganization procedure, declaring that the Tianxiang environmental restructuring plan has entered the implementation stage.

On April 29, Tianxiang environment and the restructuring investors Chengdu Ronghe Environmental Development Co., Ltd., Sichuan Jiadao Bowen Ecological Technology Co., Ltd. and Beijing Zhongwu Management Consulting Co., Ltd. jointly signed the restructuring investment agreement. The three restructuring investors subscribed for 464 million shares of Tianxiang environmental transferred shares for no more than 700 million yuan, And the manager received the first phase investment of RMB 300 million from the restructuring investors on the same day.

According to the restructuring plan, Tianxiang environment will implement the conversion of capital reserve into equity, and the converted shares will be used to introduce strategic investors and repay some debts. Jiadao Bowen, the restructuring investor, will become the new actual controller of Tianxiang environment.

On May 12, the three restructuring investors promised to pay a total of no more than 400 million yuan in the second phase of the restructuring no later than June 30, 2021 or earlier due to regulatory requirements, and the manager has received 100 million yuan of investment on the same day.

The company's latest announcement also said that through the transfer and exemption of creditor's rights instead of repayment, a total of 2.431 billion yuan has been paid off, and the non operating occupation of the company's funds by the controlling shareholder of Tianxiang environment, the actual controller and its related parties and the violation of guarantee liability have been completely solved.

"Now the implementation of the restructuring plan is on the way to increase the share price. We are making efforts to complete the implementation of the restructuring plan as soon as possible." The above-mentioned Tianxiang environment related people said.

The key step of this reorganization plan, known as avoiding bankruptcy liquidation of Tianxiang environment, is to increase the equity of investors.

According to the previous announcement, Tianxiang environment will take the existing total capital stock of 437 million shares as the base, and implement the conversion of capital reserve into share capital according to the proportion of 25.5 shares for every 10 shares, with a total of 1.114 billion shares transferred; After the completion of the transfer, the total equity of Tianxiang environment will increase to 1.551 billion shares.

Tianxiang environmental announcement said that the above-mentioned converted shares will not be distributed to investors, but will be distributed and disposed of in accordance with the restructuring plan.

The specific measures are as follows: a total of 1.114 billion shares were transferred, of which about 651 million shares were used to pay off debts, and the remaining 464 million shares were introduced into restructuring investors at a price of no less than 1.49 yuan / share during the implementation period of the restructuring plan. The stock transfer price was first used to pay the restructuring expenses and pay off the debt, and the remaining part was used to improve the operating capacity of Tianxiang environment.

According to the announcement on April 30, the three restructuring investors subscribed for about 464 million shares of Tianxiang environmental capital reserve by 1.49 yuan per share, accounting for 29.9% of the total share capital of Tianxiang environment after the conversion, including 183 million yuan from Chengdu Ronghe environment, 467 million yuan from Jiadao Bowen and 50 million yuan from Beijing Zhongwu management.

"Our top priority is to promote the implementation of the restructuring plan." The above-mentioned Tianxiang environment related people said.

The truth of no recommendation

Why has Tianxiang failed to submit a recommendation for resumption of listing in the application for resumption of listing?

In this regard, some securities dealers believe that it may be that the sponsor institution is unwilling to issue it for risk and other factors.

The 21st century economic report reporter learned that the sponsor of Tianxiang environment stock was Pacific (601099. SH), and its listing sponsor was Northeast Securities (000686. SZ).

"It's not that the securities companies do not subjectively refuse to provide (the recommendation letter for resuming listing), but the time is too tight, because the application for resumption of listing will be submitted within five trading days after the disclosure of the annual report, and the implementation of our reorganization plan needs time and procedures. The most important factor is that the reorganization plan is not completed." The people concerned about Tianxiang environment told the 21st century economic reporter.

According to the announcement, Tianxiang environment disclosed the annual report of 2020 on April 30, and submitted a written application to Shenzhen Stock Exchange on May 12 for resumption of listing, but it did not submit a recommendation for listing resumption at the same time.

"The situation of the company is quite special. During the suspension of listing, it encountered reorganization, introduction of war investment, and resumption of listing. Several things were tangled together and caused each other's cause and effect. Therefore, when applying for resumption of listing, the procedures were not fully done." "The company restructuring plan is still under implementation, and the securities companies feel that this condition is not very suitable (issue a recommendation letter for resumption of listing)," said the Tianxiang environment official

Tianxiang environment has been suspended from May 13, 2020, and its net assets after audit in 2019 is negative, and there are huge losses of 1.744 billion yuan and 1.949 billion yuan in 2018 and 2019, respectively. The audit reports that can not express opinions are issued in two years' financial reports, but there are no qualified opinions in 2020 for the highlighted items. The previous disclosure also said that Chengdu Public Security Bureau was investigating Tianxiang environment's suspected illegal disclosure and non disclosure of important information, and that Deng Qinhua, the actual controller of Tianxiang environment and Deng Xiang, the person acting in concert, may be sentenced to fixed-term imprisonment.

"The sponsor institutions that resume listing come in one or two months in advance, because we need to make full adjustments." "Now time is tight, the company's management is trying to communicate with the securities companies, and actively strive for the Shenzhen Stock Exchange's hearing," said the Tianxiang environment official

However, even if the listing is resumed, the days of Tianxiang environment are still difficult.

Regular reports show that in 2019, 2020 and the first quarter of 2021, the asset liability ratio of Tianxiang environment is 143.35%, 98.53% and 97.49% respectively, which can be said to be difficult.

The risk of Tianxiang environment also lies in that the capital reserve in its restructuring plan is converted into equity. If the stock price ex right is implemented, after the resumption of listing, there may be a "daily closing price of shares lower than the par value of each share for 20 consecutive trading days" to trigger the compulsory delisting.

However, the stock price of Tianxiang environment was 1.65 yuan / share before the suspension. After the restructuring, the total share capital of Tianxiang environment will change from 437 million shares to 1.551 billion shares, with a change of 3.55 times.

However, Tianxiang environment also said that the conversion of capital reserve into share capital is different from the implementation of profit distribution. Whether to implement stock price ex right still needs to be demonstrated by the sponsor.

"There is no way for the brokerage to give a positive response now." Said the person concerned.