After trading for more than two months, Anxin Trust (* ST Anxin, 600816.SH) resumed trading on June 1.
In the middle of the night on May 29, Anxin Trust issued an announcement on the progress and resumption of related major issues, saying that it is currently working with Shanghai Electric (Group) Corporation (hereinafter referred to as “Shanghai Electric “) And other enterprises and related parties negotiate a reorganization plan.
There are currently only 68 trust companies in China. Anxin Trust is currently the only two A-shares and the only listed company whose main business is the trust in the Shanghai Stock Exchange. However, due to the multiple projects “stepping on the thunder”, the audited annual reports for 2018 and 2019 have been two consecutive years. Net profits are all losses and are now facing the risk of delisting. Anxin Trust is also facing a large number of project liquidation and litigation risks. From the information that has been announced so far, the aforementioned matters involve more than 10 billion yuan.
The official website information shows that Shanghai Electric (Group) Corporation is a large-scale comprehensive high-end equipment manufacturing enterprise, leading the industry to focus on the three major areas of energy equipment, industrial equipment and integrated services . Products include thermal power generating units (coal power, gas power), nuclear power units, wind power generation equipment, power transmission and distribution equipment, environmental protection equipment, automation equipment, elevators, rail transportation, medical equipment, oil and gas offshore engineering and industrial Internet. The group’s total assets have exceeded 300 billion yuan and its operating income has exceeded 140 billion yuan. According to the information from Tianyan, Shanghai Electric (Group) Corporation is 100% owned by the Shanghai State-owned Assets Supervision and Administration Commission.
Shanghai Electric Group also has a financial business. The official website information shows that Shanghai Electric Finance Group is the main carrier of Shanghai Electric’s industrial and financial integration. It currently owns many units such as financial companies, leasing companies, investment companies, asset management companies, and commercial factoring companies. As of the end of 2018, the total assets were 72.4 billion yuan and the total profit was 1.14 billion yuan.
If this restructuring can be achieved, Shanghai Electric will become the second Shanghai state-owned company to invest in a trust company during the year.
In March of this year, Shanghai State-owned Shanghai Industrial (Group) Co., Ltd. “beat” private enterprise Liaoning Zhongwang Group Co., Ltd. in the second round of auctions, with a value of 9.4 billion Take over Tianjin Trust, holding 77.58% of the shares
Anxin Trust stated in the announcement that the reorganization is intended to be implemented under the principles of marketization and legalization, and it is still in the process of Perform due diligence and evaluation phases on assets and risks. Whether the reorganization can be reached will depend on the negotiation with the controlling shareholders, creditors and other parties of Anxin Trust. As of now, heavyThe participation of the organizer in risk resolution is only a preliminary intention and is not legally binding. The contents of the reorganization plan, the signing and implementation of legal documents are all subject to significant uncertainty, and there is a significant risk that the reorganization plan cannot be reached.
The annual report shows that as of the end of December 2019, the total assets of Anxin Trust was 20.794 billion yuan, a decrease of 10.74 billion yuan from the end of 2018, a year-on-year decrease of 34.06%; attributed to listed companies Shareholders ’net assets were 7.631 billion yuan, a year-on-year decrease of 36.47%, and the asset-liability ratio was 59.90%.
It is worth noting that the current 1.813 billion shares of unlimited sales shares and 2.05 shares held by Shanghai Guozhijie Investment Development Co., Ltd. (hereinafter referred to as Guozhijie), the controlling shareholder of Anxin Trust The 100 million shares with restricted circulation are in the waiting-for-freeze period with a freeze period of 2 years, accounting for 70.36% of the shares held by them and 36.90% of the total share capital. This matter led to the risk that the reorganization plan could not be implemented.
Anxin Trust has been suspended since the end of March. Before the suspension of trading, the share price of Anxin Trust fell many times, from RMB 10.48 / share on January 1, 2017 to RMB 2.50 / share on March 23, 2020.