ST Dragon main credit rating lowered to CCC Minsheng gamble was trapped
as below:Check out the latest market Han Xun core Tip: for the for insolvent ST Dragon, which was aggravated by the institutions holding the stock, it is a bolt from the blue. one after another, deep financial quagmire ST Dragon (000677.SZ) suffered
Check out the latest market Han Xun
core Tip: for the for insolvent ST Dragon, which was aggravated by the institutions holding the stock, it is a bolt from the blue. one after another, deep financial quagmire ST Dragon (000677.SZ) suffered another blow. February 15, 2009, Joint Credit Rating Co., Ltd. (hereinafter referred to joint credit) announced that Shandong Helon Co., Ltd. (ST Dragon), the main long-term credit rating lowered to "CCC" from "BB +" The rating outlook to "negative", and the existence of short-term financing bills (referred to as "financial") "11 Dragon CP01s credit rating from" B "down to the" C ".
this for insolvent ST Dragon, can be described as difficult for the institutions holding the stock, it is a bolt from the blue. the
which Minsheng suspension on the eve of the ST Dragon reached, and heavily loaded with 200 million shares, accounting for more than 1% of the Funds net asset value. Prior to this, the ST Dragon has encountered a criminal investigation of the SFC.
overdue loans over 500 million operating at a significant loss of high-level personnel to large-scale changes, due to the illegal guarantee was a criminal investigation by the SFC, overdue loans, credit rating continued to drift lower over the past year for ST Dragon can be described as an unlucky year.
"Dragon CP01 11" ST Dragon in the interbank market in April 2011 issued short-term financing bills in the amount of 400 million yuan for a period of one year, the coupon rate of 5.8%, maturity 2012 May 15, Evergrowing Bank served as lead underwriter,
was joint credit of ST Dragon 11 Dragon CP01 were awarded the A + and A-1 rating. However, with the ST Dragon in June last year on suspicion of violating securities laws and regulations, after the China Securities Regulatory Commission to initiate an investigation, the joint credit of ST Dragon included in the rating watch list. September 15, 2011, the Joint Credit ST the Hailong main rating from A + down to A-, at the same time the "11 Dragon CP01" credit rating from A-1 tune down to A-2, which has also become Last year, the first term issuer credit rating downgrade events; December 22, the joint credit Shandong Helon reduced to BB + and 11 Dragon CP01 was further reduced to B,.
a reporter to get the "11 Dragon CP01 prospectuses shows that the main purpose of the 400 million yuan financing of 170 million yuan of additional production, the working capital of the business process; another 230 million yuan to repay existing bank loans . But in fact
, the ST Dragon of $ 300 million to repay Hengfeng bankers acceptances, 100 million yuan to complement the companys liquidity. brokerage researchers
one who had followed the progress of the ST Dragon reorganization, told reporters on February 16, joint credit lowered ST Dragon rating, mainly due to three reasons, First, the company disclosed in the announcement of the accounting errors shows The historical financial information disclosed there is a major flaw, corrected financial statements to measure the companies already insolvent; ST Dragon overall operations and financial condition continued to deteriorate; the ST Dragon originally expected "Wuji become the Phoenix" restructuring, but also because there is no substantive progress between the large shareholders and Hengtian Group hopeless.
January 31, 2012, Pre-losing announcement "for the ST Dragon released the 2011 annual results show that the 2011 full year net profit of about a loss of 1.002 billion yuan losses substantially as compared to 2010 increased by 145.88%. As of February 6, 2012, ST Dragon and holding subsidiaries in the amount of overdue loans of financial institutions totaled 527 million yuan, accounting for 333.56% of the latest audited net assets has a serious capital The repossessed situation. The more serious
, ST Dragon and holding subsidiaries are also involved in multiple lawsuits and further deterioration of its operations and financial condition.
February 13, 2009, the ST Dragon released in significant litigation matters Notice Weifang China Weifang City Intermediate Peoples Court served complaints ST Dragon enterprise lending disputes civil complaint and related documents received in the 8th. It is reported, the Weifang International Trust and Investment lend ST Dragon 60 million yuan of short-term funds for its working to solve the liquidity problems of ST Dragon on January 5, 2012, but the due date, ST Dragon is unable to pay. As for how to resolve the current crisis, the ST Dragon a staff February 16, told reporters, Weifang City, the SASAC and other departments have been set up jointly by ST Dragon Working Group, "the basic stability of production and management company as to how to solve Late loans, this announcement out to tell. "
many institutions fall into one Flush iFinD data, to issue bonds the companys credit rating since 2006, only ST Dragon was named "CCC" level, the rest are Class B rating.
joint credit bonds online in China 15 February announcement that the ST Dragon operators to pay a lot of pressure, the capital chain is extremely tense. "Given the huge losses and overdue loans and litigation involving matters such as their credit risk to further increase the debt solvency weaker, 11 Dragon CP01 expiry risk was significantly increased."
such an insolvent, and there are many other risks listed companies actually been part of the institutional investors of all ages. According to the companys 2011 third quarterly, in its top ten tradable shareholders, the Chinese Peoples Insurance Company (Confucius News) - Traditional - General insurance products 999.99 million shares of the third largest tradable shares held Chinese Peoples Life Insurance Company Limited - shareholders; then holds 402.45 million shares of its own funds, the Trust holds 310 million shares in the financial - financial new 295, holds 2.3 million shares of the Chinese Peoples Life Insurance Co., Ltd. - Traditional - general insurance products, Minsheng holds 200 million shares of domestic demand growth fund. Shandong Helon namely the suspension in late August last year, the five institutions products have been locked in it. As of February 15, during the suspension period in Shandong Helon, the market index fell 6.3%, but the broker researcher told reporters, between Shandong Helon crisis situation, once the resumption of trading, will usher in a substantial decline "For institutions holding the stock, only waiting for the knife."
has been a conservative known for insurance funds Why will fall into the crisis of the ST Dragon?
"Do you think the insurance funds are conservative, but also listen to the news gambling reorganization, a fund manager of Shanghai February 16, told reporters, insurance funds are professional investment team to deal with the reorganization of means of access to information and master the reorganization The theme means of investment opportunities. "Last year, more than 60 shares of the reorganization shares have insurance funds in which the ST Dragon, but one of them only."
regardless of the fundamentals of peoples livelihood and silver gamble restructuring is worth noting that, Minsheng Domestic Demand Growth Fund is to buy in the third quarter of last year, that is to buy 200 million shares of ST Dragon should last July 1 to late August between. In fact, the three quarterly reports, the ST Dragon in 2011, its first top ten tradable shareholders, only Minsheng new entrants into the third quarter investors.
and ST Dragon in June last year, has just been the SFC to initiate an investigation and subsequent continuous executives resign, including the deputy general manager Liu Jinzhi, supervisors Wang Xinghua, an independent director Junfeng. June 28, 2011, the company also released a part of viscose staple fiber production line shutdown announcement. July 15, 2011, ST Dragon has released the 2011 half-year net loss of approximately $ 255 million Pre-losing announcement.
Moreover, before this, the ST Dragon 2011 a quarterly loss of 56.1504 million yuan, performance fell by 333.06%. In this backdrop, the the Minsheng domestic Growth Fund Why suddenly buy ST Dragon? Shandong Helon last years semi-annual disclosure of institutional research information, the the Minsheng domestic demand Fund and research records.
ST Dragon before the suspension of the closing price of 4.82 yuan, Minsheng domestic demand growth fund holds 200 million shares worth 964 million. According to the Four Seasons reported that last year disclosed by the Fund, its net asset value of 545.23 million yuan, ST Dragon market value of its asset size of about 1.77 percent, its ups and downs will have an impact on the net. 16 February, the reporter called the Minsheng Royal Fund inquiries, responsible for media affairs staff to give the answer until after consultation with the investment research department. As of press time, not yet received a positive reply Minsheng Royal Fund above doubt, saying only that the company bought Dragon still is not the ST. "
"is not gambling reorganization, how could the value of investment?" The broker researcher told reporters, institutional investors buy ST Dragon almost all betting reorganization, before the Dragons large shareholders intend to holders of the sea of the shares authorized to Long Shouguang Chenming Holdings business year, but then not settled, the largest shareholder in turn in August, reached a preliminary cooperation intention and Hengtian Group institutions to hold clearly to this. "
February 8, 2012, the STs announcement of the Dragon: for various reasons, the company failed Hengtian Group signed a commission processing agreement, to be temporary commission processing agreement signed with Weifang Continental Properties Limited. the
the fund manager, told reporters, ST Dragon future restructuring now see, "If the restructuring is smooth, Minsheng domestic demand or escape may be but to the success of the reorganization, makes it even harder."
from publicly available information can be seen that the ST Dragon largest shareholder - Weifang Investment Company (hereinafter referred to as the Weifang investment) to holders of its 16.24% stake in Weifang Investment end of June 2011, the asset size of $ 9.9 billion, but income is only 200 million yuan, total profit of 164 million yuan, accounts for 155 million yuan in cash. for loss of 1 billion yuan, overdue loans to 527 million yuan, and is about to expire for 400 million yuan of short-term financing bonds the ST Dragon, Weifang investment overall strength is difficult to provide substantive support to it.
"Now look at the Dragon actual control of the attitude of the people of Weifang Municipal Government, but did not see a substantive restructuring actions." the fund manager admitted that the Weifang municipal government on how to deal with the Dragon huge debt should also be a headache "local finance to deal with the huge debt of several hundred million dollars, handled properly, will face great social pressure of public opinion."
"for the institution, this bet on the risk of the reorganization of shares is also great." the fund manager admitted that ST Dragon itself there are many problems, even if the "11 Dragon CP01 scheduled payment does not mean the company successfully through the crisis, the future remains a difficult restructuring, "but who wants to take on such a huge debt?"
Han Xun
core Tip: for the for insolvent ST Dragon, which was aggravated by the institutions holding the stock, it is a bolt from the blue. one after another, deep financial quagmire ST Dragon (000677.SZ) suffered another blow. February 15, 2009, Joint Credit Rating Co., Ltd. (hereinafter referred to joint credit) announced that Shandong Helon Co., Ltd. (ST Dragon), the main long-term credit rating lowered to "CCC" from "BB +" The rating outlook to "negative", and the existence of short-term financing bills (referred to as "financial") "11 Dragon CP01s credit rating from" B "down to the" C ". this for insolvent ST Dragon, can be described as difficult for the institutions holding the stock, it is a bolt from the blue. the which Minsheng suspension on the eve of the ST Dragon reached, and heavily loaded with 200 million shares, accounting for more than 1% of the Funds net asset value. Prior to this, the ST Dragon has encountered a criminal investigation of the SFC. overdue loans over 500 million operating at a significant loss of high-level personnel to large-scale changes, due to the illegal guarantee was a criminal investigation by the SFC, overdue loans, credit rating continued to drift lower over the past year for ST Dragon can be described as an unlucky year. "Dragon CP01 11" ST Dragon in the interbank market in April 2011 issued short-term financing bills in the amount of 400 million yuan for a period of one year, the coupon rate of 5.8%, maturity 2012 May 15, Evergrowing Bank served as lead underwriter, was joint credit of ST Dragon 11 Dragon CP01 were awarded the A + and A-1 rating. However, with the ST Dragon in June last year on suspicion of violating securities laws and regulations, after the China Securities Regulatory Commission to initiate an investigation, the joint credit of ST Dragon included in the rating watch list. September 15, 2011, the Joint Credit ST the Hailong main rating from A + down to A-, at the same time the "11 Dragon CP01" credit rating from A-1 tune down to A-2, which has also become Last year, the first term issuer credit rating downgrade events; December 22, the joint credit Shandong Helon reduced to BB + and 11 Dragon CP01 was further reduced to B,. a reporter to get the "11 Dragon CP01 prospectuses shows that the main purpose of the 400 million yuan financing of 170 million yuan of additional production, the working capital of the business process; another 230 million yuan to repay existing bank loans . But in fact , the ST Dragon of $ 300 million to repay Hengfeng bankers acceptances, 100 million yuan to complement the companys liquidity. brokerage researchers one who had followed the progress of the ST Dragon reorganization, told reporters on February 16, joint credit lowered ST Dragon rating, mainly due to three reasons, First, the company disclosed in the announcement of the accounting errors shows The historical financial information disclosed there is a major flaw, corrected financial statements to measure the companies already insolvent; ST Dragon overall operations and financial condition continued to deteriorate; the ST Dragon originally expected "Wuji become the Phoenix" restructuring, but also because there is no substantive progress between the large shareholders and Hengtian Group hopeless. January 31, 2012, Pre-losing announcement "for the ST Dragon released the 2011 annual results show that the 2011 full year net profit of about a loss of 1.002 billion yuan losses substantially as compared to 2010 increased by 145.88%. As of February 6, 2012, ST Dragon and holding subsidiaries in the amount of overdue loans of financial institutions totaled 527 million yuan, accounting for 333.56% of the latest audited net assets has a serious capital The repossessed situation. The more serious , ST Dragon and holding subsidiaries are also involved in multiple lawsuits and further deterioration of its operations and financial condition. February 13, 2009, the ST Dragon released in significant litigation matters Notice Weifang China Weifang City Intermediate Peoples Court served complaints ST Dragon enterprise lending disputes civil complaint and related documents received in the 8th. It is reported, the Weifang International Trust and Investment lend ST Dragon 60 million yuan of short-term funds for its working to solve the liquidity problems of ST Dragon on January 5, 2012, but the due date, ST Dragon is unable to pay. As for how to resolve the current crisis, the ST Dragon a staff February 16, told reporters, Weifang City, the SASAC and other departments have been set up jointly by ST Dragon Working Group, "the basic stability of production and management company as to how to solve Late loans, this announcement out to tell. " many institutions fall into one Flush iFinD data, to issue bonds the companys credit rating since 2006, only ST Dragon was named "CCC" level, the rest are Class B rating. joint credit bonds online in China 15 February announcement that the ST Dragon operators to pay a lot of pressure, the capital chain is extremely tense. "Given the huge losses and overdue loans and litigation involving matters such as their credit risk to further increase the debt solvency weaker, 11 Dragon CP01 expiry risk was significantly increased." such an insolvent, and there are many other risks listed companies actually been part of the institutional investors of all ages. According to the companys 2011 third quarterly, in its top ten tradable shareholders, the Chinese Peoples Insurance Company (Confucius News) - Traditional - General insurance products 999.99 million shares of the third largest tradable shares held Chinese Peoples Life Insurance Company Limited - shareholders; then holds 402.45 million shares of its own funds, the Trust holds 310 million shares in the financial - financial new 295, holds 2.3 million shares of the Chinese Peoples Life Insurance Co., Ltd. - Traditional - general insurance products, Minsheng holds 200 million shares of domestic demand growth fund. Shandong Helon namely the suspension in late August last year, the five institutions products have been locked in it. As of February 15, during the suspension period in Shandong Helon, the market index fell 6.3%, but the broker researcher told reporters, between Shandong Helon crisis situation, once the resumption of trading, will usher in a substantial decline "For institutions holding the stock, only waiting for the knife." has been a conservative known for insurance funds Why will fall into the crisis of the ST Dragon? "Do you think the insurance funds are conservative, but also listen to the news gambling reorganization, a fund manager of Shanghai February 16, told reporters, insurance funds are professional investment team to deal with the reorganization of means of access to information and master the reorganization The theme means of investment opportunities. "Last year, more than 60 shares of the reorganization shares have insurance funds in which the ST Dragon, but one of them only." regardless of the fundamentals of peoples livelihood and silver gamble restructuring is worth noting that, Minsheng Domestic Demand Growth Fund is to buy in the third quarter of last year, that is to buy 200 million shares of ST Dragon should last July 1 to late August between. In fact, the three quarterly reports, the ST Dragon in 2011, its first top ten tradable shareholders, only Minsheng new entrants into the third quarter investors. and ST Dragon in June last year, has just been the SFC to initiate an investigation and subsequent continuous executives resign, including the deputy general manager Liu Jinzhi, supervisors Wang Xinghua, an independent director Junfeng. June 28, 2011, the company also released a part of viscose staple fiber production line shutdown announcement. July 15, 2011, ST Dragon has released the 2011 half-year net loss of approximately $ 255 million Pre-losing announcement. Moreover, before this, the ST Dragon 2011 a quarterly loss of 56.1504 million yuan, performance fell by 333.06%. In this backdrop, the the Minsheng domestic Growth Fund Why suddenly buy ST Dragon? Shandong Helon last years semi-annual disclosure of institutional research information, the the Minsheng domestic demand Fund and research records. ST Dragon before the suspension of the closing price of 4.82 yuan, Minsheng domestic demand growth fund holds 200 million shares worth 964 million. According to the Four Seasons reported that last year disclosed by the Fund, its net asset value of 545.23 million yuan, ST Dragon market value of its asset size of about 1.77 percent, its ups and downs will have an impact on the net. 16 February, the reporter called the Minsheng Royal Fund inquiries, responsible for media affairs staff to give the answer until after consultation with the investment research department. As of press time, not yet received a positive reply Minsheng Royal Fund above doubt, saying only that the company bought Dragon still is not the ST. " "is not gambling reorganization, how could the value of investment?" The broker researcher told reporters, institutional investors buy ST Dragon almost all betting reorganization, before the Dragons large shareholders intend to holders of the sea of the shares authorized to Long Shouguang Chenming Holdings business year, but then not settled, the largest shareholder in turn in August, reached a preliminary cooperation intention and Hengtian Group institutions to hold clearly to this. " February 8, 2012, the STs announcement of the Dragon: for various reasons, the company failed Hengtian Group signed a commission processing agreement, to be temporary commission processing agreement signed with Weifang Continental Properties Limited. the the fund manager, told reporters, ST Dragon future restructuring now see, "If the restructuring is smooth, Minsheng domestic demand or escape may be but to the success of the reorganization, makes it even harder." from publicly available information can be seen that the ST Dragon largest shareholder - Weifang Investment Company (hereinafter referred to as the Weifang investment) to holders of its 16.24% stake in Weifang Investment end of June 2011, the asset size of $ 9.9 billion, but income is only 200 million yuan, total profit of 164 million yuan, accounts for 155 million yuan in cash. for loss of 1 billion yuan, overdue loans to 527 million yuan, and is about to expire for 400 million yuan of short-term financing bonds the ST Dragon, Weifang investment overall strength is difficult to provide substantive support to it. "Now look at the Dragon actual control of the attitude of the people of Weifang Municipal Government, but did not see a substantive restructuring actions." the fund manager admitted that the Weifang municipal government on how to deal with the Dragon huge debt should also be a headache "local finance to deal with the huge debt of several hundred million dollars, handled properly, will face great social pressure of public opinion." "for the institution, this bet on the risk of the reorganization of shares is also great." the fund manager admitted that ST Dragon itself there are many problems, even if the "11 Dragon CP01 scheduled payment does not mean the company successfully through the crisis, the future remains a difficult restructuring, "but who wants to take on such a huge debt?"
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