Hainan Airlines Entered ST Huitong, Zhoushan'S Richest Man Huang Year Out

Last night, ST Huitong, who was planning a major restructuring suspension for nearly 4 months, disclosed the restructuring plan last night.

In short, as predicted by the market, HNA Group has replaced ST, the largest shareholder of Huitong group, to become the leading group of ST Huitong group. The reorganization plan is divided into two parts: asset replacement and non-public offering to purchase assets. That is to say, ST Hui general ST Huitong is replacing all the assets and liabilities with the Bohai leasing equity equities held by HNA, while leasing all shareholders to Bohai to issue shares to purchase the remaining shares of Bohai held by the company. After the completion of the paction, ST Huitong 100% has the equity of Bohai leasing.

"It doesn't matter whether it is good or bad, basically in market expectations."

A fund official told the Morning Post reporter in a conservative way.

　　舟基“闪电”出局

From June 30, 2009 to July 8th, Huang Shan, the richest man in Zhoushan, bought 3 million shares of ST through the actual control of the boat base group, plus the 30 million shares of the limited sale conditions that had been accepted by Shenzhen Fuding guarantee investment Co., Ltd., so that the boat group held 3300 shares of ST Huitong, thus becoming the largest shareholder of ST Huitong.

After gaining control, the Yankee Group plans to restructure ST Huitong.

The market has widely expected that Huang Shannian will inject its gold Gulf shipping industry and Tongji shipbuilding industry into listed companies.

But only a few days later, in mid July 2009, Huang Shannian accidentally pferred the shares of the above company to the Xinhua logistics group, which is under the group of Hainan Airlines.

As for the restructuring plan announced yesterday, in the reorganization, the group has completely lost its lead.

If successful reorganization, boat group will be released and replaced by HNA Group.

It is obvious that as of February 28, 2010, ST's net assets accounted for 343 million 330 thousand and 700 yuan and net assets estimated at 436 million 946 thousand and 800 yuan.

The book value of net assets of Bohai leased account is 6 billion 511 million 162 thousand and 200 yuan, and the estimated value is 6 billion 511 million 163 thousand and 300 yuan.

For the difference part of the replacement, ST Huitong intends to lease shareholders in Bohai to issue no more than 700 million shares per share at 9 yuan per share.

HNA Group actually controls more than 90% of Bohai's leases.

Therefore, according to the issue of 700 million shares, Hainan group will control ST 630 million yuan, accounting for 63% of the total shares issued, far exceeding the 33 million shares of the boat base.

There have been market analysts pointed out that the boat base in ST Huitong on the fast forward or out, or in September 2009 Huang Shannian was taken by the Central Commission for Discipline Inspection related.

From the actual operation, as early as last October, Hainan Airlines, vice president of Hainan Airlines, took the place of Huang Shannian's "straight line" Zhong Zhijun as chairman of the group.

　　渤海租赁靠财政补贴

According to public information, Bohai leasing was set up in December 4, 2007 by 100 million yuan invested by Hainan Airlines. In September 2008, it was approved by the Ministry of Commerce as one of the fifth batch of domestic financial leasing pilot enterprises.

Since then, it has gone through a series of capital raising and stock expansion. Up to February 28, 2010, the total capital of Bohai's leasing registration was 6 billion 260 million yuan.

In terms of operating performance, Bohai leased the net profit of the parent company in 2008 to 38 million 752 thousand and 600 yuan, and realized the net profit of the parent company in 2009 by 101 million 738 thousand and 200 yuan.

But the Morning Post reporter noted that financial subsidies accounted for most of the above performance.

In 2009, Bohai leased government subsidies accounted for 44.78% of the net profit of the year.

"As of March 31, 2010, the government subsidy granted by Bohai leases accounted for 66.38% of the net profit of Bohai leased in the first quarter of 2010. It is estimated that the government subsidy granted by Bohai in 2010 will account for 36.84% of the net profit in 2010.

The restructuring plan disclosed.

To this end, the fund's people said that, compared with another market expectation - Golden Gulf shipping industry, "the plan is better because the ship is also a cyclical industry".

"Leasing is a very promising industry. Once the business is determined, the income will be very stable and the cost will be very small."

These people added.

　　获利者“通合投资”

According to the above estimates, according to the 2 times PB, the company's restructuring price will reach 13 yuan, compared with the current price of about 50% of the increase.

Before the suspension, ST reached 9.10 in January 21st, down 1.83%.

Obviously, *ST Huitong restructure can bring good returns to all investors, especially those investors who are interested in Bohai leasing.

Zaobao reporter view program can be seen, HNA Group through HNA, Tianxin investment, Yanshan investment, day honest investment and other related companies hold more than 90.42% of Bohai leasing shares.

In addition, Tianbao investment, long-term investment and Tonghe investment hold 4.79%, 3.19% and 1.6% of Bohai lease respectively.

Among them, Tianbao investment belongs to the state owned assets supervision and Administration Commission of Tianjin Port Free Trade Zone; the vision investment is a limited partnership, which was established in December 23, 2009, including Li Tao and Guo Kai Finance Co. Ltd., and its shareholders are individuals.

In November 2, 2009, Tonghe invested 100 million yuan into the stock market.