Huafang Textile: Share Price Double Engine Stall, The Company'S Overall Listing Starts Again.

The suspension of the stock ownership leads to "internal strife".

The concept of lithium batteries and the overall listing of the group have been the two engines of 600273.SH's share price rise.

But in the two engines, the price of Huafang textile rose from 2 yuan to 13 yuan, but at the same time, "air parking".

The loss of the power of Hua Fang textile stock price falls on this ground, or is it able to regain power and test Huafang?

Suspension of shares

In June 9th, Huafang textile and shareholding company shareholders

As a textile based company, Huafang textile has long been favored by the capital market because of its participation in the two new energy concepts of Jiangsu Li Tian new energy Polytron Technologies Inc (hereinafter referred to as "Li Tian company") and Zhangjiagang Huatai new Mstar Technology Ltd (hereinafter referred to as "Alex Hua Tian company"), and its share price has jumped from 6 yuan to 18 yuan in one year.

At present, Huafang textile owns 70% of the two companies.

The core issue of the court is focusing on the "pfer price" of Xiao Zhaoya's 30% stake in Alex Hua Tian.

Huafang textile was purchased at Xiao Zhaoya's offer of 34 million 500 thousand yuan, or at its own price of about 15 million yuan.

It is worth noting that the price difference between the two sides reached nearly 20 million yuan.

Because Alex Hua Tian company is still in deficit at the end of last year, Huafang textile thinks Xiao Zhaoya's 30% stake is worth only about 15 million yuan.

However, Xiao Zhaoya, who founded the Alex Hua Tian company in an interview with the first financial daily, said that Alex Hua Tian was still in the investment period last year, and the loss was normal, but this year it has already started to make profits.

Xiao Zhaoya therefore thought that 30% of his stake was worth 34 million 500 thousand yuan.

Xiao Zhaoya said he did not object to selling his stake to Huafang textile, but the problem is that the quotation of Huafang textile is too low for him to accept.

Because of the difference between the two sides of the same bid, Xiao Zhao intends to pfer the shares in hand to the third party.

Two Japanese investors are willing to share the 8 million registered capital and 7 million yuan registered capital of Xiao Zhao respectively at a total price of 34 million 500 thousand yuan.

According to Alex Hua Tian's articles of association, the pfer of capital contributions by shareholders must be approved by more than half of the shareholders, while other shareholders have the right of preemption.

However, because Alex Hua Tian company has only two shareholders of Huafang textile and Xiao Chao ya, Xiao Zhaoya believes that he can pfer shares to other shareholders outside the company when he fails to reach agreement on the pfer price with Huafang textile.

However, this move has attracted the dissatisfaction of Huafang textile.

Huafang textile believes that according to Alex Hua Tian's articles of association, Xiao Zhao has pferred its shares, and Huafang textile has the prior right of assignee.

At the same time, Huafang textile also believed that Xiao Zhaoya had done something in the process of registering Alex Hua Tian company, because Alex Hua Tian's articles of association provided by Xiao Zhaoya were different from those of the Alex Hua Tian company retained in Huafang textile.

Therefore, Hua Fang textile asked the court to confirm that Alex Hua Tian's articles of association in Xiao Zhaoya's hands were invalid, and he bought the shares of Xiao Zhao Asia at the price of about 15 million yuan.

After the two cross examination as the plaintiff and defendant, the dispute over the pfer of shares is awaiting the final judgment of the court.

The concept of lithium battery failed

No matter how the court ultimately sentenced the dispute, because Huafang textile does hold a 70% stake in Alex Hua Tian company, which is engaged in lithium-ion battery electrolyte, as a stock involving lithium battery concept, it is still closely watched by the capital market.

Since last year, securities companies including Eastern securities, Huatai Securities, China investment securities and Haitong Securities have issued research reports, giving positive ratings to Huafang textiles.

At the same time, various funds also gave strong expectation to Hua Fang textile to inject the lithium assets of Alex Hua Tian company and Litian company into listed companies.

In the first half of last year, Hai Ya group, which was controlled by Guangdong tycoon Tu Huilong, began to buy Huafang textile, holding 10 million 780 thousand and 600 shares at the highest level.

Up to March 31st this year, Hai Ya group is still the second largest tradable shareholder of Huafang textile.

However, in May 17th this year, Huafang textile resumed and announced that the major reorganization was not approved. The news rushed to escape from all the funds that were expected to be injected into the lithium battery assets.

This is also an important reason for the fall of Huafang textile share price from 3 consecutive trading days in May 26th.

According to people familiar with the matter, because of the expected failure, the Hai Ya group has cleared up Huafang textile.

The reason is that the Hai Ya group has been communicating with Huafang textile, hoping to inject lithium battery assets, but was rejected by Huafang textile.

However, the above situation has not been confirmed by the Hai Ya group.

A staff member of Zhao Fang, a Huafang textile and securities department, told reporters that the major asset restructuring of the company's suspension in March 31st was not the injection of lithium battery assets into listed companies.

Overall listing again

In March 31st, Huafang textile stock was suspended due to major asset restructuring.

But in May 17th, the company announced that the reorganization failed, and the company's stock resumed from that day.

The price of Huafang textile opened on the same day, and the turnover was 4 times higher than that of the first trading day before the suspension.

Strangely, for the content of the major asset reorganization, Huafang textile did not give an explanation until June 10th.

According to the June 10th announcement of Huafang textile, the major asset reorganization is the overall listing of cotton textile business and assets.

This restructuring is also a pledge to fulfill Huafang's share reform.

For the failure of the restructuring, the explanation of Huafang textile is that the performance in 2010 showed that the textile industry was affected by the economic rebound and profitability improved. So the company suspended its business in March 31, 2011 and started the overall listing of cotton textile assets.

But in April, the global macroeconomic situation was unstable, the market environment changed dramatically, and the cost of production (labor costs, energy costs) rose sharply year by year.

In January 25, 2007, Huafang group promised to gradually realize the overall listing of cotton spinning business and assets in the next 6 years.

Since the previous reorganization was not passed, and Huafang textile said it would no longer plan the major issues in the next 3 months, so it would be only a year and a half from January 2013 to complete the restructuring of Huafang textile.

Reporters learned from people familiar with the matter, due to the failure of restructuring, Huafang textile former secretaries Han Yimin has resigned in the near future, the above securities department Zhao surname staff is Han Yimin's successor, her main task is to achieve the group's cotton textile assets as a whole.

However, neither Korean nor Zhao gave a clear answer to this statement, but only reporters should pay attention to the company's future announcement.