Can st titanium dioxide be reborn under the redemp

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Whether st titanium dioxide can be reborn under the salvation of Jiangsu Jinpu group

st titanium dioxide [0.000.00%] was formerly known as the titanium dioxide branch, a secondary independent accounting production unit of China Nuclear 404 Co., Ltd. (hereinafter referred to as China Nuclear 404)

in May 1999, CNNC 404 applied to the State Economic and Trade Commission for the implementation of debt to equity swap for Titanium Dioxide Branch, which was included in the list of the first batch of 108 debt to equity swap enterprises in China after approval

on December 27 of the same year, CNNC 404 signed the debt to equity swap agreement of CNNC Gansu Huayuan Enterprise Corporation with Cinda assets and China Eastern Asset Management Corporation (hereinafter referred to as Oriental assets)

on June 8, 2000, the economic and Trade Commission approved the plan of converting bonds into equity of Titanium Dioxide Branch. In December, China National Nuclear Corporation approved the joint-stock transformation of Gansu Huayuan Titanium Dioxide Branch

in January 2001, the economic and Trade Commission approved the establishment of Zhonghe Huayuan titanium dioxide Co., Ltd. on February 23, the company was registered with the Gansu Provincial Administration for Industry and commerce. The material of the conductor determines the DC resistance of the conductor. The promoters of the establishment of the company are Zhonghe 404, Xinda assets, Dongfang assets, Datang 803 power plant, and Gansu mining area grain and oil purchase and sales company

on August 30, 2006, the former second shareholder Dongfang asset held the "public bidding transfer meeting of the creditor's rights and equity of Zhonghe Huayuan titanium dioxide Co., Ltd." in Lanzhou, which publicly transferred 39.208 million shares (accounting for 30.16% of the total share capital) and the creditor's rights of RMB 1994.34 million. Beijing Jiali Jiulong mall Co., Ltd. (hereinafter referred to as Jiali Jiulong) finally concluded the bidding at a total price of RMB 113 million

in July 2007, St titanium dioxide issued 60million shares to the public, with a total share capital of 190million shares after issuance, and Xinda assets held 76.479 million shares, accounting for 40.25%; 2. The shareholder Jiali Jiulong holds 39.208 million shares, accounting for 20.64%; CNNC 404 holds 13.663 million shares, accounting for 7.19%

although st titanium dioxide has completed the joint-stock reform, it cannot change its inherent fatal defects

first of all, St titanium dioxide was initially established as a "military to civilian" company by CNNC 404 to reduce the debt burden and convert the operating mechanism. At the time of the joint-stock reform of the company, the parent company Zhonghe 404 converted the net assets of the original Titanium Dioxide Branch into shares, and the other two larger initiators were asset management companies, both of which converted debt into shares. The other two initiators only invested 500000 yuan in cash respectively. When the company was established, it basically continued the asset status of the original Titanium Dioxide Branch

secondly, St titanium dioxide does not own raw material mineral resources. The main raw material titanium concentrate must be purchased from markets outside Yunnan, Sichuan and other regions, and the greener, lighter and more design oriented materials in the product sales market have become the focus of everyone. They are mainly distributed in eastern China, and the raw material procurement, product sales and transportation costs are high, In particular, the production and processing plant of the company is built within the scope of the original parent Zhonghe 404 (collectively referred to as Gansu mining area) in the Gobi hinterland of Hexi region, Gansu Province. Due to the involvement of nuclear military industry and other secret information, it still implements a high degree of administrative control and is basically isolated from the outside world, which objectively limits the company's ability to obtain market information in time and respond to market changes openly and freely

more importantly, the interest demands of major shareholders and the original parent company are inconsistent with the development and growth of listed companies. Although Cinda Asset is the major shareholder of the company, according to the regulations, the asset management company must withdraw after holding shares at different stages. Naturally, Cinda Asset has no enthusiasm to give more support to st titanium dioxide, while the parent company Zhonghe 404 has separated all assets and personnel when stripping and restructuring the titanium dioxide branch. Although the production plant of St titanium dioxide is still within the scope of Zhonghe 404, due to its low shareholding ratio, The mother is also unwilling to bear too much support

st titanium dioxide, which lost 268million yuan in 2008 and is expected to lose 110-120 million yuan in 2009, finally ushered in a new round of national salvation

in November 2008, only one year and four months before the listing of St titanium dioxide, Cinda Asset once planned asset restructuring with Tianjin Lingang Investment Holding Co., Ltd. However, after repeated communication between Lingang investment and other three-party shareholders who planned to inject assets, the follow-up work of restructuring was forced to be terminated because other shareholders did not agree to give up the preemptive right

the reason why Cinda assets has repeatedly sought the major asset restructuring of St titanium dioxide is that in addition to the huge pressure of social public opinion on the company's main business performance of the year when it was listed, and serious losses in the next year after it was listed, it also means that it is under the heavy pressure from the regulators' high attention to the fate of St titanium dioxide

in March this year, Gansu Securities Regulatory Bureau issued a report on the supervision case of Zhonghe Huayuan titanium dioxide Co., Ltd., which pointed out that the two major shareholders of St titanium dioxide, especially the high-level decision-makers, China National Nuclear Industry Corporation and Xinda assets should be urged to transfer the equity of listed companies to powerful companies in line with the principle of being responsible for more than 1100 employees and maintaining local social stability, so as to completely solve the outlet of St titanium dioxide

behind the regulatory authorities' efforts to promote the reorganization and regeneration of St titanium dioxide, in addition to maintaining local social stability, there is also a deep consideration that CNNC people who have contributed two generations of youth to China's nuclear industry should not bear the cost of military conversion failure. By saving st titanium dioxide, we can reflect the humanization of the system

but behind a series of rescue actions against the sinking st titanium dioxide, Cinda assets is fighting against the laws and regulations of China's securities market with the help of this special institutional arrangement

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