AviChina announced that after the completion of the proposed asset restructuring, Changheâ€™s total issued shares were changed from 410 million shares to 484 million shares. The total number of shares held by AVIC Xichang Changhe remained unchanged, but the shareholding ratio changed from 59.02% to 49.93. %.
A reorganization program started a year ago
It is understood that Changhe Auto has been suspended for three consecutive years in 2006, 2007 and 2008 and has been suspended from listing since May 11, 2009. In fact, as early as June 18, 2008, Changhe Automobile has officially launched a major reorganization of assets. program.
Changhe Motors is the second mini vehicle company of China Aviation Second Group except Hafei, and it is also an important automobile industry in the AVIC automobile segment. With this restructuring, the main business of Changhe Automotive will become aviation industry, and the possibility of integration of the replacement automotive business with Hafei Automobile will increase. Guoxin Securities analysts believe that the AVIC automobile industry will become the next restructuring target.
According to the disclosure, the initial asset reorganization plan was made public. Changhe Automobile purchased assets from AVIC and sold assets and liabilities of the company to China Aviation Industry Corporation or its designated third party through asset replacement. The selling part purchases the asset price; Changhe Automobile makes up the share of the assets purchased by the company that exceeds the value of the assets sold by the company and is issued by Changhe Auto to China Aviation Industry Corporation through the issuance of shares to purchase assets.
After the completion of the transaction, Changhe Automobile became a holding subsidiary of AVIC and the main business was changed to the manufacture of aviation airborne lighting and control system products. Restricted sales of shares increased from 52.39% to 59.72%.
It is impossible to resume trading within the year
As for the question of when Changhe is concerned about the resumption of trading by the investors, the companyâ€™s Securities Office staff said that it will take a long time for the stocks to resume trading.
According to sources from ST Changhe Securities Office, although the completion of the share change registration indicates the advancement of restructuring, it will take a long time for the stocks to resume trading. "It is impossible to resume the transaction during the year," said a person from ST Changhe Securities Office.
The goal of achieving profitability in 2009 also has certain uncertainties. According to the ST Changhe First Quarterly Report released in 2009, the company's overall profitability of the vehicle product still failed to offset the impact of related cost and other factors. After being calculated by the financial department, the company's accumulated net profit for the period from January to June 2009 is expected to be a loss.
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