The Poorest Real Estate Stocks Were Restructured Without &Nbsp; Fenghua Shares Complained About The Mess.

In September 3rd, Fenghua shares (600615.SH) chairman Tao Lin's new company, which is called the "A share's poorest real estate unit", is three handsome in one year.

In the first half of 2010, Fenghua shares lost 9 million yuan, up 2009 in the first half of the year, and profits fell 205.80%. The company's cash is less than 70 million yuan. This means that the real estate company can not even take a piece of land.

The lack of good performance, the chairman frequently changed hands, making the market spread Fenghua shares will soon sell shell. Therefore, in the second day of the issuance of the loss earnings report, that is, July 29th, the stock did not fall or rise, and sealed the board with a daily limit. With the opening price of 8.83 yuan in July 28th, the closing price for September 8th was 10.17 yuan, or over 15%.

However, for " Recombination "Su Hongjin, director of Fenghua shares, denied that:" the company did not plan to sell the shell at present, the market rumors or the news spread by the dealer. Our company has always suspected Zhuang, but we do not know who it is. This village has disrupted the reorganization plan of the company. This is not the first time.

Additional attempt

2006, the coast Real estate investment The limited company (hereinafter referred to as "coastal real estate") entered Fenghua shares and became the new largest shareholder. Fenghua shares changed from "selling the pen" to "selling the building".

The 1124.HK of coastal property is listed on the Hong Kong Stock Exchange as early as possible, but it is not conducive to financing in the Hong Kong stock market, thus moving to A shares. Therefore, in the next year, the coastal real estate will seek private placement to be injected into real estate assets.

"The dealer has made us very passive! The news has not been launched yet, and the share price has been wildly hyped up." Su Hongjin said to this newspaper.

In December 27, 2007, Fenghua shares suspended the plan for private placement, and its share price soared to 19.43 yuan on the previous day. In July 6th of that year, the stock price was 7.6 yuan, or less than half a year, or nearly 156%.

In April 9, 2007, Fenghua shares resumed and announced the issuance plan. The company intends to raise its stock price to 17.40 yuan / share at the base price. It will not issue more than 600 million shares, and will raise 1 billion yuan.

Cheng Feng, then vice president of coastal real estate, said: "Fenghua shares have financing conditions, and the coastal area is sure to use this platform to finance. We hope that after the transformation of Fenghua, we can increase capital and expand shares in A shares and have financing capability. Chen Xin, another vice president of the company, said frankly, "after the completion of the acquisition, the development pattern of coastal real estate business and residential buildings will gradually become clear.

As the "current price" has reached 19.43 yuan, so that in April 9, 2008, when the stock resumed, the base price of the additional issue had to "freeze" for 17.4 yuan. Su Hongjin still believes that the "17.4 yuan" additional price is high, and it is attributed to "the chaos of the banker".

Or because the additional price is "high" reasons, Fenghua shares resumed after April 9, 2008, 10, 14, 15, 21, 5 consecutive price limits, until April 22nd closing, the stock fell to 9.40 yuan, half a month, the stock price was "cut."

However, in December 12, 2008, Fenghua shares announcement said: because the coastal green homes involved in the splitting and listing, the Hong Kong Stock Exchange did not think it was in line with the relevant conditions, called for "supplementary materials" and "further explanation". Fenghua shares held an urgent board of directors, and stopped the fund-raising plan for private placement.

In fact, Fenghua's private placement scheme is difficult to implement even if it is approved by HKEx. By the end of December 12, 2008, its share price had dropped to 5.14 yuan.

5.14 yuan "current price", 17.40 yuan increase the base price, who is willing to ask for it? The stock price has fallen, has already let the large shareholder of Fenghua share lose the "public relations" port exchange power.

In the eyes of Fenghua shares, this is "good deeds" done by "makers".

Personnel quotations

The disillusionment of private placement in 2008 has led to the slow development of Fenghua shares by relying on the existing three or four real estate projects. In 2009, the company realized net profit of 5 million 10 thousand yuan, but fell 94.47% year-on-year. Large shareholders' expectations of assets injection or re reorganization are not forgotten by the market.

In January 2010, the board of directors of Fenghua shares adjusted, and Wang Tiefeng replaced Cai Shaobin as the new chairman of the company. Wang Tiefeng's resume shows that he has successively served as executive director, executive vice president and vice president of Jinyuan securities, national securities and joint securities. He has also served as vice president of Warburg trust and director of financing fund.

In addition to Wang Tiefeng, Su Hongjin, the company's current director, has joined the board of directors of the company. In addition to being a company director, Su Hongjin is another deputy director of capital operation of coastal real estate, a major shareholder of Fenghua shares.

Two capital experts entered the board of Fenghua joint stock exchange, allowing the market to guess or to suggest that Fenghua shares start restructuring. After the announcement of the personnel adjustment announcement, two new executives were newly updated.

A senior director of the restructuring Department told reporters that after Wang Tiefeng took office, Fenghua shares did try to sell shells. The broker disclosed to this newspaper that at that time, Fenghua shares major shareholder of the coastal real estate had tried to sell 20 million shares at the price of 15 yuan / share, thus retiring to the second largest shareholder. "But because the company's own performance is not good enough, the stock price has not been able to stir up. In 2009, it lingers around 8 yuan and 9 yuan, and can not reach the psychological price of the large shareholder. And the quality of the shell is placed here. Who would like to get 300 million yuan to eat 20 million shares?"

The broker's remarks were partly confirmed by Su Hongjin. "We did sell the shell last year, but we were only interested in not agreeing strategically."

As for the introduction of Wang Tiefeng, Fenghua shares were introduced as experts. "Wang Tiefeng really wants to do something, but because of physical reasons, he finally chose to quit."

Restructuring way

Wang Tiefeng's resignation, Tao Lin's post, the fund once again "voted welcome." On September 3rd, the first day of Tao Linlv's new day, Fenghua shares closed up with a 4.22% increase. From September 2nd to September 8th, Fenghua shares won the "five Lian Yang" share price from 9.36 yuan to 10.17 yuan, although the increase was only 8.65%, but in the real estate stock market, "green fat and red thin", it is obvious that the increase is impressive.

It is worth mentioning that Tao Lin has 18 years of investment management experience in the real estate field. In addition to being chairman of Fenghua shares, Tao Lin also serves as executive director of the coastal home. At the same time, Tao Lin is also the third largest shareholder of Fenghua's major shareholder in coastal real estate.

Tao Lin took office again, triggering the "personnel market". In this regard, Su Hongjin is not surprised: "Fenghua shares did not consider restructuring at present, there is rumour that it must be the dealer's pass, and do not exclude that they want to pull up the shipment."

As for who is Zhuang, Su Hongjin said that the company did not know that every time the stock price was abnormal, the company would inquire about the shareholder list of the company. "Zhuang Jiatai is hidden, we have not found out, and they have not contacted us." In fact, over the past year, four earnings reports also showed that the list of the top ten tradable shareholders of Fenghua shares had not changed much.

Although the company has no plans to restructure, Su Hongjin admits that speculation is theoretically justified. Up to now, Fenghua shares only have three real estate projects in China, and sales are mainly dependent on projects. The new projects will be affected by climate disasters during the construction period.

Su Hongjin said frankly, "in the real estate companies of the whole country, we are the last ones." Up to the first half of 2010, the total assets of Fenghua 760 million yuan and the net assets of 345 million yuan can be described as the A share "the poorest real estate stock".

However, since April 2006, the coastal real estate has invested 66 million 730 thousand yuan to grant 21.13% of the shares of Fenghua shares, so far, its stock market value of 39 million 720 thousand shares has exceeded 400 million yuan. That is to say, compared with Fenghuang shares' sluggish performance, cash flow is the "way to make money" for coastal real estate.

If there are no new real estate projects, even if there are, they may not be able to raise enough development funds, and at the same time, the macroeconomic regulation and control of the real estate industry at the national level is still unknown. Perhaps, for Fenghua shares and its major shareholders, restructuring is the only way out? Restructuring may be only a matter of time.