The gaming company is out. Jinjian Rice Industry: Restructuring at an impasse 20100000003 March 26th Source: 2 1 Century Business Herald Author: Xia Related Tags: Jinjian Rice Industry Everbright Securities Everbright Financing Cash Core Tip: Founder Securities Research Institute Trn Quang Diu said that Jinjian Rice Industry (8.7 1.07, 0.8/kloc-, According to the regulations, its equity should be transferred. This is March 25th, Hunan Jinjian Rice Industry Co., Ltd. (referred to as "Jinjian Rice Industry" 600 127). SH) finally opened the daily limit for two consecutive days, closing at 9.25 yuan, down 6.57%. For the previous two daily limit, Jinjian Rice Industry has no choice but to be "announced": the company said that its wholly-owned subsidiary intends to accept compensation from Changde Land Storage Center and recover one of its land use rights. The compensation amount involved in the compensation plan is about 265 million yuan. "This matter is under discussion, but it hasn't been decided yet. In fact, it is not a big benefit for the company, that is, it reduces financial expenses by more than 654.38+million per year. " A person familiar with Jinjian Rice told reporters. "Jinjian Rice Industry is the only listed company in the two cities engaged in rice processing business. The recent surge in inventory is stimulated by the drought in Guizhou and Yunnan, the expected reduction in grain production, and the price increase of rice. " Trn Quang Diu, a researcher at Founder Securities, said. "Jinjian Rice Industry, as the only listed company controlled by a bank in the two cities, should transfer its equity according to the regulations. This is the expectation of restructuring, but the reality is that the huge difference between the stock price and the net assets per share makes the restructuring impossible in the short term." Chen Guangtao said bluntly. Good geometry On the evening of March 24th, Jinjian Rice Industry announced that Changde Zi Ling Real Estate Development Co., Ltd., a wholly-owned subsidiary, intends to accept compensation from Changde Land Reserve Center and recover the land use right of Zi Ling Garden under its name. The main contents of the preliminary plan include: the compensation amount is determined to be 265 million yuan in principle (including unpaid initial demolition expenses of 65.438+0042 million yuan); At the same time, Zi Ling Real Estate Company chose a piece of land equivalent to about 50 mu of Zi Ling Garden area to participate in delisting. After success, the leasing fee shall be borne according to the land compensation unit price of Zi Ling Garden, and the part whose delisting unit price exceeds the land compensation unit price of Zi Ling Garden shall be borne by the Municipal Land Reserve Center. "The actual content of the announcement is that our company's original project has 400 mu of land, but the procedures such as demolition are very troublesome and take up a lot of money, but construction has never started. Now, in order to reduce our burden, the government has recovered 400 mu of land, and the compensation amount is determined to be 265 million yuan in principle. In addition, in order to maintain the stability and employment of the company's real estate team, we still have 50 mu of land to develop, which will be selected in Changde City. " The above-mentioned insiders said frankly, "This is not to say that the company has increased its income by 265 million yuan, but to recover this investment and reduce the loan interest by more than 65.438 million yuan every year." 1998 Jinjian Rice Industry, which is listed, is known as the first grain stock. Over the years, it has experienced constant twists and turns and poor performance. Its main business includes medicine, real estate, seed industry and dairy industry. In 2006, due to the huge debts owed by Changde Grain and Oil Company, the largest shareholder at that time, ABC became the largest shareholder of Jinjian Rice Industry and was unable to repay it. Under the unwilling agricultural bank of China, Jinjian rice industry is busy slimming down, but it has not been rewarded for a long time, and its performance is still unsatisfactory. In 2008, the company made provision for asset impairment of 65.438+0.23 billion yuan, resulting in net profit of-65.438+0.99 billion yuan, earnings per share of -0.3652 yuan and net assets per share of 654.38+0.0245 yuan. Jinjian Rice Industry predicts that the annual report in 2009 will turn losses into profits, and the estimated net profit is about 4 million yuan, mainly because the company's drug sales have increased substantially year-on-year, and the profit of the pharmaceutical industry has reached a record high. "Jinjian Rice Industry is mainly engaged in rice processing business. As a quarterly harvest and annual sales industry, the profit margin lies in the difference between purchase and sale, and it has always been a low-profit industry. " Trn Quang Diu told reporters. At this point, people familiar with Jinjian rice industry are deeply touched. "At present, due to the drought, the price of rice in Yunnan has risen. If the price of rice in the whole country increases, then we will increase the price of rice raw materials, even if the processed rice also increases, but our profit rate has not increased. Of course, we still have some rice raw material stocks, which will increase the profit margin, but the amount is not large. " Restructuring deadlock Although the effect of rising rice prices on the performance improvement of Jinjian rice industry is not significant, Jinjian rice industry, as the leader of "drought-resistant stocks", has been uprooted and skyrocketed in a short period of time. Judging from the transaction of Jinjian Rice Industry on March 23 -24, most of the funds for pursuing Jinjian Rice Industry came from star business departments with active funds, such as Everbright Securities Ningbo Jiefang South Road Business Department, Guotai Junan Shenzhen Yitian Road Securities Business Department and soochow securities Hangzhou Wen Hui Road Business Department. "Judging from these data, most of them are private capital speculating in Jinjian rice industry, but it is not excluded that public institutions are also making efforts in secret. Although the company's 2009 annual report has not yet come out, it does not rule out that Public Offering of Fund will open a position in the fourth quarter. What everyone is interested in is restructuring expectations. " The aforementioned insiders bluntly said. As early as September 2009, the rectification report released by Jinjian Rice Industry revealed that the promise of the major shareholder to dispose of the equity was not fulfilled: in June 2006, Changde Branch of Agricultural Bank of China acquired 654.38+46 billion shares of Jinjian Rice Industry by repaying the debt and became the controlling shareholder of the company. As a financial institution, the Agricultural Bank of Changde holds the company's equity only as a transitional arrangement. Apart from providing financing facilities, it cannot provide strong support and strategic planning for the company in business. At the time of acquisition, it also promised that "in accordance with the Commercial Bank Law and other laws and regulations, the Bank should dispose of the shares it has held within two years". However, at present, the commitment period has passed, and Changde Agricultural Bank and its superior banks have failed to dispose of the equity of Jinjian Rice Industry in time. Jinjian Rice promised at that time that the company had reported to the major shareholder China Agricultural Bank in time to assist in restructuring. It is this rectification announcement that once again aroused the great interest of capital in the reorganization of Jinjian rice industry. "As far as I know, the legendary COFCO, Longping Rice Industry, Hunan Grain and Oil Company and Arowana have not officially talked about restructuring with major shareholders or companies." The above-mentioned insiders said, "It is not that there are fewer units asking questions, but that the asset quality of Jinjian Rice Industry is too poor. The most critical issue is that the company's net assets per share and stock price are too different, and the acquisition cost is too high. " By the end of September, 2009, the net assets per share of Jinjian Rice Industry was 1.027 yuan, which was even 27% lower than that of 0.4 yuan in 2006. In 2006, Changde Branch of Agricultural Bank of China got 654.38+0.46 billion shares of Jinjian Rice Industry at a cost less than that of 2 yuan, becoming the largest shareholder. At present, Changde Branch of Agricultural Bank of China still holds 20.62% of Jinjian Rice1.1.200 million shares after several reductions. In fact, through several cash withdrawals, Changde Branch of Agricultural Bank of China has almost recovered the cost of paying off debts and entering Jinjian Rice Industry, which is less than 300 million. From this perspective, even if the Agricultural Bank of China Changde Branch transfers its equity at a low price, it is still a good business. "At present, there are two main acquisition methods, one is agreement transfer and the other is private placement. If it is an agreement transfer, the net assets per share shall prevail. It is estimated that the seller, Agricultural Bank of China, is also unwilling. After all, the listing of ABC has been postponed, and it is not the time to deal with assets in time. If it is a private placement, it is generally based on 90% of the stock price in the 20 trading days before the suspension of the acquisition. In this way, the purchase price of Jinjian Rice Industry is around 8 yuan per share, which is about 1 yuan per share relative to the company's net assets. The price difference is too big for buyers. Therefore, the restructuring of Jinjian Rice Industry is still a deadlock. " Chen Guangyu judged this.

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