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Sierbang Petrochemical's backdoor listing failed!

 Last Update: 2022-08-25
 Source: Internet
 Author: User

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On the evening of September 21, Danhua Technology issued an announcement on the termination of major asset restructuring matters, and decided to terminate the acquisition of 100% equity of Jiangsu Sierbang Petrochemical Co.
, Ltd.
(hereinafter referred to as "Serbon"), which also means that Sierbon is backdoor Danhua Technology's plan to go public failed

The reorganization dates back to last year.
On May 30, 2019, Danhua Technology issued a suspension announcement stating that the company intends to purchase 100% of the shares of Sierbang by issuing shares

The reorganization dates back to last year.

More than a year later, Danhua Technology announced on the evening of September 21 that the restructuring was terminated

More than a year later, Danhua Technology announced on the evening of September 21 that the restructuring was terminated
.
Danhua Technology said, "During the progress of the project, the company's external environment has undergone major changes.
This year's new crown epidemic is still spreading overseas, which has had a great impact on the global economy.
The macroeconomic situation and market environment pressure have increased, and there is a possibility of restructuring and promotion.
Uncertainty, unable to meet the expectations of the parties to the transaction
.
”

Before this reorganization, Danhua Technology also terminated a major asset reorganization
.

On September 3, 2018, Danhua Technology planned to issue shares to Wanfang Mining Investment Co.
, Ltd.
(hereinafter referred to as Wanfang Investment), Tian Xiaobao, and Wen Xiaomin to purchase Chenzhou Fanlongdui Mining Co.
, Ltd.
(hereinafter referred to as Chenzhou Fanlongdui Mining Co.
, Ltd.
).
Fanlongdui Company) 100% equity
.
After the issuance of shares to purchase assets, Fanlongdui will become a wholly-owned subsidiary of Danhua Technology
.

But half a year later, on March 26, 2019, Danhua Technology announced that the company's board of directors agreed to terminate the above-mentioned major asset restructuring
.

Danhua Technology said, "Up to now, due to the major changes in the domestic market environment, economic environment, financing environment and other objective conditions, after full and prudent research, the company and the counterparty believe that the current stage continues to promote the relevant conditions for this major asset restructuring.
Immature
.
After friendly negotiation by all parties to the agreement, it has been decided to terminate this major asset restructuring
.
”

In addition to the failure of its own reorganization, the reorganization of Danhua Technology's largest shareholder, Jiangsu Danhua Group Co.
, Ltd.
(hereinafter referred to as Danhua Group), also failed in June 2019
.

In 2018, the State-owned Assets Office of Danyang City plans to introduce Henan Energy and Chemical Group Co.
, Ltd.
(hereinafter referred to as Henan Energy and Chemical) as a strategic investor to restructure Danhua Group
.
However, due to factors such as changes in the market environment, after full consultation and prudent research and demonstration by all parties, the State-owned Assets Office of Danyang City decided to terminate the introduction of Henan Nenghua as a strategic investor to restructure Danhua Group
.

Danhua Technology's 2020 semi-annual report shows that its operating income was 485 million yuan, a year-on-year decrease of 6.
27%; its net profit was -137 million yuan, which was slightly worse than the -111 million yuan in the same period in the first half of 2019
.
Since Danhua Technology lost 269 million yuan in 2019, if it continues to lose money in 2020, the company will be "ST" again
.

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