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* ST Jingfeng (000908), who is mired in the debt crisis, seems to see a glimmer of hope in the predicament.
* St Jingfeng disclosed on the evening of May 21 that its shareholder, China Great Wall Asset Management Co., Ltd. ("Great Wall assets"), proposed two new interim proposals for the company's 2023 shareholders' meeting, one is to propose that the listed company take the initiative to apply for restructuring, the other is to recommend a non-independent director candidate to the listed company.
A reporter from Securities Times e Company noted that * St Jingfeng had not yet been applied for pre-restructuring by a natural person. This time, Great Wall assets, as an AMC giant, proposed that the company take the initiative to apply for restructuring, causing many investors to speculate; at the same time, the director candidate recommended by Great Wall assets has a Changde state-owned background, and the listed company moved its office address back to its registered address in Changde City in March. In addition, Great Wall assets has just signed a strategic cooperation agreement with Changde State Asset, which makes it clear to "invigorate the stock of assets in key areas and invest effectively." All these make the move by Great Wall assets quite interesting.
According to * ST Jingfeng announcement, Great Wall Asset proposes that the board of directors of the company submit two provisional proposals, the "motion on applying to the court for reorganization and pre-reorganization" and the "motion on nominating Zhang Li as a candidate for non-independent director of the eighth board of directors of the company" to the company's 2023 annual general meeting for consideration.
The listed company believes that the interim proposal for Great Wall assets is in line with the relevant regulations, and the company's board of directors agrees to submit the interim proposal to the company's 2023 annual general meeting for consideration.
Great Wall assets pointed out that * there is uncertainty about whether ST Jingfeng can complete the resumption of work and production, there is uncertainty about its sustainable operating ability, and it has lost money for three consecutive fiscal years, and there are many cases involving and expected to be involved in litigation, all these signs show that the company has the possibility of obvious insolvency. Considering that the company still has restructuring value, according to the provisions on supporting listed companies to clear risks through restructuring in the opinions of the State Council on further improving the quality of listed companies, in order to avoid further deterioration of corporate debt risk, Great Wall Asset proposes that the company take the initiative to apply to the court for restructuring of the company and apply to start the pre-reorganization process first.
With regard to the proposal of Great Wall assets, * ST Jingfeng agreed, and the listed company said that in view of the obvious possibility of insolvency but restructuring value, the company intends to apply to the court for restructuring and pre-restructuring.
At the same time, Great Wall assets proposed * St Jingfeng to nominate Zhang Li as a non-independent director candidate for the eighth board of directors of the company on the grounds of "further improving the company's internal governance structure and safeguarding the interests of shareholders".
According to her resume, Zhang Li was born in 1983. She has served as Deputy Minister of Management, Minister of Supervision and Audit and Minister of legal Internal Audit of Changde Deyuan Investment Group (hereinafter referred to as "Deyuan Group"), and is now the Minister of Investment Affairs of Deyuan Group.
According to the company, Deyuan Group was founded in 2007 with a registered capital of 16.Freestrippokervideogame15 billion yuan, the company is a wholly owned subsidiary of Changde SASAC. According to the official website of Deyuan Group, the company is mainly engaged in industrial supporting, industrial services, industrial investment and other business, with investments of about 9 billion yuan, 3 billion yuan and 9 billion yuan respectively.
Deyuan Group has intersected with * ST Jingfeng. In late February last year, * ST Jingfeng disclosed that the company and Deyuan Group signed a "strategic cooperation framework agreement." The two sides intend to make full use of St Jingfeng's technology, talent, market and Deyuan Group's resource allocation advantages to carry out omni-directional and multi-level cooperation in API research and development, achievement transformation, drug registration and production, and personnel training to form a strategic cooperative relationship. At that time, the listed company said that it planned to launch a drug research and development and production project in Changde Economic and technological Development Zone. However, no substantial progress has been disclosed since then.
Up to now, Great Wall assets holds 114 million shares of * ST Jingfeng shares, with a shareholding ratio of 12.92%, which is the second largest shareholder of the company. Great Wall assets is one of the four traditional state-owned asset management companies, and its main business includes rescuing and restructuring enterprises in difficulty.
The current ST Jingfeng is also in need of external blood injection. * St Jingfeng is a company specializing in generics, its main products are concentrated in cardio-cerebrovascular, orthopaedic and anti-tumor areas. From 2019 to 2022, the company has been in a state of loss, with a cumulative loss of more than 2 billion yuan. The company's annual report has been audited for four consecutive years with "non-standard" opinions.
* ST Jingfeng was formerly known as Tianyi Technology. In 2014, Jingfeng Pharmaceutical completed the backdoor of Tianyi Technology. In April 2015, the name of the listed company was changed to today's "Jingfeng Pharmaceutical". The company's registered address has long been located in Pingjiang County, Hunan Province. In January 2023, the company changed its registered address to mass entrepreneurship and innovation Building, Changde Economic Development District. During this period, the company's office address has changed several times, once moved from Shanghai to Shandong. In mid-March this year, the company moved its registered address to mass entrepreneurship and innovation Building.
It is worth mentioning that the official WeChat account of Deyuan Group forwarded an article about the signing of a strategic cooperation agreement between Great Wall assets and the people's Government of Changde City on May 9. The article revealed that the two sides signed the contract involving asset management and operation, stock asset revitalization and effective investment in key areas, industrial transformation and upgrading, cooperation in the implementation of regional industrial strategy, and so on. Zhou Zhenyu, mayor of Changde City, and Fang Zhiwei, secretary of the Party work Committee of Changde Economic Development District, attended the signing ceremony.