The ivory card has experienced a slump for two and a half years, and there is still no sign of a major reversal. In order to actively and steadily reduce the company’s asset-liability ratio, optimize the capital structure, and enhance the company’s overall capital strength and competitiveness, Chenming Paper sold a subsidiary.
Chenming Paper (SZ 000488) issued an announcement on the evening of September 8, saying that in order to further optimize the company’s asset structure, revitalize low-efficiency assets, improve asset utilization efficiency, withdraw funds as soon as possible, increase cash inflow, and focus on the main pulping and papermaking businesses, To enhance the company’s profitability, the company plans to sign an “Equity Transfer Agreement” with Wuhan Yuanfeng Hidden Tiger Industrial Investment Partnership (Limited Partnership) to sell 65.21% of Wuhan Chenming’s equity directly held by it to Wuhan for RMB 480 million. Yuanfeng Partnership.
It is reported that Wuhan Chenming Hanyang Paper Co., Ltd. (Wuhan Chenming) is a holding subsidiary of the company. The company directly holds 65.21% of its shares and indirectly holds 34.64% of its shares through its wholly-owned subsidiaries Aberdeen Industrial Limited and VNN Holdings Limited. Equity, the total shareholding ratio is 99.85%. In order to promote industrial upgrading, the company has relocated the main equipment of Wuhan Chenming household paper production line and special paper production line to Shouguang production base and Zhanjiang production base respectively, and has separated land acquisition and storage matters from Wuhan Economic and Technological Development Center of Wuhan City Land Consolidation and Reserve Center The center signed the “Agreement on the Resumption of the Use Rights of State-owned Construction Land”.
In addition, after the sale of 65.21% equity of Wuhan Chenming, the 806 million yuan loan previously provided to Wuhan Chenming will be repaid before December 31, 2025.
As a giant paper-making company, Chenming has many assets, but the enterprise group also often optimizes its assets.
In March 2022, Chenming Paper issued an announcement stating that its subsidiaries Shandong Chenming Financial Leasing Co., Ltd. and Qingdao Chenming Nonghai Financial Leasing Co., Ltd. planned to transfer the financial leases of approximately RMB 199 million and RMB 105 million held by them respectively. The business claims were transferred to Kunpeng Asset Management Co., Ltd., with transaction amounts of RMB 199 million and RMB 105 million respectively.
In August 2019, Chenming Paper Company publicly listed the transfer of 60% equity of its holding subsidiary Haiming Mining on the Equity Exchange Center. The total value of this listing exceeds 1.9 billion.
In February 2017, Chenming Paper sold the company’s property located on Zhongguancun South Street, Haidian District, Beijing to Jinrun Technology for 82 million yuan.
In November 2017, Chenming Paper issued an announcement stating that the company planned to sell 30% of the equity of its holding subsidiary Xuchang Chenming through public listing. The final sales price will be determined based on the evaluation value based on the listing or auction.
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Post time: Sep-11-2023