China Stock 中国证券

One month after the suspension, ST Zhang Copper (002075.SZ) 12 on 22 announced restructuring plan.

with the State Development and Investment earlier on speculation the company restructuring is different from the final shot is also located in Zhangjiagang City of Jiangsu Shagang Group Co., Ltd. (hereinafter referred to Shagang Group)

According to the reorganization plan, intended to be a listed company to 1.78 yuan per share Shagang Group directional 1,254,500,000 issued shares, the issued shares will be used to acquire Shagang Group held by Jiangsu Shagang Group Huaigang Special Steel Co., Ltd. (hereinafter referred to special Huaigang steel) stake. Upon completion of additional

, Shagang Group will hold 76.01 percent copper ST Zhang stake, into its controlling shareholder.

12 Board of Directors on 20, September 18 this year, Jiangsu证监局investigation of the two company executives - Deputy Director Deputy Director Zhou Jian Wenbo Xu Jun, respectively, resigned from the post, while the resignation of also includes the former chairman of the LI Jing-hua, on behalf of the controlling shareholder of China’s high-tech investment group as chairman of South Korea vigorously.

the company’s management in this sensitive time adjustment means that Shagang has been involved in the reorganization plan to the shareholders approved, the next will be a debt restructuring and the final approval of regulatory authorities. Huaigang

backdoor steel

Zhang ST due to the injection of copper is only Shagang Group Huaigang steel holders of shares in the company, so precise, this re not backdoor Shagang Group, however, Shagang Group hand began restructuring its capital market by leaps and bounds.

theory, does not exclude a certain point in time thereafter, the Shagang Group with ST Zhang copper to achieve the overall market. Despite the beginning of this year, the actual control Shagang Group Shen Rong who has said publicly that group nearly three years without considering a domestic listing.

signed on as of the reorganization plan, Shagang Group on steel Huaigang funded 400 million yuan, accounting for 64.4 percent of registered capital; and Huaigang Special Steel intends to December 31 this year, cash replenishment 349,300,000 yuan, of which Shagang Group 2.1896 million will be funded in cash, capital, upon completion, will hold 63.8 percent Huaigang steel stake.

announcement showed that as at the end of this year, Huai Steel Special Steel forecast a 100% stake worth about 3.5 billion, so Shagang Group holds 63.8 percent stake worth about 2.23 billion yuan forecast.

, however, is not Huaigang steel core assets Shagang Group. Huaigang

steel formerly located in the Jiangsu Qingjiang Huaian Iron and Steel Plant, in February 2000 was put under restructuring to Nansteel Group. In June 2006, Shagang Group countries benefit from the Trade and Industry in Zhuhai, Zhuhai countries such as the hands of the transferee Hengli equity was 64.4 percent controlling stake.

far, with the exception of Shagang Group, the other shareholders Huaigang steel are Jiangyin Wande trade (15.6%), and Liu and other four persons. Huaigang

special steel is mainly engaged in steel production and sales operations, the main products of gear steel, spring steel, bearing steel, marine anchor chain steel, alloy steel tube, non-quenched and tempered steel with easy seven major types of steel, such as cutting steel annual capacity of about two million tons; products are mainly used in automobile manufacturing, railway, locomotive, shipbuilding, machinery manufacturing, which, railway speed increase with spring bar fastener and modified vehicle 16Mn wing board, to occupy 80 percent domestic market share. Huaian

Xinrui accounting firm audit data show that from 2005-2007, the Huai Steel Special Steel net profit of 224 million, respectively, 2.01 billion and 434 million yuan this year, January to September, a net profit of 748 million yuan.

reorganized, ST Zhang copper Main will be in the original brass and copper products, based on the added special steel production and sales; in order to avoid holding Shagang Group Shagang Copper Zhangjiagang City Limited (Copper Shagang) and ST Zhang copper to form copper competition, Shagang Group proposed Shagang Copper Copper’s assets and business operation hosted by the listed companies.

However, the reorganization plan made it clear that since the fourth quarter of this year, due to “international and domestic steel and iron ore prices have adjusted substantially downward, etc., in addition to the financial crisis caused by the global economic slowdown on the demand for the impact of iron and steel industry, because collective stock plummeted and preparation, the reasons for the drop in market demand, “steel Huaigang preliminary estimate,” full-year net profit in 2008 will be approximately 150 million -3 million. “

contrast Huaigang Special Steel net profit of 748 million yuan in the first three quarters, it means that its fourth-quarter loss and a total provision of approximately 448 million in -5.98 billion. For

had been in a debt crisis in the ST Zhang copper, with the Department of Shagang Group Zhangjiagang hand clearly meant solidarity. Data show that in 2007 ST Zhang Copper 179 million yuan loss, 1-3 quarter of this year, the company continues to incur losses 51,751,200 yuan. And because the current relevance of the company’s creditor banks have been due and outstanding loans were sued for the return of the loan has expired and the announcement of the outstanding loans due in advance and apply for the preservation of the proceedings, causing the company cash flow impeded, the impact of the company’s normal production and operation. Shagang Group can save their于水火, can only wait and see. Shagang

dream

listed as currently the country’s largest private steel companies, Shagang Group frequently encountered in the development of capital bottleneck, after all, are capital-intensive steel industry, no matter is the new capacity and technological transformation, expansion or acquisition are subject to substantial financial support.

However, listed 15-year-long dream of Shagang Group have been missed and the capital market, with bank loans and inter-bank market in recent years issued short-term financing coupons, Shagang grew.

as at the end of September, Shagang Group total assets of about 75.414 billion yuan, including 46.094 billion yuan of liabilities; the first three quarters of this year, Shagang Group net profit of 5.036 billion yuan.

more importantly, Shagang Group to use the opportunity to realize the overall restructuring of the “privatization.”

2001 years 1 month, Shagang Group to 3.0194 billion capital surplus转增registered capital, of which iron and steel plant in Zhangjiagang, and Zhangjiagang City氧气厂respectively 1.07 billion yuan and 251 million yuan of the capital, Shagang Group holds 81% and 19% of the shares.

was March 7, the shareholder’s equity have all been transferred to the industrial city of Zhangjiagang City owned assets management Co., Ltd. (25%), Jiangsu Shagang Group Association (30.5%) and Shen Rong 38 of natural persons (44.5% of total).

several times since then, after the evolution of state-owned assets on behalf of Zhangjiagang City’s publicly owned asset management company shareholders to withdraw from the ranks of Shagang Group shareholders eventually evolved into the Hong Kong Association of Shagang Group, Zhangjiagang Free Trade Zone, Heng Hing trading Co., Ltd. and Shen Rong 39 natural persons, such as shareholders, Shen Rong shareholding to 29.8 percent the proportion of Shagang Group to become the actual controller.

In recent years, Shagang Group to accelerate the trend of expansion.

2006 years 12 months, the acquisition of special steel Huaigang; September 2007, the acquisition of Jiangsu Xinrui Special Steel Co., Ltd. 51% of the shares; in December, through the purchase of special steel Huaigang Henan Anyang Yongxing 80 percent iron and steel company shares; in December the same year the purchase of Jiangsu Yonggang Group, 25% of the shares into its major shareholder.

However, the entire assets of Shagang Group, the proposed injection of ST Zhang Huaigang copper steel is not a core asset.

information shows that the control of Shagang Group 45 holding subsidiaries, the main assets concentrated in Zhangjiagang Hongchang Steel Co., Ltd. Company 8.

reporter obtained data show that eight subsidiaries in 2007 generated a net profit of more than four billion yuan, accounting Shagang Group total net profit was 4.5 billion into as many as 9.

In addition,宏润Shagang Group real estate development (the registered capital of 380 million U.S. dollars, holding 45%) and Jiangsu Zhong Run Gaoke (registered capital of 200 million yuan, 56.7 percent owned) is also the hands of Shen Rong good assets.

“Obviously, through the injection of steel Huaigang only Shagang Group exploratory contacts with the capital market, and ultimately ST Zhang copper can become a platform for its capital, and now it is too early to draw any conclusion. “Shagang Group 1 pairs of long-term concern to the market analysis,” However, Shagang Group is listed on the matter sooner or later, can be resolved only through the listing of the Group of funds short-board. “

can corroboration is that the current debt Shagang Group and unreasonable, as at the end of 2007, totaling 26.436 billion yuan of total liabilities, the long-term debt accounted for only 2.195 billion yuan. Short and long-term debt ratio as high as 11.04, the Group significantly larger short-term debt pressure.2008-12-23

全国最大的民营钢铁企业伸援手圣张铜凤凰涅槃

一月份在停牌后，意法半导体张铜（002075.SZ）12月22日公布的重组计划。
与国家开发投资前
猜测该公司的重组是从最后一次进攻不同的是也位于张家港市的江苏沙钢集团有限公司市（以下简称沙钢集团）

根据重组计划，拟上市公司，以每股1.78元，沙钢集团定向发行的股票一十二万五千四百五十○点零万，已发行的股票将用于收购江苏沙钢集团沙钢集团淮钢特钢有限公司举行（以下简称特别淮钢）的股份。当完成

增加，沙钢集团将持有百分之76.01圣张铜股份，成为其控股股东。

董事会12月20日，今年9月18日，江苏证监局调查这两个公司的负责人-副主任副局长周建文波徐俊，分别辞去了职务，而也辞职包括了前主席李晶就对中国的高，作为韩国高科技投资集团董事长控股股东华代表，大力。

该公司在这一敏感时刻调整的管理手段，已在沙钢重组计划所涉及的股东批准，明年将是一个债务重组和监管机构的最后批准。淮钢

后门钢

张意法半导体是由于铜的注资只是在公司沙钢集团淮钢股份持有人，如此精确，这再没有后门沙钢集团，然而，沙钢集团手开始转型，跨越式的资本市场。

理论，并不排除在某个时间点，此后，与ST张铜沙钢集团实现整体市场。尽管今年年初，沙钢集团的实际控制申荣谁曾公开表示，集团近三年来，而没有考虑在国内上市。

签署了作为重组计划，沙钢集团淮钢投资4.000亿元，为64.4占注册资本和淮钢特钢打算在今年12月31日，现金补充三万四千九百三十零点○○万元，其中沙钢集团218.96万将由现金，资金，完成后，将持有百分之63.8淮钢钢的股份。

公告显示，截至今年年底，淮钢特钢预测100％股权价值约35亿美元，使沙钢集团持有百分之63.8股权价值约22.30亿元的预测。

，但这是不淮钢沙钢集团的核心资产。淮钢

以前在江苏淮安市清江钢铁厂，坐落于2000年2月，钢铁业被置于南钢集团重组。 2006年6月，沙钢集团国家的贸易和工业利益，珠海，如股权受让恒力手中珠海国家为64.4百分之控股权。

到目前为止，均与沙钢集团淮钢外的其他股东江阴市万德贸易（15.6％），刘和另外4人。淮钢特钢

主要从事钢铁生产和销售业务，齿轮钢，弹簧钢轴承钢，船用锚链钢，合金钢管，非调质，主要产品和易于7回火钢主要类型的钢材，如切削钢200万吨的生产能力，产品主要在汽车制造，铁路，机车，造船，机械制造，其中，铁路弹条扣件与改装的车辆和16Mn钢机翼板用的速度增加，占据国内百分之八十的市场份额。淮安

新瑞会计师事务所审计的数据显示，从2005-2007年，淮河流域特殊钢净利润为2.24亿美元，分别为，2.01亿元和4.34亿元，今年1至9月，有748净利润万元。

重组，意张铜主要将在原有的铜和铜产品的增加的特殊钢生产和销售为基础;为了避免持有沙钢集团张家港市沙钢铜业有限公司（铜沙钢）和ST张铜形成铜竞争，沙钢集团提出的沙钢铜铜的资产和经营的上市公司主办。

然而，重组计划明确指出，自今年第四季度，由于“国际，国内钢材和铁矿石价格大幅下降等，除了金融危机造成的全球经济放缓的关于钢铁业的影响需求，因为集体的股票下跌和准备，为在市场需求下降的原因，“钢淮钢初步估计”，全年纯利润在2008年将约为150万-300万。“

对比淮在前三季度特殊钢的7.480亿元的净利润，这意味着其第四季度亏损约4.48亿拨款总额-5.98亿元。对于

一直处于在ST张铜的债务危机与沙钢集团张家港手部，显然是指团结。数据显示，2007年意法半导体张铜1.790亿元亏损，今年1-3季度，该公司继续亏损5175.12万元。而且，由于该公司目前相关债权银行已到期，贷款余额为提起诉讼，要求归还贷款已过期，在到期未偿还贷款宣布提前并申请诉讼保全，导致该公司现金流阻碍，该公司的正常生产经营的影响。沙钢集团可以保存他们于水火，只能拭目以待。沙钢

梦想

目前该国最大的私营钢铁公司，沙钢集团上市经常遇到资金瓶颈的发展，毕竟是资本密集型的钢铁行业，无论是新的能力和技术改造，扩张或收购受到巨大的财政支持。

然而，上市15年的沙钢集团长久以来的梦想已经错过了和资本市场，近年来，银行贷款和银行间市场发行短期融资券，沙钢上升。

截至9月底，沙钢集团总资产约754.14亿元，包括负债4609400万亿元，前三季度，沙钢集团净利润五十零亿三千六百万元。

更重要的是，沙钢集团利用这个机会来实现“私有化整体改制。”

二零零一年1个月，沙钢集团以三十万一千九百四十〇点零万注册资本公积转增资本，其中钢铁厂张家港市，张家港市氧气厂和分别10.7亿元和251亿元的资金，沙元集团持有81％和19％的股份。

是3月7日，股东权益已全部转移到工业城市张家港市国有资产管理有限公司（25％），江苏沙钢集团协会（30.5％）和申茸38 （占44.5％），自然人。

此后几次后，国家的发展，对张家港市公有资产管理公司的股东代表国有资产退出的沙钢集团股东最终成为香港协会的沙钢集团发展队伍，张家港保税区，恒安兴贸易有限公司，申溶39，如自然人股东，申容持股百分之29.8的比例，沙钢集团成为实际控制人。

近年来，沙钢集团加速扩大的趋势。

2006年的12个月，特殊钢淮钢的收购; 2007年9月，江苏鑫瑞特钢有限公司51％股份的收购在12月，是通过特殊钢淮钢河南购买百分之八十安阳永兴钢铁公司的股票，在同年12月，江苏永钢集团，25％的股份成为其大股东购买。

然而，沙钢集团淮钢的ST张铜钢提出的全部资产注入不是一个核心资产。

资料显示，在沙钢集团45个控股子公司的控制，在张家港市鸿昌钢管有限公司公司8集中的主要资产。

记者获得的数据显示，2007年8附属公司产生了超过四十○万点零零零万元净利润，占沙钢集团净利润总额为4.5亿元资金注入高达9很多。

此外，宏润沙钢集团房地产开发（即38000万美元注册资本，占45％）和江苏锺颥嗯高科（共2.0亿元，拥有百分之56.7），注册资本也是手中申荣优良资产。

“很明显，通过唯一的沙钢集团淮钢与资本市场的试探性接触钢注入，并最终意法半导体张铜可以成为资本平台，现在还为时过早得出任何结论。”沙钢集团一双长期关注的市场分析，“但是，沙钢集团的上市问题迟早是可以解决的，通过资金的短期集团上市仅板。”

可以佐证的是，目前的债务和不合理的沙钢集团，截至2007年底，共计264.360亿人民币的总负债，长期负债只有21.950亿元，占。短期和长期高达11.04的高负债率，显着较大的集团的短期债务压力。2008-12-23