Shanghai Aijian Co., Ltd. Interim Announcement
Shanghai Aijian Trust and Investment Co., Ltd. (hereinafter referred to as Aijian Trust), which is controlled by our company, held the seventh meeting of the second board of directors on September 22, 2005, and deliberated and passed the Proposal on Special Provision for Assets Impairment of Aijian Trust.
As of August 3, 2005, the total trust assets of Aijian Trust were 9.036 billion yuan, including 4.954 billion yuan of single-generation fixed trust assets and 72.9 billion yuan of net assets. According to "Accounting System for Financial Enterprises" and "Accounting Treatment Measures for Trust Business", Aijian Trust takes the corresponding customer as the accounting entity to make necessary impairment preparation for the above trust property, and the trust property will bear the corresponding losses without affecting the net assets of Aijian Trust. However, due to some problems in the operation of the original management team of Aijian Trust, such as violation of management responsibilities and improper management of trust affairs, Aijian Trust may have to bear the corresponding trust compensation liability, thus affecting the net assets of Aijian Trust. According to the principle of prudence, and in order to further consolidate the net assets of Aijian Trust, it is planned to make a special provision in the inherent assets, totaling 637.5 million yuan.
The specific composition is as follows:
1, fund trust stock investment. Since February 2002, we began to invest in stocks with trust funds. As of August 3, 2005, the balance of stock investment was RMB 32.331.38 million. According to the market value at the end of the period, the floating loss was 65,438 yuan +0.965438 yuan +0.065438 yuan +0.065438 yuan +0.000 million yuan, and the losses realized before were 40,578,500 yuan.
2. The bank is a trust fund loan. Since April, 2002, trust fund loans secured by stocks have been issued to banking departments (referring to Shanghai Banking Real Estate Development Industry Co., Ltd., Shanghai Yinhe Investment Co., Ltd., Shanghai Zetian Investment Co., Ltd. and Shanghai Banking Assets Investment Co., Ltd.). As of August 3rd, 2005, the loan balance of Jinxing Trust Fund was RMB 400.7 million, including RMB 90 million from Shanghai Jinxing Real Estate Development Industry Co., Ltd., RMB 300,000 from Shanghai Yinhe Investment Co., Ltd., RMB 55.7 million from Shanghai Zetian Investment Co., Ltd. and RMB 200,000 from Shanghai Jinxing Asset Investment Co., Ltd.. On March 20, 2005, the gold bank enterprise failed to pay, and at the same time, some extended contracts have expired. Aijian Trust found on June 3, 2005 that the market value of pledged shares had shrunk to the critical line. Due to the above abnormal situation, Aijian Trust obtained the lawyer's opinion and hired a lawyer to assist in the investigation, and learned that there was a false possibility of stock pledge. Aijian Trust reported the case to the Economic Investigation Corps of Shanghai Public Security Bureau on June 27th, 2005. The police accepted the case and the case is under investigation. Up to now, it is understood that the assets involved in the case that have been seized are worth about 30 million yuan. In view of this, it is estimated that the bank's loan loss is 370.7 million yuan, and it is planned to make a special provision of 370.7 million yuan.
3. Gold ternary fund trust loan. The fund trust loan amount of Jin Sanyuan Investment Co., Ltd. is 60 million yuan, and the loan period is from 2003 65438+February1to 2004165438+1October 28, with the company's store on Pudong East Road as the mortgage guarantee. Appraisal price/kloc. As of August 3, 2005, the balance of fund trust loan of Jin Sanyuan Investment Co., Ltd. was 60 million yuan. At present, the company has closed down, and the above-mentioned mortgaged property was seized by the Economic Investigation Corps of Jiangsu Provincial Public Security Bureau for economic cases involving individual shareholders. Although Aijian Trust won the case, it was unable to dispose of the collateral before Jiangsu Economic Investigation cancelled the seizure, and the loan assets faced certain risks, so it is planned to make a special provision of 30 million yuan.
4. Yi Bei Company's fund trust loan. As of August 3rd, 2005, the balance of the fund trust loan of Shanghai Yi Bei Medical Equipment Co., Ltd. was RMB 4.5 million, and the maturity date of the loan was April 4th, 2003. The credit guarantee was provided by Shanghai Mingdong Hotel. Due to the closure of Mingdong Hotel, Yi Bei Company has been unable to repay the loan, and the company has filed a lawsuit. There is a risk that the creditor's rights cannot be realized due to losing the case or other reasons, and it is planned to make a special provision of 4.5 million yuan.
The above special provisions will have a great impact on the profit and loss and net assets of Aijian Trust in 2005. The estimated profit and loss is about 635 million yuan, and the estimated net assets will be reduced to about 90 million yuan.
The above special provisions will directly affect the net assets and profits and losses of the joint-stock company this year, and the board of directors of the company will timely review and make relevant resolutions.
The company originally expected to make a profit in 2005, but if Aijian Trust makes provision for impairment of the above assets, it will have a significant impact on the company's net assets and this year's profit. The company expects the investment loss of Aijian Trust to be about 635 million yuan, and the company's net assets will be reduced by about 635 million yuan.
Investors are advised to pay attention to investment risks. The information disclosure newspapers and periodicals designated by the Company are china securities journal and shanghai securities news, and the Company will do a good job in information disclosure in a timely manner in strict accordance with the provisions and requirements of relevant laws and regulations.
It is hereby announced.
Shanghai aijian company limited
Press release issued on 23rd September, 2005
Excerpted from shanghai securities news on September 26th, 2005.