Shen Tianma A has repeatedly proposed a restructuring plan, but it has been rejected by the CSRC. The asset pursued by Shen Tianma A is a company engaged in liquid crystal manufacturing-Shanghai Tianma Company, behind which is a love-hate relationship.
As early as 2009, Shentianma A started the reorganization plan, and planned to issue additional shares of Shanghai Tianma Company to Shenzhen AVIC Group, Zhangjiang Group, Shanghai State-owned Company and Industrial Investment Group respectively. Although the restructuring plan was approved by SASAC, the M&A Committee of CSRC rejected the proposal to purchase assets. Since then, Shen Tianma A has not given up and submitted an application for private placement to the CSRC again, and 20 1 1 was rejected by the CSRC again.
Investment bankers pointed out that the continuous failure to break through the customs was mainly due to the unstable performance of Shanghai Tianma Company. According to public information, Shanghai Tianma suffered a loss of1./kloc-0.50 billion yuan in 2008, a loss of/kloc-0.40 billion yuan in 2009 and a sudden profit of/kloc-0.60 billion yuan in 20/0. The ups and downs of profit data make the prospect of asset injection confusing, and the new major asset restructuring regulations of CSRC shut it out.