Shaoxing Reintegration Of Light Textile Industry Chain To Invest 11 Billion 600 Million Yuan
In November 11th, Jinggong Holding Co., Ltd. officially pferred the 15.64% stake of the Zhejiang China Light Textile City Group Limited by Share Ltd (hereinafter referred to as "light textile city", SH.600790) to Shaoxing county China Light Textile City Development and Operation Co., Ltd. (wholly state-owned, hereinafter referred to as "light textile development"), and later became the largest shareholder of the textile city.
After several years, the "city card" of textile city finally returned to Shaoxing state capital. Informed sources analysis, behind the share pfer is Shaoxing county's ambition to re integrate the textile industry chain.
回归国有
According to the agreement of Jinggong holding and light textile development, the share pfer is priced at 3.6 yuan per share, involving 96 million 800 thousand shares, with a total price of nearly 350 million yuan. After the completion of the pfer, Jinggong holdings still owns 64 million 800 thousand shares of the Textile City, accounting for 10.48% of the total share capital.
As early as September 2002, the Shaoxing county government reformed the textile city. The local private enterprise Jinggong group realized the control of listed companies by acquiring the largest shareholder of Hong Kong textile industry, the Rainbow Industrial Company.
Jinggong group is a key enterprise in Shaoxing county. It controls three listed companies, including SZ.002006, SH.600790 and Seiko steel (SH.600496), which involve six industries, such as real estate, steel structure, mechanical and electrical vehicles, market logistics and so on. The total assets are 100 billion yuan.
Analysts believe that today's Jinggong group's realisation of shares is a good move. Most of the key industries such as building property, steel and other key industries covered by Jinggong have been squeezed, and the company has secured a lot of funds for Shaoxing enterprises. Shrinking the front line and maintaining sufficient cash flow is a consensus among local businesses. Now, when the textile industry is approaching the winter, the local government of Shaoxing has finally reached an agreement with Seiko group, which will take the textile and light city with its total assets of 11 billion 600 million yuan, and promise to gradually inject relevant market resources into the listed companies.
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