Category: Money tips Release Date: 2006-04-01
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Today, Changfeng Communication (000,892 market, information, advice, more) issued a public notice that according to the company's recent asset restructuring and the needs of the future main business transformation, corporate strategic development orientation will be communications services operators transition to digital media operators, company name will change to sing-US joint Co., Ltd.. Meanwhile, the company executives to suffer an overall change, the former chairman of HU Yi-dong, XIA Lei Deng Jun, president resigned, the new management is basically sing the elite of the U.S. Department of other companies, the current president of Stellar Media Group, Hao Bin was appointed as the new president, The younger brother of Tan Hong Qin Hui has also been nominated as a candidate for company directors. It is reported that the shareholders of the General Assembly after the passage of Tan Hong is expected to serve as chairman of the new company.
Yesterday, Hao Bin accept the "Daily Economic News" interview, said that fact, things Changfeng Communication reorganization late last year on the set, and in January of this year, restructuring the program fully implemented. In the future, Changfeng Communication will be the star America series of the company's main market, while Changfeng Communication restructured business will be divided into three parts: technology, media and investment. Stellar Media Group, Singapore-US figures and a new star-US investment in listed companies will be the subject. However, Qin Hui would not enter the star-US joint stock board of directors.
Qin Hui in the "detained storm" event has died down, the external indicated that they has nothing to do with the core business assets to sell, sell, and the industry chain is not associated with a high degree of rejection on the rejection of the project can be as soon as possible of the capital withdrawn from circulation. Changfeng Communication prepared to sing the U.S. media and the integration of DFI, Changfeng's fine and assets listed as a whole, "Changfeng Communication" The name also will cease to exist. Now the story of Qin Hui's capital has a new continuity.
However, the reorganization of Changfeng road traffic destined to rugged. Company's mid-year report shows that in the first half Changfeng Communication realized main business income of 43.8 million yuan, 89.92 percent less than the same period last year; main business profit of -1013 million, more than the same period of 106.64% over the previous year; -11626.00 million in net profit yuan, up 544.76 percent decrease over the same period last year; loss per share of 0.28 yuan. Moreover, since the company's financial situation is more tense at this stage, a number of investment projects can not start, the company expects 2005 1 September will be a loss. Furthermore, as at the end of 2004, the company has overdue short-term borrowings and other funds total outstanding balance of 240 million yuan; there are still huge and the company's external security, in the first half of this year, the company accumulated total of 490.78 million yuan of foreign guarantees. Scarred for such a company, to integrate successfully easier said than done.
Fortunately, Changfeng Communication have started cleaning up their complex security relationship. Today, Changfeng Communication has also issued a public notice said the company had been July 26, 2005 with the Taiji Group, Zhuo Jing Investment Holdings Co., Ltd. signed the "Agreement." As the Taiji Group, Changfeng Communication 150 million yuan in bank borrowings to provide a guarantee, but the vast majority of these loans overdue, "agreement" was signed before the Taiji Changfeng Communication Group has compensated for the 13 million yuan, but less Changfeng Communication Chengdu Branch of China Merchants Bank outside camps 43.3453 million yuan loan principal is not returned, therefore, Taiji Group will carry out security responsibility to re-compensatory 43.3453 million yuan, Changfeng Communication, Changfeng Communication should be December 31, 2005 at least prior to the Taiji Group the return of 15 million yuan, and strive to return the 30 million yuan, the balance by the company in June 30, 2006 returned completed to the Taiji Group. The "agreement" will reduce the Changfeng Communication to repay short-term bank debt pressure.
Hao Bin, said Changfeng Communication past does have a lot of accounts receivable, foreign guarantees and debt default problems, but after the reorganization, the company expects in the 6 months to a year's time to resolve these issues. And tai-chi groups signed the "agreement" is the first step. At present, the U.S. media and the Stellar Star numbers have very strong cash flow, the future is injected into the listed companies, corporate restructuring will be of great help.
