Huafang Textile Listed On The Market Failed, Major Shareholders Do Not Keep Promises Or Sell Shares To Leave.

< p > > after six years, Huafang a target= "_blank" href= "//www.sjfzxm.com/" > textile < /a > the controlling shareholder of Huafang group has been committed to the overall listing has not been realized until July 31st this year, Huafang group's promise of the overall listing six years ago completely failed.

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< p > a few days ago, Huafang textile announced that the risk of large impairment of cotton spinning assets in Huafang group was not conducive to improving the quality of assets of listed companies, so it failed to fulfill its commitments on schedule.

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< p > however, people close to < a href= "//www.sjfzxm.com/news/index_c.asp" > Hua Fang textile < /a > told reporters that Huafang Group intends to pfer the share of the company to a local company.

The news is true? In this regard, the company secretaries Zhao Jiangbo told reporters that it is not easy to disclose.

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< p > < strong > six years, the promise has failed. < /strong > /p >

< p > Review in July 31, 2007, when Huafang textile completed its 100% stake in Xiajin cotton and Xiajin textiles, the Huafang group promised that in six years, the cotton spinning business and assets of Huafang group would be injected into Hua Fang spinning through various feasible ways to achieve the overall listing of cotton spinning business and assets.

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< p > however, Huafang group has failed to fulfill its promise.

It is understood that Huafang textile has launched the overall listing plan two times in 2008 and 2011.

As for the continuous obstruction of the overall listing plan, Huafang group explained that due to the adverse factors such as industry and environment, the controlling shareholders suspended the implementation of the group's overall listing plan.

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< p > although the two overall listing of Huafang textile has not been successful, the company has recently resumed the restructuring plan, and the company's shareholders have mistaken the idea that the company will be listed as a whole or will succeed.

Unfortunately, the company restructuring plan has not yet been announced, and the overall listing plan has been aborted.

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< p > Hua Fang textile said that the commitments were not fulfilled due to the fact that the cotton spinning industry has been in great difficulty since 2011, because of the sharp fluctuations in cotton prices, the rapid growth of various costs, the slow recovery of the international market, the cold demand of domestic and foreign textile market, and the insufficient production power of the enterprises.

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< p > public information shows that the unlisted cotton textile assets of Huafang group are made up of 12 enterprises, covering two major business models, namely, manufacturing and import and export trade.

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< p > < strong > Company restructuring suspect < /strong > /p >

< p > Huafang group apologizes for its failure to fulfill its performance. At the same time, Huafang group said that in order to solve the historical problems left over by the competition between the listed company and its controlling shareholder, the actual controlling shareholder and other enterprises in its control and the large number of related pactions, the company and its controlling shareholder Huafang group will hold the board of directors and shareholders meeting to carry out compliance procedures, and consider the specific solutions to the failure to fulfill the commitments.

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< p > Huafang group said, "do not rule out the way to solve the problem by replacing high-quality assets or having strong profitability and other assets that do not exist in the same industry."

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< p > at present, there are market participants who suspect that Huafang group may inject property or hotel assets into listed companies.

Public information shows that Huafang group includes other assets such as hotel assets, real estate assets and financial assets.

The hotel assets include a large modern intelligent five star Huafang Jinling International Hotel, and a three-star Huafang Garden Hotel.

Zhangjiagang Huafang Real Estate Development Co., Ltd., which includes real estate assets, has successfully developed several projects.

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< p > although the overall listing of Huafang textile has been aborted, the company's restructuring plan is still in progress.

Huafang textile has also been suspended because it is planning major issues and has not yet resumed its licence.

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< p > Zhao Jiangbo, a textile Confederation of Huafang, told reporters that the overall listing failed to materialize and the company's suspension notice was needed.

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< p > announcement shows that the company suspended its business in September 16, 2013 because of planning major issues. Since then, the company issued a notice on the suspension of major asset reorganization in September 26, 2013, saying that the company is planning a major asset reorganization.

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< p > for the reorganization, Huafang textile said that as of October 10th, the company and the parties concerned are actively promoting the work. The board of directors of the company will hold a meeting after the completion of relevant work to deliberate on this major asset reorganization related motion.

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< p > however, people close to Huafang textile told reporters that Huafang group, the controlling shareholder of Huafang textile, may sell the shares held by the company through the restructuring, and sell it to a local company in Zhangjiagang. The group withdrew from < a href= "//www.sjfzxm.com/news /index_s.asp" > the listed company < /a >.

Data show that as of June 30th this year, Huafang group held 160 million 540 thousand shares of the company, accounting for 50.97% of the total share capital.

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< p > in order to confirm the truthfulness mentioned above, the reporter telephoned Zhao Jiangbo, deputy director of Huafang textile, and did not comment on it. He only told reporters about the announcement of the company.

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