Author: Shanxi Capital Circle
On June 5, Shanxi Capital Circle talked about Chitose International's need to realize the listing of its assets on the main board of A shares through shell purchases (a-share main board shell purchase, Shanxi Cultural Tourism's first share...). Can Chitose International sing this capital drama well? ), and from the "technical" analysis, it is believed that the possibility of its shell purchase A-share listing in the short term is not very likely, after all, the regulatory rules and the A-share backdoor borrowing logic are placed there.
However, some friends still questioned it, believing that the Shanxi capital circle did not know the truth and did not verify it, so how could it open its mouth? Although the Shanxi capital circle knows that this has little to do with the so-called truth, it is obvious that in order to achieve a-share backdoor listing, the CSRC must designate the letter phi media to disclose public information and complete the equity change, and it is empty talk that no more "facts" have come to this step, but the Shanxi capital circle still holds the attitude of putting facts first and putting gas behind, and knows that there is more right to speak in the investigation.
Previously, Shanxi Capital Circle also mentioned that Chitose International's plan is to realize the listing of its chairman Yang Yu's "star" project A-share, which is a Chitose International Ecological Leisure Resort Tourism Complex project developed by Shanxi Xiliu Catering Management Co., Ltd., located in Pangquangou Scenic Area, Jiaocheng County, Luliang City. Chitose International announced to the outside world that it is a key cultural industry project for tourism in Shanxi Province, with a total investment of 5 billion yuan, a total of four phases of construction, began to develop in 2013, has formed a comprehensive industrial cluster integrating leisure, health and vacation, and will be the largest ecological leisure resort in North China after completion in the future, so the project is naturally the key to measuring whether Chitose International Assets can successfully purchase shell listings, and Shanxi Capital Circle decided to find out.
But the pictures sent back to the project site by the small partners are like this:
(Main entrance of the complex project)
(The main building of the project is currently built)
(A corner of the project construction site)
Let's take a look at the project site in February 2018:
After watching the above-mentioned on-site pictures, Shanxi Capital Circle has two intuitive feelings: First, the project is still under construction, but compared with February 2018, the main construction of the Chitose International Complex Project is not much progress, the official comprehensive industrial cluster has not been seen, and it seems to be far from the final formal operation; second, if the project cannot be formally put into operation, it is naturally difficult to negotiate profits, then such assets cannot be listed on the backdoor A-share main board.
So the question arises: if such assets cannot be injected into listed companies in the short term, why did Chitose International announce the shell listing at this time? But fortunately, another picture sent by the friends may help to understand some "inside information":
(Billboard erected at the project site)
("Filter" keywords, zoom in)
From the above project site erected on the billboard called "Thank you for the fate of let's get together", it can be clearly seen that the project plans to achieve listing, the docking broker is Beijing Galaxy Securities (Note: it should be "China Galaxy Securities"), which initially sought the new third board instead of A shares, the time point was not written, but the most critical is the next few words: "All participants of Chitose International can get the original shares, truly enter the big capital market, and obtain lifelong returns that you cannot imagine." Enterprises and members will always move forward side by side" (Note: it should be "then").
In addition to these, some promotional materials in the circle of friends and online are like this (selected from the Internet, for reference only):
For the original stock investment, friends familiar with the capital market should have some understanding, its biggest publicity gimmick is to achieve listing, because now the new third board has lost the halo of high premium, so the commitment to achieve a share listing has become the "main battlefield" of publicity, if not the so-called original stock investment will lose its attractiveness, which seems to coincide with Chitose International's high-profile publicity of a share main board shell listing.
However, Shanxi Capital Circle has also analyzed that Chitose International Industrial Group is a registered enterprise in Hong Kong, and the current project operation entity, Shanxi Xiliu Catering Management Co., Ltd., is still jointly held by Yang Yu and Guo Runqin, two natural persons, that is to say, even if investors participate in the company's original stock investment, but because there is no equity change, it is impossible to directly own the original shares, if there is another agreement, how to protect the rights and interests of shareholders?
Of course, there is also a detail that should also be noted, at present, there are 44 branches of Shanxi Xiliu Catering, but in addition to the Jiaocheng branch and the Datong branch, the remaining 42 are registered and established from December 2017 to April 2018, and the legal representatives are different, as to whether such a "surprise" establishment of so many branches is not known.
Shanxi capital circle feels that no matter how good the prospects of future projects are, the reality that the Chitose International Ecological Leisure Resort Tourism Complex project cannot achieve a-share backdoor listing in the short term seems to be unavoidable, if it cannot be listed, the premium brought by the original stock investment is basically equivalent to a blank cheque, and as for whether Chitose International, which is good at "show financial skills", can create "unusual" through superb operation, so that the Shanxi capital circle that does not know the "inside story" is quite looking forward to.
(Some of the content sources are public information, if there is any discrepancy, welcome criticism and correction, the views in the article are for reference only)