| ShanDong ChenMing Paper Group Co.,Ltd. (the shorter form "ChenMing Paper" or "ChenMing Group ") is the large enterprise group that collected pulping , paper making , the sources of energy produce in an integral whole, is the leading enterprise in paper making industry of our country that quickly emerging in lately 10 years.Its economic effect rank is 11 first in a row in the industry of the whole nation. At present ,its general assets is more than 20,000,000,000 yuan RMB.It's one of Chinese final 500 enterprises and one of final 50 enterprises in world paper industry. By the development strategy which style is"dilate with low cost, rolling develops ", the conglomerate promptly developed and expanded in short lately 10 years.ChenMing Paper had put assets reorganization into effect successfully to many enterprises such as Wuhan Han Yang paper mill , Qi He county board paper factory, the company making these enterprises which confronted with difficult position at that time have radiated the vigour full of life again , the company also promptly developed and had become a large-scale comprehensive paper making conglomerate at the same time. ChenMing Paper is concentrating efforts on making turning itself into one of the paper making enterprises which having most influence in the whole world. At present ,it is taking internationalization as its target, forges ahead to world paper industry final 10.Su Ning Universal Co.,Ltd.(shorter form "Su Ning Universal ") is a large-scale non-governmentally operated enterprise , its host camp businesses are real estate business and commerce etc.*ST-JiZhi (is " JiLin Paper Manufacturing Co.,Ltd. " , being called"JiLin Paper"for short) is one of the earliest news-printing paper manufacturers of our country.Because of many-sided causes such as change that of the outside environment and country policies, besides inside management , marketplace concept etc.,from 1996,the company began turn to be on the decline. In 1996,in order to relieving the shortage that news-printing paper supplies in the homeland,the country began to import large amount of news-printing paper from abroad,which had brought about very big impingement to news-printing paper industry, directly having led recession to the industry. JiLin Paper also is difficult to escape by sheer luck. Besides country put "project to protect the natural forests " into practice , raw material what paper making needs had large amount of shortage . Specifically for the change of the outside environment, JiLin Paper readjusted its focal point of the work into carrying out technological transformation projects going ahead, hope to improving the company's equipment level and product grade entirely on this, and lets the company have a leaping development. But much beneficial result have not been seen in what IPO raises a fund as well as what allotment of shares raises a fund that mostly having thrown into technological transformation projects. Equipment frequently have tested, but have led to laying-off , reduction of output, having affected company's business performance gravely .Besides the cost of goods that the company produces greater than avails, and for a short while this status is difficult to change,JiLin Paper decides to stop production then. Work in snatches in one try of staying amounting to 3 years, large amount of due debt has had no way to be repaid by , has initiated the huge sum of deficit from this. According to the relevant regulation of ShenZhen Exchange Stock Market , the company has already been suspended appearing in the stock market ,being confronted with the circumstances going bankruptcy and being removed from the stock market . In order to protect the extensive shareholder's benefit, avoid JiLin Paper being removed from the stock market and going bankruptcy, the Jilin province and the municipal government leaders which being connected with having done much work. Finally the debt re-organizes , assets re-organizes and the work recover appearing in the stock market had been decided to put into effect to *ST-JiZhi to save it.Chenming Paper and Su Ning Universal cooperates, has been put into effect the work that debt re-organizes ,assets re-organizes which assets and debt separate each other with "shell" to JiLin Paper, and make JiLin Paper can be appeared in the stock market again financing.By whose subcompany that of JiLin Chen Ming Group , ChenMing Paper with 740 million yuan of cash had bought original main management assets of *ST-JiZhi. * ST–JiZhi using the gains had paid off the debt being exempted and reduced according to articles in the legal document. After the debt re-organization , * ST–JiZhi had become "nothing but the shell " company who "there is no assets , there is no liabilities , there is no business " , Su Ning Universal by the way replacement of assets with JiLin Paper shareholder's stock right , had got the "shell" resource of *ST-JiZhi. JiLin Paper applied to rehabilitate appearing in the market to Shenzhen Stock Exchange, and gained approval on December 16 , 2005 , restored business formally on December 26 , 2005. After restructuring accomplished, JiLin Paper has gone with the wind. JiLin Paper original host camp business also from paper making industry changed to real estate development manages and the building materials industry that the concrete produces and selling, the company's name changes to be that Jiangsu Su Ning Universal Co.,Ltd., shorter form "* ST Universal " , stock code invariable.The paper is mainly by carrying out analysis on *ST–JiZhi financial statement data that the very year and in front of and after 2 years when Ji Lin ChenMing buying assets to * ST-JiZhi, try to announce policies performance result that Chenming Paper buying JiLin Paper main management assets. Mainly wielding the law of financial targets index, adopt integration of quantify with qualitative analysis method, and union marketplace situation , from the liquidity, the operate ability , the profitability, growth ability and so on four aspects, choose 11 indices such as current ratio carrying out contrast studies.According to financial statement, calculate out the various index , then reach out the various index's walking power pictures in front of and after buying. By analysing walking power pictures of the various index data, can find that:1. As for liquidity aspect, in front of buying, current ratio are in coming down state. After buying, rising at beginning, then come down. Current ratio that after buying have rising more than that of the buying year.Numerical value is smaller than 1 all the time. Ratio of assets to liabilities are rising before buying ,and always coming down after buying,then having a bit rise. Ratio of liabilities to shareholder's stock rights having a rise at beginning after buying,then come down, and then having a bit rise.Both numerical value are smaller than that of the buying very year , indicating liabilities proportion falls off to some extent than that of the buying year, assets structure tends to become more solid.2. From operate ability , the total assets turnover rate , accounts receivable turnover rate,are always in propradation .Rate of inventory turnover is always rising after buying .After has a large margin clambering rise in 2006, it comes down a bit .The three indices after the buying all have very big lifting than in front of buying , indicates that operate ability had a very big improvment.3.Judging from profitability ,sales net profit rate always rise after buying . Assets net earning ratio , shareholders earning ratio all had a clambering rise in that very year of buying assets, but they are in the state undulating subsequently, having come down than that of the buying assets very year, but all have a much extent of rise than that in front of buying . The three indices are negative value at present without exception.4.From growth ability, sales growth rate had a large margin clambering rise in that of the buying very year .Afterwards ,it is coming down,but it is positive value all the time.Net profit growth rate rises in the buying very year , then has a large margin of coming down,afterwards clamber rising again,but numerical value still is negative .From walking power picture of the various index in front of and after buying, it is can be seen that, the Liquidity has strengthen to some extent.Operate Ability aspect has strengthen much to some extent.Profitability has also strengthen very much, but sales net profit rate, assets net earning ratio , shareholders earning ratio these three indices are still negative values .Indicate enterprise's produce having a very much improvement ,but is still in deficit state . Growth Ability aspect ,sales growth rate are positive value ,but net profit growth rate is still negative value only but that of the buying very year.Indicate that the enterprise's selling is rising but because of the rising of cost , have led to a deficit.In short ,it can be seen from walking power pictures from the financial data reaches out , Liquidity ,Operate Ability, Profitability all have a strengthen very much . Growth Ability has improving to some extent,but don't stable .In 2006,have appeared circumstances that net income growth rate astonish low even more. But eliminate some factors what affecting the indices changes that can be improving and controlling , this buying is still successful.It can be seen, Chenming Paper by buying this time, having revitalized original JiLin Paper assets. Transversely buying the competitive enterprise that belonged to the same trade or business, has improved Chenming Paper product mix , has expanded market share. Drawn support from JiLin Paper's paper pulp production line, Chenming Paper has shaken off dependent on to commodity paper pulp too far , has adjusted raw material structure, has reduced cost of goods manufactured. It has accomplished the strategy layout to northeast of China, has laid down solid basis for realizing internationalization strategy. Buying this time , completely accord with Chenming Paper's strategy of development thought that"inner grasping the rolling developing, outside grasping low cost dilating ".By being integrated after buying, scale effect , coordination effect have been brought into play sufficiently. Head office uninterrupted growing , expanding , have consolidated whose leadship position in paper making industry even more. At the same time, this buying also makes the assets reorganization scheme of Su Ning Universal to *ST-JiZhi can be proceed as planned and without a hitch , have saved the destiny that *ST-JiZhi being removed from the stock market and going bankruptcy .The paper is on the basis of predecessors'studying, unioned concrete case ,carrying out demonstration analysis. JiLin Paper's successfully being bought , has provided an example for listed companies that under-performancing carrying out share reform.Simultaneously, this case has also provided the example saving enterprises again for similar enterprises that insolvent , re-organizing confronted with difficult position hereafter. |
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