The hottest Zhejiang Glass faces bankruptcy, and t

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Zhejiang Glass faces bankruptcy, chairman of the economic crime prison for eight years

according to Hong Kong Xinbao, if the mainland economy is only focused on safety, the growth slowdown accelerates the explosion of private enterprises, which is another new example. Since May 2010 (3) electrical system: Zhejiang Glass (739), which wiped the surface of motors and snake tubes and suspended trading, announced that it was insolvent and was subject to bankruptcy proceedings by a bank creditor in June; At the same time, Feng Guangcheng, the major shareholder and chairman, was involved in economic crimes. The group cannot escape the fate of being delisted, but the procedure will take at least 18 months, that is, the listing status can be cancelled as soon as the end of next year

Zhejiang glass was suspended more than two years ago due to the delay in announcing its 2009 results. In June this year, the Hong Kong Stock Exchange (388) condemned for the first time 10 directors of the group, saying that they did not disclose the connected loans and exposed the low level of corporate governance. The group made another development yesterday. It said that on June 28, Zhejiang provincial local court had appointed Zhejiang Yueguang law firm as the manager of the group to deal with bankruptcy and debt restructuring

according to the announcement, a bank creditor began bankruptcy proceedings against the group on June 25, because the loan with principal and interest totaling 233.8 million yuan (RMB, the same below) was overdue, and the group was insolvent. The local court held that the group was qualified for reorganization and allowed the group to continue its business before the first creditors' meeting on September 22

the group said that the manager is now determining the financial situation of the group. According to the Chinese enterprise bankruptcy law, the reorganization plan must be submitted to the local court for approval within six months, otherwise the group will declare bankruptcy

over the past decade, private enterprises have expanded excessively. With the economic cycle going downhill, it is common for private enterprises to be heavily indebted. Recently, it has even affected local banks. The mainland media reported that the zinc industry shares listed in Shenzhen were exposed by the mainland media, and there were at least three loans in default within a week, one of which was 2 Due to the widespread use of overdue loans of 400million yuan in ordinary life, borrowing banks include bank of China (3988) and HSBC's mainland branches

Zhejiang glass also announced yesterday that Feng Guangcheng was involved in economic crimes. He, together with the senior management of Guangyu group, a private enterprise, was convicted of criminal offences for illegally taking deposits from the public in the mainland. Feng Guangcheng was sentenced to eight years and six months in prison

Feng Guangcheng's position on the board of directors has not changed, but the manager is taking measures to determine whether it is necessary to remove him from his position as a director

referring to the list of long-term suspended companies published by the Hong Kong stock exchange every month, Zhejiang glass has entered the leading period of delisting procedures at the end of June. Assuming that the group does not submit an application for resumption, it will enter the second and third stages at the end of this year and next June, respectively, and will be officially delisted by the end of next year

Zhejiang glass was listed in December 2001, with an issue price of HK $2.96 and a capital of 400million yuan. It was the first H-share private enterprise. At that time, it recorded 120 times oversubscription. Feng Guangcheng immediately became the 20 richest people in the mainland, and the group returned to the A-share market five years later

in the past 12 years since its listing, the group's experience seems to be a portrayal of a number of problematic private enterprises during the year: shortly after its listing, it recorded a decline in performance, and then it was "laundered" by the fund. Because of poor management, it needed to issue shares to raise funds to repay debts, and the founders had to use their holdings as collateral. The group's share price was at HK $2.48 before the suspension. China glass () department

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