Due to the planning of non-public issuance related issues, Sunyang Bearing suspended trading today, which also caused the market's speculation about the reorganization of the company's assets with Sanhuan. However, the company’s senior executives categorically denied this, saying that the private placement was aimed at raising funds and had nothing to do with restructuring.
Rumors about the reorganization of Shenyang Bearing have been long-standing. At the end of April 2009, under the direct participation of the Hubei Provincial State-owned Assets Supervision and Administration Commission, Xiangfan City SASAC transferred the 95% equity interest of Yanzhou Group to Sanhuan Group, which became the actual controller of Xiangyang Bearing. After Sanhuan Group entered the main shaft group, it owned two listed auto parts companies and the integration became inevitable.
Regarding the “restructuring†widely expected by the market, when interviewed by this reporter yesterday, the relevant senior of Puyang Bearing stated “impossible†and claimed that this was only market rumors. The company had issued a clarification announcement specifically for this.
Since then, Hubei Energy has replaced assets through all its assets and all the assets and liabilities of the Third Ring Shares, and the excess part has been purchased by the listed companies to issue 1.78 billion shares, which enables them to be listed on the backdoor. The market once predicted that the auto parts assets set up by Sanhuan will be injected into Xiangyang Bearings, but no progress has been made.
Rumors about the reorganization of Shenyang Bearing have been long-standing. At the end of April 2009, under the direct participation of the Hubei Provincial State-owned Assets Supervision and Administration Commission, Xiangfan City SASAC transferred the 95% equity interest of Yanzhou Group to Sanhuan Group, which became the actual controller of Xiangyang Bearing. After Sanhuan Group entered the main shaft group, it owned two listed auto parts companies and the integration became inevitable.
Regarding the “restructuring†widely expected by the market, when interviewed by this reporter yesterday, the relevant senior of Puyang Bearing stated “impossible†and claimed that this was only market rumors. The company had issued a clarification announcement specifically for this.
Since then, Hubei Energy has replaced assets through all its assets and all the assets and liabilities of the Third Ring Shares, and the excess part has been purchased by the listed companies to issue 1.78 billion shares, which enables them to be listed on the backdoor. The market once predicted that the auto parts assets set up by Sanhuan will be injected into Xiangyang Bearings, but no progress has been made.
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