In order to speed up the pace of the company's industrial restructuring and realize the strategic transformation of its main business, Hualian Holdings (000036) recently decided to clean up its textile business and transfer all the shares of Yuyao Hualian Textile Co., Ltd. held to Shenzhen. Huafu Textile Holdings Co., Ltd. also closed the liquidation of its holding subsidiary Shenzhen Xinlong Linen Textile Bleaching and Dyeing Co., Ltd.
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The sale of Yuyao Hualian Company's equity Yuyao Hualian was established in September 1998 with a registered capital of 65,234,900 yuan. The company's main business is the manufacture and processing of cotton yarn, cotton, clothing, and fiber products. The company's shareholding structure is: Hualian Holdings holds 44.62%, Hualian Real Estate holds 3.19%, Shenzhen Hualian Development Investment Co., Ltd. holds 3.19% (this time is transferred together), Shenzhen Huafu holds 24%. Hong Kong Huafu Group Co., Ltd. holds 25% of the shares. As of December 31, 2004, the company's total assets were 290,424,400 yuan, net assets were 86,928,700 yuan, and net profit was 0.26 million yuan.
In June last year, the company agreed to reorganize Yuyao Hualian Company through a step-by-step operation such as dividend distribution, equity transfer, capital increase and share expansion, and contract management. At the same time, Yuyao Hualian Company was handed over to Shenzhen Huafu Company for contracting operation. The contract period was Three years until December 31, 2006. The profit and loss of Yuyao Hualian Company during the contracted operation period shall be borne by Shenzhen Huafu Company.
Now Hualian Holdings will transfer 44.62% of the equity held by Yuyao Hualian to Shenzhen Huafu Company, and Hualian Real Estate, the holding subsidiary of the company, will transfer its 3.19% equity of Yuyao Hualian to Shenzhen Hua. Fufu Company, the transfer price was 39.48 million yuan and 2.26 million yuan respectively.
From January to July this year, Yuyao Hualian Company has accumulated losses of 25.619 million yuan, and the transaction is priced based on the book value of the equity, which does not generate income and losses. For Hualian Holdings, this will not only avoid the company. The loss has an adverse impact on the company's overall performance level this year, and the recovered investment funds can also supplement the internal cash flow for other project investments, which can be described as “two-foldâ€.
Xinlong Linen Company Shutdown Liquidation Xinlong Linen Textile Bleaching & Dyeing Co., Ltd. was established in February 1993 with a registered capital of 11.76 million yuan, which is a holding subsidiary of Hualian Holdings holding 74.91%. The main business is processing, production and management of hemp and linen and other fibers blended or interwoven yarn, grey cloth and bleached, dyed cloth. As of December 31, 2004, the company's total assets were 47.725 million yuan, net assets were 26.8969 million yuan; in 2004, the main business income was 795.48 million yuan, net profit was 192.64 million yuan.
Since the beginning of this year, due to the sharp increase in international crude oil prices and the unexpected implementation of textile trade protection measures in Europe and the United States during the year, the production costs of Xinlong Linen have increased significantly, product exports have been blocked, orders have been reduced, and enterprises have faced greater difficulties in their survival. From January to September, the company's operating loss has reached 10.516 million yuan, and the operating environment is expected to be unable to be improved in the short term. In this case, in order to reduce investment risks and reduce losses, Hualian Holdings decided to suspend the liquidation of Xinlong Linen Company.
