ST Qihuan Signs Restructuring Investment Agreement, Yichang State-Owned Assets to Take Control

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ST Qihuan has signed a restructuring investment agreement with an industrial investor. After the restructuring is completed, the Yichang State-owned Assets Supervision and Administration Commission will become the company's actual controller. The industrial investor is composed of Three Gorges Zhixi Company, which was established by Yichang Urban Development Holding, Yichang Chuangyuan State-owned Capital Holding, and Qidi Future Company with shareholding ratios of 60 percent, 30 percent, and 10 percent respectively. It will acquire 652 million shares from the company's capital reserve capitalization at a price of 1.20 yuan per share, with a total consideration of 782.4 million yuan. After the restructuring, Three Gorges Zhixi Company will hold approximately 18.30 percent of the shares and become the controlling shareholder. The company stated that the signing of this agreement is a necessary step in the pre-restructuring and restructuring process, which will help improve the financial structure, resolve the debt crisis, and inject incremental funds. On the same day, the company disclosed that the third auction of 50.714 million shares, representing 3.56 percent of total share capital, held by shareholder Sound Group and its concert parties with a stake of over 5 percent, failed to sell.

Impact on stocks 1

Others▲ · 1 stocks

Off-coverage companies 4

三峡至喜Private▲ Positive
Capitalrelevance

As part of industrial investor, will acquire shares and become controlling shareholder.

宜昌创元国控Private▲ Positive
Capitalrelevance

Participating in restructuring investment, gaining stake in the company.

宜昌城发控股Private▲ Positive
Capitalrelevance

Established Three Gorges Zhixi Company to invest in restructuring.

桑德集团有限公司Private▼ Negative
Capitalrelevance

Shareholder's auction of shares failed to sell, indicating liquidity issues.

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