CHINA: Zhengzhou Baiwen Shares Suspended For One More Month
In a notice in Shanghai Securities News, Zhengzhou Baiwen said the share transfer, which was supposed to be completed by June 30, was stalled because the clearing and settlement agency of the Shanghai Stock Exchange refused to transfer the shares due to the lack of necessary documents.
The Ministry of Finance has yet to give its approval for the transfer of a substantial portion of shares to the state-owned retailer Sanlian Group.
Based on its bailout plan, Zhengzhou Baiwen needs to transfer the shares to unlisted Sanlian Group, which will inject 400m yuan ($1=CNY8.28) in fixed assets and take over CNY1.5bn of Zhengzhou Baiwen's debt.
Zhengzhou Baiwen will then transfer its money-losing assets to its parent company, leaving Sanlian with a shell company.
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