Shandong Gold Group Co., Ltd. (hereinafter referred to as: Shandong Gold Group) may not be so happy this year. Just a few days before the Spring Festival, Shandong Gold Group was listed in the Business Abnormal Directory by the Shandong Administration for Industry and Commerce for reporting information and fraud.(Previous reports >>Shandong Gold Group reported that information was fraudulently listed in the business exception list)
Kaixinbao information shows that Shandong Gold Group added new business anomaly information on February 1. The National Enterprise Credit Information Publicity System showed that Shandong Gold Group was listed on the Business Abnormal Directory by the Shandong Provincial Administration for Industry and Commerce on February 1st because of the “public information disclosure to hide the real situation and falsification”.
According to the investigation, the legal representative of Shandong Gold is Chen Yumin, which was established on July 16, 1996 with a registered capital of 1.273 billion yuan.
According to the company's official website, in 2017, Shandong Gold Group cooperated with the world's number one Barrick Gold Company.MergerWith a 50% stake in the Argentine Belladro Gold Mine, Shandong Gold Group has successfully ranked among the top gold producers in China, ranking 12th among the world's gold companies, and its brand influence and appeal have been greatly enhanced.
What kind of corporate information does Shandong Gold Group conceal? Is it related to its listed company, Shandong Gold (600547.SH)? The China Economic Net reporter interviewed the Shandong Gold Board of Directors, and has not received a reply as of press time.
Shandong Gold in the past two yearsPerformanceContinued to decline. Shandong Gold 2018 three quarterly report shows that the company achieved the first three quartersOperating income37.26 billion yuan, down 3.23% year-on-year; attributable to listed companiesshareholderofNet profit770 million yuan, down 13.92% year-on-year.
According to the 2017 annual report, Shandong Gold achieved an operating income of 51.041 billion yuan, a year-on-year increase of 1.68%; net profit attributable to shareholders of listed companies was 1.137 billion yuan, down 12.02% year-on-year.
Although Shandong Gold's performance has shown a decline, it has frequently raised funds in the capital market.
On September 28, 2018, Shandong Gold was listed on the main board of the Hong Kong Stock Exchange. The total amount of funds raised in the world was 614 million US dollars. The stock was referred to as “Shandong Gold” and the stock code was 1787.HK. The total number of shares of Shandong Gold H-Shares is 328 million shares, based on the H-share offer price of HK$14.7 per share, after deducting the underwriting commission and other estimated expenses related to the global offering, and assuming excessAllotmentThe rights have not been exercised and the net proceeds raised by the company are expected to be approximately HK$4.638 billion.
Shandong gold glamorous large fundraising in order to pay off debts. According to the prospectus, the funds raised by the listing of Shandong Gold and Hong Kong stocks will be used to repay the three-year loan and supplementary working capital of the Belladro acquisition, which totals $972 million.
In addition, on December 21, 2018, Shandong GoldannouncementSaid that the subsidiary obtained ICBC investment to increase capital by 1 billion to implement debtConversion. According to the announcement, the company's subsidiary Linglong Company intends to introduce ICBC Financial Assets Investment Co., Ltd. with a cash increase of 1 billion yuan. After the capital increase, ICBC Investment's shareholding ratio for Linglong Company is 25.43%. The capital increase fund is mainly used for repayment of bank loans by Linglong Company, the company and the company's subsidiaries, and due consideration is given to other types of claims. The transaction is an important part of the company's implementation of market-oriented debt-to-equity swaps and leverage reduction.
(Article source: China Economic Net)