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Previously, the company's performance revision noticed that the company intends to transfer the related financial expenses and related employee remuneration, which were originally included in the special payables, to the current profit and loss, so that the annual profit will be reduced by about 20 million yuan. Its original estimated net profit was between $67 million and $75 million.
*ST Ganhua also said that on March 5, the company submitted an application to the Shenzhen Stock Exchange to revoke the warning of delisting the company's stock.
However, in contrast to the local government's support for the company, the company's private placement of the controlling shareholder Delixi has been unresolved for a long time. The company received the approval of the China Securities Regulatory Commission as early as November last year, and it still has no following.
For the rumors of Delixi’s capital chain problem, the *ST Ganhua Securities Department gave a categorical denial that morning.
"At present, all major shareholders are operating normally. There are a lot of preliminary work to be done in the company's private placement, including the entry of intermediaries and the financing of major shareholders. We are also working hard, and we believe that it can be successfully completed within the validity period of six months." The person stressed.
However, in the secondary market, the tradable shareholders did not buy the company's turnaround losses throughout the year. As of the close of the day, *ST Ganhua fell to the limit and closed at 7.84 yuan, down 4.97%.
The government is feeding back
According to the *ST Ganhua Annual Report, the company’s successful “profit†in the past was the relevant government subsidy.
During the reporting period, the company received a total of 73.565 million yuan of government subsidies related to income. Among them, only Jiangmen City State-owned Assets Supervision and Administration Commission will support up to 60 million yuan. In addition, in the government-subsidies related to assets received at the end of the reporting period, the special support funds for LED major industrial development also have 10 million yuan.
The company received the current profit and loss of RMB 72.785 million in the current period; the deferred profit and loss received in the current period was RMB 112.28 million.
“The support fund given by the Jiangmen SASAC is mainly a kind of compensation for the placement of employees after the company’s initial equity transfer,†said the person from the *ST Ganhua Securities Department.
As early as October 11, 2011, the company's equity transfer, *ST Ganhua has received the first batch of 60 million yuan of support funds from the local government.
Previously, the relevant provisions of the “Equity Transfer Agreement†and its supplementary agreement signed by the company’s original controlling shareholder Jiangmen Asset Management Bureau (the Asset Management Bureau) and Delixi Group clearly stated that “the company’s employee status conversion and handling of the company’s retirement The 190 million yuan of expenses for historical issues such as personnel and community transfer were loaned to the company by the Asset Management Bureau in full interest-free."
At the same time, “In order to encourage the company to invest in the LED industry in Jiangmen City and to restructure the company to solve the employment of employees and arrange for the reemployed personnel to re-train after employment, the SAT is committed to 20 working days after the transfer of state-owned shares and the signing of all labor contracts with employees. The company has given the company 60 million yuan in support funds.
In addition, the company will receive the same amount of funds from the company's insolvency management fund within 20 working days after the acceptance of 60 MOCVD equipment invested by Jiangmen.
The *ST Ganhua Annual Report showed that the company received a letter from Jiangmen SASAC regarding Gansu Company's settlement of historical issues and employee placement related expenses, and confirmed the remaining amount of 234 million yuan and the total expenditure of staff placement expenses. The amount the company is responsible for is 134 million yuan.
As of the end of last year, the company has already paid a total of 122 million yuan, and the amount still has to be paid 12 million yuan. According to the company, the undisbursed amount of the commitment is a provident fund subsidy, which is expected to be issued in March this year.
Delay in the growth process
However, the company's directional issuance process for Delixi is far behind market expectations. Previously, the company started its non-public offering on October 14, 2011, but it has not yet been formally implemented.
In this regard, some investors complained that from the reorganization to the private placement, we can't see the speed of the "curve overtaking" that Delixi said, and we can't see the place that Delixi admired in the reorganization of Gansu.
According to public information, the company's non-public offering of shares is issued by Delixi, with a fixed price increase of 6.78 yuan per share. Delixi plans to subscribe for 120 million shares in cash.
“From the time of issuance to the issuance of approved approvals, it takes longer than many garbage companies. In the meantime, the CSRC has repeatedly asked the company to supplement materials. This is how investors can trust major shareholders and believe in the efficiency of the company?†Investors say that.
After the expiration of the company's private placement, the company held a shareholders' meeting on October 29 last year to extend the one-year validity period to October 31, 2013.
Until December 7 last year, the company announced that the CSRC had approved the company's private placement plan on December 6, and its approval was valid for six months from the date of approval.
However, the current validity period of the approval period has passed halfway, but the company's fixed increase is still no movement.
The aforementioned *ST Ganhua Securities Department stressed that the company is still actively promoting various tasks, and relevant work is being handled in accordance with the procedures of the regulatory authorities. "The lead underwriter for this fixed increase is Hengtai Securities." The source revealed.
The person also said that the company's plans to develop the LED and bio-engineering industry have not changed. The LED epitaxial wafer production project and the yeast bio-engineering technical transformation and expansion project have all started construction, and related work is progressing as planned.
Previously, the company plans to raise 810 million yuan for LED epitaxial wafer production projects and yeast bioengineering technical transformation and expansion projects.
It is worth mentioning that Delixi agreed to invest in the financing industry in Jiangmen City within the five-year period to increase the size of the LED industry by no less than RMB 1.5 billion. With an investment of less than 1.5 billion yuan, Delixi promised to supplement its investment of 1.5 billion yuan in Jiangmen with additional funds from its own funds.
As of the end of last year, the company's LED projects have completed a total investment of 180 million yuan, accounting for 21.5% of the total investment; completed 60% of the civil engineering volume; and has signed the first batch of procurement contracts for MOCVD machines and related equipment with suppliers.
“The 1.5 billion investment amount of the company's LED project is not a one-time investment, but an investment in phases and in batches.†The above-mentioned *ST Ganhua Securities Department said, “The company will also speed up the project civil construction progress, factory system installation and production equipment order. Work and strive to enter the trial production stage before the end of 2013."
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.) 
The government is backing up ST Ganhua in 2012, turning losses into fixed growth, delaying shareholders, Deli West, long-awaited
On March 6, the annual report released by *ST Ganhua (000576.SZ) showed that the company achieved revenue of 469 million yuan and net profit of 47.148 million yuan in 2012. However, after deducting non-recurring gains and losses, the net profit attributable to the owner of the parent company is only -256.91 million yuan. Two years after the Zhejiang private enterprise Delixi Group entered the company, *ST Ganhua's 2012 annual results turned losses, but it is still the government subsidy of Jiangmen City, where the company is located.