On the evening of February 10th,(HNA Holdings, Haikong B shares, 600221, 900945) announced that it had received the (2021) Qiong Poshen No. 8 Civil Service issued by the Hainan Higher People’s Court on the same day. The Ruling and the (2021) Qiongpo No. 8 Decision, ruling to accept the creditor Beijing Front International Freight Forwarding Co., Ltd.’s application for the company’s reorganization, and designate HNA Holdings’ reorganization manager as the HNA Group liquidation team HNA’s shares will be suspended for one trading day from the opening of the market on February 18, and trading will resume on February 19 At the same time, the company’s stock will be subject to a delisting risk warning on February 19, and the stock abbreviations will be changed to “*ST HNA” and “*ST HNAB”; the stock codes will still be “600221” and “900945”. The price limit is 5% HNA Holdings issued the “Reminder Announcement Regarding Creditors’ Application for Company Reorganization” on January 30. Fleet Freight Forwarders applied to the court for restructuring HNA Holdings on the grounds that HNA Holdings was unable to pay off due debts and apparently lacked solvency. whole.
According to the “Decision Letter” made by the court (2021) No. 8 Qiongpo, the court-appointed the liquidation team of HNA Group as the company manager. The responsibilities of the administrator include taking over the debtor’s property, seals, account books, documents, etc.; investigating the debtor’s property status, making property status reports; deciding on the debtor’s internal management affairs; deciding on the debtor’s daily expenses and other necessary expenses; at the first creditors’ meeting Before the convening, decide to continue or stop the debtor’s business; manage and dispose of the debtor’s property; participate in litigation, arbitration or other legal procedures on behalf of the debtor; propose to convene a creditor’s meeting, etc The announcement disclosed that the time limit for the declaration of HNA Holdings’ claims is from the date of the court announcement (February 10, 2021) to March 31, 2021 (inclusive). The first meeting of creditors is at 9 o’clock on April 12, 2021.
Regarding the above development, the announcement suggests three risks First, if shareholders and related parties fail to properly resolve issues such as capital occupation and undisclosed guarantees, the company’s stocks may be subject to the risk of “other risk warnings” Second, the court has ruled that the company has entered the reorganization process, and there is a risk of being declared bankrupt due to the failure of the reorganization. If the company is declared bankrupt, the company will be liquidated and the company’s shares will face the risk of being terminated from listing Third, if the company implements reorganization and completes its execution, the reorganization plan will help improve the company’s asset-liability structure, reduce or eliminate historical burdens, and increase the company’s profitability. However, if the company’s subsequent operations and financial indicators do not comply with the “Stock Listing Rules” and other relevant regulatory requirements, the company’s stocks still have the risk of being subject to delisting risk warnings or termination of a listing Spark Global Limited.