On the evening of February 20, ST Youkeshu (300209) announced that the company had received the "Notification Letter" delivered by the creditor Shenzhen Yuanyang E-commerce *** hereinafter referred to as "Shenzhen Yuanyang") on February 19, and the listed company was applied for reorganization and pre-reorganization by creditors.
According to the announcement, Shenzhen Yuanyan submitted materials to the Changsha Intermediate People's Court (hereinafter referred to as the "Changsha Intermediate Court") to apply for reorganization and pre-reorganization of ST Youkeshu on the grounds that ST Youkeshu could not pay off its due debts, was seriously insolvent and obviously lacked solvency, but still had reorganization value.
As of the disclosure date of this announcement, ST Youkeshu has not received the documents of the Changsha Intermediate People's Court to initiate the pre-reorganization or accept the reorganization application, and there are significant uncertainties as to whether the applicant's application can be accepted by the court and whether the listed company will enter the pre-reorganization or reorganization procedure in the future.
According to the company's data, Shenzhen Yuanyang was established in 2015 with a registered capital of 1 million yuan, and its business scope includes electronic products, digital products, outdoor sports products, clothing, daily necessities, etc.
As the applicant, Shenzhen Yuanyan has a claim of 1.25 million yuan against ST Youkeshu, and according to the Settlement Agreement signed by both parties, ST Youkeshu shall pay the aforesaid claims to Shenzhen Yuanyan before October 30, 2023. However, as of the date of issuance of the Notification Letter, ST Youkeshu had still not been able to repay the debt to the applicant.
In recent years, ST Youkeshu's operation has not been satisfactory, and its net profit has been in the red for three consecutive years. During 2020 and 2022, ST Youkeshu achieved an operating income of 502.7 billion yuan, 176.4 billion and 77.4 billion yuan, and the net profit was -87.1 billion yuan, -267.6 billion and -36.7 billion yuan. In the first three quarters of 2023, ST Youkeshu's net profit continued to lose 14.4 billion yuan, and is expected to lose 2700 million yuan 3600 million yuan.
On January 29, ST Youkeshu announced that after preliminary calculations, it is expected that the net assets attributable to shareholders of listed companies by the end of 2023 will be -2$8.7 billion to -19.7 billion yuan. According to the relevant regulations, if the audited net assets at the end of the period of ST Youkeshu in 2023 are negative, the listed company will disclose the announcement that the company's ** transactions will be subject to delisting risk warning at the same time as disclosing the 2023 annual report, and the ** abbreviation will be preceded by the word "*ST".
The roof leak happened to rain overnight. In October 2019, ST Youkeshu signed a Working Capital Loan Contract with Zijin Bank, and Zijin Bank provided a loan of 15 million yuan to the latter. After the expiration of the loan contract, after the extension and repayment of the old loan, ST Youkeshu shall finally repay the remaining loan principal of 8.1 million yuan in installments before August 8, 2025, and the remaining loan shall be jointly and severally guaranteed by Yuanjiang Information Technology *** hereinafter referred to as "Yuanjiang Information") and Sun Borong.
As of the evening of February 7, the principal balance of the above-mentioned loan was 7.5 million yuan, and ST Youkeshu should repay part of the principal amount of 400,000 yuan on February 8, 2024. However, due to the insolvency of ST One Tree, this part of the loan was overdue.
It is worth noting that the listed company held by Wuxi Zhongzhu Group *** hereinafter referred to as "Zhongzhu Group") is a person acting in concert with Xiao Siqing, the controlling shareholder and actual controller of ST Youkeshu560,000 shares will be auctioned from February 22 to February 23, if the auction is successful, there is a risk of judicial transfer of this part of the shares of ST Youkeshu held by Zhongzhu Group.
In the face of the above situation, the creditor's application is like a life-saving straw, and it is pinned on by ST Youshu with high hopes.
ST Youkeshu believes that if the court decides to initiate the pre-reorganization of the company, it will be conducive to the early start of the company's creditor's rights and debts and the liquidation of business and other related work, including but not limited to the declaration and registration of creditor's rights and review, asset investigation, audit and evaluation, etc.; At the same time, it will also help to promote the communication and consultation between the company and the majority of creditors and prospective investors in advance, so as to improve the efficiency and feasibility of the subsequent reorganization work.
Correspondingly, ST Youkeshu will actively communicate with the court, regulators, relevant departments, creditors and other relevant parties, and actively cooperate with the court's work. The board of directors of ST Youkeshu said that it will strive to maximize the asset and liability structure of the listed company, improve its operating ability, and promote the company's return to a healthy and sustainable development path as soon as possible through the implementation of the reorganization plan.