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突然宣布!000595 重大重组拟重大调整!

Core Viewpoint - Baota Industrial has made significant adjustments to its major asset restructuring plan after nearly 10 months of preparation, deciding to terminate the issuance of shares for asset purchases and withdraw application documents [2][4]. Group 1: Major Asset Restructuring Plan - The original restructuring plan involved exchanging all assets and liabilities, except for cash, certain liquid assets, long-term equity investments, other equity investments, and intangible assets, for 100% equity of Ningxia Electric Power Investment Group's subsidiary, Ningxia Electric Power Investment New Energy [2][4]. - The adjustment is primarily due to uncertainties regarding future subsidy funds for the Sun Mountain Wind Farm Phase III and IV projects, which have entered the renewable energy subsidy directory but not the first batch of compliant projects [4][6]. - The new plan will exclude the Sun Mountain Wind Farm projects from the assets to be acquired, and the pricing for the assets will be adjusted accordingly, with the company opting for cash payments instead of issuing shares or raising matching funds [4][6]. Group 2: Financial Implications and Risks - The adjusted restructuring plan is expected to constitute a major asset restructuring as defined by regulations, but it will not lead to changes in the controlling shareholder or actual controller, nor will it constitute a reverse listing [6]. - The final pricing and other elements of the asset exchange remain undetermined, and there is significant uncertainty regarding the successful implementation of the adjusted restructuring plan [7]. - Baota Industrial has indicated that the current operational status is stable and that the adjustments will not adversely affect the company's production, operations, or financial condition [9]. Group 3: Stock Performance and Market Concerns - Baota Industrial's stock has experienced a decline of 17.34% since January, with the latest closing price at 5.29 yuan per share as of April 11 [10]. - The company has issued two warnings this year regarding the potential for delisting, with forecasts indicating negative profit figures for 2024, which could trigger delisting risk warnings following the annual report [9].