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昔日“亚洲铝王”中国忠旺将退市 曾A股借壳未果
Zheng Quan Shi Bao Wang· 2025-05-07 01:27
Core Viewpoint - China Zhongwang Holdings Limited, once known as the "Asian Aluminum King," announced its delisting from the Hong Kong Stock Exchange, with the last trading day set for April 12, 2023, marking a significant decline from its peak as a major player in the aluminum industry [2][3]. Company Overview - China Zhongwang was established in 1993 and is headquartered in Liaoyang, Liaoning Province, primarily engaged in the research, production, and sales of industrial aluminum processing products [3]. - The company has developed a diversified business model focusing on three core areas: industrial aluminum extrusion, deep processing, and aluminum rolling [3]. Historical Context - The company went public on May 8, 2009, and was recognized as the largest IPO globally following the 2008 financial crisis [2]. - In 2017, China Zhongwang made strategic acquisitions, including German high-end aluminum extrusion company Una Aluminum and Australian super yacht manufacturer Silver Yachts, to enhance its global presence [3]. Legal and Financial Challenges - In July 2019, China Zhongwang and several defendants were indicted by a grand jury in Los Angeles on 24 counts, leading to concerns about the company's operational and financial stability [4]. - The company faced significant operational difficulties, with its subsidiaries reporting severe financial losses and seeking bankruptcy restructuring in 2022 [5][6]. Restructuring Efforts - In September 2022, 14 subsidiaries of China Zhongwang filed for bankruptcy restructuring, with the court approving a substantial merger of 253 related companies to protect creditor rights [6]. - The deadline for submitting a restructuring plan was extended to June 20, 2023, indicating ongoing efforts to stabilize the company's financial situation [6]. Failed Listing Attempts - China Zhongwang attempted to spin off its subsidiary for a backdoor listing on the A-share market through China Real Estate Group but was unsuccessful in multiple attempts, leading to the eventual termination of these plans [7][8].
唏嘘!昔日“亚洲铝王”周四摘牌,实控人曾数度蝉联东北首富
Zheng Quan Shi Bao· 2025-05-07 01:27
Core Viewpoint - China Zhongwang, once known as the "Aluminum King of Asia," will be delisted from the Hong Kong Stock Exchange on April 13, 2023, marking a significant decline from its previous status as a leading industrial aluminum manufacturer [2][3]. Group 1: Company Background - China Zhongwang was listed on the Hong Kong Stock Exchange in May 2009, raising nearly HKD 9.5 billion, setting a record for global financing since the 2008 financial crisis [3]. - The company specializes in the research, production, and sales of diversified high-quality industrial aluminum processing products, with core businesses in industrial aluminum extrusion, deep processing, and aluminum rolling [3]. - It was once the second-largest global and largest Asian manufacturer of industrial aluminum extrusion products, with applications in green construction, transportation, machinery, and electrical engineering [3]. Group 2: Financial and Operational Challenges - In August 2021, the company announced that it would not be able to release its financial results for the first half of 2021 by the expected date, leading to a suspension of trading [4]. - By October 2021, subsidiaries of China Zhongwang reported severe operational difficulties and significant losses, indicating a dire financial situation [5]. - In September 2022, the company faced bankruptcy restructuring applications from 14 subsidiaries, which hold most of its operations in China [5][6]. Group 3: Failed Restructuring Attempts - China Zhongwang attempted to split its subsidiary, Liaoning Zhongwang Group, to list on the A-share market through a backdoor listing with Zhongfang Co., but this effort ultimately failed [7][8]. - The company had multiple failed attempts at major asset restructuring, with the latest termination of a significant asset reorganization plan announced in August 2021 due to changing market conditions [8].