Nanyang Shipping Group Co., Ltd. Board of Directors Announcement on the Progress of Asset Restructuring and Risk Warning
Due to three consecutive years of losses, on May 9, 2001, the Shenzhen Stock Exchange decided to suspend the listing of the company's shares. To help the company overcome its difficulties, asset restructuring was initiated. Significant adjustments were made to the management team, and active negotiations were held with creditor banks and non-bank creditors for support. The company collaborated with its controlling shareholder to develop a subsidiary divestiture plan and engaged various intermediary institutions, including securities firms, accounting firms, law firms, and appraisal firms, to evaluate and audit the company's assets, debts, and liabilities, ensuring the authenticity and legality of the restructuring work. On June 15, 2001, the overall "Asset Restructuring Plan" was prepared, and on June 22, 2001, the Shenzhen Stock Exchange granted a one-year grace period.
The relevant information is announced as follows:
I. Company's Performance Over the Past Three Years and Mid-Year 2001 Financial Indicators (Unit: RMB)
| Item | Mid-Year 2001 | 2000 | 1999 | 1998 |
|---|---|---|---|---|
| Main Business Revenue | 0 | 0 | 54,266,540.61 | 120,380,257.36 |
| Net Profit | -11,727,915.95 | -39,892,816.60 | -81,895,671.02 | -181,001,557.64 |
| Total Assets | 357,589,383.44 | 207,311,520.13 | 336,148,122.96 | 679,960,762.02 |
| Shareholder Earnings | 32,935,768.21 | -221,895,052.04 | -135,206,725.82 | 148,226,322.82 |
| Earnings Per Share | -0.047 | -0.16 | -0.33 | -0.73 |
| Net Assets Per Share | 0.132 | -0.89 | -0.54 | 0.60 |
| Adjusted Net Assets Per Share | 0.116 | -0.93 | -0.56 | 0.55 |
| Return on Equity | -35.608% | -17.98% | 61% | -122% |