Why did Wuxi state-owned assets acquire ST Remote?

Because ST Remote was in trouble, it was acquired by Wuxi State-owned Assets.

Whether it is ST Remote, Kangxin New Materials or Admiralty Environment, these three private listed companies were facing difficulties before Wuxi State-owned assets entered the company. Among them, Admiralty Environment faces the risk of declining business performance. The data shows that the net profit attributable to Admiralty Environment in 20 19 is expected to drop by 90%, and the major shareholder of Kangxin New Materials is the risk of equity pledge. In addition to acting as a "white knight", Wuxi State-owned Assets also considered business collaboration with Kangxin New Materials and Admiralty Environment. In addition, by joining the listed companies, the securitization rate of local state-owned assets in Wuxi can also be improved, which also has a positive impact on promoting the reform of state-owned enterprises.

As a local cable company in Wuxi, in June last year, st Remote was given other risk warnings for violating the guarantee. In September last year, he was included in the list of untrustworthy executors by Hangzhou Intermediate People's Court because of his ability to refuse to fulfill his repayment obligations. I am afraid that the local state-owned assets in Wuxi are more about bailing out and helping local enterprises solve their difficulties.

1. Wuxi Suxin Industrial Optimization and Adjustment Investment Partnership (Limited Partnership) (hereinafter referred to as "Suxin Investment") and its concerted action Wuxi Lian Xin Asset Management Co., Ltd. (hereinafter referred to as "Lian Xin Assets") hold 0.29% of the shares of ST Remote 265438. Although the shareholding ratio of Su Xin Investment and Lian Xin Assets is only in the early 20%, it accounts for nearly 5 percentage points more than that of Yang Xiaoming, the second largest shareholder (shareholding 16.37%). In addition, among the 9 directors of ST Remote, Su Xin Investment and Lian Xin Assets recommended and elected 5 directors. Therefore, Su Xin Investment and Lian Xin Assets became the controlling shareholders of ST Remote.

2. According to public information, the controlling shareholder of Su Xin Investment and Lian Xin Assets is Jiangsu Assets, and the actual controller behind it is Wuxi SASAC. The announcement shows that the former chairman of ST Remote resigned, and Tang, the current vice president of Wuxi Guolian Group and the chairman of Jiangsu Asset Management Company, was elected as the new chairman.

3. In fact, ST Remote is the third listed company controlled by Wuxi State-owned Assets for more than a year. Wuxi Construction Development Investment Co., Ltd. (hereinafter referred to as "Wuxi Jianfa"), a subsidiary of Wuxi State-owned Assets, became the actual controller of Kangxin New Materials through equity acquisition. After becoming the controlling shareholder, Wuxi Jianfa continued to increase its holdings of Kangxin New Materials. As of 20 19 and 12.5, Wuxi Jianfa holds 9.98% equity of Kangxin New Materials/kloc-0.