St Cody’s controlling shareholder applied for bankruptcy to restructure the company’s control or change

St Kedi announced on the 24th that the company received the civil ruling from Shangqiu intermediate people’s court forwarded by the controlling shareholder Kedi group, and the creditor Wei Junping submitted an application for bankruptcy reorganization on the grounds that Kedi group’s “assets are insufficient to pay off all debts”, “obviously lack of solvency” and “still have reorganization value”. Shangqiu intermediate people’s court accepted Wei Junping’s application and made a civil ruling. < / P > < p > specifically, according to the civil ruling, from the perspective of the business scope and enterprise nature of Kedi group, the products processed and produced by Kedi group belong to the needs of social life, and the products produced by Kedi group have broad market potential, and the agricultural technology promotion and service within the business scope of Kedi group are also important factors to improve social productivity Based on the situation, technology, production and sales, industry prospects and other factors, it can be basically recognized that Kedi group has the value of restructuring and the possibility of rescue, and Kedi group has certain feasibility to achieve the success of restructuring. < / P > < p > st Cody said that there is uncertainty in the bankruptcy and reorganization of Cody group, which may lead to changes in the company’s control. If Kedi group successfully implements the bankruptcy reorganization, it will help to improve the asset liability structure of the controlling shareholder, introduce strategic investors to Kedi group, and promote the stable and healthy development of the company. < p > < p > st Cody also mentioned that the bankruptcy reorganization application of the controlling shareholder will not have a significant impact on the company’s daily production and operation, and the company’s production and operation are normal at present. The company actively urges the controlling shareholders to return the occupied funds. < / P > < p > previously, in the announcement on June 23, St Cody said that in its self inspection, the company found that the controlling shareholder Cody Food Group Co., Ltd. occupied the company’s funds for non operating purposes. As of the disclosure date of the announcement, the balance of non operating funds occupied by the company’s controlling shareholders was 1.865 billion yuan, accounting for 118.26% of the company’s net assets audited in the latest year. As a result, the company was given other risk warnings, and the stock abbreviation changed from “Kedi Dairy” to “St Kedi”. According to the third quarter report, St Cody’s revenue in the first three quarters of 2020 was about 467 million yuan, a year-on-year decrease of 37.65%; its net profit was about 1.03 million yuan, a year-on-year decrease of 96.85%. < p > < p > in the secondary market, St Cody 24 daily closed at 1.78 yuan per share, down 0.56%, down 25.83% year to date, with a total market value of 1.9 billion yuan. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.