Zhonghong has not yet achieved the Bureau: removal departure debit 8.59 billion debt to be solved by the "white warrior"
Times Times reporter Hu Tianxiang from Guangzhou
Zhonghong were delist shares, but the debt crisis & # 39; Zhonghong shares was not.
For 20 days & # 39; consecutive trading, the closing price was less than 1 yuan, and share & # 39; Zhonghong eventually delist, and became the first storage & # 39; A shares because the stock price falls & # 39; below the nominal value. 16 & # 39; in November, the abbreviation & # 39; Zhonghong Co., Ltd. (000979.SZ) was changed to "Photo & # 39; ZhonghongRevenues of the period & # 39; removing the contract This means that after 30 days & # 39; business, the real estate company listed on the branch & # 39; after 2010 * ST branch will be officially terminated due to the debt crisis.
Of the 23 & # 39; November, shares & # 39; Zhonghong resulted in & # 39; six limits, b & # 39; average turnover of & # 39; & # 39 daily; only a few million yuan. From a volume perspective, almost anyone can & # 39; escape. Data show that by the end of the third quarter, there are 8 of the top 10 tradable shareholders & # 39; Zhonghong, which are plans & # 39; asset management or fund management companies. The number of & # 39; is more than 270,000 shareholders.
Not only investors and institutions that are concerned about the withdrawal & # 39; Zhonghong. The shares & # 39; Zhonghong announced on the evening of 22 & # 39; In November, from the announcement date, the total amount of accumulated debts that have been outstanding the company and its subsidiaries was & # 39; 8591 billion yuan, which were all kinds & # 39; loan.
The announcement said that if Zhonghong could not properly resolve debts overdue, you & # 39; searching, arbitration, frozen bank accounts, frozen assets, etc., And can cause more creditors to file lawsuits to take measures a & # 39; property preservation (arbitration). .
Debts supposedly going continue to increase and now reached 8591 billion yuan, the major credit rating has been repeatedly reduced, and income and net profit dropped dramatically. In light of the difficulties, in addition to actively sell assets and pay debts, shares & # 39; Zhonghong the storm will introduce in the fourth & # 39; debt restructuring.
The credit rating of the subject entered for C
The shares & # 39; Zhonghong, who have deep debt crisis this year, has repeatedly reduced their key credit ratings.
29 & # 39; May, Dagong International Evaluation and Consulting Co., Ltd. (Hereinafter & # 39; hereinafter referred to as "Dagong Rating") reduced the credit rating of the main body & # 39; Zhonghong to B (the ability to repay debt depends largely a good economic environment and -risk of & # 39; default is high). The outlook remains & # 39; negative (there are unfavorable factors, and b & # 39; In general, the risk that reduce future credit rating is higher). Rating Dagong said that by the end of & # 39; March & # 39; this year, the total liabilities & # 39; & # 39 Zhonghong were; about 37.4 billion yuan, of which the debt had interest was & # 39; about 28.1 billion yuan and the debt burden was heavier. At the same time, the company has operational capacity, it is difficult to get external support, and its solvency has deteriorated.
Time Weekly reporter was informed that due to the policy of real estate control, especially the impact of the policy of & # 39; project control Commercial & # 39; Beijing in & # 39; March 2017, sales of Zhongmao Yumafang Project and Project Xiagezhuang (commercial part) were stuck selling 2016 was released. The project had a great deal of Mafang & # 39; check-out in 2017 and the first quarter of 2018, and sales revenue of & # 39; Other regional projects decreased by & # 39; significantly also. Moreover, because of the double suspension (construction suspended, suspend business) for projects & # 39; All reclamation f & # 39; Haikou City, the Maritime Administration Haikou Safety and Office Fishing-led shares & # 39; Zhongyi remain closed from January 2018. It can not produce the expected benefits.
This affected revenues and profits & # 39; Zhonghong varying degrees. According to the financial report, the 2017 operating income of & # 39; & # 39 Zhonghong was; 1.016 billion yuan, a decrease year year & # 39; 77%, and net profit was -251 million yuan, & # 39; down around 1 688% year after year. From January to March 2018, the operating income & # 39; & # 39 Zhonghong was; 1.15 billion yuan, an increase of & # 39; 19.36% on year. However, a significant increase in financial expenses and costs & # 39; management, the net profit was -315 million yuan, a decrease year year & # 39; about 3621%.
27 & # 39; June, Dagong Ratings decided to lower the share & # 39; Zhonghong again & # 39 others, the CCC (the ability to pay debts is extremely dependent on good economic environment, and the risk of & # 39; default is extremely high), and the rating outlook is negative. Dagong Rating believes that the share & # 39; Zhonghong face severe environment & # 39; repayment of debt Because of political regulation and the company's financial constraints, the market competitiveness of products dropped sharply, the wealth creation capacity is weak and credibility company in the capital market declined. The source greatly reduces debt and its solvency is weak.
22 & # 39; October, Dagong Ratings issued a further notice stating that due to the partial interest bonds & # 39; Zhonghong and partial repayment of the principal, the principal & # 39; Zhonghong Zhuoye Group Co., Ltd. and the actual controller Wang Yonghong also paid. Failure to meet the obligation of & # 39; security was a material breach of contract. Therefore, the Dagong rating decided to downgrade the major credit & # 39; & # 39 shares; Zhonghong to C (can not repay the debt), and credit rating "16 Zhonghong 01" has been adjusted to CC (protection can & # 39; achieved during bankruptcy or restructuring and the loan can not be guaranteed).
It is reported that in the first three quarters of 2018, shares & # 39; Zhonghong achieved operating income & # 39; 784 million yuan, an increase of & # 39; 37.44% over the same period the previous year.
Over-indebtedness increased to 8.591 billion yuan
The credit rating of the parent being the bottom, and the amount of & # 39; failure & # 39; debt & # 39; & # 39 shares; Zhonghong still rising.
Shares Zhonghong announced the evening of 22 & # 39; in November, from 12 & # 39; November, the total amount of debt overdue and the company's interest was & # 39; 8052 billion yuan. On 21 & # 39; in November, the total amount of debts and the main longstanding company and its subsidiaries was & # 39; 538 million yuan, which were all kinds & # 39; loan. From the date of & # 39; this announcement, the total amount of accumulated debts were supposed company and its subsidiaries was & # 39; 8591 billion yuan, which were all kinds & # 39; loan. On 1 & # 39; in June, this figure was & # 39; 3.07 billion yuan.
The staff of the Department of Securities Affairs & # 39; Zhonghong told the Weekly Times that the company is actively communicate with the relevant creditors and try to raise funds through & # 39; several ways to solve the debt problem properly taken as much as & # 39; possible. "In addition to restructuring, the company will also withdraw funds through & # 39; sales & # 39; assets, sales & # 39; real estate & # 39; inventory, collection & # 39; accounts receivable and amounts other receivables. " The abovementioned staff told Time Weekly.
It is reported that 11 & # 39; July, Zhonghong signed "Agreement & # 39; Transfer & # 39; Equity 'with & # 39; Hainan Luoshengte Investment Co., Ltd. (Hereinafter & # 39; hereinafter "Luoshengte Investment") and plans to fully transfer its subsidiary Hainan Island Ruyi to 1.4 billion yuan. Resort Investment Co., Ltd. (Hereinafter & # 39; hereinafter called "the Island & # 39; Hainan Ruyi") 100% & # 39; equity. After the transaction was completed, Zhonghong Co., Ltd. was able to achieve a reduction of & # 39; RMB 73.92 million in & # 39; cash and liabilities paid by Kaisa having been compensated by fees and creditor debts, and increase & # 39; RMB 1031 billion in investment income. On 7 & # 39; November & # 39; this year, shares & # 39; Zhonghong included unsecured performance at an estimated price of & # 39; 3067 billion yuan, and 24 shop in & # 39; Haikou will be auctioned separately.
According to the Weekly Times reporter, in addition to Ruyi Island, Zhonghong planning b & # 39; actively global sales of its other assets. For example, the Zhonghong Building, the Yumafang Project, the Project Yushan Yugu, the Plaza Jinan Zhonghong and Anji Project in & # 39; Beijing are all within the scope of the sale of assets.
Fourth & # 39; debt restructuring
Faced with numerous difficulties, the debt restructuring is still the best option. In fact, before negotiating with & # 39; Suzhou Guohoucheng Investment Management Co., Ltd. (Hereinafter & # 39; hereinafter "Suzhou Guohou") for the fourth & # 39; reorganization, proved Zhonghong cooperate with & # 39; Shenzhen Gangqiao Equity Investment Management Co., Ltd. Jialong and Xinjiang. Development Co., Ltd. and Jiaduobao Group committed debt restructuring, but all have been completed.
19 & # 39; in March 2018, Wang Yonghong, the current controller & # 39; Zhonghong, and Zhonghong Zhuoye Group Co., Ltd., the controller shareholder & # 39; Zhonghong, signed an Agreement & # 39; Strategic restructuring is & # 39; Hongqiao Investment. Two months later, 25 & # 39; May, Zhonghong Co., Ltd. issued a notice stating that because Zhonghong Group failed to reach agreement with the relevant creditors on the arrangements & # 39; repayment of debt issues & # 39; restructuring, it was decided by three parties to terminate the reorganization.
29 & # 39; June, shares & # 39; Zhonghong led to "Samurai White" Jialong Xinjiang. According to the announcement, Zhonghong Zhuoye intends to transfer the shares & # 39; 2228 billion held to Xinjiang Jialong, and b & # 39; so is the new controlling shareholder & # 39; Zhonghong. Xinjiang Jialong agreed to provide Zhonghong Zhuoye b & # 39; some support & # 39; liquidity to solve the debt crisis currently facing the company. However, after nearly two months & # 39; "run-in" period. 27 & # 39; August, Zhonghong Co., Ltd. announced that due to reasonable time, Zhonghong Zhuoye memorandum & # 39 was not reached; agreement on debt restructuring with the relevant creditors & # 39; Zhonghong. 14 & # 39; August, shares & # 39; Zhonghong received Notification of & # 39; Investigation of Anhui Securities Regulatory Office. Shares. So, after mutual agreement, the parties agreed to terminate the transfer of & # 39; shares.
On the same day announced the termination of the agreement & # 39; Jialong Xinjiang, Zhonghong Jiaduobao Group Holdings announced that it will carry a Yinyi Capital in debt restructuring & # 39; Zhonghong. Since the party was Jiaduobao, the transaction was very worried from the start. However, in the days of & # 39; after, "Gadopo denied '' Office inquiries & # 39; Exchange & # 39; Shenzhen" and other Dramas were successively put in & # 39; this debt restructuring .
On 30 & # 39; August, shares & # 39; Zhonghong replied in & # 39; & # 39 letter, inquiry by the Stock Exchange & # 39; Shenzhen according to Huang Weiqing (information provided by Zhonghong show that Huang is the authorized representative of & # 39; Jiaduobao, but Jiaduobao dismissed), As the company disclosed the financial information & # 39; Jiaduobao with not true, caused a divergence between the two parties, which led to the complete termination of the relevant cooperation as set out in the Agreement Restructuring Debt and Operating Trust.
On the day & # 39; "farewells" to Jiaduobao, shares & # 39; Zhonghong immediately brought "new helper", and the announcement revealed that the company cooperated with & # 39; Suzhou Guohou and Zhongtai chuangzhan Holdings Co., Ltd. (Hereinafter & # 39; hereinafter "chuangzhan Zhongtai") 9 On 30 monthly, signed the "Agreement & # 39; Operating Trust". Under the agreement, Zhonghong agreed to entrust to Suzhou Guohou to implement a & # 39; custody operations. Suzhou Guoqiang is willing to accept the mandate of & # 39; Zhonghong for a period of & # 39; 36 months, and the fee & # 39; custody is a basic monthly fee of & # 39; 1 million yuan. Zhongtai chuangzhan agreed to support & # 39; & # 39 liquidity; Zhonghong properly during implementation of the operation & # 39; & # 39 custody; Suzhou Guoqiang, and to promote Zhonghong to re & # 39; begin production and normal operation.
You & # 39; this transaction "flower outcome"? Chen Yong, vice president and secretary of the board of directors & # 39; the state & # 39; Suzhou, Suzhou Guoqiang said that is involved in the role of & # 39; custodian business as custodian. The problematic enterprise responds with & # 39; gradual way for the debt crisis and transform "problem assets" in & # 39; assets & # 39; quality "." We are explorers dealing with debt problems -kumpaniji listed omitted, the first person to eat crabs in the industry. "said Chen Yongru.
Editor in charge: Zhang Heng