Monday , June 21 2021

Zhonghong is not yet – Delisting eliminates 8.59 billion debts to solve the "white warriors" – Finance News



Zhonghong has not yet reached the bureau: the delisting has neglected 8.59 million debts to solve the "white warrior".

Times Times magazine from Hu Tianxiang in Guangzhou

Zhonghong shares were delisted, but the debt Zhonghong shares crisis has not been.

After 20 days of trading, the closing price was less than 1 yuan and the shares of Zhonghong decreased to be the first stock of shares due to the stock price below the budget. November 16, Zhonghong Co., Ltd. (000979.SZ) changed the abbreviation "Zhonghong retireDelisting period included. This means that after 30 trading days, a 2010 backdoor * ST Branch real estate company will officially end the debt crisis.

Since November 23, Zhonghong shares have set a lower limit of approximately one million yuan per day with average turnover. From the point of view of the volume, almost nobody can escape. Data show that at the end of the third quarter, Zhonghong is the 8 top 10 negotiable stockholders, asset management plans or fund companies. The number of shareholders is more than 270,000.

It's not just investors and institutions worried about retirement from Zhonghong. Zhonghong shares were announced on November 22, as the announcement date, the accumulated amount of the company's debts and its subsidiaries amounted to 8,591 million yuan, all of which were loans.

The announcement said Zhonghong could not properly solve debts, arbitrations, frozen bank accounts, frozen assets, etc., and the creditors may process the courts to take protective measures (arbitration). .

It has been arrested, its debt continues to grow, and now it has reached 8,591 million yuan, the credit rating has fallen steadily, with revenues and net profit falling significantly. In addition to paying off assets, assets and debts to sell assets, Zhonghong Storm will restructure the fourth debt.

The subject has dropped credit grade to C

Zhonghong shares, which have been in severe debt this year, have steadily declined the main credit ratings.

On May 29, Dagong International Counseling and Evaluation Center, SL (hereinafter "Dagong Rating") lowered Zhonghong B's parent credit rating (debt repayment capacity is based on a good economic environment and the default risk is high). The outlook remains negative (there are inadequate factors and, in general, the probability of lowering credit ratings in the future). Dagong Rating said that by the end of March Zhonghong liabilities amounted to 37.4 million yuan, and the debt on debt was 28.1 million yuan and the burden was heavier. At the same time, the company's operating capacity has been reduced, it is difficult to obtain external assistance and its solvency has increased.

The Times Weekly reporter was reported as a result of the real estate control policy, mainly due to the influence of the control policy of the Beijing Commerce Office in March 2017, sales of the Zhongmao Yumafang project and the Xiagezhuang project (commercial segment) and the 2016 sales were released. The Mafang project had a large number of check-outs in the first quarter of 2017 and 2018, and sales of other regional projects also dropped sharply. Additionally, the "double suspension" (negotiation interruption, suspension of negotiations) to Haikou Maritime Safety Administration and Fishing Bureau in Haikou has concluded that Zhongyi shares will be closed from January 2018. Unable to produce the expected benefits.

This has caused Zhonghong's revenues and profits on several levels. According to the financial report, Zhonghong's operating income in 2017 amounted to 1,016 million yuan, a year-on-year fall of 77% and net profit of -251 million yuan, 16.8% -1688. Between January and March 2018, Zhonghong's operating expenditure was 1.15 billion yuan, an interannual 19.36% increase. However, the increase in financial expenses and management expenses was remarkable, a net profit of -315 million yuan, year-to-year decline of 3621%.

On June 27, Dagong Ratings decided to change the shares of Zhonghong to the CCC (the debt repayment capacity is in a very good economic environment, and the default risk is very high) and is a negative rating. Dagong Rating believes Zhonghong's shares face a sharply demanding debt. Due to the regulation of the rules and the company's financial constraints, the competitiveness of the product market has fallen dramatically, the wealth creation capacity is weak, the capital market's credibility has been offset and the debt is difficult to obtain. The debt source has been greatly reduced and its solvency is weak.

On 22 October, due to a partial debt resulting from partial interest and partial redemption of Zhongghong Dagong Ratings, Zhonghong Zhuoye Group Co., Ltd. and the main driver Wang Yonghong was also paid. Failure to comply with the warranties constitutes a material breach of the contract. Therefore, Dagong rating Zhonghong's major credit shares C (unable to repay debt), and "16 Zhonghong 01" credit grade was adjusted to CC (protection can be obtained by failure or restructuring and the loan can not be guaranteed).

In the first three quarters of 2018, the Zhonghong share earned an operating profit of 784 million yuan, 37.44% more than the same period the year before. The net profit for shareholder shareholders was -55.80 million yuan -1146.37 year-on-year decrease.

The detained debt has risen to 8,591 million yuan

The body's primary credit rating is in the bottom and the amount of Zhonghong's share debt debt is still rising.

Zhonghong shares were announced on November 22 after 12 November, with the main percentage of the debtor and the company's interest totaling 8,052 million yuan. On November 21, the total amount of debts and principles of the company and its affiliates exceeded 538 million yuan, all of which were loans. From the date of the announcement, the total amount of accumulated retentions of the company and its subsidiaries amounted to 8,591 million yuan, all of which were loans. On June 1, 3.07 billion yuan.

Zhonghong Securities Securities Department staff say that Times Weekly is actively engaging with the most important creditors and trying to gather resources as much as possible to overcome the debt problem as soon as possible. "In addition to refurbishing, the company will sell funds through sale of goods, real estate inventory sales, receivables and other receivables." The aforementioned workers say Time Weekly.

On July 11, Zhonghong has signed an "Equity Transfer Agreement" with Hainan Luoshengte Investment Co., Ltd. (hereinafter "Luoshengte Investment"), and the plan is owned by Hainan Ruyi Island, which is fully owned by 1.4 billion yuan. Resort Investment Co., Ltd. (hereafter "Hainan Ruyi Island") 100% net worth. After finalizing the transaction, Zhonghong Co., Ltd. had a reduction of 73.92 million euros after paying compensation and paying off debts and debts of Kaor, and the investment income increased by 1,031 million RMB. On November 7 this year, the Zhonghong shares had a loan at an estimated price of 3,067 million yuan and 24 stores at Haikou auction will be separated.

According to Times Weekly, in addition to Ruyi Island, Zhonghong is actively planning a global sale of other assets. For example, Zhonghong building, Yumafang project, Yushan Yugu project, Jinan Zhonghong square and Anji project, in Beijing, are in the field of asset sales.

Eighth debt restructuring

In the face of major difficulties, restructuring of debt is still the best option. In fact, Suzhou Guohoucheng Investment Management Co., Ltd. (hereinafter "Suzhou Guohou") has been negotiating the fourth organization, Zhonghong has cooperated with Shenzhen Gangqiao Equity Investment Management Co., Ltd. and Xinjiang Jialong. Development Co., Ltd. and the Jiaduobao Group restructured the debt, but all ended.

On March 19, 2016, Wang Yonghong, the current Zhonghong driver, and Zhonghong Zhuoye Group Co., Ltd., Zhonghong shareholder controller, signed a strategic restructuring of Hongqiao Investment. Two months later, on May 25, Zhonghong Co, SL published a note that Zhonghong Taldek reached an agreement for payment of creditors' debt and restructuring issues, the three parties decided to end the reorganization.

On June 29, Zhonghong inaugurated a new "Samurai White" at Xinjiang Jialong. Zhongghong Zhuoye wants to transfer 2,228 million to eight shares with Xinjiang Jialong, Zhonghong shareholder's new control. Xinjiang Jialong, Zhonghong Zhuoye, gave some help in settlement to solve the debt crisis that was facing the company. However, two months after the "run-in period". On August 27, Zhonghong Co, Ltd. announced a reasonable time, Zhonghong Zhuoye did not reach an agreement to restructure lucky Zhonghong with important creditors. On August 14, Zhonghong shares received "Anhui Securities Regulatory Office" Research Notes. According to important regulations, future securities and future crimes are envisaged. During the study of the China Securities Regulatory Commission, the major shareholders of the listed companies will not be able to reduce their investments. shares For this reason, after the mutual agreement, the parties ended the transfer of shares.

On the day of Xinjiang Jialong's settlement, Zhonghong Holdings announced that the Jiaduobao Group would bring Yinyi Capital to a Zhonghong debt restructuring. Since the Jihaduobao Festival, the transaction has been very interesting since the beginning. However, the next days, "Gadopo denied" "Shenzhen Exchange Office inquiries" and other dramas were successful in this eight restructuring.

On August 30, Zhonghong shares responded in a letter to Shenzhen Stock Exchange, according to Huang Weiqing (Zhongghong confirmed that Huang Jiaduobao is a licensed representative, but denied Jiaduobao), confirming that Jiaduobao's financial information was not the company caused the difference between the two parties, and when the relevant collaborations were completed, the Restructuring Debt and the Operating Operations Agreement were established.

On the "Goodbye" day of Jiaduobao, Zhonghong immediately brought a "new assistant" and announced the company Suzhou Guohou and Zhongtai Chuangzhan Holdings Co., Ltd. (Called "Zhongtai Chuangzhan") in co-operation. On the 30th, the "Operating Operation Agreement" was signed. According to the agreement, Zhonghong agreed to carry out surveillance operations ordered by Suzhou Guohou. Suzhou Guoqiang Zhonghong's approval order is a 36-month period, and the custody fee is 1 million yuan basic monthly fee. Zhongtai Chuangzhan gave Zhongghong liquidity support to the Suzhou Guoqiang custodial operation, and Zhonghong encouraged the recovery of normal production and operation.

Can this transaction "flourish the result"? Chen Yong, Suzhou State Deputy Director and Vice President, said Suzhou Guoqiang is in charge of being a guardian of business. Based on its professional advantages, Zhonghong oversees debt financing and debt-sized exchanges. Problem business gradually responds to the debt crisis and transforms "asset problems" into "quality assets". "We are the explorers for treating debt companies that have traded the first cider cigar business." Chen Yongru said.

Director: Zhang Heng


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