China Evergrande has received a liquidation petition and three real estate companies have been applied for liquidation by overseas institutions
Recently, an announcement on the website of the Hong Kong Judiciary showed that Top Shine Global Limited of Intershore Consult (Samoa) Limited (a company located on the Pacific island of Samoa) A winding-up petition has been filed against China Evergrande Group in the High Court of Hong Kong. The case number is HCCW 220/2022, and the hearing is scheduled for 9:30 am on August 31, 2022.
"winding up petition" means that if a company has too many debts, its creditors and/or company members can file a winding up petition with the court. After the winding up petition is filed, the court will conduct a hearing on the winding up petition. If the winding up petition is passed, the court A compulsory liquidation order will be issued, ordering the company to sell its assets to repay debts, distribute remaining property, etc.
Since domestic real estate stocks are basically listed in Hong Kong as small red chips , the issuing entities of US dollar bonds are all located overseas. According to the bond issuance agreement, companies that default on overseas debts have often triggered the conditions for liquidation. Therefore, whether it is arbitration or litigation, it is highly likely that an overseas court or arbitration institution will order liquidation. However, since the effective assets and businesses of these companies are concentrated in China, overseas liquidation rulings may not be supported by domestic courts. Therefore, the debtor's application for liquidation is generally just to put pressure on the defaulting company to prompt it to make decisions that are beneficial to itself. Just a compromise.
suffered a huge loss of 4.2 billion! Zhou Hongyi gave up the "capital increase"
On the evening of June 26, 3601, the company helmed by "Red Leader" Zhou Hongyi, gave up the right to increase capital, exposing the financial data of Nezha Automobile , a new car-making force.
According to the announcement, 360 Private Equity Fund, a wholly-owned subsidiary of 360, plans to transfer its investment rights corresponding to 3.53% of Nezha Automobile’s equity to two limited partnerships, with a corresponding capital increase of 1 billion yuan. . Based on this estimate, Nezha Auto’s latest valuation is 28.2 billion yuan. After giving up the above-mentioned capital increase rights, 360 still holds 11.43% of Nezha Automobile’s equity.
The data disclosed in this announcement by 360 shows that as of the end of 2021, Nezha Automobile’s total assets were 13.7 billion yuan and total liabilities were 8.3 billion yuan. In 2021, its operating income was 5.735 billion yuan and its net profit was -2.9 billion yuan. In the first half of 2021, Nezha Automobile's loss was 690 million yuan, which means that the loss expanded rapidly in the second half of the year. From a cumulative perspective in 2020 and 2021, Nezha Automobile suffered a total loss of more than 4.2 billion yuan.
Ren Zeping and Yu Minhong continued to talk, denying that he joined Evergrande with an annual salary of 15 million, and then talked about past experiences, mainly because he wanted to understand how the real estate company works
On the evening of June 26, during a live broadcast with Yu Minhong, Ren Zeping talked Regarding his experience in Evergrande Group , he said that he did not join Evergrande for the 15 million annual salary. Before joining, he already had an annual salary of tens of millions. The main reason for going to Evergrande was to see how the real estate company works.
Regarding Jianyan Evergrande, Ren Zeping said that he is a scholar, and scholars are generally more cautious than entrepreneurs. Later, when the state proposed that housing should be lived in and not speculated, I started writing reports and making suggestions. However, after I wrote it, I was criticized at the Evergrande conference for not having enough structure.
Ren Zeping also said that he is in the real estate industry and analyzes the economic situation and is forward-looking. Although the advice did not play a big role, I did not regret it and did what I should do. Success and failure are both wealth. If I lack the education of setbacks, this experience is a valuable asset.
Regarding Xu Jiayin, chairman of the board of directors of Evergrande, Ren Zeping commented that Xu Jiayin is a very entrepreneurial and adventurous person, and he should not be easily judged as a winner or a loser.
