CITIC Guoan Group Co., Ltd. is the major shareholder of the former Beijing Guoan Football Club and controls a number of listed companies, including Baiyin Nonferrous Metals, CITIC Guoan, Sino-Portuguese Holdings and Hong Kong-listed Guoan International.

CITIC Guoan Group Co., Ltd. is the major shareholder of the former Beijing Guoan Football Club and controls a number of listed companies, including Baiyin Nonferrous Metals (601212.SH), CITIC Guoan (000839.SZ), Sino-Portuguese Shares (600084.SH) and Hong Kong listed companies Guoan International (0143.HK).

.3 billion assets were frozen, and a previous lawsuit resulted in a loss of 1 billion

. An announcement of frozen assets a few days ago attracted everyone's attention, and then CITIC Guoan (000839) fell sharply in the secondary market.

What happened to Guoan Group, which has always spent a lot of money? Will this asset freeze cause a new round of storm? Let’s first look at the report on frozen assets. According to the judgment document, the property of the respondent CITIC Guoan Group Co., Ltd. was seized, detained, and frozen, with a limit of 300,835,370.85 yuan. The period for freezing bank deposits is one year, the period for sealing movable property is two years, and the period for sealing real estate and freezing other property rights is three years.

This is not the first time it has been involved in a big lawsuit. According to (2017) Beijing 03 Zhiyi No. 98, Cinda Investment and Zhuangsheng Company, both subsidiaries of Guoan Group, had a case located at A-G of Zhuangsheng Phase II within the Second Ring Road of Beijing. block, resulting in rights disputes. Cinda Investment Co., Ltd. will pay liquidated damages of RMB 1 billion to Zhuangsheng Company within ten days after this judgment takes effect.

Whether this is related to the asset freeze is still unknown, but obviously a cooked duck has flown away. Because Zhuangsheng Company had financial difficulties at first, it chose to jointly develop with Cinda. Later, Cinda transferred the land to Guoan Group. After Guoan invested heavily in demolition and other matters, a dispute arose and the lawsuit was lost, which was a bit nerve-wracking. bone.

Owners who are not short of money face the risk of a decline in credit ratings.

However, at the beginning of 2018, Guoan Group still wanted to invest 9 billion to take over Tomorrow's assets, but ultimately gave up. Participated in the completion of the plan to return to A-share listing of 360 (stock code: 601360), investing US$400 million and holding 4.20% equity.

According to the "Reply of the State Council on the Establishment Plan of the China Internet Investment Fund", the Cyberspace Administration of China and the Ministry of Finance jointly initiated the establishment of the China Internet Investment Fund. The total planned scale of the fund is 100 billion yuan (the company has subscribed 4.5 billion yuan), of which 30 billion yuan planned to be raised in the first phase has been fully subscribed (the company has contributed 675 million yuan).

is obviously short of money now. Not only that, the bond rating market responded quickly and issued a risk warning.

According to the company’s previous credit rating report, as of March 2018, Guoan Group’s total assets were 221.597 billion, liabilities were 149.288 billion, and the asset-liability ratio was 79.95%. Among them, short-term debt reached 73.063 billion yuan.

Major shareholders increase their holdings, keep penny-pinching, and delay again and again

Such a high debt ratio involves huge risks. This is not the case. CITIC Guoan (000839), its listed company, announced on December 22 that the controlling shareholder had originally planned to complete the increase in holdings. The plan is to make nothing in 6 months, and it will be delayed until and will be completed on February 1, 2019. Seeing that the day was approaching,

issued another announcement on January 16, 2019, saying that the increase in holdings would be postponed to , which would be completed on July 31, 2019.

Could it be that he deliberately went crazy and lowered the stock price for the purpose of increasing his holdings? I hope they don't break their promise again.

A joke with a market value of 100 billion

After the completion of the mixed reform, its listed companies were full of confidence after the share-trading reform. On December 11, 2015, they promoted a target market value of 100 billion and proposed an employee stock ownership plan. Now it seems that they are in one place Chicken Feather, as of December 31, 2018, had a market value of only 13.2 billion. Three years later, the market value has been cut in half to only 13% of the target value. Could it be that it was just talking nonsense at the beginning?

The mystery of mixed reform

In March 2014, the mixed reform of Guoan Group was completed, and CITIC Group’s shareholding ratio dropped from 100% to 20.945%. Shortly after the completion of the restructuring of Guoan Group, the state proposed "actively developing a mixed-ownership economy." It was precisely because of the timing that some media reported that the restructuring and restructuring of Guoan Group's capital increase and share expansion was called "the first company to complete mixed ownership." ".

Liu Zhen, associate professor at the School of Marxism at Tsinghua University, published a commentary in China Business Daily at the time, pointing out that CITIC Guoan Group’s mixed-ownership reform did not release any public information on all aspects of asset pricing, shareholder selection and other aspects, but it was eventually listed. The company announced the completion of the mixed-ownership reform in an announcement.

Liu Zhen emphasized that if this kind of sneaky and fish-in-waters reform becomes a pattern, it will undoubtedly lead to a gluttonous feast of carving up and appropriating state-owned assets.

At that time, how CITIC controlled Guoan’s total assets of more than 80 billion yuan through its net assets of 1.061 billion yuan became a focus of widespread doubt in the market. The subtext was that the audit evaluation of Guoan Group was too low, and the process of capital increase and share expansion may be suspected of the loss of state-owned assets. .

Faced with such accusations, CITIC Guoan Group immediately announced through the media that the restructuring reduced a large proportion of state-owned shares, which was in line with the purpose of the "mixed ownership" reform, and the introduction of private enterprises was precisely because of their flexible mechanisms and strong innovation capabilities. .

In the investigative report ""CITIC Guoan Department's" Hundreds of Billion Capital Diversion Illusion", Yema Finance sorted out for us a clear capital mobilization illusion of CITIC Guoan: CITIC Guoan first sold nearly 80% of the company's equity to 5 private enterprises , and then within two years, 4 of the 5 companies transferred their equity to 4 private shareholders: Dingshang Investment, Gonghe Holdings, Ruiyu and Heshengyuan. In addition to the untransferred Wanshun Real Estate, 4 of the 5 private shareholders All controllers point to a company called China-Africa CNCBI, and the actual controller of China-Africa CNCBI is CITIC Guoan Group; the major shareholder and natural person of the remaining one company also has an inseparable relationship with the group.

The above-mentioned five private shareholders, through important node companies such as China-Africa CNCIN Bank, Juhe Company, Beijing Baoding, and CITIC Guoan Fund, used cross-shareholdings, equity pledges, guarantees and other means to finally control the equity of CITIC Guoan Group In the hands of the group itself, several natural persons closely related to the group, and several impenetrable trusts.

As of the end of March 2018, the company's registered capital was 7.162 billion yuan. Among them, CITIC Group holds 20.945% of the shares and is the company's largest shareholder; Dingshang Investment holds 19.764%; Heshengyuan Investment holds 17.787%; Ruiyu Fund holds 15.811%; Gonghe Holdings Co., Ltd. holds 15.811%; Tianjin City Wanshun Real Estate Co., Ltd. holds 9.882% of the shares.

From the current point of view, Guoan’s mixed reform is not a good example. From the beginning of its announcement, it has been called the auction of the century. Several companies that had crossed the bridge before, where the money came from and where it went, how their participation helped the Guoan Group, and why they withdrew early were also Sima Zhao's thoughts, and everyone knew it. Will

be the last straw that breaks the behemoth?

Judging from the recent announcement, CITIC Guoan (000839) just sold a lithium battery company and received 2.172 billion yuan. It doesn’t seem like there’s a shortage of money either.

As far as the size of the entire Guoan Group is concerned, 300 million is not a big amount, but the frozen assets indicate that there is something wrong. Judging from the series of measures taken by Guoan Group, the lack of money is written on its face. .

Once upon a time, "After the restructuring and reorganization, the company's asset-liability ratio dropped significantly and its financial situation improved significantly." Guoan Group management personnel told a reporter from China News Weekly.

However, Guoan Group, disguised as a mixed-ownership reform, has been running wildly, from the previous 80 billion assets to controlling 221.5 billion assets, with a debt ratio as high as 79.95%. Usually 70% is the warning line. Who will continue to support such a high leverage? They expand like this.

Guoan Group also pledged almost all of its 36% shares in CITIC Guoan (000839).

In terms of credit business, banks are accustomed to "adding icing on the cake" and not "giving help when it is timely" . If the Zhongguancun Bank security measures are just a starting point, then the empire building is in danger.

We don’t want to be like Quan Jian, who died and was exposed by the media before conducting a thorough investigation. The capital market is also a knife that kills people without blood. Only by putting all this in the sun can we truly accept supervision and prevent risks.