2019-04-07 14:33 | Zhejiang News Client | Reporter Cai Xiaomeng
Shin Kong Holdings Group , which has been trapped in a liquidity crisis for half a year, finally received an announcement.
On April 3, Shin Kong Holdings and st Shin Kong simultaneously issued announcements:
Since the debt crisis, Shin Kong Group and its actual controllers have tried their best to formulate relevant plans and resolve debt risks through various channels, but they still cannot completely get rid of their flows. Sexual crisis.
In order to protect the interests of creditors and properly resolve the debt problems of Xinguang Group and its subsidiaries, Xinguang Group and its wholly-owned subsidiaries Yiwu Xinguang Trading Co., Ltd., Shanghai Fuyue Mingcheng Holding Group Co., Ltd., Shanghai Xibao Industrial Co., Ltd. is an enterprise that can adapt to market needs and has reorganization value based on its own financial situation, asset status, debt situation, production and sales, industry prospects, industrial structure, etc.
Shin Kong Group and its three reorganization subsidiaries applied to Jinhua Intermediate Court for reorganization on April 3.
At this point, Shin Kongโs struggle with the debt crisis that began in September 2018 has come to an end for the time being. The well-known enterprises in Yiwu that were once prosperous are almost the same as "bankruptcy" under this announcement.
Frequent announcements, hinting at bankruptcy
Recently, reporters have noticed that Shin Kong Holdings has made frequent announcements, and information about debt crises, bond transaction disputes, guarantee issues, asset freezes, and continued performance losses have been exposed one after another.
html On March 1, ST Shin Kong issued an announcement on the progress of Shin Kong Yuancheng Co., Ltd.'s failure to perform internal approval and decision-making procedures for external guarantees and capital occupation. html On March 19, ST Shin Kong issued an announcement that the new bank accounts of Shin Kong Yuancheng Co., Ltd. and its subsidiaries were frozen. The announcement shows that some of the new bank accounts of Shin Kong Yuancheng Co., Ltd. and its subsidiary Yiwu Shimao Center Development Co., Ltd. have been frozen. html On March 27, ST Shin Kong released the performance forecast for the first quarter of 2019 for Shin Kong Yuancheng Co., Ltd., with an expected loss of 75 million to 100 million yuan. The loss in the same period last year reached 68.8459 million yuan.On March 29, ST Shin Kong issued two announcements in a row. One is an announcement that Shin Kong Yuancheng Co., Ltd. has received a notice of investigation from the China Securities Regulatory Commission; the other is an announcement about a major lawsuit against a secondary wholly-owned subsidiary of Shin Kong Yuancheng Co., Ltd., involving an amount of 1.41677 billion yuan.
html On March 31, Tianyancha released news that Shin Kong Holdings had added multiple legal actions related to property preservation. Ping An Pension Insurance Co., Ltd. applied to the court for pre-litigation property preservation, and the Shanghai Pudong New District People's Court ruled that the bank deposits of RMB 23,187,450.00 of Shin Kong Holdings Group Co., Ltd., Chairman Zhou Xiaoguang , and Director Yu Yunxin would be frozen or seized. , seize their property of corresponding value.According to media reports, after the Shin Kong debt crisis, a large number of creditors, including banks, trusts, funds, and private lenders, took Shin Kong Group to court. Among them, there were nearly 10 new lawsuits and enforcement cases in March, involving amounts of money. Billions of dollars.
In fact, since 2018, Shin Kong Holdings has been mired in debt default. At the end of September 2018, Shin Kong Yuancheng, a listed company under Shin Kong Group, was ST-listed, and its stock price plummeted by more than 80%. All ST Shin Kong shares held by Shin Kong Group have been frozen pending judicial review.
In early January this year, Shin Kong Holdingsโ debt crisis intensified. Multiple bonds defaulted, liquidity collapsed, and debt repayment pressure was huge. The overdue debt disclosed by Shin Kong Holdings in early January alone exceeded 2.1 billion yuan.
Nowadays, Zhou Xiaoguang, the former "richest woman" in Zhejiang, may never be able to bring Shin Kong back to life; the company that was the prototype of the inspirational drama "Chicken Feathers Flying to the Sky" may never be able to fly again.
Zhou Xiaoguang, the head of Yiwu giant
Xinguang Holdings, whose business is no longer popular, has always been a typical example of the hard work of Zhejiang businessmen.
According to previous media reports, Zhou Xiaoguang started selling embroidery wreaths, embroidery needles and embroidery patterns on the street when he was only 16 years old. As the eldest daughter of the family, she shouldered the task of taking care of one younger brother and five younger sisters, so she was unable to go to college.
In 1985, Zhou Xiaoguang married Yu Yunxin, a small merchant of embroidery products. The two used their savings over the past few years to rent a stall in Yiwu's second-generation small commodity market.
In July 1995, Zhou Xiaoguang and his wife invested 7 million yuan to set up a jewelry factory, and named it Xinguang Jewelry Company after the last characters of the couple's names. At this point, Zhejiang Xinguang Jewelry Co., Ltd. was established. Xinguang, which started with jewelry, It was once unparalleled in the industry and even participated in drafting the first national jewelry industry standard in the light industry.
In 2009, Shin Kong Jewelry, a subsidiary of Shin Kong Holdings, participated in the establishment of Centenary Life as a sponsor and became the largest shareholder. Since then, Shin Kong has started its cross-border road, including real estate, logistics, tourism, energy, finance... In April 2016, Shin Kong Yuancheng Co., Ltd. was listed on the Shenzhen Stock Exchange. At the time of listing, its main business had been transformed into "land collection". A listed company with dual main businesses focusing on industry and manufacturing."
In 2017, on the Hurun Rich List, Zhou Xiaoguang and Yu Yunxin ranked 65th with a net worth of 33 billion, becoming the "richest women" in Zhejiang.
According to the official website, Shin Kong Holdings Group Co., Ltd. is involved in many industries such as jewelry, high-end manufacturing, real estate, Internet, finance, investment, etc., with total assets of approximately 80 billion yuan. Zhou Xiaoguang, born in 1962, became the first private entrepreneur in Yiwu to be elected as a representative of the National People's Congress.
is such a giant private enterprise in Zhejiang that has collapsed.
The 46.8 billion yuan in debt behind the expansion
Shin Kong Holdings went from being a private enterprise giant in Zhejiang to issuing a bankruptcy announcement. The debt landmines laid behind by its continued expansion are worthy of vigilance for all companies.
After arranging the capital market, Zhou Xiaoguang began to enter finance and other industries. The expansion achieved through asset pledge did not achieve the expected returns.
According to the public annual report, from 2015 to 2017, the total assets of Shin Kong Holdings increased from 36.58 billion yuan to 77.6 billion yuan, more than doubling. As of the end of March 2018, the company's total assets reached 78.88 billion yuan. However, in order to continue to finance expansion, a considerable part of Shin Kong Holdings has been mortgaged.
Dagong International Rating Report stated that as of the end of March 2018, Shin Kong Holdingsโ restricted assets totaled 24.01 billion yuan, accounting for 30.44% of total assets and 71.61% of net assets. For example, Shin Kong Yuancheng, a listed company with the highest quality assets under Shin Kong Holdings, has pledged a total of 97.88% of its shares in Shin Kong Yuancheng as of June 29, 2018.
The stock pledge rate of a listed company is as high as 97.88%. This is a number that makes all companies highly vigilant.
Letโs look at the debt situation. As of the end of 2015, the end of 2016, the end of 2017 and the end of June 2018, Shin Kong Holdingsโ total liabilities were 21.537 billion yuan, 39.955 billion yuan, 44.867 billion yuan, and 46.898 billion yuan respectively.
So what about the hematopoietic ability of Starlight Holdings? It can be seen from the annual report that Shin Kong Holdings' hematopoietic ability has gradually declined in recent years. From 2015 to 2017, Shin Kong Holdings' operating net cash flow was 1.548 billion yuan, 1.101 billion yuan and -1.340 billion yuan respectively. In 2017, it changed from net inflow to net outflow.
By 2018, Starlight Holdingsโ debts began to mature intensively, and the rubber band of liquidity was stretched to its limit, and finally lost all elasticity. The plot of
after that was to frequently sell off assets, get involved in lawsuits and disputes, and struggle to save itself. But in the end, the insolvent Shin Kong still reached the stage of reorganization.
(Original title "From "chicken feathers flying to the sky" to "chicken feathers on the ground" Xinguang Group applies for reorganization". Editor Wang Yushi)
