"He Qiaonv, known as the "Queen of Chinese Gardens", lived in a leaky hut with her family of seven because of poverty when she was a child. She only put on shoes for the first time when she was 10 years old. Before that, she had been barefoot because of poverty. , eat eggs only o

" Children without umbrellas must run hard! " is known as the "Queen of Chinese Gardens " He Qiaonu . When she was young, because of poverty, her family of seven lived in a leaky hut. She put on shoes for the first time when she was 10 years old. Before that, she had been barefoot. Because she was poor, she only ate eggs once a year.

was born as a flower girl from a poor family, and later became the head lady of Oriental Garden of a listed company, and also became the Queen of Charity. He Qiaonv became famous all over the world because of the largest individual charity donation in history for wildlife protection - 1.5 billion US dollars (approximately 9.6 billion yuan). But she never thought that running forward without an umbrella would definitely make her heart feel cold! Sad, sad, sad! "A clever girl encounters a problem without rice", a mountain of debt of 25 billion is overwhelming, and the company is like a leaky house in childhood. When will the "umbrella man" come to us in the rainy day?

The debt is overwhelming and the market value has evaporated by 32 billion. Can the "Garden Queen" be saved?

He Qiaonv, Chairman of Oriental Gardening

The "Oriental Gardening Bond Issuance Incident" broke out in May this year, causing Oriental Gardening, the "No. 1 Chinese Gardening Stock" controlled by He Qiaonv, to be trapped in the whirlpool of capital liquidity problems.

html On May 21, Oriental Garden announced that it originally planned to issue 1 billion yuan of corporate bonds, but the actual issuance scale was 50 million yuan. As soon as the news came out, it was interpreted by the outside world as a "failed bid" for the bond issuance. Affected by this, the stock price continued to fall, and the market value evaporated by 32 billion in just 5 months. Even after showing the "famous" semi-annual report, Oriental Garden, which suspended trading of and revamped for 3 months, was closed to the limit as soon as trading resumed.

The biggest crisis is the word "debt". This is also the major issue that He Qiaonv, the chairman of Oriental Garden, has been worrying about every day for more than half a year. As of the first half of this year's financial report, the listed company Oriental Garden's liabilities totaled 28.194 billion yuan; of which, current liabilities were 25.366 billion yuan. During the reporting period of the "Interim Report", the asset-liability ratio was 70.21%.

He Qiaonv's Oriental Garden was founded in 1992 and successfully listed in 2009. It is the first listed company in China's garden industry. At present, Oriental Garden Holding Group has four major business sectors: Environment Group, Cultural Tourism Group, Environmental Protection Group and Qiaonv Foundation.

He Qiaonv, the actual controller of Oriental Garden

On October 18, the listed company Oriental Garden announced that: In order to ensure the security of the share pledge, the company plans to introduce state-owned strategic investors, and the actual controllers He Qiaonv and Tang Kai plan to sell no less than 10% of the equity, the funds raised will be used to return stock pledge financing to significantly reduce the equity pledge rate. At present, multiple rounds of negotiations have been conducted with relevant central enterprises and local state-owned assets.

With the market downturn, He Qiaonv and Oriental Garden faced "the coldest debt issuance in history". Financing difficulties made the company "flooded and rained all night". He Qiaonv also tried her best to hope to get out of the predicament. It should be said that Oriental Garden's previous corporate credit rating was AA+, which is relatively high among private enterprises. But a "good" company like this is engaged in a "good" project encouraged by policies - environmental protection. But when it needs financing, it is mercilessly ignored by the capital market. Why is this?

The high debt ratio has been one of the criticisms of Oriental Gardens in the past five years, especially the excessive leverage ratio. From Oriental Garden’s multiple announcements, we often see words such as “adjust the existing loan structure” and “reduce the debt ratio”.

From an objective point of view, due to Oriental Garden's own industry weaknesses, projects often have pressure on accounts receivable, resulting in a low capital turnover rate. In addition, although projects operated under the PPP model are environmentally friendly projects, once the local financial payment capacity weakens, it will often bring great difficulties to the normal operation of the enterprise, and it is especially easy to fall into cash flow difficulties.

He Qiaonv

Family businesses can learn profound lessons from He Qiaonv: they must regard cash flow as the lifeline of the enterprise, pay attention to dealing with the debt structure, and optimize the efficiency of the use of capital resources. Like Oriental Garden, which relied on "releasing new and repaying old" in the past, once the capital chain is under pressure, it is easy for problems to arise and even be pushed to the debt cliff.

A few days ago, a rumor spread in the industry that Oriental Garden will be demoted according to grade and salary starting from October 1st. According to the news, Oriental Garden will start the process of signing and confirming salary reductions in the near future. If the salary reduction is not accepted, it will be treated as resignation. According to sources, salary cuts range from 20% to 50% depending on the position level. In addition, meal subsidies, bonuses and other benefits will be canceled this year, and manpower may also reverse the layoff list according to the date of entry. However, some media asked the staff of the Oriental Garden Securities Department for confirmation, but they were denied and said that the rumors were untrue.

Judging from various sources, He Qiaonv's Oriental Garden's huge debt still needs to be settled, but it has ushered in "a ray of light in the dark tunnel." On October 17, the company said it signed a "bank-enterprise cooperation" agreement with Hua Xia Bank Beijing Branch , which is enough to show that financial institutions are still working hard to inject liquidity support into it, and the door to financing has not been blocked.

What made He Qiaonv even more relieved was that the Beijing Securities Regulatory Bureau issued a "Work Letter" in support! On October 16, the Beijing Securities Regulatory Bureau convened 23 creditors including First Capital Securities and Shanghai Pudong Development Bank to participate in a collective consultation meeting. At the meeting, Oriental Garden Chairman He Qiaonv expressed her willingness to actively repay loans and proposed a specific debt repayment plan. The vast majority of creditors expressed their willingness to support the company's stable development and stated that they would prudently dispose of the shares pledged by the controlling shareholder. .

On October 17, the Beijing Securities Regulatory Bureau sent a letter to relevant agencies, suggesting that all creditors should consider the overall situation, give the company's controlling shareholders time to resolve risks, and temporarily refrain from taking measures such as forced liquidation and judicial freezing to avoid worsening debt risks and affecting the company's stability. business.

Husband Tang Kai (4th from left), He Qiaonv and son (5th from left)

He Qiaonv wants to transfer 10% of the equity to attract state-owned strategic investment. The equity transferors include her and another actual controller, her husband Tang Kay. When He Qiaonv was 30 years old, she married Tang Kai; in 2015, in order to lay out the "ecology" of Oriental Gardens and make room for the new section team, her husband Tang Kai once resigned from the position of vice chairman of the company, retaining only the position of director.

Meeting someone with an umbrella on a rainy day is a great blessing during the journey. Today, although He Qiaonv and the listed company Oriental Garden have not completely escaped from the debt crisis, compared with two or three months ago, they have many ways out. Those who deliver umbrellas on rainy days come from the policy and regulatory authorities, as well as from the "Queen of Gardens" He Qiaonv's handling of crisis situations, especially her quick response to crisis management.

Crisis handling is an important link in the inheritance and governance system of family businesses. The debt issuance difficulties encountered by Oriental Garden are caused by external factors and are also related to financial problems. Simply focusing on increasing scale and performance, pursuing rapid development, but the financial operation cannot keep up, and it is extremely easy to cause problems. He Qiaonv's "narrow escape" in her previous entrepreneurial journey has accumulated certain management experience for her. We know that from the suspension of trading of listed companies and the presentation of "report cards" to the pursuit of strategic cooperation, the introduction of "national team" participation, and even the intervention of regulatory authorities, it can be said that decisions are made very quickly; the disposal methods are also multi-pronged and relatively calm.

Who will help the most inspiring richest woman in Zhejiang who is on the edge of the debt cliff?

Zhejiang's richest woman Zhou Xiaoguang (2nd from left)

"Queen of Gardens" He Qiaonv is an inspirational female entrepreneur who came out of Wuyi, Zhejiang. Compared with He Qiaonv, she set up a street stall at the age of 17 and became independent at the age of 33. Zhou Xiaoguang, the head of the entrepreneurial Shin Kong Holdings Group and the richest woman in Zhejiang, can be regarded as the most inspirational rich woman in Zhejiang and the prototype of the hit TV series "Feathers Flying to the Sky".

crashes! The richest woman in Zhejiang is in debt crisis! ! !

html On September 25, two bonds of Shin Kong Holdings defaulted, which officially brought the debt crisis of Shin Kong Holdings and Zhou Xiaoguang to the surface. Because Zhou Xiaoguang holds the aura of "the most inspirational female entrepreneur in Zhejiang" and "the richest woman in Zhejiang", the debt crisis of Shin Kong Holdings officially surfaced. It has attracted much attention from the industry, and its image, which has been built up over many years of hard work, has also collapsed.

At the same time, Zhou Xiaoguang's listed company "Xinguang Yuancheng" has received "letters of concern" from the Shenzhen Stock Exchange many times. Zhou Xiaoguang has also been listed as the person subject to execution by the court, and the richest woman has been "lao Lai".

Shin Kong Group held a bondholder communication meeting

At present, Shin Kong Group’s total liabilities are 35.7 billion yuan, of which the debt balance of banks and other financial institutions is 23.7 billion yuan, and the balance of debt financing instruments issued in the open market that require rigid redemption is 12 billion yuan. Yuan. On September 21, Zhou Xiaoguang was listed as the "person subject to execution" by the Zhejiang Provincial Higher People's Court due to the equity pledge prosecution of Changjiang Securities.

html On September 25, Shin Kong Group defaulted on a total of 3 billion yuan in bonds, completely exposing the Shin Kong debt crisis that has been circulating in the industry to the public. Currently, the family's listed company "Xinguang Yuancheng" has been suspended for nearly nine months due to major asset acquisitions. According to previous media reports, in order to repay debts, Shin Kong Group has successively disposed and transferred various assets including hotels, properties, and equity since last year to withdraw funds, thereby ensuring the payment of bonds due in the first half of the year.

A few days ago, Zhou Xiaoguang disposed of assets again. Yiwu "Xinguang Yipin" was acquired by a wholly-owned subsidiary of Zhejiang Binjiang Real Estate Group for a price of 4.03 billion yuan. After deducting the project liabilities, the subsidiary Binjin Company actually needed Paid 329 million yuan.

According to the Beijing News and other media, at the end of last month, Shin Kong Group held a "bond holder communication meeting" in Yiwu, mainly for the two bondholders of "15 Shin Kong 01 and 15 Shin Kong 02". The meeting was chaired by Yu Jiangbo, Zhou Xiaoguang's eldest son and president of Xinguang Group. Zhou Xiaoguang was reportedly on a business trip in Beijing and did not attend.

Shin Kong Group President Yu Jiangbo hosted a communication meeting

Some media revealed that as early as 10 years ago, Shin Kong Group's capital chain was on the verge of breaking. At that time, Zhou Xiaoguang was serving as a representative of the National People's Congress and was rumored to have suicidal thoughts. It is said that it was with the help of Fosun Guo Guangchang and other big friends in her circle of friends that she managed to survive that crisis.

As the saying goes: Every time you suffer, you gain wisdom; it seems that Zhou Xiaoguang, who has always been competitive, has not learned the profound lessons of the past. The situation has improved, and he has expanded more crazily and rushed desperately. Can he survive the difficulties this time? Another unknown.

According to media reports such as the Economic Observer, on October 16, Shin Kong Holdings held the first bondholders meeting of "15 Shin Kong 01" in 2018. Not all 10 motions were passed, and some bondholders who participated in the meeting left the meeting midway, saying that "nothing was said at the meeting." After the meeting, Yu Jiangbo, president of Shin Kong Group, who presided over the meeting, proposed a three-year debt repayment plan. It is also reported that some of Shin Kong’s assets have been preserved by the court.

Zhejiang’s richest woman, Zhou Xiaoguang, the most inspiring woman on the edge of the debt cliff, will anyone give her a hand again?

Judging from the current policy trends, there is still a glimmer of hope for Shin Kong Group and the Zhou Xiaoguang family to get out of the debt quagmire.

Xinguang Group’s female boss Zhou Xiaoguang

A week ago, the Shenzhen Municipal Government launched a “chance initiative” to “defuse mines” on equity pledges and provide huge amounts of funds.

Recently, Shenzhen has arranged tens of billions of funds to solve the "urgent needs" of listed companies, and established a special working group composed of 10 departments to coordinate and reconcile the stock pledge risks of controlling shareholders of listed companies. It has also arranged tens of billions of special funds to start from Starting from both debt and equity aspects, we will build a "risk mutual aid mechanism" to reduce the stock pledge risk of Shenzhen A-share listed companies and improve the liquidity of listed companies.

According to the Shanghai Securities News, after "Shenzhen spent tens of billions to support listed companies" was launched, Guangzhou and Beijing followed closely with plans. If this policy trend is formed, I am afraid that Zhejiang, Shanghai and other places will follow suit and launch a "risk mutual aid" mechanism similar to Shenzhen. If it is possible to proceed, Zhou Xiaoguang, known as the "richest woman in Zhejiang", is likely to be included in the rescue policy.

A few days ago, after the news of Shenzhen’s tens of billions of funds was released, the Shenzhen A-share sector became “popular” and also flooded Moments.

Even if some companies receive liquidity support, a bigger core question is: once the money has arrived, the risks have become relatively smaller. Is the "body" of the listed company okay? Are the fuses that lead to equity pledge risks really extinguished? Just last month, Zhou Xiaoguang talked about "starting over from scratch" in an interview. Has he really made up his mind?

The content of this article is the original content of Yibo Shuo

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