source丨21 Century Economic Report (ID: jjbd21)
author丨 Ni Yuqing, Zhang Sainan
editor丨 Zhang Weixian, Zhang Yujie, Liu Xiang
picture source丨 picture insect
Recently, Ziguang Group 100 billion debt restructuring triggered The dispute continues to ferment.
On December 10, Beijing Zhilu Asset Management, Beijing Jianguang Asset Management and other consortiums became strategic investors of Ziguang Group, and the pace of restructuring accelerated.
Beijing Jiankun Investment Group (holding 49% of the shares, hereinafter referred to as Jiankun Group) and Ziguang Group Chairman Zhao Weiguo issued a report letter on December 15, questioning the reorganization plan. The report letter questioned the Ziguang Group itself. This reorganization plan will directly cause the loss of state-owned assets of 73.419 billion yuan in the current period.
Jiankun Group stated in a statement titled "Whose Ziguang" that Ziguang Group's reorganization and introduction of strategic investments were suspected of losing 73.419 billion state-owned assets , and it was dissatisfied with the handling procedures after the full takeover by the managers of Ziguang Group. Make real-name reports through the post office to the Central Commission for Discipline Inspection, the Discipline Inspection Team of the General Office of the State Council, the Discipline Inspection Team of the Ministry of Finance, and the Discipline Inspection Team of the Ministry of Education.
On December 16, the manager of Ziguang Group Co., Ltd. also responded to the report on the official website, saying that the remarks spread by Zhao Weiguo were untrue.
In response to this, on the evening of December 16, Ziguang Group issued the "Stern Statement of the Manager of Ziguang Group Co., Ltd." in response. The statement stated:
"Jiankun Group and Zhao Weiguo personally spread false information in an attempt to interfere and influence Ziguang The manager is firmly opposed to the group's judicial reorganization process and will take measures to hold relevant individuals and units legally responsible. "
Directly refers to Zhao Weiguo's poor management.
This statement directly refers to Zhao Weiguo's responsibility in causing the debt crisis of Ziguang Group. .
Unisplendour Group is 51% owned by Tsinghua Holdings Co., Ltd. (hereinafter referred to as Tsinghua Holdings , Tsinghua University school-enterprise platform), and Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as Jiankun Group, controlled by Zhao Weiguo personally) ) holds 49% of the shares. Zhao Weiguo serves as the chairman of Ziguang Group as the actual controller of a minority shareholder and is responsible for corporate operation and management.
"In the past few years, Zhao Weiguo has manipulated Ziguang Group to frequently carry out domestic and overseas mergers and acquisitions and expansion through huge financing, resulting in excessive debt scale. Coupled with poor operation and management, Ziguang Group broke out in a debt crisis in 2020, cash flow dried up, and was unable to repay domestic and overseas debts. With huge maturing debts, the group and its affiliated entities are facing major risks such as asset seizure, account freezing, and financing depletion, and the company's operations are in serious difficulties that are unsustainable," the statement said.
In November 2020, Tsinghua Holdings introduced a specialized working team (later converted into a liquidation team) to carry out debt risk resolution in accordance with the principles of "marketization and rule of law" and in compliance with laws and regulations, and gradually stabilized the company's fundamentals.
21 Century Economic Report reporter once reported that after Zhao Weiguo became the chairman of Ziguang Group, he promoted many mergers and acquisitions and was dubbed the "Merger and Acquisition Maniac" by the media. But after a series of mergers and acquisitions, Ziguang Group’s assets and liabilities are also rising rapidly. The outside world also almost unanimously believes that Ziguang Group’s debt crisis is caused by radical capital operations.
Zhao Weiguo once reflected in public, "Many of our companies have had problems in recent years because their ambitions are overly inflated, they think they are omnipotent, and they believe that luck will happen again. In fact, your abilities and boundaries are not that far away, and your luck is also It’s not that good, so you have to be careful about managing your ambitions and luck.”
Zhao Weiguo also admitted his mistakes in a recent interview with the media. "Because we were eager to get things done as quickly as possible, we used debt to do it. This was also a strategic mistake I made from the perspective of strategic responsibility. (The pace of expansion) was really poorly controlled."
continues to advance the reorganization work in an orderly manner
Previously on December 13, the managers of Unisplendour Group announced the relevant reorganization plan , announcing that Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. would serve as the lead parties. The consortium is a strategic investor for the substantive merger and reorganization of seven companies including Ziguang Group. The current draft of the reorganization plan has been submitted to the Beijing No. 1 Intermediate Court.
The latest statement reviewed the details of the recruitment of strategic investors
. On July 16, the Beijing No. 1 Intermediate People's Court ruled to accept the bankruptcy reorganization of Ziguang Group because it was unable to pay off its due debts, had insufficient assets to repay all debts and clearly lacked solvency. The liquidation team of Ziguang Group was also designated as the manager of Ziguang Group (hereinafter referred to as the manager).
stated in the statement that the manager performs its duties strictly in accordance with legal provisions, conducts claims declaration and review in compliance with laws and regulations, and selects third-party professional institutions to conduct audits. evaluates and introduces strategic investors and conducts due diligence and investment quotation. During the recruitment and selection process of strategic investors, it recruits broadly from the whole society in a fair, just and open manner, and is subject to the supervision of the court, creditors and other parties throughout the process. After multiple rounds of market-based bidding, the highest bids provided by all strategic investors still cannot cover all of Ziguang Group’s debts. That is, all strategic investors willing to participate in strategic investments believe that Ziguang Group is insolvent after joint selection by creditors, managers, and regulatory agencies. A third-party professional institution was appointed to conduct an audit. As of June 30, 2021, the owner's equity of the restructuring entity of Unisoc Group was -44.278 billion yuan; after creditors, managers, regulatory agencies, etc. jointly selected a third-party professional institution for evaluation, as of 2021 On June 30, Ziguang Group restructured its main assets with an objective and fair market value of approximately 121.478 billion yuan, matching the planned debt settlement of approximately 137.609 billion yuan, confirming that Ziguang Group is insolvent. “The above shows that under the management of Zhao Weiguo, Tsinghua University. The value of holding and Jiankun Group's equity in Ziguang Group has become negative, causing losses. "
In accordance with the legal requirements for bankruptcy and reorganization, the administrator has published an announcement on the selection of strategic investors on the National Enterprise Bankruptcy Network on December 10, and released a draft reorganization plan of Tsinghua Unigroup to creditors on December 13. All work processes are in compliance with the law. Regulations. According to the draft reorganization plan of Ziguang Group, property-secured claims and small claims below 1.2 million yuan will be able to be repaid in full in cash; different repayment options will be provided for ordinary claims above 1.2 million yuan, and the repayment rate is expected to reach More than 95% to 100%.
stated that in the next step, in accordance with the announcement of the Beijing No. 1 Intermediate Court on convening the second creditors meeting of Ziguang Group, a meeting will be held on December 29 to vote on the reorganization plan. Waiting for relevant parties to continue to provide valuable opinions and suggestions on the follow-up work of Ziguang Group’s bankruptcy and reorganization, the administrator will continue to fulfill its duties, perform its duties in accordance with the law, and better complete the judicial reorganization work of Ziguang Group and Zhao Weiguo personally spreading false information. In an attempt to interfere with and affect the judicial reorganization process of Ziguang Group, the administrator firmly opposes it and will take measures to hold relevant individuals and units legally responsible.
Debt issue differences
Ziguang Group is 51% owned by Tsinghua Holdings Co., Ltd. and Jiankun. The group holds 49% of the shares, and Zhao Weiguo serves as the chairman of Ziguang Group as a minority shareholder.
One of the core disputes between the two parties is whether the assets of Ziguang Group are undervalued and whether they involve asset losses.
Jiankun Group and Zhao Weiguo believe that, Unisplendour Group is not insolvent, but has a liquidity problem. Specifically, it is believed that the equity held by Unisplendour Group in Yangtze River Storage is undervalued, and the value-added portion of listed company stocks and the remaining non-listed company equities
and Yangtze River Storage are undervalued. For example, Jiankun Group pointed out in its statement: “During this reorganization, the on-site working group of Unisplendour Group undervalued Yangtze Storage’s 25.91% equity stake at only 12.4 billion yuan.Gaorong Capital, a well-known domestic private equity fund, issued a letter of intent for investment in Yangtze Storage on September 17, 2021. Gaorong Capital is willing to invest in Yangtze Storage based on a valuation of 160 billion, with an investment amount of no less than 1000000000. Based on the 25.91% shareholder equity held by Ziguang Group, the equity value of Yangtze River Memory held by Ziguang Group is also 41.456 billion. "Jiankun Group said.
According to Jiankun Group's calculations, the managers of Unisplendour Group and Tianjian Xingye at least underestimated the value of Yangtze Memory's equity held by Unisoc Group's reorganization entity by 29 billion yuan, and underestimated the assets other than three listed companies and Yangtze Memory. The total value is 24.019 billion yuan.
Regarding the debt issue, the manager of Ziguang Group fought back in a statement. It said that after multiple rounds of market-based bidding, the highest bid provided by all strategic investors still cannot cover all of Ziguang Group’s debts. has been audited by a third-party professional institution jointly selected by creditors, managers, regulatory agencies, etc. As of June 30, 2021, the owner’s equity of the main body of Ziguang Group’s reorganization was -44.278 billion yuan; the main assets of Ziguang Group’s reorganization were objective and fair. The market value is approximately 121.478 billion yuan, matching the planned debt resolution of approximately 137.609 billion yuan, confirming that Ziguang Group is insolvent. “The above shows that under the management of Zhao Weiguo, the equity value of Tsinghua Holdings and Jiankun Group in Ziguang Group has become negative. , causing losses. "
Looking back, on July 9, 2021, creditors applied for bankruptcy reorganization of Ziguang Group because it was unable to pay off its due debts, its assets were insufficient to pay off all debts, and it clearly lacked solvency. On July 16, Beijing The Municipal First Intermediate People's Court ruled in accordance with the law to accept the bankruptcy reorganization of Ziguang Group and appointed the liquidation team of Ziguang Group as the administrator of Ziguang Group. In accordance with the legal requirements for bankruptcy and reorganization, the administrator released the draft reorganization plan of Ziguang Group to creditors on December 13. According to the draft reorganization plan of Ziguang Group, property-guaranteed claims and small claims below 1.2 million yuan will be repaid in full in cash. Different repayment options will be provided for ordinary claims above 1.2 million yuan, and the repayment rate is expected to reach 95%. Above to 100%.
The managers of Ziguang Group also made it clear in the statement that the next step will be to hold a meeting on December 29 to vote on the reorganization plan in accordance with the announcement of the Beijing No. 1 Intermediate Court on convening the second creditors meeting of Ziguang Group.
How does the semiconductor industry move forward?
In addition to debt, the progress of Ziguang 's industry has also attracted attention.
Ziguang Group has always been ambitious in the industry and has invested heavily in acquiring many companies over the years. Enterprises have also been labeled as merger maniacs and activist investors.
On the one hand, Unisociety Group has deployed in multiple core semiconductor fields, including Unisoc Micro, , Yangtze Memory, Unisoc, , and H3C. etc., involving many key integrated circuit links such as FPGA, memory chips, and mobile phone processor chips. Gu Wenjun, chief analyst of Xinmo Research, believes that Unisplendour bought back Ruidico from HP . I bought , new H3C , and Linxens from France. After the international mergers and acquisitions channel was cut off, these assets were precious and even more scarce. These assets were also rare gains for Chinese capital abroad during the window period before the trade war. Now, it is no longer possible for Chinese capital to acquire such high-quality international assets.
On the other hand, the operation of chip companies is also facing challenges. 's current industries still need "blood transfusion" and financial support, but the group has exploded in debt. Problem. Some people in the industry believe that in recent years, Ziguang Group has intensive capital operations and has made breakthroughs at the industrial level, but there are also many difficulties, especially in some industries that lack core technical souls under the model of professional managers. For those who need technological breakthroughs, As far as enterprises are concerned, there are development problems.
Among its chip companies, Yangtze Memory and UNISOC have attracted much attention, and both companies have made considerable progress in the past two years.For example, Yangtze Memory has made a major technological breakthrough in 2020. Its 128-layer QLC 3D NAND flash memory (model: The process still requires a large amount of investment; Unisoc's share of the smartphone processor market has increased again. Counterpoint's latest third quarter report shows that Q3 Zhanrui has a 10% share of the global smartphone AP market, reaching 10% for the first time. Double digits.
According to Gu Wenjun, although the difficulties faced by Ziguang now have its own business problems, they are mainly industrial problems . Ziguang’s bankruptcy and reorganization must be completed as soon as possible. Due to the back-and-forth modifications to the bidding plan, the Ziguang restructuring case has taken a lot of time, which has delayed many key matters of Ziguang's companies, such as the listing of Zhanrui and the subsequent investment of Yangtze Memory. Due to the setback in listing, Zhanrui's technical team had unstable morale and lost personnel; Yangtze Memory's production expansion was also seriously affected.
Industry insiders also pointed out that as the restructuring of Ziguang Group advances, the transformation of its semiconductor companies will also accelerate, further strengthening their own barriers in market competition.
As we all know, the semiconductor industry requires long-term and sustained capital support, but the cultivation and rise of the industry is a Long March . In the bankruptcy and reorganization of Ziguang Group, many people in the industry will mention the original choice of and Lenovo . What will happen if it invests heavily in chip research and development? It may succeed, but the probability of failure is greater. In the past 10 years or so, various market entities have invested huge amounts in the semiconductor industry, but only a handful of companies have managed to survive and grow despite a narrow escape.
Standing in today's real-world scenario, using an imagined possible success to demand the company's original choice, or using a certain successful technology company to compare and measure all technology companies, is not in line with the spirit of scientific materialism, nor is it A rational attitude that respects history.
Editor of this issue Liu Xiang Intern Zhang Ke
