On July 9, Ziguang Group announced that it had received a "Notice" from a Beijing Intermediate People's Court: Relevant creditors believe that our group cannot pay off its due debts, its assets are insufficient to pay off all debts, and it clearly lacks the ability to pay off debts. On the grounds of reorganization value and reorganization feasibility, we applied to the court for bankruptcy reorganization of our group.
Ziguang Shares , Ziguang Guowei announced on July 10 that it received a letter from the indirect controlling shareholder Ziguang Group, and the creditor Huishang Bank applied to the Beijing No. 1 Intermediate Court to reorganize Ziguang Group.
Public information shows that the predecessor of Tsinghua Unigroup was Tsinghua University Science and Technology Development Corporation established in 1988. In 1993, Tsinghua University Science and Technology Development Corporation was reorganized and established Tsinghua Unisplendour (Group) Corporation. The company's main business includes a complete industrial chain including chip R&D and design, chip manufacturing, chip packaging and testing, servers, storage, switches, basic platforms and network platforms, and terminal applications.
As of the end of 2019, Ziguang Group’s total assets were 297.762 billion yuan. Especially in the chip industry, Ziguang Group has successively acquired companies such as Spreadtrum Communications, RDA Microelectronics, and H3C in recent years, and has invested heavily in memory chip manufacturing.
As of the end of 2018, the group has more than 40,000 employees worldwide. It is the world's third largest mobile phone chip design company, accounting for more than 20% of the global SIM card chip market share, and is also one of China's leading cloud service providers.
Enterprise Chacha shows that the major shareholder and actual controller of Ziguang Group is Tsinghua Holdings Co., Ltd. , which holds 51% of the shares. It controls more than 300 companies and indirectly holds shares in more than 1,000 companies; it indirectly controls listed companies such as Ziguang Co., , Ziguang Guowei and other listed companies.
Where did the debt crisis come from?
While its industry status continues to improve, large-scale mergers and acquisitions have also caused huge debt pressure on Ziguang Group.
It is not difficult to find from the announcement of Ziguang Group that banks questioned Ziguang Group’s insolvency and therefore applied for bankruptcy reorganization. Ziguang Group publicly disclosed on June 30 this year that six of its bonds have defaulted, and stated that the company has initiated debt risk resolution work and will actively communicate with holders to formulate debt solutions.
In fact, as early as 2019, the fluctuations in the overseas debt of Ziguang Group attracted attention. At that time, Ziguang Group issued a statement regarding the abnormal fluctuations in its overseas debt: Ziguang Group and its major affiliated companies are operating normally. Tsinghua Unigroup has no defaults at home or abroad. The company has sufficient cash at home and abroad and stable liquidity.
Ziguang Group stated in its 2019 annual report that in 2019, Ziguang Group’s interest-bearing liabilities at the group level decreased by 20.9 billion yuan year-on-year, from 161.1 billion yuan at the beginning of the year to 140.2 billion yuan.
However, the latest news shows that Ziguang Group currently has debts of more than 200 billion yuan. Some analysts pointed out that this stems from Ziguang Group’s crazy “buy, buy, buy” transactions, and these transaction funds mainly come from large-scale debt borrowing.
In 2013, when Ziguang bought Spreadtrum Communications, it borrowed about US$900 million in loans from the China Import Bank and China Development Bank; in 2014, the money for the acquisition of RDA Microelectronics came from overseas financing.
In 2015, Ziguang Group spent US$2.5 billion to acquire 51% of the shares of H3C, a subsidiary of HP , becoming China's number one and the world's number two leading network products and services company; in 2018, Ziguang Group spent another €2.26 billion. Successfully acquired Linxens, a French chip component company.
According to incomplete statistics, since 2013, Ziguang Group has launched more than 60 acquisitions. In 2015, I even wanted to take control of and TSMC , but in the end it failed due to censorship, funding and other issues.
While its liabilities are high and its cash flow is tight, Ziguang Group is facing defaults on many bonds at home and abroad. According to the "Announcement on the Follow-up Progress of Corporate Bond Default" released on June 30, there are 6 bonds "16 Ziguang 01", "16 Ziguang 02", "17 Ziguang 03", "18 Ziguang 04", "19 Ziguang 01" and "19 Ziguang 02" Breach of contract. According to data, Ziguang Group’s current defaulted principal and interest totals approximately 6.883 billion yuan, and a 1.3 billion yuan bond will mature at the end of December this year.
In addition, rating agency also lowered the rating of Ziguang Group and the corresponding bonds. As of June 30, 2021, China Chengxin International has lowered the main credit rating of Ziguang Group Co., Ltd. to C, and also changed the debt credit ratings of "16 Ziguang 01", "16 Ziguang 02" and "19 Ziguang 02" Adjust it to "C" etc.
The annual report has not been disclosed so far
As of now, Ziguang Group has not disclosed the 2020 annual report and the 2021 semi-annual report.
’s 2020 semi-annual report shows that the company’s operating profit was -4.038 billion yuan, a year-on-year loss expansion of 10.71%; the net profit was -4.544 billion yuan, a year-on-year loss expansion of 23.01%. As of the end of 2017, the end of 2018, the end of 2019 and the end of June 2020, the company's consolidated statement asset-liability ratios were 62.09%, 73.42%, 73.46% and 68.41% respectively.
Its disclosed semi-annual report shows that as of the end of June, it has obtained a total of 295.758 billion yuan in bank credit, of which 140.243 billion yuan has been used and 155.516 billion yuan has been unused. The main cooperative banks include the Export-Import Bank, China CITIC Bank , Bank of China , China Construction Bank , Bank of Beijing , etc.
According to its 2019 annual report, as of the end of 2019, Ziguang Group’s total assets were 297.762 billion yuan, and liabilities totaled 218.747 billion. In 2019, the group's total revenue was 76.938 billion yuan, and the net profit attributable to the owners of the parent company was 21.430 billion yuan. The asset-liability ratio is as high as 73.46%.
The number of shareholder accounts decreased by 16.87%
average circulating market value .4071 million yuan
Ziguang Shares disclosed in the Shenzhen Stock Exchange interactive transaction on July 12, 2021 that as of June 30, 2021, the number of shareholder accounts of the company was 153,700. , a decrease of 31,200 households compared with the previous period (March 31, 2021), a decrease of 16.87%.
Since June 30, 2020, the number of shareholders of the company has increased significantly, with an increase of 89.83%. The stock price fell by 28.18% from June 30, 2020 to June 30, 2021.
Number of shareholder accounts and stock price
As of June 30, 2021, the company’s latest total share capital was 2.86 billion shares, all of which are tradable shares. The average number of circulating shares held by each household increased to 18,600 shares from 15,500 shares in the previous period, and the average circulating market value per household was 407,100 yuan.
Average shareholding amount
Source: Popular Newspaper·Fengkou Finance Comprehensive China News Network, Securities Times, Capital State, China Times, Oriental Fortune Network, Jiemian News, etc.
In addition, rating agency also lowered the rating of Ziguang Group and the corresponding bonds. As of June 30, 2021, China Chengxin International has lowered the main credit rating of Ziguang Group Co., Ltd. to C, and also changed the debt credit ratings of "16 Ziguang 01", "16 Ziguang 02" and "19 Ziguang 02" Adjust it to "C" etc.
The annual report has not been disclosed so far
As of now, Ziguang Group has not disclosed the 2020 annual report and the 2021 semi-annual report.
’s 2020 semi-annual report shows that the company’s operating profit was -4.038 billion yuan, a year-on-year loss expansion of 10.71%; the net profit was -4.544 billion yuan, a year-on-year loss expansion of 23.01%. As of the end of 2017, the end of 2018, the end of 2019 and the end of June 2020, the company's consolidated statement asset-liability ratios were 62.09%, 73.42%, 73.46% and 68.41% respectively.
Its disclosed semi-annual report shows that as of the end of June, it has obtained a total of 295.758 billion yuan in bank credit, of which 140.243 billion yuan has been used and 155.516 billion yuan has been unused. The main cooperative banks include the Export-Import Bank, China CITIC Bank , Bank of China , China Construction Bank , Bank of Beijing , etc.
According to its 2019 annual report, as of the end of 2019, Ziguang Group’s total assets were 297.762 billion yuan, and liabilities totaled 218.747 billion. In 2019, the group's total revenue was 76.938 billion yuan, and the net profit attributable to the owners of the parent company was 21.430 billion yuan. The asset-liability ratio is as high as 73.46%.
The number of shareholder accounts decreased by 16.87%
average circulating market value .4071 million yuan
Ziguang Shares disclosed in the Shenzhen Stock Exchange interactive transaction on July 12, 2021 that as of June 30, 2021, the number of shareholder accounts of the company was 153,700. , a decrease of 31,200 households compared with the previous period (March 31, 2021), a decrease of 16.87%.
Since June 30, 2020, the number of shareholders of the company has increased significantly, with an increase of 89.83%. The stock price fell by 28.18% from June 30, 2020 to June 30, 2021.
Number of shareholder accounts and stock price
As of June 30, 2021, the company’s latest total share capital was 2.86 billion shares, all of which are tradable shares. The average number of circulating shares held by each household increased to 18,600 shares from 15,500 shares in the previous period, and the average circulating market value per household was 407,100 yuan.
Average shareholding amount
Source: Popular Newspaper·Fengkou Finance Comprehensive China News Network, Securities Times, Capital State, China Times, Oriental Fortune Network, Jiemian News, etc.
