Leifeng.com reported on April 1 that in accordance with the requirements of the legal procedures for the bankruptcy and reorganization of Ziguang Group , Ziguang Group reorganized its strategic investor Zhilu Jianguang Consortium and invested in the reorganization of investment funds used to pay off Ziguang Group’s original huge debts. 60 billion yuan has been allocated.
This move means that Ziguang Group’s reorganization will enter substantial completion. With the investment funds in place, Ziguang Group’s delivery will still need to complete multiple approval procedures including a review of operating concentration.
In July 2021, Ziguang Group, which had debts of more than 200 billion, was applied by creditors to enter bankruptcy reorganization procedures. Subsequently, Ziguang Co., and other "Unisociety" listed companies announced that it was determined that the consortium formed by Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. as the leading parties would be the de facto merger and reorganization of seven companies including Ziguang Group. strategic investor.
It is reported that Ziguang Group has accumulated nearly 300 billion yuan in assets over the years, and finally confirmed debts of nearly 142.6 billion yuan.
In addition, an incident occurred unexpectedly during the reorganization program . Jiankun Group and Zhao Weiguo issued a public statement, asking ten questions in a row in "Whose Purple Light" and attaching 12 attachments, reporting by real name. Expressed dissatisfaction with reorganization plan .
On January 17, 2021, the Beijing No. 1 Intermediate People's Court ruled to approve the substantive merger and reorganization plan of seven companies including Ziguang Group, and terminated the reorganization process of Ziguang Group Co., Ltd. . The restructuring of Ziguang Group has officially entered the implementation stage. As an important part of the plan, the strategic investors reached an agreement with creditors, and the investment of 60 billion yuan will be in place on March 31, 2021.
Ziguang Group’s predecessor was Tsinghua University Science and Technology Development Corporation, which started in 1988. In 1993, Tsinghua University Science and Technology Development Corporation was reorganized into Tsinghua Unigroup Corporation.
In 2009, Ziguang Group introduced a new management team. Beijing Jiankun Group invested 49% of the shares in Ziguang Group. Zhao Weiguo, a shareholder holding 70% of Jiankun's shares, successively served as the president and chairman of Ziguang Group.
In fact, China's largest comprehensive integrated circuit company has almost always been operating with high debt. Whether it is operating performance or debt situation, the situation of Ziguang Group is not optimistic.
In recent years, under Zhao Weiguo's management, Unisplendour Group has acquired many companies through large-scale capital operations from 2013 to 2018, including the US$1.78 billion acquisition of listed companies Spreadtrum Communications , 9.07 The US$2.5 billion acquisition of RDA Microelectronics, the US$2.5 billion acquisition of 51% of H3C, a subsidiary of HP , and other mergers and acquisitions.
After this series of acquisitions, Ziguang Group has become an industry leader. But at the same time, Ziguang Group is also facing huge debts left behind after large-scale mergers and acquisitions.
financial report data shows that in 2017, 2018, 2019 and the first half of 2020, the asset-liability ratio of Ziguang Group's consolidated statements was 62.09%, 73.42%, 73.46% and 68.41% respectively.
The company's debt ratio has remained high for a long time, it has been in debt trouble many times, and its operating liquidity has been tight.
From 2017 to the first half of 2020, the total interest-bearing debt of Ziguang Group was 95.276 billion yuan, 162.904 billion yuan, 169.323 billion yuan and 156.691 billion yuan respectively, accounting for 73.72%, 80.02%, 77.41% and 77.21% of the company's total liabilities respectively. In the first half of 2020,
’s interest-bearing debt amount was 81.428 billion yuan, accounting for 51.97% of its interest-bearing debt, and the amount of interest-bearing debt due for more than one year was 75.263 billion yuan, accounting for 48.03%.
As of the end of June 2020, Ziguang Group’s total assets were 296.649 billion yuan, total liabilities were 202.938 billion yuan, net cash flow generated from operating activities during the same period was -4.164 billion yuan, monetary funds were 51.563 billion yuan, short-term borrowings were 32.748 billion yuan, Non-current liabilities due within one year amounted to 46.68 billion. Although the total assets of
are close to 300 billion, they almost offset the total liabilities.
Looking at the financial reports of Ziguang Group in recent years, the annual revenue from 2017 to 2019 was 39.071 billion yuan, 48.3 billion yuan, and 76.656 billion yuan respectively, and the net profit attributable to the owners of the parent company was 1.061 billion yuan and -631 million yuan. and 1.430 billion yuan, capital liquidity is slightly tight.
In the first half of 2020, Ziguang Group’s operating profit was -4.038 billion yuan, a year-on-year loss expansion of 10.71%; net profit was -4.544 billion yuan, a year-on-year loss expansion of 23.01%.Among them, the net profit attributable to the owners of the parent company was -3.380 billion yuan, and the loss expanded by 5.76% year-on-year. The tight liquidity of
directly led to the uncertainty of bond repayment. In February this year, Ziguang Group issued an announcement stating that due to the company’s funds Liquidity is tight, and there is uncertainty in the payment of "19 Ziguang 02" bond interest and resale funds. The total issuance of "19 Ziguang 02" is 2 billion yuan, and the interest calculation period is from March 25, 2019 to March 24, 2022. day.
Prior to this, Ziguang Group had also defaulted on many bonds. Due to frequent defaults, the company's credit rating of related debts was downgraded many times by China Chengxin International, the largest rating agency in China, from AAA to B.
