Yesterday (November 19), a debt default made 440,000 investors confused and easily brought the "breathful thunder" white horse shareholder Xu Optoelectronics to the headlines. Most people can't figure out why a large company with a total asset of 200 billion and a cash on the books could not afford to pay back 2 billion yuan.
"Great" is the rhythm. The bond H7 Sanbao 02, which also defaulted the day before, "avoided" the enthusiastic attention from the media and the public. Although the debtor of this debt - Sanbo Group , not only has a large size, but also has several "landmark" projects in Nanjing for a time.
Someone once described that at the entrance of Xinjiekou, Nanjing, known as the "No. 1 Business District in China", standing in front of the bronze statue of Mr. Sun Yat-sen, looking south, the several buildings you can see are all the assets of Sanpo Group.
, Xinjiekou department store, Oriental Fulaide Department Store, and Sanbo International Plaza , which stand at the core commercial cross, are all the most representative properties in Nanjing. In particular, Sanbo International Plaza's predecessor " Nanjing International Financial Center ", which can also occupy a position among the mainland assets sold by the original owner Li Ka-shing .
These properties originated from Nanjing Xinbai acquired by Sanbo Group in 2011, Hof, a British department store acquired in 2014, and Nanjing Ningjin Industrial Investment Co., Ltd. acquired in 2015.
From 2014 to 2017, it was the stage when the actual controller of Sanbo Group, Yuan Yafei, started a massive merger and acquisition drama around the world.
"Turning the best" once allowed Sanbo Group to build five major sectors of financial investment, trade circulation, information services, health care, and real estate development. It has many listed companies such as Hongtu Hi-Tech (600122.SH), Nanjing Xinbai (600682.SH), and Futong Electric Technology (New Third Board 837438). Hongtu Sanbo , Guangzhou Jinpeng, Ankangtong, Israel Natali, and the United States. It has nearly 50,000 employees worldwide, and has been shortlisted for the "Top 500 Chinese Enterprises" for the 15th consecutive year.
acquisition of hidden thunder broke out in a concentrated manner. "Participated Door" real estate is the most resistant to fighting
. The high songs all the way ended in 2018.
When investors discovered that at the end of 2017, Sanpo Group's total assets reached a peak of 88 billion, its goodwill actually exceeded 16 billion, and the stock price gave the most direct response.
On the eve of the 2018 Spring Festival, Sanpo's Nanjing Xinbai was suspended after a limit down, in order to acquire 100% of Shiding Hong Kong's equity (the agreement was net profit of 530 million, 600 million and 660 million from 2018 to 2020), but the shareholders did not buy it. After reviewing on June 21, they encountered 8 consecutive limit downs.
At the same time, the risk concentration burst .
In July 2018, Sanbo Group's 55.8 million asset management plan suffered a substantial default, and was included in the list of executors by the court in September. The equity of the major shareholder was frozen in full stock, and the company's credit ratings were lowered one after another. The sequelae of
's crazy mergers and acquisitions are undoubtedly revealed.
According to previous analysis by Phoenix Finance, most of the acquisition targets of Sanwo Group are non-performing assets, and profits need to be integrated and operated. However, Sanwo Group is not good at this. Therefore, its capital and financial technology mainly quickly sells assets to listed companies after acquisition, raising the profits and stock prices of listed companies, while maintaining control over listed companies. Then, the listed companies increase their credit for Sanwo Group and affiliated companies, and carry out further capital operations.
Therefore, from the financial report of listed company Nanjing Xinbai , Fengcai News, even after a wave of cleaning up, by mid-2019, real estate companies still led the contribution of main business revenue and profits.
But at the company level, the closer it is to "insolvent debt", the more stressed it is.
After SanPower Group's performance indicators entered 2018, it made a perfect dive, with operating income falling by 22.7%, reaching only 43.292 billion yuan and net profit of -6.688 billion yuan. The total assets were 76.8 billion, the scale decreased by 11.2 billion, and the net assets were even lost by 8 billion, which was below the level (-2.991 billion).
According to Pengyuan Credit data, the group was withdrawn by various financial institutions that year, a total of more than 11 billion yuan of funds. As of the first quarter of last year, SanPu Group had interest-bearing liabilities of 41.3 billion (short-term interest-bearing liabilities of 20.9 billion).
debt repayment pressure is self-evident.
, the two listed companies, were also dragged down. The shares of Nanjing Xinbai and Hongtu Hi-Tech held by Sanpo Group were successively frozen, and the number of shares in the waiting state exceeded the actual number of shares held.
, and Fengcaixun observed that Nanjing Xinbai 's revenue in 2018 fell by 24%, with a net profit of -886 million; Nanjing Hi-Tech's operating income fell by 5.56%, with a net profit of 958 million. What is even more unoptimistic is that the situation does not seem to have improved in 2019, and as the debt gradually matures, defaults follow one after another.
According to incomplete statistics from Fengcaixun, the private debts of 12 Sanbo, H6 Sanbo 02 and H7 Sanbo 02 that expired in 2019 all defaulted, involving a debt balance of approximately 1 billion yuan. You should know that last year, Sanpeng was able to redeem two 1.7 billion debt claims on the maturity date.
The choice of the actual controller Dig real estate insurance pharmaceutical
At this time, the first "life-saving grass" I caught was still the assets related to real estate.
in the "10 billion asset slimming plan" proposed by Yuan Yafei include 51% equity in Oriental Fulaide Department Store, retail assets such as Hongtu Sanbo, Hongtu Shangshui Yunjin Residence, Banqiao Healthy and Happy Town and Nanjing International Financial Center. In addition, the equity in the United States Boxtone, Zijin Trust , Pengyuan Credit Information, Wanwei International, etc., reducing liabilities by about 11.5 billion yuan.
Currently, in the asset package of listed companies, Hongtu Hi-Tech Real Estate subsidiary Nanjing Yuanjiu will choose to exit after selling all properties; Nanjing Xinbai holds 5 real estate companies and 2 commercial companies, the equity of 5 real estate companies and 2 commercial companies held by are pledged in a large proportion.
Fengcai News has noticed from the asset transfer of Nanjing Xinbai in the past two years that this company, which is mainly based on retail businesses, is gradually transforming into a big health company. This may be the second straw that Sanpeng Group seeks to solve the problem.
In recent years, Yuan Yafei injected equity in Nanjing Sanbo Medical, Qilu Stem Cell, China Umbilical Cord Blood Bank Enterprise Group, Ankangtong, etc. into Nanjing Xinbai .
(Yuan Yafei)
It is obvious that in the five tracks of Sanpo Group's investment, business, information, health and real estate, Yuan Yafei chose to bet on health and medical care. Although he once emphasized that mergers and acquisitions are all centered on the core business, this business of making a fortune is commercial retail consumption.
An analyst told Fengcaixun that currently, big health assets such as medicine are relatively more concerned by the capital market and can get higher valuations in the stock market. When the stock price of Nanjing Xinbai is low, injecting such assets can increase the control of major shareholders over the listed company on the one hand, and on the other hand, it can lower the valuation in the short term, avoiding the adverse factors brought by excessive goodwill to the listed company's stock price.
"Once the valuation of listed companies increases and the stock price goes out of the low level and begins to rise, the major shareholder Sanbo Group has a better chance to obtain more low-interest loans through equity pledge and other methods, and get out of the vicious cycle."
's transfer strategy is not smooth, however. For example, in May last year, the transfer of 20% of the equity of Xuzhou Sanbo Medical Management Co., Ltd. was encountered two inquiry letters from the Shanghai Stock Exchange. The share price of Nanjing Xinbai fell sharply, with a drop of more than 7%, and finally terminated the transaction.
After all, the quality of Nanjing Xinbai still needs packaging and optimization, and it is still dragged down by the parent company, and there are many problems facing transformation.
However, as of now, Sanbo Group has not reached the point of substantial insolvency. Even if the group's auction of all net assets is zero, the worst result may be that it will lose the controlling stakes of the two listed companies, and it has not yet reached the point of affecting the assets of the listed companies.
This is naturally not what Yuan Yafei wants to see. Finally, on November 15 this year, he chose to give in and withdraw from the board of directors of Nanjing Xinbai completely, resigned from all positions, and was taken over by the vice chairman.
But just one step, at the company's equity level, Yuan Yafei is still the actual controller. In July this year, the equity investment of China Huarong was introduced, with a targeted share issuance, which did not affect the controlling position of the major shareholder.
Real estate is a double-edged sword. Keep your duties and bet on the right track, and bet on the right track is reliable.
If Sanpo Group did not go international, but instead switched its money to domestic real estate, would it be a different situation?
Faced with this question, Yuan Yafei replied almost without thinking, "Yes!"
His complete answer was "It's hard to say... the country encourages individuals and enterprises to innovate, but at the same time, financial institutions recognize land and real estate. How much goodwill is you say, (financial institutions) do not recognize it."
recalls when he started his business in 1993, he rented a store closest to the toilet in computer city in Nanjing Zhujiang Road. He first entered the computer on credit, and after selling the computer with his mouth, he first invested the money to advertise. He bet on the right way of the advertising effect. The more the computers were sold, the faster and faster he bought the money.
's reputation makes it easier for him to borrow money and borrow more money next time, and marketing allows him to sell his computer faster. Later, the business becomes bigger and bigger, so he simply opened an IT chain store, which is the prototype of Sanpo Group.
logic is exactly the same as the original real estate "drawing drawings, selling houses, and having to pay credit". At that time, Yuan Yafei was like many "92 factions" and could enter real estate in one step.
, but in the end, it was not like his peers such as Feng Lun , Wang Gongquan, Pan Shiyi , Yi Xiaodi , etc. Yuan Yafei has a unique vision of real estate. He once said in the TV program "Bostang" that "When others are busy building houses, I am buying supply chains and scenes." "When they come to find me and sell the house to me at a discount. I told them that I have been waiting for you here for a long time."
However, from the subsequent actions, what Yuan Yafei invested the most was not the scenarios that serve the main retail business, the supply chain that serves IT technology, or the real estate that is trending, but overseas. He judged that "when the global economy is still in a recovery period, there are a large number of high-quality and undervalued companies overseas." However, this part of the assets was also the first to clean up during this wave of adjustments.
However, no matter what the result is, it seems that Yuan Yafei's judgment on real estate has not been shaken - real estate is a "double-edged sword" that has a driving effect on economic development, but it also has a certain inhibition on the transformation and upgrading of economic capacity reduction.
In fact, even if you choose real estate, it does not mean there is no risk.
During this cycle, the real estate industry has issued 480 bonds, with a balance of 589.357 billion yuan, ranking first in all industries (as of September 30, 2019).
tree attracts wind and thick clouds and rain. Moreover, the average debt-to-asset ratio of real estate listed companies is the highest, and has risen at a compound growth rate of 28.17% in the past three years. Under the policy orientation of "housing for living, not for speculation", industry credit risks need to be paid attention to (CSI Peng Yuan Data).
"Especially at the current stage, not only small enterprises are in danger, but large enterprises are experiencing repeated storms. When it comes to the company itself, Liduanxing is doing its business well." Although
has encountered investment mistakes, the sentence Yuan Yafei summed up from the 25-year history of Sanbo Group is actually very pertinent -
"Take care of fate, keep duty, practice skills, and get the right result", adapt to policies, find the right direction, and stick to industry. This is the duty of private enterprises.
(Fengcai News Wang Tingting/Text)
