Hairun Photovoltaic is step by stepping into the depths of the crisis.
htmlOn April 27, *ST Hairun announced that it had received the "Civil Ruling" delivered by the People's Court of Taicang City, Jiangsu Province, and accepted the bankruptcy liquidation application of Shanghai Kairuona Technology Co., Ltd. against Autsvi ( Taicang ) Co., Ltd.In 2018, Hairun expects to lose 2.5 billion to 3.7 billion yuan, and overdue loans reach 3.6 billion yuan. According to a reporter from the Beijing News, all the main bases of Hairun Photovoltaic have been suspended, and some subsidiaries have entered bankruptcy procedures, and the amounts owed by Jiangyin Xinhui alone have reached tens of millions of dollars.
After contacting a group of buyers but all failed, *ST Hairun's only buyers are Huajun. However, the current financial strength of Liaoning private capital, which was once "expelled" by Hairun in 2017, is worth paying attention to. A reporter from the Beijing News learned that the current funding demand of the Huajun faction reached billions of dollars. Last year, the court ruled to seize 300 million yuan of property. Now, due to Hairun's drag, it has also been listed as a dishonest debtor by the court (commonly known as deadbeat ).
Previously, a relevant person from Huajun Group responded to a reporter from the Beijing News, saying, "There is no arrangement for interviews on this matter, and nothing can be provided. If anything can be provided, we will contact us."
has welcomed 7 takeovers
html On April 25, the Beijing News exclusively reported that the People's Court of Taicang City, Jiangsu Province made a civil ruling (2019) Su0585 Breaking Expo No. 6, accepting the bankruptcy liquidation application of Shanghai Kairuana Technology Co., Ltd. against Autsvi Energy (Taicang) Co., Ltd. This ruling shall come into effect from now on. htmlOn the evening of April 26, *ST Hairun issued an announcement to confirm the matter. Shanghai Kairuna enjoys the claim against Ultraswi in accordance with the law. After compulsory enforcement, it has not been paid yet. Ultrasway has stopped operating, involving many lawsuits and execution cases, and the debt scale is huge. The reason why the assets under his name were obviously insufficient to repay all debts, Shanghai Kairuna filed an application for bankruptcy liquidation of Ultraswi to the Taicang Court.*ST Hairun said that the Taicang Court has officially accepted the bankruptcy liquidation application of Shanghai Kairuna against Ultrasway. Ultrasway has entered the formal bankruptcy procedure. After entering the formal bankruptcy procedure, it will no longer be included in the scope of the company's consolidated financial statements.
According to *ST Hairun on March 22, in February 2018, Hairun Photovoltaic began to suspend trading. It had negotiated with 7 companies. The transaction method may involve the sale of the target company's assets, equity, etc. The reorganization of
ultimately failed. In March this year, *ST Hairun announced that the company originally planned to sell Hefei Hairun and other related assets through major asset restructuring. However, since relevant creditors applied to the competent court for bankruptcy liquidation of Hefei Hairun on the grounds that they could not repay their due debts and had obvious lack of repayment ability, they planned to terminate this transaction and the major asset restructuring matters that may be constituted.
According to the 2018 performance report, *ST Hairun expects annual losses in 2018 to be between -2.5 billion yuan and -3.7 billion yuan.
On March 21 this year, a reporter from the Beijing News came to Block A, Wuxi Information Port, an announcement by Hairun, Block A, Wuxi Information Port, where Hairun Photovoltaic occupies the office space on the 10th to 13th floors, but the building is now empty. At present, no new company has settled in the above-mentioned office, and there are slogans and signs of Hairun Photovoltaic in the room.
A Hairun Photovoltaic employee told the Beijing News reporter that he had moved back to the old headquarters of Huangtang, Jiangyin.
htmlOn December 19, a reporter from the Beijing News came to the Hairun Photovoltaic headquarters in Huangtang Town, Jiangyin City, where there was no sign of production. Hairun employees told the Beijing News that production has been suspended for a year, and workers no longer work except administrative staff. With the help of Huangtang Town Government, the workers were resettled.According to reports, Hairun Photovoltaic was established in 2004 and is one of the largest crystalline silicon solar cell manufacturers in China. The company has six major production bases in Jiangsu, Anhui and Yunnan provinces in China, with a total number of employees exceeding 6,000. The integrated crystalline silicon production capacity ranks seventh in the world and the top three in China. Hairun’s main person in charge is Yang Huaijin , which the industry calls it the “Godfather of Photovoltaics”.
In July 2017, a reporter from the Beijing News came to Hairun’s headquarters in Huangtang, Jiangyin. Although it was the weekend, the company was still in production.
According to its employees, Hairun Photovoltaic is an enterprise in the entire photovoltaic industry chain, and the base mainly includes industrial links such as ingots and slicing.
In addition to the headquarters base, the Hairun Jiangyin base has also been discontinued.
Beijing News reporter came to Hairun Jiangyin Base (i.e. Jiangyin Xinhui Solar Energy Company) on March 19. There was no sign of production in the factory area, the security guard was still left behind, and Jiangyin Xinhui's bankruptcy announcement was posted on the gate.
The security guard told the Beijing News reporter that it was appointed by the court and not Hairun Photovoltaic. The factory closed down in December last year and is now taken over by the court.
The ruling of the Jiangyin Municipal Court seen by a reporter from the Beijing News at the factory gate showed that its bankruptcy was due to the application of Kunshan Liangpin Silk Screen Printing Equipment Co., Ltd., which the court accepted the application on December 27, 2018.
The court said that Jiangyin Xinhui's payment of the goods owed by Kunshan Liangpin was not paid due, and the operation has now been stopped. The relevant assets have been seized due to lawsuits. There are still many cases of compulsory execution with Xinhui as the person subject to execution that failed to be executed.
Beijing News reporter also saw at the scene that Jiangyin Xinhui owed employees a large amount of salary.
The Beijing News reporter saw the notice of the claims of employees in Jiangyin Xinhui, which showed that as of December 27, 2018, Jiangyin Xinhui owed employees 10.106 million yuan in wages and other funds owed by employees after verification and confirmation.
The list of employees' claims seen by the Beijing News reporter showed that as many as 467 employees were involved.
A Hairun employee told the Beijing News reporter that although the production capacity of Hairun photovoltaic manufacturing sector is large, due to funding problems in the past few years, the technology has become aging. The technology iteration in the photovoltaic industry is too fast, which means that the cost of the older generation of technologies is higher than that of peers. However, its power station assets are still relatively good. If the seizure can be lifted, it is a good source of cash flow and it is also a good asset to sell it.
and the Huajun family have not yet had a grudge.
negotiated with 7 takeover parties but still terminated the reorganization. Now, the Huajun family has become one of Hairun's few external supporters who can rely on.
According to reports, Huajun Group is a diversified and comprehensive cross-border group company with six major industrial clusters: finance, industry, medical care, real estate, energy and trade. It has more than 10,000 employees and assets are said to reach 60 billion yuan. The actual controller behind it is Meng Guangbao, the "invisible rich man in Liaoning".
In August 2018, Hairun Photovoltaic announced that the major shareholder Yang Huaijin transferred the 312383022 unrestricted circulating shares he held to Huajun Industrial (China) Co., Ltd. through an agreement transfer, accounting for 6.61% of the total share capital, and the transfer price was RMB 271.77 million.
As a result, Huajun Industrial (China) Co., Ltd. replaced Yang Huaijin as the company's largest shareholder. Huajun Industrial (China) Co., Ltd. is a company actually controlled by Meng Guangbao.
Before this comeback, the Huajun Group had a fierce conflict with Hairun Photovoltaic in 2017.
Since January 2016, Hairun Photovoltaic began to plan to introduce Huajun Power, a subsidiary of Meng Guangbao, as strategic investors through private placement, and Meng Guangbao has also served as chairman of Hairun Photovoltaic. In July 2017, the board meeting of Hairun Photovoltaic reviewed and approved the removal of Meng Guangbao's position as chairman and president; at this time, there were endless doubts about the Huajun faction "emptying" Hairun.
In September 2017, Meng Guangbao, who had never faced the media, accepted an exclusive interview with a reporter from the Beijing News. He clearly denied the allegations about related transactions, and emphasized that he had entered Hairun at the initiative of Hairun and had large amounts of financial assistance to Hairun. As of now, Hairun still owes him.
However, a reporter from the Beijing News learned from the internal employee department of Hairun Photovoltaic that although Hairun and Huajun had a conflict on the table, the two sides were still communicating in private. In fact, even if Hairun "expelled" Huajun as the outside world said, Huajun could not completely leave Hairun because there was a large amount of capital and debt relationship between the two sides.
Beijing News reporter noticed that before the Huajun group became Hairun's largest shareholder, the Huajun group had begun to take over some of Hairun's debts.
In May 2018, Hairun announced that it had received the "Debt Transfer Contract" signed by Guokai Securities and Huajun Pharmaceutical. According to the arrangement, after receiving the entire transfer price, Guokai Securities transferred the debt and all rights to Huajun Pharmaceutical.
After Huajun became Hairun's largest shareholder, it continued to repay its debts on behalf of Hairun.
In October 2018, Hairun Photovoltaic announced that it had received the "Debt Transfer Agreement" signed by the Anhui Branch of China Great Wall Asset Management Co., Ltd. and Liaoning Huajun Asset Management Co., Ltd. According to the arrangement, after receiving the entire transfer price, Great Wall Asset transferred the debt and all the rights from the rights to Huajun Asset. The total amount of the debt is RMB 286764721.98.
was dragged down by Hairun, and
Huajun Group became a deadbeat
Although the Huajun group began to provide assistance, if Hairun's debt crisis is to completely resolve, the corresponding amount of funds will exceed tens of billions of yuan.
According to Hairun’s announcement on March 22 this year, the company has accumulated overdue loans of 3.6 billion yuan, of which 1.7 billion yuan of short-term loans are overdue, 1 billion yuan of long-term loans are overdue, and 900 million yuan of other types of financing such as financing leasing; 500 million yuan of loans are overdue within half a year, 1.6 billion yuan of loans are overdue between half a year and one year, and 1.5 billion yuan of loans overdue loans are overdue loans of more than one year. The company sets up 470 million yuan of penalty interest or late payment fees for these overdue loans in accordance with the contract agreement or court judgment.
In fact, in the face of Hairun Photovoltaic's debt crisis, the Huajun itself was also hit.
htmlOn March 25, a reporter from the Beijing News checked the national execution information platform and saw that Huajun Holdings Group has been listed as a dishonest debtor by the court. One of the execution courts is Taicang City Court. The execution is based on document number (2017) Su05 Minchu No. 1204. The obligation determined by the effective legal document is "fulfilling obligations of 49760709 yuan". The specific circumstances of the behavior of the dishonest debtor is "having the ability to perform but refusing to fulfill the obligations determined by the effective legal document." htmlOn March 19, a reporter from the Beijing News found the legal document (2017) Su05 Minchu No. 1204 from the China Judgment Document Network. The court ruled that the defendant Aotesvi Energy (Taicang) Co., Ltd. should return the loan principal of 17 million yuan under the Taicang Branch of the plaintiff China Everbright Bank Co., Ltd. within ten days from the date of the effectiveness of this judgment to the plaintiff China Everbright Bank Co., Ltd. under the "Working Capital Loan Contract" numbered Su Guangtai Yindai No. 2017015. Huajun Holding Group Co., Ltd. shall bear joint and several liability for the relevant debt within the maximum principal balance of RMB 80 million. After the guarantor assumes the guarantee liability, he shall have the right to seek compensation from the defendant Aotesvi Energy (Taicang) Co., Ltd.While Hairun’s debt crisis affected the Huajun clan, Huajun also encountered an asset seizure last year.
On March 12, 2019, the China Judgment Documents Network published a civil ruling. The applicant Jiangsu Nantong Erjian Group Co., Ltd. applied for property preservation from the Shanghai No. 1 Intermediate People's Court on June 12, 2018, requesting to seal, seize and freeze the bank deposits of the respondents Shanghai Baohua Wanlong Real Estate Co., Ltd., Baohua Real Estate (Dalian) Co., Ltd., Huajun Holding Group Co., Ltd., and Meng Guangbao in accordance with the law.
Shanghai No. 1 Intermediate People's Court ruled to seize, seize and freeze the bank deposits of the respondents Shanghai Baohua Wanlong Real Estate Co., Ltd., Baohua Real Estate (Dalian) Co., Ltd., Huajun Holding Group Co., Ltd., and Meng Guangbao's bank deposits of RMB 211,223,800 or other equivalent property. This ruling begins immediately.
China Judgment Documents Network shows that Nantong Erjian later applied to lift the above measures, and the court then ruled to lift the property preservation measures for Huajun Holding Group Co., Ltd., Meng Guangbao and others.
For the Huajun itself, it still has a large amount of capital demand.
In January this year, the listed company Zhonglai Co., Ltd. announced that the company's controlling shareholder and actual controller Lin Jianwei and Zhang Yuzheng and his wife intend to agree to transfer 17.6 million shares to Huajun Industrial (China) Co., Ltd., accounting for 7.3% of the company's total share capital. The transfer price per share is 15.07 yuan, and the total transaction price is 265 million yuan.
In addition, according to the signing of the "Strategic Cooperation Framework Agreement" by Zhonglai Co., Ltd. and Huajun Industrial, Huajun Industrial promised to provide financing support for the expansion of N-type high-efficiency photovoltaic capacity of Zhonglai Co., Ltd. with time and cost, with a total financing support of no more than 2.5 billion yuan.
regards the progress of cooperation with the Huajun Group. On March 18, a relevant person from Zhonglai Co., Ltd. told a reporter from the Beijing News on a phone call that he was not clear about the company's cooperation with the Huajun Group, and later refused an interview with the Beijing News reporter.
The only external aid, Huajun, is also facing storm when the main base is suspended, huge losses and debts, and the restructuring is in failure. What will happen to Hairun Photovoltaic in the future is worthy of attention from the outside world.
Beijing News reporter Zhao Yibo Editor Wang Yu Proofreading Li Lijun
Reporter Email: [email protected]
