Reporter of the Economic Business: Zeng Jian Reporter of the Economic Business Business: Yang Xia
The problem of capital occupation by Hu Weilin, the former actual controller, has not been completely solved. Yangzi New Materials (SZ002652, closing price 2.60 yuan, market value of 1.331 billion yuan) has been exposed to the recycling of foreign funding funds. The listed company disclosed on the afternoon of September 30 that the company received the "Repayment Plan Instructions" issued by Suzhou Balotte New Materials Co., Ltd. (hereinafter referred to as Balotte). Balotte said that it will repay the nearly 26 million yuan of loans owed to the company from November this year. Based on the monthly repayment amount of RMB 500,000, it will take more than 4 years for Yangzi New Materials to recover its principal.
Balot was once a subsidiary of Yangzi New Materials Holdings. The listed company gave up its capital increase in 2020 and handed over its controlling stake to Suzhou Zhongyuan Guohong Investment Management Enterprise (Limited Partnership) (hereinafter referred to as Zhongyuan Guohong). In the announcement, the listed company said it would urge other shareholders of Balotel to provide financial assistance to it. " Daily Economic News " reporter noticed that in early August, Gao Tianshu, the initiator shareholder of Yangzi New Materials and former chairman of the Supervisory Board, and his brother Gao Yishan withdrew from the list of shareholders of Zhongyuan Guohong.
External financial support may be "repayment" for more than 4 years
According to the announcement of Yangzi New Materials, Balotte said that the relevant loans will be repaid to the company month by month starting from November, with the monthly repayment amount of 500,000 yuan until the debt is paid off.
Early, the listed company provided daily operating loans to Balotel from 2018 to 2019; the interest rate was annualized by 5.22%, and the two parties did not agree on the final repayment date. As of December 2019, the company's accumulated loan balance to Balotel was RMB 27.4 million. In July this year, Balotel repaid the loan principal and interest of RMB 5.0362 million. As of August 31, Yangzi New Materials provided Balotel with a loan balance of RMB 25.9229 million.
Qixinbao shows that Balotel was established in 2016 with a registered capital of 44.5 million yuan. The company's controlling shareholder is Zhongyuan Guohong (shareholding ratio is 50.65%), and Yangzi New Materials is the second largest shareholder (shareholding ratio is 47.20%).
Ballot was once a subsidiary of Yangzi New Materials Holdings. In November 2020, Zhongyuan Guohong increased his capital by 3.5 million yuan to Balotel, while the listed company gave up the capital increase "based on the strategic transformation needs at that time." After the capital increase of Zhongyuan Guohong, Yangzi New Materials' shareholding ratio in Balotel was passively diluted from 51.22% to 47.20%, and Balotel is no longer included in the scope of the consolidated financial statements of listed companies. Under this circumstance, the nature of the loan originally provided by the listed company to Balotel has been changed passively, forming external financial support.
According to Balotel's "500,000 yuan/month" repayment plan, it will take more than 4 years for Yangzi New Materials to recover its principal.
Ballot's operating performance is poor. As of the end of last year, the total assets were 93.4015 million yuan, attributable to the shareholders of the parent company 15.404 million yuan, and the debt-to-asset ratio was 83.51%; in 2021, the company achieved operating income of 90.2502 million yuan and a net profit loss of 6.064 million yuan.
Image source: Screenshot of the annual report of Yangzi New Materials in 2021
The former chairman of the supervisory board of listed companies just "quit" the subsidiary
Regarding the above-mentioned fund recovery issues, Yangzi New Materials stated that the company will strengthen fund risk control, closely monitor Balotte's operating conditions, financial status and debt repayment capabilities, evaluate risk changes, monitor Balotte's repayment situation, shorten the repayment cycle as much as possible, and recover the loan as soon as possible.
"In order to support Balotel's long-term development and improve its operating conditions, the company will urge other shareholders of Balotel to provide financial assistance to it." The company said. According to this statement, Zhongyuan Guohong, who obtained Balotel's controlling stake in 3.5 million yuan, seems to be responsible.
Qixinbao shows that Zhongyuan Guohong was established in July 2014 with a registered capital of 30 million yuan. At present, the company is held by Suzhou Fengxing Enterprise Management Co., Ltd. (hereinafter referred to as Suzhou Fengxing) and Liu Weicheng. Suzhou Fengxing holds 99% and 1% of the shares respectively from Chang Zhanhai and Chang Liang.
Zhongyuan Guohong equity penetration chart. Image source: Qixinbao screenshot
It is worth mentioning that just before August 5, the shareholders of Zhongyuan Guohong were still Gao Tianshu and Gao Yishan, and Gao Tianshu also served as the legal representative of the company. From Qixinbao's perspective, Gao Tianshu became a shareholder of Zhongyuan Guohong in October 2016. In June 2017, Gao Yishan replaced Wei Shanxiang as a shareholder of Zhongyuan Guohong, and Gao Tianshu became the company's head.
Gao Tianshu, born in 1967, has a close relationship with Yangzi New Materials. Before the company went public, Gao Tianshu served as the company's director; at the beginning of the company's listing, Gao Tianshu, as the promoter shareholder, held a shareholding ratio of 6.75%. From October 2011 to October 2014, Gao Tianshu served as the chairman of the Supervisory Board of Yangzi New Materials.
According to the information on the shareholding changes of directors, supervisors and senior executives of Yangzi New Materials disclosed by the Shenzhen Stock Exchange, Gao Tianshu and Gao Yishan are brothers.
Looking back, the time when the "Gao Brothers" invested in Zhongyuan Guohong and the time when Yangzi New Materials invested in Balotel. It was in June 2017 that the listed company announced a capital increase in Balotel's holdings with 21 million yuan in cash.
(Cover image source: Daily Economic News Wenduo Photo)
Daily Economic News
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