Qingdao Huatong cleared more than 130 "zombie" companies
Cultivate listed companies, revitalize existing assets, and enhance the control, influence and driving force of state-owned capital
Recently, Ted shares invested by Qingdao Huatong Group successfully listed on North Exchange , becoming the first domestic listed company in in 2022. Since last year, Qingdao Huatong Group has achieved great results in in the capital market. Its Qingdao Food has landed on the main board of the Shenzhen Stock Exchange. Fengguang Precision, which participated in the investment, has become one of the first listed companies on the Beijing Stock Exchange.
, which has begun to make great strides in the capital market, is opening a new era of capital operation with a new attitude. "It was difficult for us to do this a few years ago. After several years of 'slimming and strengthening', Huatong Group now has such confidence." said Guo Jin, member of the Party Committee and deputy general manager of Qingdao Huatong Group.
, established in 2008, Qingdao Huatong Group has successively received "difficult problems" such as the Municipal Machinery Corporation, Yiqing State-owned Assets Holding Co., Ltd., the Municipal Second Light Corporation, the Municipal collective enterprise, the Municipal Textile Corporation and other enterprises. These old state-owned enterprises not only carry the brilliant marks of Qingdao's textile and machinery industries, but also intertwined with "difficult problems" such as "zombie" enterprise retention, inefficiency of equity, and idle assets.
In 2020, sorted out the list of "zombie" enterprises in Qingdao, and Huatong Group listed more than 130 "zombie" enterprises. Many historical problems have made Huatong Group "stagger" and urgently need to "slim down and strengthen the body".
"Zombie" enterprises are the first to be cleared, and inefficient equity exit is followed closely, and the existing resources are revitalized in an orderly manner. Huatong Group, which has completed the clearance of more than 130 "zombie" enterprises, will continue to enhance the control, influence and driving force of state-owned assets and release new vitality for capital operation.
cleared more than 130 "zombie" companies
Until now, the "battle map" of the operation department of Qingdao Huatong Asset Management Co., Ltd. was posted on the wall of the operation department of Qingdao Huatong Asset Management Co., Ltd. when dealing with "zombie" companies in 2020 are still posted on the wall. Jing Haiguang, director of the Operations Department who participated in the clearing work, called this picture the "one-kilometer map", which clearly records how Huatong Group cleared inefficient enterprises one by one.
In 2020, Jing Haiguang participated in sorting out the inefficient enterprises and equity of Huatong Group. He and his colleagues found that some old state-owned enterprises transferred and accepted by Huatong Group were complex in the equity structure and long-standing historical debts. The equity level of a textile enterprise reached seven or eight levels, and its subsidiaries were wholly-owned subsidiary .
was sorted out one by one. When they counted down the layers of equity to the third level, they found that Huatong Group had already included hundreds of companies at that time, more than 130 of which were "zombie" companies in name only. Before clearing out these inefficient enterprises, we must first solve the problems of intricate creditor-debtor relationships, litigation legal relationships and employee placement behind them. The debts of some companies have been circulated more than a dozen times over decades of accumulation, and the industrial and commercial registration, financial archives and official seals of some companies have long been "disappeared", and some companies have hundreds of cases involving litigation.
, which "takes over" these old state-owned enterprises, needs to completely "slim down" and strengthen your body. "Solving the historical problems of old enterprises requires huge energy and time to spend on enterprises." Jing Haiguang said that some market entities in name only have no business activities and income, but are still occupying a series of social resources. These companies often encounter various problems such as creditors coming to collect debts and employees applying for compensation. It is imperative to clear out an inefficient enterprise "sniper battle".
is classified and promoted in batches. Huatong Group has started to clear out inefficient enterprises through equity transfer, bankruptcy liquidation, bankruptcy reorganization, absorption and merger.
The old enterprises that are insolvent can only go bankrupt and liquidate through legal procedures. Some old enterprises with brand value and asset value have implemented listing transfers, and some enterprises with broken capital chains but still have production capacity have implemented bankruptcy reorganization.
After more than a year of centralized cleaning, Huatong Group has basically completed the clearance of more than 130 "zombie enterprises" under its jurisdiction and has resettled more than 800 employees.
Huatong Group completed the "historical debt" consolidation and began to "lightly install".
The precipitation resources behind the activation of
The clearance work is not just "out", but it also needs to revitalize the industrial foundation and factory resources behind inefficient enterprises, so that existing resources can be turned into incremental resources. The assets left over from these old state-owned enterprises have begun to break free from the "shackle" and play a role in the new development context.
Not long ago, the commercial launch vehicle first undertaken by Qingdao Huatong Zhichuang Electronic Technology Co., Ltd. was developed and delivered with a high-reliability ground power prototype. In fact, this company has just been established for more than a year. The reason why it has such deep technical R&D strength is that it relies on the industrial foundation and technical resources of the transfer of old state-owned enterprises.
In December 2020, Huatong Group established Qingdao Huatong Zhichuang Electronic Technology Co., Ltd., transferring the equity of several old state-owned enterprises, Qingdao Rectifier Manufacturing Co., Ltd., Qingdao Qingzhong Electronic Equipment Co., Ltd., Qingdao Qingmicroelectric Appliances Co., Ltd. and Qingdao Huawei Tongli Electronic Technology Co., Ltd., to Huatong Zhichuang Electronic Technology Co., Ltd., achieving in-depth integration.
Huatong Zhichuang Electronics sorted out and reorganized their technical advantages and resources, established a R&D center, and established six R&D rooms, namely special power supply, module power supply, railway electrical, engineering technology, general power supply, and industrial intelligent control. In addition, high coordination has been achieved in marketing, manufacturing, procurement, finance, compensation system and management system, and the vitality of old enterprises has been revitalized.
Land and factory resources can also be revitalized. Qingdao Textile Vientiane Industrial Co., Ltd.'s factory in , Shibei District, has been completely renovated, and it has been transformed from a dilapidated old factory to a Hailiya Emergency Safety Education and Training Center in Shibei District. Relying on this old factory, Qingdao Hailiya has created an emergency experience venue integrating scenario simulation, practical training and interactive experience. Citizens can come here to experience the escape scenes after high-rise fires and subway accidents.
"We communicated with Qingdao Hailiya and found that they urgently needed such a factory to build a training center and wanted to acquire the factory resources." Jing Haiguang said, but Qingdao Textile Vientiane was too high at that time, and the only factory resources were insolvent. In order to promote the revitalization of this old factory, he and his team members decided to introduce the bankruptcy reorganization procedure and reorganized the debt issues involved in the old factory. Qingdao Hailiya finally completed the purchase successfully. After
completed the clearance work, Huatong Group completed the asset rights confirmation work for 19 old factory resources. With the expansion of the city's territory, these old factories are now located in the core of the city and have significant location advantages. However, under the "contraction" of historical issues such as creditors and debts, they have been able to play the role of resource elements after years of precipitation. With the resource integration of Huatong Group, these old factories have also embarked on the road of "update" and become a new carrier for urban stock quality improvement and industrial upgrading.
The factory, canteen and warehouse of the original Haishan Garment Factory, which has been silent for many years, has been transformed into offices, cafes and convenience stores, and has been "transformed" into a health industrial park, and is currently conducting investment promotion. The former Oriental Shirt Factory, which has been idle for many years, has also been renovated and officially opened with the new look of "Oriental Cultural and Creative Park".
The new industrial ecosystem "takes root and grows" in these old factories, and old enterprises familiar to Qingdao are reintegrated into the urban development trajectory in another way.
enters the new lane of capital operation
A Huatong Group that retains the foundation of Qingdao's industrial stock and continues to do incremental addition based on the stock. In 2020, Qingdao launched a pilot reform of state-owned capital investment and operation companies. Huatong Group became one of the four pilot enterprises. Huatong Group, which is "lightly equipped", fully utilizes the influence and driving force of state-owned assets and enters a new lane of capital operation.
Last year, Qingdao Food, independently cultivated by Huatong Group, was listed on the Shenzhen Stock Exchange, marking a historic breakthrough in Huatong Group's promotion of corporate listing. Ted shares, which have just been listed, have also successfully entered the capital market with the support of Huatong Group.
These two old state-owned enterprises have experienced the transition and restructuring from the planned economy to the market economy and . The historical problems left over from the development process have also brought difficulties to the company's listing. Huatong Group helped the two companies to regulate corporate governance requirements in accordance with the capital market, work hard to solve historical problems, and finally complete listing.
Huatong Group will also cultivate more local small and medium-sized enterprises to go public through capital operations. In recent years, Huatong Group has taken " Advanced Manufacturing equity investment, capital operation and industrial and financial services, and industrial park development and operation" as its main business, and has its wholly-owned subsidiary Qingdao Huatong Venture Capital Co., Ltd. (hereinafter referred to as "Huatong Venture Capital") as a professional fund management institution, and undertakes the investment and financing and equity investment functions of fund .
Starting from 2020, Huatong Venture Capital has extensively established a fund ecosystem covering smart technology industry funds, high-end manufacturing industry funds, new generation information technology industry investment funds, etc. In 2021, Huatong Venture Capital established the "mother-son fund group" of Huatong Group, and took Qingdao strategic emerging industries as its investment goal and focus.
As of now, the scale of funds under Huatong Venture Capital has exceeded 10 billion yuan, the cluster effect of fund is highlighted, the investment and financing chain is further improved, and the function of capital empowering the real economy is gradually deepened.
Huatong Venture Capital's fund-invested companies have begun to take shape. In March this year, Telidian New Energy Co., Ltd., which participated in the investment in Huatong Venture Capital, issued an announcement on the listing of on the Science and Technology Innovation Board. The "hidden champion" companies that participated in the investment were also deeply favored by capital.
Inefficient enterprises are cleared, resource accumulation is activated, and industrial structure and resource allocation are constantly being optimized are gradually releasing new investment potential. (Qingdao Daily/Guanhai News Reporter Wang Wei)
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