[Financial Headline] How will Lanzhou Construction Capital's non -bid for more than tens of billions of stocks be resolved?

Economic Observer Reporter Cai Yuekun's non -debt is overdue, the property was applied before the application of the property, and the debt institution was sued by the debt institution ... as the Lanzhou Construction Investment (Holdings) Group Co., Ltd. (hereinafter referred to as "Lanzhou Construction Investment") of Lanzhou Urban Investment Platform (hereinafter referred to as "Lanzhou Construction Investment"). During the pressure of debt.

A trusting agency revealed to the Economic Observer on August 24 that Lanzhou Construction Investment began to be overdue in July 2022. At present, the trust agency has announced that the principal of 160 million has expired in accordance with the contract and The property applied to the court for pre -property preservation.

It is reported that Lanzhou Urban Development Investment Co., Ltd. (hereinafter referred to as "Lanzhou City Investment") under another urban investment institution under Lanzhou Jianzhun) also exposed debt defaults due to the guarantee of the insurance asset management plan in the first half of 2022. Later, the relevant person in Lanzhou City Investment told reporters that the overdue problem has been properly resolved, and the principal of some expirations has also reached the exhibition agreement with the creditors.

Relevant persons from the Lanzhou Investment and Investment and Financing Department confirmed to reporters on August 25 that the non -standard overdue situation was true, and said that they are currently trying to raise funds to solve it. The debt volume continued to last more than 10 billion.

According to data from the above trust agencies, as of the end of 2021, Lanzhou established a non -bid debt of over 11 billion yuan. In this regard, the reporter has repeatedly called the chairman of Lanzhou Construction Investment to inquire about the debt resolution plan, and as of press time, it has not been connected.

In addition to the non -standard debt overdue, Lanzhou's investment in bonds in the short -term expiration is also high. According to Wind data, Lanzhou Construction Investment and subsidiary Lanzhou City Investment within one year of bonds were about 9.6 billion yuan. Lanzhou Jianzu was issued without new bonds after the issuance of a super short -term integration in November 2021. At the same time, no new bond issuance faces huge amounts of bonds to expire. Whether Lanzhou Construction Investment can overwhelm difficulties has become the focus of investors' attention.

Property predecessors

It is reported that Lanzhou Construction Investment is an important state -owned capital investment and operation entity in Lanzhou. It is mainly responsible for the investment and construction of Lanzhou infrastructure, and engaged in public utilities such as gas, bus, water supply and heating Business business such as grain and oil sales.

On August 16, 2022, the institutions where the above trust agencies were located applied to the court for pre -property preservation, and requested the relevant property preparation measures for the respondent Lanzhou Jianjian Investment and Lanzhou Jianjun Real Estate Development Co., Ltd. In addition, in the civil ruling, the court also ruled that the property was seized, seized, and frozen.

Prior to this, the trust institution revealed to reporters that Lanzhou Construction Investment has not been repaid since July 2022. At that time, he has contacted the relevant parties of Lanzhou Jianhuo many times so far, but the other party did not have a clear reply.

According to the company's investigation, Lanzhou Construction Investment currently involves the litigation institution also includes Far East Hongxin (Tianjin) Financial Leasing Co., Ltd., which is a dispute over the financial lease contract; Bank Co., Ltd. Lanzhou Branch, all the cases of financial loan contract disputes.

In addition, in the second half of 2022, Lanzhou Construction Investment and subsidiary Lanzhou City Investment Bonds expired, and it still faced greater debt pressure.

According to the statistics of Shen Wanhongyuan, as of the end of July 2022, since October 2021, Lanzhou Construction Investment and Lanzhou City Investment have paid 12 billion bonds, of which 500 million ultra -short -term integration was issued in November 2021. Since then, there have been no bond issuance. The net redemption has exceeded 10 billion, and the balance of the bonds has decreased from more than 27 billion in October 2021 to 14.5 billion.

According to Wind data, there are currently 12 bonds in Lanzhou City, including targeted tools and general midterm notes, totaling 6.6 billion yuan; Lanzhou City Investment Bonds have 9, including an overseas bond, "Lanzhou built 4.15% N20221115 ", a scale of $ 300 million. The other eight were only 5.9 billion yuan for targeted tools and general midterm notes, with a cumulative approximately 7.94 billion yuan. Lanzhou City Investment and Lanzhou Investment Investment Cumulative bonds were about 14.54 billion yuan.

Among them, in September 2022, Lanzhou Investment will pay 1.8 billion yuan of bonds, with a number of bond maturity of 4.8 billion yuan within one year, and 4.8 billion yuan in bonds within one year of Lanzhou City. 100 million yuan.

At present, the Lanzhou Construction Investment and Lanzhou Urban Investment have no disclosure bond defaults. On August 25, another trust organization told reporters that bonds are generally public or semi -publicly issued. Almost all urban investment defaults start from non -standard, but bonds generally start to redeem it, but they are faced later in the later period. The risk is also very high.

Sale equity quotation rating follow

Recently, a announcement of the transfer of the equity of the gas company holding the gas company has attracted the attention of the rating agency.

On August 18, Lanzhou City Investment announced that in order to ensure that the debt was paid in full on time, 50%of the shares of Gansu PetroChina Kunlun Gas Co., Ltd. (hereinafter referred to as "Gansu Kunlun Gas") held Transfer to Lanzhou Financial Holdings Co., Ltd. (hereinafter referred to as "Lanzhou Golden Control") and Lanzhou Ecological Innovation City Development Group Co., Ltd. (referred to as "Lanzhou Innovation City"). Among them, 26.5625%were transferred to Lanzhou Golden Control and 23.4375%of Lanzhou Innovation City. It is reported that Gansu Kunlun Gas was approved by the Lanzhou Municipal Government in April 1982. In May 2010, the Lanzhou Municipal Government SASAC and PetroChina Kunlun Gas Co., Ltd. reorganized the company with a ratio of 50%of each equity ratio. Lanzhou Petroleum Kunlun Gas Co., Ltd.. In 2012, it was renamed Gansu PetroChina Kunlun Gas Co., Ltd. The company is a joint venture that focuses on natural gas marketing, integrating natural gas pipe network operation management and facilities.

Lanzhou City Investment claims that since July 2022, due to the impact of the epidemic in the Lanzhou area, the company's production and operation has been affected to some extent. In order to improve the operating efficiency of state -owned assets, carry out strategic reorganization, improve the market -oriented profitability of public welfare projects, and unswervingly promote the market -oriented operation of the company.

According to industrial and commercial data, Lanzhou Jianjian Investment held 97.1%of the shares of Lanzhou City. After the equity was penetrated, he was in fact controlled the Lanzhou SASAC. Lanzhou Golden Control and Lanzhou Innovation City are the wholly -owned subsidiaries of the Lanzhou Finance Bureau and the Lanzhou SASAC.

On August 19, the New Century Rating issued the "Announcement on Lanzhou Construction Investment (Holdings) Group Co., Ltd. to transfer the equity of the equity of PetroChina Kunlun Gas Co., Ltd. of Gansu (hereinafter referred to as the" Announcement ").

The announcement pointed out that at the end of 2021, Lanzhou's total assets built an investment of 145.047 billion yuan, net assets of 39.656 billion yuan, and realized operating income of 7.117 billion yuan in 2021; in 2021, at the end of 2021 Business income is 3.633 billion yuan.

According to the announcement, after this transfer, Lanzhou's single -consolidated caliber total assets decreased by 1.821 billion yuan, and net assets decreased by 573 million yuan, accounting for 1.26%and 1.44%of the total assets and net assets of Lanzhou Investment and Net Assets at the end of 2021. Lanzhou's total assets and net assets have less impact; operating income decreases by 1.817 billion yuan, accounting for 25.53%of the operating income of Lanzhou's investment in 2021, which has a greater impact on the company's operating income.

Behind debt overdue

Regarding signs of breach of contract, people from the above trust agencies recalled that since December 2021, Lanzhou Construction Investment has not issued a bond issuance. In the early stage, a large number of continuous existence bonds continued to increase the debt burden of Lanzhou Construction Investment. Until the first half of 2022, Lanzhou City Investment Capital Lanzhou City Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment had not standard overdue, and debt issues began to appear in the open market.

The Lanzhou Investment Bond has not been added behind, and the person said that it may be related to the policy of urban investment.

In July 2021, the China Banking Regulatory Commission issued the "Guidance Opinions of Banking Insurance Insurance to further do a good job in the prevention and resolution of hidden debt risks" (CBRC [2021] No. 15). Practice the requirements of local government financing related policies, dispel the fiscal pocket hallucinations, strengthen compliance management and due diligence, shall not add hidden debt of local governments in any form, and make a detailed debt plan, and properly resolve the existing local government debt.

On December 31, 2021, although the Shanghai New Century rating maintained a Credit -level AA+level in Lanzhou, the adjustment of the rating of the adjustment was negative. Regarding the reason for the negative outlook, the new century rating stated that the liquidity pressure on the company is still great.

Regarding the delay of debt, the materials provided by the above trust agencies show that as of the end of December 2021, the balance of interest debt in Lanzhou was 86.545 billion yuan, which was classified according to the nature of the bonds, including 29.466 billion yuan in the county and district sheds, and public welfare. The project debt was 33.805 billion yuan, and the two accumulated 63.201 billion yuan, accounting for more than 73%of the interest debt. Its operating project debt was 10.345 billion yuan.

The person said that the construction of Lanzhou Investment is mainly engaged in infrastructure construction, including public utilities such as water supply and heating, and the debt of public welfare projects is relatively high, which means that a large number of public welfare projects that are invested by Lanzhou Investment have not been closed back. , Resulting in huge public welfare project debt.

According to the October 2021 rating report of the new century rating, with the advancement of the construction of Lanzhou urban infrastructure, the company's infrastructure business funds have continued to increase, and large -scale rigid debts have been accumulated, and the degree of debt operation has remained high. In addition, the company's infrastructure construction and real estate project investment expenditures are large, and they mainly make up for the funds gap through financial institution borrowing, financing leasing, and issuing bonds.

A person from the trust agency said that Lanzhou established investment and bonds made a large number of municipal infrastructure construction. On the one hand, since the bond market has not been incorporated in December 2021, on the other hand The period increased the pressure of Lanzhou Construction Investment Debt.

According to the new century rating, Lanzhou Jianzu played a very important role in absorbing external financing for the construction of the infrastructure of Lanzhou. The company, as the core platform enterprise in Lanzhou, also assumed an important social function to promote economic development. It is the most important carrier of the Lanzhou Municipal Government to promote the construction of major provincial and municipal engineering projects, to drive local industrial transformation and promote regional economic development. Actively raise funds

Faced with the pressure of debt, the relevant person from the above -mentioned Lanzhou Investment and Investment and Financing Department said that they are currently actively raising the debt funds of non -standard overdue.

Prior to this, on October 15, 2021, investors in the province's bond markets were held in Lanzhou. Vice Governor of Gansu Province pointed out at the meeting that "for state -owned enterprises' existence bonds, the provincial and municipal levels are resolutely adopted to take strong measures to make every effort to make every effort. Promote the resolution of risks, fully protect the interests of investors, fully protect the good financial ecology, and resolutely keep the bottom line that does not occur without systemic risks. "

On December 19, 2021, the Lanzhou Municipal Government held a ventilation meeting to resolve the financial institutions of Lanzhou Construction Investment Corporation. The plan has steadily promoted the resolution of corporate debt, and achieved all the debt of the Lanzhou Construction Investment Corporation without discounting.

Regarding the local government's assistance suggestions, Tianfeng Securities recently reported that the most direct thing is to mobilize local financial resources to support Lanzhou. The total assets of financial institutions in Gansu Province are low, with only 3.35 trillion as of the end of 2021. However, there are also two city commercial banks including Bank of Gansu and Bank of Lanzhou, with total assets exceeding 300 billion yuan. In addition, as of the end of December 2021, Gansu Agricultural Credit Co., Ltd. was 486.67 billion yuan, and the balance of various loans was 391.067 billion yuan.

Tianfeng Securities said that considering that the interest liabilities in the province of Gansu Province were 602.59 billion yuan, of which the balance of bonds was less than 100 billion, and only the financial resources in the province could have effective support.

Regarding the risk of construction investment in Lanzhou, Shen Wanhongyuan's research report stated that Lanzhou Construction Investment is a major urban investment company in Lanzhou. The business scope includes gas, bus, water supply, heating, etc., which has regional specialized advantages in Lanzhou. Since the public opinion incident last year, the Gansu Provincial Local Financial Supervision Bureau organized a bond investor talks and the Lanzhou Municipal Government held a ventilation meeting to resolve the Lanzhou Construction Investment Corporation's debt issues. The pressure of Lanzhou Construction Investment is expected to continue to slowly release without too much worry.

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