Baoneng "Life and Death Bureau"

Former Bao Neng executives believe that Baoneng has "impossible to live again", but the problem of time. Yao Zhenhua himself may not think so. He is still waiting for the timing of the real estate to continue heating. Once the industry recovers, his asset value will rise, and he still has a chance to come back.

Author: Lao Yingying

Figure: Oriental IC

Guide

One || On July 26, Shenzhen Yishenghua Co., Ltd. released the 2021 bond annual report on the official website of the Shanghai Stock Exchange. It was this report that directly opened the lid of "Bao Neng's Life and Death Bureau".

初 || "At the beginning of this year, the CBRC has issued a post to restrict Yao Zhenhua's right to exercise shareholders, but he still at the expense of risk of violating supervision and holding a temporary shareholders' meeting on the grounds of so -called failure to meet the standards. It's. Yao Zhenhua wants to win too much. He wants to come back too much, so he wants to continue to control Qianhai Life. "

Three || In the annual report of Bond of Ji Shenghua, it is clearly disclosed that "the company's controlling shareholder Baoneng Investment Group and the actual controller Yao Zhenhua have a large amount of lawsuit disputes and listed as the executing person."

"Drag" and "Lai", this is the description of Bao Neng's current situation.

According to the above -mentioned interviewers of the reporter from the Economic Observer, the operating business of Baoneng Investment Group has basically stopped. The institutions are also taking legal means of asset preservation.

Under the top of debt, the assets of Baoneng Department have not been optimistic due to the previously pledged rounds of reasons, and this "high debt, high pledge" is also triggered by the passive listed company of Baoneng's related listed companies. Reduce holdings. Baoneng is also gradually losing its control over its listed companies.

In the past few or two weeks, the "000601.SZ), Zhongja High -tech (600872.SH), South Glass A (000012.SZ), and Baoneng's" internal fighting "entered the fierce stage of white thermalization. From the relevant announcement information, it can be found that Yao Zhenhua, the actual controller of Baoneng Group, still does not want to give up the control of these assets.

In an interview with the reporter from the Economic Observer, the above -mentioned former Baoneng executives believed that Baoneng had "impossible to return to life again", but the problem of time was long.

Of course, the above -mentioned person also said that Yao Zhenhua himself may not think so. He is still waiting for the timing of the real estate to continue heating. Once the industry recovers, his asset value will rise, and he still has a chance to come back.

"The lid is opened"

On July 26, Shenzhen Yishenghua Co., Ltd. (hereinafter referred to as "Sheng Shenghua") released the annual report of the 2021 bonds on the official website of the Shanghai Stock Exchange. It was this report that directly opened the lid of "Bao Neng's Life and Death Bureau".

The report information shows that as of the end of 2021, the company's interest debt balance was as high as 82.291 billion yuan; the company and subsidiaries had a total external guarantee of 57.289 billion yuan; the company's financing and external guarantee lawsuit involved 550.02 billion Yuan; the company's other receivables reached 89.690 billion yuan, mainly for non -operating exchanges with non -affiliated parties and non -related parties. At the same time, the company's net profit in 2021 was -11.523 billion yuan, a year-on-year decrease of 19.660 billion yuan, a year-on-year decrease of 241.61%...

This series of numbers can be described as "shocking."

The report also clearly stated that as of the date of the report, the company's debt repayment pressure was high, and the debt defaults and exhibition periods had occurred. As for the huge amount of receivables, the related parties are temporary demolition borrowings generated to meet the needs of daily operations, and the exchanges formed by the company and non -related parties. The future or more difficult to repay the money.

The report even clearly states that Baoneng Investment Group has pledged most of the company's equity: as of the end of 2021, the company's controlling shareholder Baoneng Investment Group directly held 10.989 billion shares of the company, accounting for 67.40%of the company's share capital, of which Baodi was Bao The 10.980 billion shares of the capable investment group have been pledged, accounting for 67.35%of the company's total share capital.

As the core financing platform of Baoneng Department, Ji Shenghua is widely known in the market. According to the equity structure disclosed by the report, the controlling shareholder of Ji Shenghua is Shenzhen Baoneng Investment Group Co., Ltd., holding 67.35%of the total share capital of Yishenghua, and the actual controller is Yao Zhenhua.

Former Baoneng executives who are familiar with Baoneng's daily business operating to the Economic Observation News reporter said that starting from June 21, 2021, the first interest cannot be paid, and there will The arrears include loans of financial institutions, bonds, and products of private equity funds. According to the announcement issued on January 15th, as of the end of December 2021, the total interest liabilities of Baoneng Group had a total of 191.8 billion yuan, and the foreign guarantee balance was 30.8 billion yuan.

The above person said that the liabilities of Baoneng department actually include interest arrears and employees' arrears. In the interest section, it is calculated based on the 7-8 points of interest rates of the comprehensive cost, and there is about 18 billion yuan a year with interest expenses; the employee's arrears part, according to the Baoneng peak period, the salary paid by the employee is the one month. 600 million (here do not include a listed company, Qianhai Life and other licensed institutions controlled by its holding). This part of the expenditure is about 72 billion yuan a year, and the interest and employee's wages are about 25 billion yuan a year. For debt, Baoneng has repeatedly stated that it will accelerate the disposal of asset repayment debts, but in fact, the assets of Baoneng Department have almost all mortgaged, and some have even pledged through several rounds of pledge. The above -mentioned people said that when the evaluation was relatively optimistic, it was bested out. Baoneng's Bantian Science and Technology City project was even 6 bets. In this case, how could there be a balance of assets. Now let Baoneng take out a complete and unsecured, or even the assets of the second bet. Regardless of the stock, equity, or land of Baoneng's assets, his general operation will take out the debt project of a certain project, and then the equity will be pledged again. The leverage has been used to the extreme.

According to the annual report of the above -mentioned Yoshenghua bonds, as of the end of 2021, Baoneng directly held 10.989 billion shares of Yoshenghua, of which 10.98 billion shares had been pledged. In addition, the listed company of Baoneng Holdings is also probably the case. For example, the Zhongshan Runtian controlled by Baoneng Group holds the 163 million shares of Zhongzhu High -tech, with 163 million shares in pledge, accounting for 84.78%.

Moreover, Nanda A shares held by Zhongshan Runtian were repeatedly pledged. In March 2020, Zhongshan Runtian pledged the South Glass A81 million shares held, accounting for 93.50%of its shares. On December 3 of the same year, Zhongshan Runtian unlocked the 81 million shares and pledged 67.65 million shares, accounting for 78.09%of its shares.

"Self -rescue" and "struggle"

Former Baoneng executives who have left Baoneng for three or four months have told the Economic Observer that after the short -term liquidity crisis in Baoneng 2021, the Shenzhen Municipal Government still gives some support, hoping Baoneng can handle assets as soon as possible and over the crisis, but Yao Zhenhua's attitude of handling assets at that time was not positive.

According to the reporter of the Economic Observer, Baoneng once sold some of Guangzhou's assets to Guangzhou Science City Group. This part of the assets include some equity of Baoneng New Energy Vehicle Group and Guangzhou Baoneng Automobile, an old name called "Fengxia Village". The project and a financial building in Huangpu District, Guangzhou, sold a total of nearly 100 billion yuan. "Baoneng also signed a framework agreement with Science City at the equity of Qianhai Life. Science City gave some deposits, but because some conditions have not been discussed, the transaction is still in the current transaction."

The above -mentioned people close to Yao Zhenhua said that except for Guangzhou Science City, there are almost no remaining asset transactions.

The former Bao Neng executives interviewed by reporters believe that Yao Zhenhua does not actively handle the assets, mainly because he is not willing. For a person who has so many, the mood of "don't want to lose" is understandable. Yao Zhenhua once said inside, "Whoever wants to eat my meat, I will chop him."

However, the above -mentioned interviews believe that when the liquidity crisis just appeared, it was completely different from the current situation. At that time, the preservation methods used by various financial institutions were not so fierce. Small difficulties in time, can be negotiated with each other. But the situation is different now. The entire asset price is constantly declining, the assets are mortgaged, and even the court has been waiting for many rounds of frozen rounds, and it can not be sold at all.

The "high debt, high -liability and high pledge" of Baoneng department triggered passive reduction, and Baoneng was gradually losing control of listed companies. On July 28, Nanyang A announced that the custodian brokerage firms had dealt with the 19.289 million shares of Nanyang A shares held by Nanyan Runtian Investment Co., Ltd. in accordance with the requirements of the court and through the requirements of the court. Continue to dispose of the remaining South Bolk A shares held by Nakayama Runtian.

As early as February 21 this year, Zhongshan Runtian received an enforcement ruling from the Shenzhen Municipal Intermediate People's Court to determine 26.55 million shares held by the company's company in the company of Yuecai Trust in Zhongshan to settle 725 million yuan and Interest.

On April 22, Zhongshan Runtian also informed Zhongju High -tech. Yuecai Trust will reduce holding 24.6 million shares of the company's shares held by Zhongshan Runtian by centralized bidding, large transactions, etc., accounting for 3.09%of the company's total share capital; since 2022, Zhongju Hi -tech issued a total of 5 passive holdings, involving the main body of the reduction of the holding of the holding of Zhongshan.

Nevertheless, various signs show that Yao Zhenhua still does not want to give up his control of listed companies. From June 16th to June 17th, the Shenzhen Intermediate People's Court auction Huaritong (100%holding shares of Yongshenghua) held about 142 million shares held by Shaineng. About 9.22 yuan/share, but Fang Fu Industrial did not pay the remaining auction price, the auction failed to be sold, and Fang Fu Industrial also paid the price of 60 million yuan in margin.

According to the information of Tianyan Check, the time of Fang Fu Industry seemed to be strange. It was established on December 28, 2021. The registered capital is only 1 million yuan. Its shareholders are Hong Kong Fangfu Group. God, there is no information on registered capital and shareholders. Although Fangfu and Baoneng cannot see the direct relationship between Fang Fu and Baoneng, the above person said that Fangfu Industrial is very likely that the "own person" found for Bao Neng Department, by changing money by money, hindering Shao Shao from Shao The change process of the largest shareholder of capable shares.

On July 11, Baoneng's official website announced that its company Qianhai Life held an interim shareholders' meeting and a temporary meeting of the board of directors to decide to exempt Shen Chengfang's positions and general managers of Shen Chengfang, eliminating Chen Lin's company supervisor position. "Earlier this year, the China Banking Regulatory Commission has issued a statement to restrict Yao Zhenhua's right to exercise shareholders, but he still has the risk of violating the regulatory and holds a temporary shareholders' meeting to remove the executives of Qianhai Life Life on the grounds of not meeting the so -called performance. Yao Zhenhua I want to win too much, so I want to turn over, he wants to continue to control Qianhai Life. "The person interviewed above said.

Where is it?

In the annual report of Yoshenghua's bonds, it is clearly disclosed that "the company's controlling shareholder Baoneng Investment Group and the actual controller Yao Zhenhua have a large amount of lawsuit disputes and listed as the executor."

At the same time, Ji Shenghua also listed "the controlling shareholders and other major assets and restricted situations held by the actual controller except the issuer's equity": the investment real estate, with a limited amount of 44.302 billion yuan, limited limited, limited The reason is "for the mortgage of company fundraising activities"; monetary funds, the limited amount of 1.851 billion yuan, the restricted reason is "judicial frozen and margin"; transactional financial assets are limited to 1.522 billion yuan. For "pledge for company fundraising activities"; intangible assets, the limited amount is 1.532 billion yuan, the restricted reason is "pledge for company fundraising activities", etc.; The total limited amount is as high as 49.509 billion yuan.

In terms of non -operating exchanges and funds, at the end of the reporting period, the non -operating exchanges that have not been recovered in the reporting period are 72.622 billion yuan. Total or funds with a total of 69.935 billion yuan.

In terms of external guarantees, at the end of the reporting period, the balance of the external guarantee of Ji Shenghua was 57.289 billion yuan. In the external guarantee, the amount of guarantee for the controlling shareholder, actual controller and other related parties was 49.226 billion yuan.

Moreover, the reporter also comprehensively related bond information in the above report found that the use of bonds is basically "all used to repay interest debt" or "temporary supplementary funds."

From the above information, we can basically see the tremendous pressure of Baoneng Group's capital chain. According to the information obtained by the reporter through the interview, with the suspension of the operating business of Baoneng Group, the operating income has basically broken.

Specifically, in terms of Baoneng Real Estate, many places have stopped working in construction and the project is rotten; in terms of new energy vehicles, although the model claims to be out, you can go online to make a prototype. A large number of arrears of the supplier's payment, suppliers did not cooperate with Baoneng, the automobile production base was closed, and the 4S store was shut down. In addition, Baoneng once launched fresh and mobile business, but these two businesses have died shortly after.

A person who had been engaged in freshness and technology business within Baoneng told the Economic Observer reporter that Baoneng Fresh originally wanted to make a "Aunt Money" retail store. In 2019 At the peak period, there were nearly 20,000 to 30,000 employees during the peak period, and a total of hundreds of millions were invested. From 2020, it has ended. Now all the stores have been closed. The mobile phone business lasted shorter. At that time, Baoneng dug a South Korean Samsung team. The total number of people may be nearly 200 people at the peak, but nothing can be done. Now there should be no one for mobile phone business.

In addition, the wages are increasingly worse, and employees have lost more and more. "The salary began in March and April 2021, and then it was completely owed. In the past two months, it was forced by some media pressure, like squeezing toothpaste. Where is the salary? Anyway, everyone can leave, and it ’s okay to keep it. If the external market is not good, you ca n’t go there to find a job."

The above -mentioned people who were interviewed by the Economic Observer believed that Baoneng was difficult to get back to life, but it was a problem of time.

Since last year, a number of housing companies across the country have fallen into a liquidity crisis, including Evergrande and Jiazhaoye, which are also in Shenzhen in Shenzhen. The government has involved in Evergrande to assist them in reorganization. So where will Baoneng go? Will you follow the old road of Hengda?

"Xu Jiayin must have hoped that the government was involved, because he was really difficult to turn over, but Yao Zhenhua was not such a mentality. He thought he could turn over because he felt that his assets were high -quality. Dragging on behalf of ', his ultimate fundamental purpose is to hope that the real estate will continue to warm up. Once he recovers, his asset value rises, he can turn over and he will be dragged for three or five years. "A one is quite familiar with Yao Zhenhua who is quite familiar with Yao Zhenhua Qianbao Neng executives told reporters.

Let state -owned enterprises dare to work, private enterprises, and dare to invest in foreign companies. What is the 100 billion -level real estate bailout fund behind the dare to vote: the rescue project does not save the enterprise to fight the Indian market, and the Chinese mobile legion retreats or guard?

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