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insolvency liquidation
165438+1October 24th, Gangtai Holdings (600687. SH) It was announced that Gangtai Group Co., Ltd. (hereinafter referred to as "Gangtai Group"), the second largest shareholder of the company, was applied for bankruptcy liquidation by Guosen Securities on the grounds that it could not pay off its due debts and obviously lacked solvency.
Announcement of gangtai group filing for bankruptcy
According to the announcement, Gangtai Holdings provided illegal guarantees for the loans of Gangtai Group and its related parties without the company's audit procedures. At present, the total outstanding principal illegally guaranteed is 2.045 billion yuan, of which the total principal illegally guaranteed by Gangtai Group is 593 million yuan.
If Gangtai Group enters the bankruptcy liquidation procedure, the above-mentioned illegal guarantee may cause losses to Gangtai Holdings, and the specific impact shall be subject to the final ruling of the court.
It is reported that Gangtai Group has raised an objection and the court has not accepted the bankruptcy liquidation application. There is still great uncertainty whether the court will finally accept the bankruptcy liquidation of Gangtai Group.
"Small debts look at the market" notes that this is not the first time that Gangtai Group has been applied for bankruptcy liquidation. In April this year, it was filed for bankruptcy liquidation by Bank of China International Securities, and the case number was (2020) Hu 03 Baoshen No.20.
Bankruptcy reorganization information
In September this year, Gangtai Holdings was also unable to pay off its debts due and obviously lost its solvency, and was applied by creditors to Lanzhou Intermediate People's Court for bankruptcy and reorganization.
Since the outbreak of the debt crisis, Gangtai Group and Gangtai Holdings have been continuously downgraded by rating agencies. At present, the credit ratings of its main body and related debts are all C.
Gangtai Group Rating Trend
02
The debt crisis broke out.
Official website shows that Gangtai Group 1996 started in Taizhou, Zhejiang, and 1999 entered Shanghai. It has formed three industrial sectors of "big consumption, big culture and big finance" and the strategic layout of "four subgroups" of holding group, financial holding group, cultural group and real estate group.
Among them, Gangtai Holdings' main business is gold mining business and the design, processing and sales of jewelry such as gold, diamonds, jadeite and colorful treasures, which is known as "the first share of Internet jewelry".
Gangtai Group official website
From the perspective of ownership structure, Gangtai Group holds the shares of Gangtai Holdings 13. 13% and is the second largest shareholder of the company.
It is worth mentioning that from 2065438 to September 2009, 24.55% equity of Gangtai Holdings held by the former major shareholder Gangtai Mining was transferred to Huitong Fund by judicial coercion, and the actual controller of Gangtai Holdings was changed to China Tobacco Corporation.
The original shareholding structure of Gangtai Holdings
2065438+June 2008, a report on seeking help to solve the short-term liquidity crisis of Gangtai Group opened the corner of the debt crisis of Gangtai Group. In the letter of help, it is bluntly stated that "Gangtai Holdings turned to the higher-level government for help to solve the short-term liquidity crisis, and financial institutions borrowed from it, which led to the liquidity crisis of the company and the normal operation was disturbed."
Since then, Gangtai Group has solved the liquidity crisis by increasing real estate sales, cooperating with external enterprises and transferring investment projects. , but the effect is so small that all its bonds due are in default.
2065438+September 2008, Gangtai Group defaulted on its debt for the first time. After that, four consecutive bonds defaulted, with a total amount of163.6 billion yuan. At present, there is only one "17 gangtai 02", which will expire on September 26th, 2022.
Subsequently, the debt crisis of Gangtai Group was transmitted to listed companies. 2065438+April 2009, Gangtai Holdings was overdue for the first time. At present, two bonds are in default, with a total amount of 78 million yuan. At present, there is only one "17 rigid stock 0 1", which will expire in June 2022.
More seriously, from 2065438 to June 2009, Gangtai Holdings was exposed to the problem of illegal guarantee and was investigated by the Securities and Futures Commission.
Upon investigation, Gangtai Holdings was its actual controller, related party and other related parties for 2 118 years122 to 20 18 June 13.
In recent years, the income of gold and jewelry business of Gangtai Group has fallen sharply, and its profitability has fallen sharply. At the same time, its expenses and asset impairment losses have increased significantly. In 20 18 years, its net profit attributable to the mother was173.8 billion yuan, which was the first loss in history.
In the first half of 20 19, Gangtai Group realized an operating income of 6150,000 yuan, a sharp drop of 92.03% year-on-year; Realized a net profit of-65.438+53 million yuan.
profitability
At the same time, affected by strong financial supervision and tight credit supply, the financing environment is tightening. Gangtai Group is heavily in debt and highly dependent on financing, but its credit environment is poor and it is facing a worsening debt repayment environment.
By the end of June 20 19, Gangtai Group had total assets of 28.832 billion yuan, total liabilities of169.76 million yuan, net assets of118.56 million yuan, and asset-liability ratio of 58.88%.
Although it seems that the level of financial leverage is not high, Gangtai Group is dominated by current liabilities and its debt structure is unreasonable. The money in hand is far less than short-term liabilities, and there is a huge short-term risk of debt.
By the end of June, 2065438+2009, Gangtai Group had only 545 million yuan in monetary funds, but it faced 7.667 billion short-term debts, with the ratio of cash to short-term debts of 0.07.
At the same time, Gangtai Group has few reserve funds. By the end of 20 18, its total bank credit was 7.922 billion yuan, and the unused credit line was183.8 billion yuan, which shows that its financial flexibility is not good.
Bank credit status
In addition, the non-current liabilities of Gangtai Group were 4,765,438+07 billion yuan, mainly bonds payable, and the long-term interest-bearing liabilities totaled 3,763 million yuan.
On the whole, the rigid debt of Gangtai Group is1143 billion yuan, mainly short-term interest-bearing liabilities, with an interest-bearing debt ratio of 67%, and its interest-bearing liabilities account for a relatively high proportion.
In fact, the main reason for dragging Gangtai Group into the whirlpool of debt crisis is that the financing party has a problem.
In terms of financing channels, Gangtai Group has a single channel. In addition to issuing bonds and borrowing, it also uses lease financing, listed platform equity financing and equity pledge financing.
As early as 20 18, 1.08, Gangtai Group had pledged all its 65,438+95 million shares of Gangtai Holdings, and the equity pledge rate was 100%, which basically lost the room for funds to move.
At the same time, since 20 18, the net financing cash flow of Gangtai Group has turned into a net outflow state for the first time. Its poor cash profitability and deteriorating financing environment have led to its falling into a liquidity crisis, which in turn led to a debt crisis.
Situation in cash flow from financing
After the debt crisis broke out, "Gangtai Department" was sued by many financial institutions and its property was seized, bank accounts and assets were frozen, and its operation and financial situation continued to deteriorate.
At present, the 0/00% shares of Gangtai Holdings/KLOC-held by Gangtai Group and Gangtai Mining have been pledged, frozen and waiting by the judiciary.
Generally speaking, first of all, the performance of Gangtai Group has declined, and its "hematopoietic" ability has problems; Secondly, in the context of tightening financing environment, external "blood transfusion" was blocked, cash flow continued to decline, and finally a crisis broke out.
03
Diversification and frequent changes of main business
1996, Gangtai was born in Taizhou, Zhejiang Province, formerly known as Zhejiang Zhuguang Electric (Group) Co., Ltd., and started as a carton factory.
Three years later, Gangtai entered Shanghai and established a real estate company. Later, it became an enterprise focusing on real estate development and management, integrating packaging materials, new materials, landscape and cultural industries, with national first-class development qualification, and was one of the "Top 0 Real Estate Enterprises in China/KLOC-00".
Subsequently, Gangtai gradually divested its real estate business and frequently changed its main business.
At the beginning, Gangtai Holdings mainly engaged in cargo warehousing and transportation business, real estate business and import and export trade business; In 2000-2002, it was changed to integrate business, software and technical services with computer system network; 20 10 has completely become a real estate agent.
In 2008, Gangtai Holdings was listed on the backdoor of Huashengda, and it has the title of "the first share of Internet jewelry".
In 20 13, gangtai holdings acquired the controlling shareholder gangtai mining assets, Gansu Daye geological mine, and sold 89.78% equity of Zhejiang huashengda real estate, completely withdrawing from the real estate business, and then transforming into gold and gold ornaments sales.
After that, Gangtai Holdings took the lead in laying out the "Internet Plus Jewelry" platform in the field of gold jewelry through mergers and acquisitions, and won the title of "the first share of Internet jewelry".
Xu Jiangang, founder of Gangtai Group, 1968, was born in Taizhou, Zhejiang.
In Shanghai's business circles, Xu Jiangang has a prominent social position. His titles include Vice President of Shanghai Enterprise Federation, Vice President of Shanghai Entrepreneur Association, Standing Committee of Shanghai Federation of Industry and Commerce, Vice President of Pudong New Area Federation of Industry and Commerce, Executive Vice President of Shanghai Taizhou Chamber of Commerce, Standing Committee of Pudong New Area CPPCC and Vice President of Pudong New Area Federation of Industry and Commerce.
Xu Jiangang, Chairman of Gangtai Group
Official website of Gangtai Group shows, "In the next 20 years, Gangtai Group is determined to become a multinational group company leading the global quality of life and realize the" 3345 "project, including training 50 billionaires and 500 multimillionaires through the enterprise partner mechanism and equity incentive mechanism."
Now, this diversified group, which was established 24 years ago and once owned 30 billion assets, took only two years from the outbreak of the debt crisis to the application for bankruptcy liquidation. I am afraid that its dream of "cultivating 50 billionaires and 500 multimillionaires" cannot be realized.