On the evening of February 11, the Shanghai Shimao Co.Ltd(600823) announcement of the recent "liquidity crisis" was two important matters.
First, by Shanghai Shimao Co.Ltd(600823) providing financing pledge guarantee, the company's three subsidiaries located in Wuhu, Anhui, Shaoxing, Zhejiang and Hangzhou, Zhejiang were approved a total of 1.8 billion yuan of additional financing.
Second, the position of chief financial officer (CFO) of the company is taken over by Yu Feng, the current Secretary of the board of directors. According to people familiar with the matter, Yu Feng has worked in Shanghai Shimao Co.Ltd(600823) for more than 20 years and "has a better understanding of the company and financial background".
approved an additional financing line of 1.8 billion yuan
According to the announcement issued by Shanghai Shimao Co.Ltd(600823) on the Shanghai Stock Exchange, in order to improve the capital turnover efficiency and operation and profitability of subsidiaries, according to the operating capital needs of subsidiaries, three subsidiaries were approved to increase the financing limit of 1.8 billion yuan by Shanghai Shimao Co.Ltd(600823) providing financing pledge guarantee.
Source: website of Shanghai Stock Exchange
In Wuhu, Wuhu Shimao new development real estate Co., Ltd., a wholly-owned subsidiary of Shanghai Shimao Co.Ltd(600823) , plans to mortgage the property of about 46000 square meters to China Merchants Bank Co.Ltd(600036) and apply for loan financing of no more than 200 million yuan. Shanghai Shimao Co.Ltd(600823) provide pledge guarantee for the above loan financing matters and joint and several liability guarantee for the 100% equity of Wuhu Shimao new development.
In Shaoxing, China Merchants Bank Co.Ltd(600036) signed a loan contract with Shaoxing Shimao Investment Development Co., Ltd., a wholly-owned subsidiary of Shanghai Shimao Co.Ltd(600823) in April 2017, providing a loan of 1.2 billion yuan. Up to now, the loan balance is 828 million yuan. Shaoxing Shimao investment plans to apply for additional loan financing on the basis of including the above loan balance of 828 million yuan, with a total financing amount of no more than 1.6 billion yuan. Shaoxing Shimao investment will provide mortgage guarantee for the financing matters with the property of Shaoxing Shimao Plaza held by it, Shanghai Shimao Co.Ltd(600823) will provide pledge guarantee for the above financing matters with 100% equity of Shaoxing Shimao Investment Development Co., Ltd., and provide full joint and several liability guarantee.
In Hangzhou, Shanghai Shimao Co.Ltd(600823) holding subsidiary Hangzhou Herui Real Estate Development Co., Ltd. raised no more than 1.6 billion yuan from CITIC Trust Co., Ltd. in September 2020, and Shanghai Shimao Construction Co., Ltd. provided full joint and several liability guarantee. Up to now, the financing balance is 919 million yuan. After negotiation with financial institutions, Shanghai Shimao Co.Ltd(600823) plans to add 100% equity of Hangzhou Herui held by Fuzhou Taihe Yongsheng Real Estate Co., Ltd., a holding subsidiary, as an additional guarantee for the above financing.
The announcement said that the above guarantee matters still need to be considered by the general meeting of shareholders. Relevant guarantee procedures shall be completed within two months from the date of deliberation and approval by the general meeting of shareholders.
secretary with financial background takes over the position of CFO
In addition, Shanghai Shimao Co.Ltd(600823) announced that with the approval of the board of directors, Shanghai Shimao Co.Ltd(600823) appointed Yu Feng as vice president, chief financial officer and Secretary of the board of directors. Due to the needs of business development, Sun Yan, the former vice president and chief financial officer of the company, will no longer serve as the chief financial officer. As the vice president of the company, he is responsible for the internal audit and other businesses of the company.
Source: company announcement
Shanghai Shimao Co.Ltd(600823) said that the job change of senior managers will not affect the normal operation of the company's production, operation and management.
Sun Yan, who left office, was a certified public accountant and once served as the senior audit manager of the accounting firm. According to the 2020 annual report released in March 2021, Sun Yan, then 40 years old, Bachelor of management, Chinese certified public accountant, is currently the supervisor of the eighth board of supervisors of the company, assistant president of Shimao Group and head of audit and information management center, non-executive director of Shimao service and independent director of Shanghai FeiKai photoelectric materials Co., Ltd; He used to be the senior audit manager of PricewaterhouseCoopers Zhongtian certified public accountants Co., Ltd.
The successor is Yu Feng, Secretary of the board of directors. According to relevant sources, Yu Feng has worked in Shimao for more than 20 years and has a financial background. According to the annual report of Shanghai Shimao Co.Ltd(600823) 2020, Yu Feng, then 45 years old, graduated from Lixin Accounting College, is currently the Secretary of the eighth board of directors of the company, and once served as Shanghai Shimao Co.Ltd(600823) financial manager, financial director and securities affairs representative.
