CSI PENGYUAN credit rating Co., Ltd
Zhongzheng PENGYUAN announcement [2022] No. 53 Zhongzheng PENGYUAN announcement on reducing the credit rating of Shenzhen Wenke Landscape Co.Ltd(002775) subject and the credit rating of "liberal arts convertible bonds"
Shenzhen Wenke Landscape Co.Ltd(002775) (hereinafter referred to as " Shenzhen Wenke Landscape Co.Ltd(002775) " or "company", stock code: 002775. SZ) publicly issued 950 million yuan of convertible corporate bonds (hereinafter referred to as "liberal arts convertible bonds") in August 2020. On October 14, 2021, China Securities PENGYUAN credit evaluation Co., Ltd. (hereinafter referred to as "China Securities PENGYUAN") conducted an irregular follow-up rating on the company and "liberal arts convertible bonds". The rating result is that the main credit rating of the company is AA -, the rating prospect is negative, and the credit rating of "liberal arts convertible bonds" is AA -.
According to the performance forecast of Shenzhen Wenke Landscape Co.Ltd(002775) 2021 issued by the company on January 15, 2022, it is estimated that the net profit attributable to the shareholders of the listed company in 2021 will decrease from a profit of 159908800 yuan in the same period of last year to a loss of 130 million yuan – 180 million yuan, The net profit after deducting non recurring profit and loss decreased significantly from the profit of 155.3259 million yuan in the same period of last year to a loss of 125.5 million yuan – 175.5 million yuan. The above performance changes are mainly due to the company's provision for impairment of receivables of China Evergrande group and its holding subsidiaries (hereinafter referred to as "Evergrande group").
The company holds the commercial acceptance bills issued by Evergrande group and its member enterprises that are due. Since June 2021, it has suffered a large-scale breach of contract, and the bills presented to the drawer for cashing have been refused. As of December 31, 2021, the company held 1.442 billion yuan of notes receivable issued by Evergrande group and its member enterprises (including 704 million yuan of overdue notes and 738 million yuan of undue notes), 437 million yuan of accounts receivable, and a total of 1.879 billion yuan of notes and accounts receivable. Although some projects of Evergrande group's business undertaken by the company have resumed work recently, local regulatory authorities, Evergrande group and its member enterprises are unable to honor or pay the early-stage project funds related to the resumption projects, and cannot promise the payment time point of the early-stage project funds.
According to the third quarterly report of the company in 2021, as of the end of September 2021, the total assets of the company were 5.718 billion yuan, of which notes receivable and accounts receivable accounted for 31.42%, the owner's equity attributable to the parent company was 2.246 billion yuan, and the asset liability ratio was 59.64%. It is estimated that the related bills and accounts receivable of Evergrande group and its member enterprises cannot be recovered on schedule and the risk of impairment is likely to have a great adverse impact on the company's assets, the scale of owner's equity attributable to the parent company, capital liquidity, solvency and future business undertaking ability.
According to the announcement of Shenzhen Wenke Landscape Co.Ltd(002775) on the approval of Foshan SASAC on the proposed change of the company's control issued by the company on January 22, 2022, the company received the notice of Foshan construction and Development Investment Co., Ltd. (hereinafter referred to as "Foshan construction investment"), The state owned assets supervision and Administration Commission of Foshan Municipal People's Government (hereinafter referred to as "Foshan SASAC") issued the reply of Foshan SASAC on agreeing to acquire Shenzhen Wenke Landscape Co.Ltd(002775) (fgzg [2022] No. 3) on January 21, 2022. In principle, Foshan SASAC agreed with Foshan construction investment to acquire 117936422 shares of the company by agreement transfer, And obtain the actual control of the company; In principle, it is agreed that Foshan construction investment will subscribe 100000000 non-public shares of the company in cash. According to the announcement of Shenzhen Wenke Landscape Co.Ltd(002775) on receiving the decision of the State Administration of market supervision and administration of the people's Republic of China on no further review of the antitrust review of business concentration and the progress of the proposed change of the company's control issued by the company on January 29, 2022, The State Administration of market supervision has issued the decision of no further examination on the antitrust examination of business concentration (anti execution second examination decision [2022] No. 67). The relevant equity transactions in the matters to be changed in the control right have passed the antitrust examination of business concentration of the State Administration of market supervision. However, considering that this equity change still needs to be reviewed and approved by Shenzhen Stock Exchange, and the non-public offering of shares still needs to be reviewed and approved by the general meeting of shareholders of the company and approved by the CSRC, there is still uncertainty about whether this equity change can be completed and the implementation result. After comprehensive evaluation, CSI PENGYUAN decided to downgrade the credit rating of Shenzhen Wenke Landscape Co.Ltd(002775) subject from AA - to a +, maintain a negative rating outlook, and downgrade the credit rating of "liberal arts convertible bonds" from AA - to a +. CSI PENGYUAN will continue to pay attention to the impact of the company's operation, changes in financial status and changes in control on the company's main credit rating, rating outlook and "liberal arts convertible bonds" credit rating, and make adjustments in time.
It is hereby announced. (no text on this page)
CSI PENGYUAN credit rating Co., Ltd. February 17, 2002
