The shares of another listed company held by Baoneng will be enforced.
On the evening of February 22, Guangdong Shaoneng Group Co.Ltd(000601) announced that due to contract disputes, Cinda financial leasing applied to Shenzhen intermediate people’s court to enforce 142 million shares of the company held by Donghua Litong, the largest share of the company, accounting for 65.69% of its shareholding and 13.11% of the total share capital of the company. Hualitong is a secondary subsidiary of Baoneng group.
On the evening of February 20, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) also announced that 27.244 million shares of the company held by the controlling shareholder Zhongshan Runtian, a three-level subsidiary of Baoneng group, would be auctioned online by Lhasa intermediate people’s court. The auction of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) will not lead to changes in the controlling shareholders for the time being, but the enforcement of Guangdong Shaoneng Group Co.Ltd(000601) will directly lead to the loss of Hualitong’s position as the largest shareholder, which also means that Yao Zhen’s long planned plan to join the master is completely broken.
from the failure of fixed increase to the difficulty of ensuring the largest shareholder
According to the announcement of Guangdong Shaoneng Group Co.Ltd(000601) , due to the dispute case between Hualitong, the largest shareholder of the company, and Xinda financial leasing contract, Xinda company applied to Shenzhen intermediate people’s Court of Guangdong Province to enforce that Hualitong holds 142 million shares of the company, accounting for 65.69% of its shareholding and 13.11% of the total share capital of the company. The company specially reminds that if such shares are enforced, it will lead to the change of the largest shareholder of the company.
Previous announcements showed that the 142 million Guangdong Shaoneng Group Co.Ltd(000601) shares of Hualitong had already been frozen because Hualitong provided guarantee for the financial lease of about 500 million yuan of Guanzhi automobile under Baoneng group. Tianyancha data show that Hualitong is a secondary subsidiary of Baoneng.
Since Hualitong became the largest shareholder of Guangdong Shaoneng Group Co.Ltd(000601) , its shares have been continuously used by Baoneng group for financing and guarantee. At present, its debt dispute is far more than Xinda financial leasing.
As of February 22, Hualitong held Guangdong Shaoneng Group Co.Ltd(000601) 216 million shares, with 168 million shares pledged, accounting for 78% of its shares and 15.56% of the total share capital of the company; The cumulative number of judicial frozen shares is 216 million, accounting for 100% of its shares and 19.95% of the total share capital of the company; The cumulative number of judicial waiting to be frozen was 142 million shares, accounting for 65.69% of its shares and 13.11% of the company’s total share capital.
Previously, as Hualitong was the largest shareholder of Guangdong Shaoneng Group Co.Ltd(000601) but not the controlling shareholder, the company launched a non-public offering plan in July 2020, and planned to issue no more than 324 million shares to Hualitong alone. Hualitong planned to subscribe in cash. After the full implementation of the non-public offering, the proportion of shares held by Hualitong will exceed 30%, the controlling shareholder of the company will be changed to Hualitong, and the actual controller will be changed to Yao Zhenhua. The issuance plan was successfully approved by the CSRC in December 2020.
However, there are unforeseen circumstances! As Baoneng fell into a liquidity crisis in 2021, the fixed increase failed to start until the 12-month validity period of the approval passed. At the end of last year, the company announced that “due to changes in the capital market environment, issuance timing and other factors, the approval of the CSRC on the company’s non-public offering of shares will automatically expire if it fails to implement the non-public offering within the validity period of the approval”.
Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) equity was also auctioned
On the evening of February 20 two days ago, Baoneng, another listed company controlled by Baoneng Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) , also announced that its shares were to be auctioned by the judiciary.
Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) said that the company received the notice from the controlling shareholder Zhongshan Runtian, who received the notice from Lhasa intermediate people’s court that Lhasa intermediate people’s court will legally auction 27243600 non restricted circulating shares of the company held by Zhongshan Runtian on the Alibaba judicial auction network platform of Lhasa intermediate people’s court from 10:00 on March 22, 2022 to 10:00 on March 23, 2022, Accounting for 3.42% of the total share capital of the company. Zhongshan Runtian is a tertiary subsidiary of Baoneng group.
Fortunately, the auction will not change the largest shareholder and controlling shareholder for the time being.
As of the disclosure date of the announcement, Zhongshan Runtian held Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) 193 million shares, accounting for 24.23% of the total share capital of the company. Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) said that if the judicial auction is successful, it will not lead to the change of the company’s actual control, nor will it lead to the company’s equity distribution not meeting the listing conditions.
However, there are many debt disputes in Zhongshan Runtian. It is worth paying attention to whether more enforcement will endanger the right of control in the future.
Previously, the company has disclosed four creditors of Zhongshan Runtian, namely bank of Tibet, AVIC trust, Xie Moumou and Yuecai trust, involving a total principal of 3.77 billion yuan. Yuecai trust has also applied to the Shenzhen intermediate people’s court for the payment of 725 million yuan and interest by the enforcers (including Zhongshan Runtian, Shenzhen jushenghua, Baoneng group, Baoneng holdings and Yao Zhenhua). The court ruled that Zhongshan Runtian, the person subjected to execution, paid off his debts with Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) 2655 million shares.
By the end of 2021, Zhongshan Runtian held 193 million Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) shares, accounting for 24.23% of the total share capital of the company. The freezing of shareholding is as follows: 164 million shares have been pledged, accounting for 84.78% of its shares and 20.54% of the total share capital of the company; The cumulative number of judicial marks is 121 million shares, accounting for 62.86% of its shares and 15.23% of the total share capital of the company; The cumulative number of judicial frozen shares was 40.489 million, accounting for 20.98% of its shares and 5.08% of the total share capital of the company; The cumulative number of judicial waiting to be frozen was 48.2436 million shares, accounting for 25% of its shares and 6.06% of the total share capital of the company.
Baoneng’s interest bearing liabilities are nearly 200 billion
liquidity difficulty has never happened in 29 years
At present, what is the overall asset liability and liquidity status of Baoneng group?
According to the previous Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) reply to the attention letter of Shanghai Stock Exchange, by the end of September 2021, the total assets of Baoneng group in the consolidated statements were about 830 billion yuan, the total assets excluding the assets and liabilities of consolidated financial enterprises were about 430 billion yuan, the total interest bearing liabilities were 192.7 billion yuan (including bank loans, trust loans, financial products and corporate bonds issued), and the external guarantee balance was 30.8 billion yuan.
As of October 20, 2021, the “relatively urgent liquidity gap in recent times” is about 20 billion yuan, including a total of 8.349 billion yuan for all financial products, 2.6 billion yuan for urgent project funds, and about 8.5 billion yuan for some urgent operating funds and due principal and interest.
On November 7 last year, Baoneng group issued an open letter to all employees of Baoneng group in the name of Yao Zhenhua, founder and chairman of Baoneng group.
In the letter, Yao Zhenhua said that this liquidity difficulty is the first time Baoneng has developed in 29 years. However, he said that looking at the development of the whole 29 years, this difficulty is not a bad thing for Baoneng, which is about to enter its thirtieth year, but a wake-up call, “reminding us to deeply reflect on the problems in the process of operation and management and how to ensure that we will not repeat the mistakes in the future development”.
As for how to get to this stage, Yao Zhenhua said that since “we have made up our mind” and resolutely transformed into high-end manufacturing in 2016, we have successively invested more than 50 billion yuan of self owned funds in the whole automobile industry chain. Superimposed on the impact of the current epidemic and the impact of macro-control, “we have also encountered temporary capital liquidity difficulties” in the external image of “being rich and powerful”. “Problems such as centralized maturity of debt, cashing of financial products, payment by suppliers and payment of employees’ wages have emerged, and there have been some voices of doubt and even malicious slander with ulterior motives,” Yao Zhenhua said.
