On March 16, Tahoe Group Co.Ltd(000732) ( Tahoe Group Co.Ltd(000732) . SZ) announced that Huang Qisen, chairman and general manager of the company, was assisting relevant authorities in the investigation. It is reported that the board of directors of Taihe has launched an emergency plan, and Ge Yong, CO president of the company and Wang Jinggang, CO president of the company, normally preside over various production and operation work.
The announcement said that Huang Qisen’s assistance to relevant authorities in the investigation will not affect the normal operation of Taihe. The company said that it has a perfect organizational structure and standardized governance system, and all business activities are normal. It will pay close attention to the progress of relevant matters and fulfill the corresponding information disclosure obligations in time according to the regulations.
When talking about the chairman’s assistance in the investigation of relevant authorities, many employees of Taihe said that they did not know the specific situation and were communicating within the company. On the same day, Tahoe Group Co.Ltd(000732) WeChat official account was issued to announce the work of resuming work and resuming production.
The article said that in the first half of 2020, affected by superimposed factors such as the epidemic situation, Taihe encountered difficulties due to liquidity problems. For more than a year, Tahoe Group Co.Ltd(000732) under the leadership of Huang Qisen, with “resumption of work and production, guarantee of delivery and quality” as the first priority, actively revitalized assets, reduced liabilities and adjusted structure, and worked hard to restore the sustainable and healthy development of the company.
“Over the past year, the company has reached a settlement with most financial institutions, and most projects in the country have resumed production. Since 2021, more than 20 projects (batches) have been delivered in the country.” Taihe said.
In Taihe’s internal publications, Huang Qisen also issued a document saying that the golden age of real estate has ended, and “living” is the top priority. We should be prepared to live a hard life for a long time to come. We should be soberly aware that the most important work is to resume work and production, ensure delivery and quality.
Huang Qisen also said in public more than once that Taihe would bid farewell to “high turnover, high leverage and high debt” and pursue “small and beautiful, small and fine”. In the future, the company will be controlled at 30 billion to 50 billion in scale.
However, before returning to the “small and beautiful” strategy envisaged by Huang Qisen, Taihe must first face and deal with a large number of defaulted debts, intensive judicial cases and the resumption of projects in many places across the country.
Previously, several trust institutions filed lawsuits against Taihe. For example, Sichuan trust required Taihe to repay the principal, interest and default interest of about 4.8 billion yuan, and Zhejiang Jinhui trust also sued Taihe for overdue loans of 700 million yuan. The total amount of execution disclosed by the courts is at least 15 billion yuan.
In order to get out of the debt dilemma, Taihe once brought Vanke into the board, but there is no substantive progress at present. Some securities companies believe that the asset freeze caused by heavy judicial disputes has hindered Taihe’s asset restructuring and affected the progress of introducing war investment. Now, Huang Qisen, chairman of the board of directors, assists relevant authorities in the investigation, adding a trace of fog to the prospect of Taihe.
In today’s official tweet, Taihe said that the company’s management team will fully promote the resumption of work and production, delivery and quality under the guidance of the established strategy.
