The capital market is really hidden. Jinzhou Cihang Group Co.Ltd(000587) (000587, SZ) disclosed on January 6 that the company’s debt of RMB 1.411 billion was exempted by relevant creditors. The reporter of the daily economic news noted that Xiamen zhongrunboguan Asset Management Co., Ltd. (hereinafter referred to as zhongrunboguan), one of the creditors, is unknown in the capital market, and its wholly-owned shareholder Li Aiqin also seems to be unknown. However, although the reputation of zhongrunbo view is small, its strength seems to be unusual. According to the information disclosed by listed companies, Zhongrun boguan quickly acquired Jinzhou Cihang Group Co.Ltd(000587) creditor’s rights of more than 1 billion yuan from Zhongzhi department, and waved it with a big hand. At the same time, Zhongzhi department also exempted the debt of Jinzhou Cihang Group Co.Ltd(000587) tens of millions of yuan.
As one of the representatives of Listed Companies in the capital operation of Zhongzhi department, Jinzhou Cihang Group Co.Ltd(000587) has been in deep trouble in recent years. Through the above debt forgiveness, the company may be expected to reverse the dilemma of negative net assets.
billions of debt will “disappear”
According to Jinzhou Cihang Group Co.Ltd(000587) announcement, the company recently received the notice of debt exemption from China Resources boguan and Fenghui Leasing Co., Ltd. (hereinafter referred to as Fenghui leasing), which exempted the company’s debt by 1.411 billion yuan in total. Among them, Zhongrun boguan exempted three debts totaling 1.331 billion yuan, and Fenghui leasing exempted a debt of 79.2258 million yuan.
What is the origin of zhongrunbo view and why it is so big? According to qixinbao, Zhongrun boguan was established in 2015 with a registered capital of 10 million yuan. Its registered address is located in Xiamen international shipping center, No. 97 Xiangyu Road, Xiamen area (Free Trade Zone) of China (Fujian) pilot free trade zone. In terms of equity structure, natural person li Aiqin holds 100% equity of the company and serves as executive director and general manager of the company. In addition, the public information of zhongrunbo view is rare and mysterious.
“The company has not found any relationship between China Resources View and the company, and has not found any relationship between China Resources View and the listed company and the top ten shareholders of the listed company in terms of property rights, business, assets, personnel and other aspects.” Jinzhou Cihang Group Co.Ltd(000587) scale.
However, it is obvious that Zhongrun boguan and Li Aiqin behind it are not ordinary people who can exempt the debts of listed companies of more than 1 billion yuan. According to the disclosure of Jinzhou Cihang Group Co.Ltd(000587) , Zhongrun boguan has purchased from Datong securities all the outstanding principal, interest and other rights totaling 370 million yuan agreed in the “17 Jinzhou 01” bond with a face value of 260 million yuan; Acquired all the rights and interests of the company under the zad1-20171212-002 contract of RMB 406 million from Anhui Zhong’an financial assets; It also acquired 555 million yuan of creditor’s rights from Beijing Shoutuo Rongsheng Investment Co., Ltd. (hereinafter referred to as Shoutuo Rongsheng).
In addition, Fenghui leasing previously repaid all the funds under the execution cases related to bond default on behalf of Jinzhou Cihang Group Co.Ltd(000587) , totaling 79.2258 million yuan. This money should have been repaid by the listed company, but Fenghui leasing said it voluntarily exempted the debt owed by the listed company.
“The company has not fully mastered the accurate impact of the accounting treatment method of this exemption on the financial situation, and there may be differences with the final audit data. The specific accounting treatment and affected amount must be subject to the results confirmed by the accountant.” Jinzhou Cihang Group Co.Ltd(000587) indicates.
According to the previous announcements of Jiangxi Firstar Panel Technology Co.Ltd(300256) (300256, SZ) and Jiangsu Dewei Advanced Materials Co.Ltd(300325) (300325, SZ), both companies included the exempted debt amount into the capital reserve, thus thickening their net asset level. As of September 30, 2021, Jinzhou Cihang Group Co.Ltd(000587) has a net asset of -177 million yuan. The above debt forgiveness is expected to help the company realize “positive assets”.
Zhongzhi is responsible for Jinzhou Cihang Group Co.Ltd(000587) capital operation
It is worth mentioning that this debt forgiveness haunts Zhongzhi. Qixinbao shows that Shoutuo Rongsheng is a wholly-owned shareholder of Fenghui leasing, and Shoutuo Rongsheng is an investment platform subordinate to Zhongzhi. By the end of September last year, Zhongzhi’s Zhongrong (Beijing) asset management – Bank Of Hangzhou Co.Ltd(600926) – Zhonghai Shengrong (Beijing) capital management and mengke investment holding held 199 million shares (9.39%) and 182 million shares (8.59%) respectively.
Jinzhou Cihang Group Co.Ltd(000587) formerly known as golden leaf jewelry, backdoor bright furniture was listed in 2011. In 2015, Jinzhou Cihang Group Co.Ltd(000587) acquired 90% equity of Fenghui leasing under Zhongzhi at a price of 5.95 billion. Through the operation of this typical “PE + listed company” mode, Zhongzhi Department officially intervened in Jinzhou Cihang Group Co.Ltd(000587) . From 2015 to 2017, Fenghui leasing accurately fulfilled its performance commitment.
However, in the second year (2018) after the completion of gambling, the performance of Fenghui leasing suddenly changed from a profit of 852 million yuan in 2017 to a loss of 2.23 billion yuan in 2018. The performance of listed companies also collapsed. In 2018 and 2019, the net profit of Jinzhou Cihang Group Co.Ltd(000587) lost 2.847 billion yuan and 6.187 billion yuan respectively.
During this period, Jinzhou Cihang Group Co.Ltd(000587) planned to get rid of the burden of Fenghui leasing several times. In July 2018, the listed company planned a major asset restructuring and planned to use 70% equity of Fenghui leasing as the assets to replace the equivalent part of 100% equity of Tengger fine chemical held by Qinghua energy. In January 2019, the listed company announced that it planned to transfer 90% equity of Fenghui leasing to shendetai assets. In August 2019, the listed company announced that the counterparty of 90% equity of Fenghui leasing had become the first tuorongsheng under Zhongzhi.
However, none of the above transactions could take place. Due to relevant debt disputes, Jinzhou Cihang Group Co.Ltd(000587) held 90% of the equity of Fenghui lease was finally auctioned by the court, and Shoutuo Rongsheng won it at the highest price of 10.2918 million yuan. The assets of the listed company, which cost billions, finally returned to the embrace of Zhongzhi system.
(Daily Economic News)
