With debt default and executives leaving, the thundering real estate enterprise Yango Group Co.Ltd(000671) has recently walked out of a wave of "big bull".
On March 28, Yango Group Co.Ltd(000671) share price rose again. Seven limits were recorded in 8 trading days, and the latest market value reached 17.597 billion yuan
In terms of capital, the main "long" driving factors are obvious. With the a huge amount of the debt in default, fundamentals have not changed much. Who is crazy about Yango Group Co.Ltd(000671) ?
"magic" 8-day 7 board
blasting is also good for blasting
On March 28, Yango Group Co.Ltd(000671) share price rose again. As of the afternoon closing, Yango Group Co.Ltd(000671) closed at 4.25 yuan, up 10.1% with a turnover of 3.055 billion yuan and a turnover rate of 18.4%. The latest market value of was 17.597 billion yuan
8 trading days recorded 7 trading limits. After the double killing of stocks and bonds, Yango Group Co.Ltd(000671) ushered in the long lost "bull"
Yango Group Co.Ltd(000671) after hours, the data of the one-day list showed that the funds of the dragon and tiger list were sold for a net of 80.78 million yuan. Three institutions and two special seats for Shenzhen Stock connect appeared, and the well-known hot money Huaxin securities Shenzhen Branch, Zhongtai Securities Co.Ltd(600918) Hubei branch and Shengang securities Zhejiang Branch ranked buy one, buy two and sell four seats respectively. There were also 186 million yuan discount block transactions on the same day, with transaction prices of 4.08 yuan and 3.91 yuan respectively. The sellers were institutional seats, and the buyers were Northeast Securities Co.Ltd(000686) Shanghai jumenlu securities business department and Guorong Securities Shanghai Branch.
"magic" is that the limit of Yango Group Co.Ltd(000671) is after the public disclosure of debt default
On March 18, Yango Group Co.Ltd(000671) announced that due to the superposition of macroeconomic environment, industry environment and financing environment, there was a phased shortage of liquidity Yango Group Co.Ltd(000671) failed to pay the interest of overseas bonds on schedule, which accelerated the maturity of the company's debt financing instruments "17 Yango Group Co.Ltd(000671) mtn001", "17 Yango Group Co.Ltd(000671) mtn004", "20 Yango Group Co.Ltd(000671) mtn001" and "20 Yango Group Co.Ltd(000671) mtn003". As of the announcement date, Yango Group Co.Ltd(000671) failed to obtain exemption from the cross protection provisions of the above accelerated maturity bonds, that is, failed to pay the accumulated principal and interest of the above accelerated maturity bonds in full, totaling RMB 5.028 billion
On March 28, Yango Group Co.Ltd(000671) announced that the liquidity of the company was strained at different stages and the company failed to pay the principal and interest of overseas bonds "sunshi 5.3 01 / 11 / 22", "sunshi 102503 / 18 / 22" and "sunshi 8.25 11 / 25 / 23" on schedule.
In addition, Yango Group Co.Ltd(000671) announced that the company 2019 first phase directional debt financing instrument (bond abbreviation: 19 Yango Group Co.Ltd(000671) ppn001, bond Code: 031900235. IB) should pay the principal and interest on March 22, 2022. However, due to the great pressure of the company's recent debt repayment fund-raising, the company failed to raise sufficient funds as agreed at the end of the payment date, and the current directional debt financing instrument could not pay the principal and interest on schedule.
With such a huge debt default, why can Yango Group Co.Ltd(000671) continue to rise the limit?
"The recent stock price fluctuation of the real estate sector is mainly affected by the favorable policies, which has been divorced from the fundamentals of the company." Xie Yifeng, President of China Urban Real Estate Research Institute, said bluntly, affected by the external environment and its own debt default, Yango Group Co.Ltd(000671) previously had a low share price and is now in the stage of valuation repair
The reporter noted that the real estate sector has increased significantly recently. Although Yango Group Co.Ltd(000671) has recovered, its price to book ratio is 0.63 and price to earnings ratio is 3.3, which is still in the undervalued range from the perspective of the flow of main funds, blasting real estate enterprises are "favored", Yango Group Co.Ltd(000671) , Tahoe Group Co.Ltd(000732) , China Fortune Land Development Co.Ltd(600340) and so on have reaped the limit
Yan Yuejin, research director of the think tank center of E-House Research Institute, said that one advantage of explosive real estate enterprises is that the valuation is low enough. In the logic of investors, bottom reading is a pleasure although Yango Group Co.Ltd(000671) has risen repeatedly, it is difficult to say how far it can go. Its share price has not been "full of blood" resurrected, but only rose periodically.
real estate is concerned by funds
experts estimate good market
The wind direction of the market has changed, and multiple positive factors have strengthened the valuation repair of the real estate sector. From the performance of the real estate sector on the 28th, the A-share market as a whole was red, while Hong Kong stocks still had a few green meanings.
A shares
Insiders of the Board Secretary Office of a head real estate enterprise believe that the trading system of A-Shares is different from that of Hong Kong shares. a shares seem to have been trading continuously, but the overall situation is still in a reasonable range. The sharp rise before the passage of Hong Kong shares is a fluctuation correction at present the whole market environment tends to be weak. In the case of lack of hot spots, the "stability" factor of real estate will naturally attract financial attention.
On March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems. The meeting required that real estate enterprises should timely study and put forward effective solutions to prevent and resolve risks, and put forward supporting measures for the transformation to a new development model. The meeting also stressed that relevant departments should earnestly assume their responsibilities, actively introduce policies conducive to the market and prudently introduce contractionary policies. On the same day, many ministries and commissions spoke intensively to boost market confidence.
In terms of the market, the mortgage interest rate recorded the largest monthly decline since 2019. According to the monitoring of the shell Research Institute, in March, the interest rate of the first set of mainstream housing loans in 103 key cities in China was 5.34%, and the interest rate of the second set was 5.60%, down 13 and 15 basis points respectively from the previous month.
3 the mortgage interest rate recorded the largest monthly decline since 2019, and the mortgage environment tends to be relaxed
Recently, Harbin has also become the first city to cancel the purchase and loan restrictions in the real estate market. Harbin issued a document to abolish the residential sales restriction order, and this policy does not have a "one-day tour".
With the market's confidence in the second half of this year, Xie Yibo will probably get a boost expected reversal, which is also the reason for the main capital inflow.
executives leave and receive attention letters...
fundamentals remain unchanged
The external environment is improving, but the fundamentals of Yango Group Co.Ltd(000671) have not changed , which does not seem to be the driving force for its continuous trading.
In the second half of 2021, Yango Group Co.Ltd(000671) encountered operating difficulties and poor performance, which also led to the active "exit" of the shareholder Taikang, with an estimated loss of nearly 1.7 billion yuan.
Since then Yango Group Co.Ltd(000671) "negative" status has continued at the beginning of January this year, Zhu Rongbin, the former executive chairman and President of Yango Group Co.Ltd(000671) resigned and left, and the investment of real money and silver finally had no choice but to "cut meat" and leave according to media statistics, Zhu Rongbin bought 115 million yuan Yango Group Co.Ltd(000671) shares in four years.
On March 9, Yango Group Co.Ltd(000671) issued another announcement, executive vice president Kan Naigui submitted his resignation to the board of directors of the company for personal reasons, and no longer held any other positions in the company after his resignation after Zhu Rongbin, Yango Group Co.Ltd(000671) lost another senior executive.
In terms of performance, affected by the lower than expected sales performance, Yango Group Co.Ltd(000671) in the performance forecast disclosed in January this year, it is expected that the net profit attributable to shareholders of listed companies will lose 4.5 billion yuan to 5.8 billion yuan in 2021. The next day, Yango Group Co.Ltd(000671) received the attention letter from Shenzhen Stock Exchange.
Yango Group Co.Ltd(000671) in his reply to the Shenzhen Stock Exchange, he also publicly disclosed the difficulties he was facing by the end of September 2021, Yango Group Co.Ltd(000671) accumulated interest bearing liabilities have reached 84.938 billion yuan among them, interest bearing liabilities due within one year amounted to 24.798 billion yuan, accounting for 29.2%; The interest bearing liabilities due within 1-2 years are RMB 36.567 billion, accounting for up to 43.05%.
However, by the end of December 2021, Yango Group Co.Ltd(000671) in hand monetary funds had decreased significantly compared with the beginning of the year, resulting in that the proportion of funds available for flexible activities in practical operation was less than 1% , which was very difficult to return to the group level, and the free monetary funds were basically exhausted.
After the withdrawal of Taikang department, Yango Group Co.Ltd(000671) external "blood transfusion" is obviously insufficient, but relying solely on internal "blood creation" at the management level, its debt repayment pressure can not be ignored.
Huge loss of profits and serious debt crisis. In the face of domestic and foreign troubles, Yango Group Co.Ltd(000671) accident has been sought after by the capital market, and the risk of this wave of operation has appeared.
