The Oceanwide Holdings Co.Ltd(000046) , which just announced that the debts of “own people” were torn apart from each other and did not hesitate to apply for enforcement, revealed that a number of shares had been frozen by the court.
On the evening of April 19, Oceanwide Holdings Co.Ltd(000046) announced that after inquiring the national enterprise credit information publicity system, it was learned that the second intermediate people’s Court of Beijing and the Beijing Financial court had frozen some assets of the company, involving seven equity interests of the company and its subsidiaries for a period of three years.
Many investors are worried about continuing to drop the limit. In the past two trading days, Oceanwide Holdings Co.Ltd(000046) has been falling the limit continuously. At present, the market value of Oceanwide Holdings Co.Ltd(000046) has fallen below 10 billion, down more than 90% from more than 100 billion at the peak. Prior to this, Oceanwide Holdings Co.Ltd(000046) has been listed as the executee several times, the pledged equity has been frozen, and there has been a breach of domestic and foreign open market bonds.
Since 2020, the oceanwide system at the helm of Lu Zhiqiang, the former richest man in Shandong, has begun to expose debt problems. At present, the whole group is deeply mired in debt, and its companies have also exposed debt defaults. In addition to Oceanwide Holdings Co.Ltd(000046) , China oceanwide also holds and invests in Minsheng Holdings Co.Ltd(000416) , China Oceanwide holdings, China Tonghai finance, China Minsheng Banking Corp.Ltd(600016) , Lenovo holdings and other mainland and Hong Kong listed companies. At present, more than half of the equity has been frozen by the judiciary.
add 7 more equity freezes
the day before last, the “family” just tore each other apart
According to the announcement, the company learned about the freezing of shares only after inquiry on April 18.
The specific freezing conditions are as follows:
The Beijing Financial court has frozen 100% equity of Oceanwide Equity Investment Management Co., Ltd., 100% equity of Minsheng financial services Holding Co., Ltd., 100% equity of Oceanwide Real Estate Investment Management Co., Ltd. and 40% equity of oceanwide Hotel Investment Management Co., Ltd. held by the company; The second intermediate people’s Court of Beijing Municipality frozen the 5% equity of Beijing Xinghuo Real Estate Development Co., Ltd., 5% equity of China Minsheng Trust Co., Ltd. and 10% equity of Wuhan Central building development and Investment Co., Ltd. held by the company’s holding subsidiary Wuhan Central Business District Co., Ltd.
The day before yesterday, the company just announced a debt dispute enforcement case between internal affiliated companies.
On April 15, Wuhan Central Business District Co., Ltd., a subsidiary of the company, received the execution notice sent by Wuhan intermediate people’s court and was required to pay the principal of RMB 2.208 billion and relevant liquidated damages to Minsheng trust, while China oceanwide was jointly and severally liable for compensation. Wuhan Central Business District Co., Ltd., which is “debt collection”, is actually the controlling shareholder of Minsheng trust, holding 76.76% of the latter. China oceanwide, which provides joint and several guarantee liability for Wuhan CBD, is the parent company of the listed company Oceanwide Holdings Co.Ltd(000046) and holds Oceanwide Holdings Co.Ltd(000046) 6115% shares.
A series of tangled and dazzling debt problems have attracted the market to vote with their feet. On April 18, Oceanwide Holdings Co.Ltd(000046) fell by 9.29%. At the opening on April 19, it directly pressed the limit, and occasionally opened slightly in the middle, but there were still more than 170000 hand sealed orders pressing the limit.
maximum advance loss of 11 billion
100 billion market value fell to less than 10 billion
After the announcement that 7 new shares were frozen, many shareholders were worried that they would continue to fall by the limit on the 20th.
“One word limit tomorrow”, “continue to limit tomorrow”, “too cruel, too unfair to retail investors”
Some netizens questioned that the announcement was not timely, while others worried about boss Lu, “if (Lu) is self-improvement, how can you sleep”.
After two consecutive declines, the latest market value of Oceanwide Holdings Co.Ltd(000046) reached 9.6 billion yuan, which was less than 10 billion yuan. At the previous peak, the market value of the company exceeded 100 billion yuan, that is, the share price fell by more than 90%.
In terms of operation, Oceanwide Holdings Co.Ltd(000046) is already in a mess Oceanwide Holdings Co.Ltd(000046) at present, the financial report of 2021 has not been released, but there was a performance forecast in January this year: the company’s net loss attributable to shareholders of Listed Companies in 2021 is 9 billion yuan – 11 billion yuan; The net loss after deducting non recurring profits and losses was 7.8 billion yuan to 9.8 billion yuan.
The company attributed major losses to three factors:
First, affected by changes in the overseas macroeconomic environment and the covid-19 pneumonia epidemic, the recoverable amount of overseas projects is expected to decrease in the future, and provision for impairment is made for real estate projects in the United States and power plants in Indonesia; Second, Minsheng trust, the holding subsidiary of the company, prudently accrued fair value loss and impairment provision for individual risk projects; Third, the increase of financial expenses included in profit and loss in the reporting period. The third quarterly report of last year showed that Oceanwide Holdings Co.Ltd(000046) total debt was 98 billion yuan, with a debt ratio of 80%.
oceanwide deep in debt
Oceanwide Holdings Co.Ltd(000046) these successive debt lawsuits, equity freezing, enforcement, huge performance losses and sharp decline in market value are just a microcosm of the deep debt quagmire of the whole oceanwide system.
According to official data, the parent company of Oceanwide Holdings Co.Ltd(000046) China Oceanwide Holdings Co.Ltd(000046) group (hereinafter referred to as “China oceanwide”) was founded in 1985. The founder, legal representative, chairman and President of the group is Lu Zhiqiang. Its business covers financial services, real estate and infrastructure, scientific and technological services and data information technology, power, strategic investment and other fields. It holds and invests in Oceanwide Holdings Co.Ltd(000046) , Minsheng Holdings Co.Ltd(000416) ( Minsheng Holdings Co.Ltd(000416) . SZ), zhongpan Holdings (00715. HK) China Tonghai Finance (00952. HK), China Minsheng Banking Corp.Ltd(600016) ( China Minsheng Banking Corp.Ltd(600016) . Sh, 01988. HK), Lenovo Holdings (03396. HK) and other mainland and Hong Kong listed companies.
Lu Zhiqiang’s positions include the vice chairman of oceanwide public welfare foundation, the vice chairman of China China Minsheng Banking Corp.Ltd(600016) vice chairman, the chairman of IDG, the president of Fudan University, the former member of the Standing Committee of the 11th and 12th CPPCC National Committee, the vice chairman of China private chamber of Commerce and the vice chairman of the all China Federation of industry and commerce. He was once the richest man in Shandong Province.
However, since 2020, oceanwide companies have successively exposed debt defaults, and China oceanwide, as the parent company, is also unable to protect itself.
On April 12, 2.184 billion shares held by China oceanwide were frozen by the judiciary, and the freezing executor was the Beijing Financial court. This part of the shares accounted for 68.741% of the shares held by China oceanwide and 42.032% of the total share capital. After the share freeze, the Oceanwide Holdings Co.Ltd(000046) shares held by China oceanwide were frozen by the judiciary.
Another important asset sector of China oceanwide Minsheng Holdings Co.Ltd(000416) , has also been frozen in shares recently.
On April 13, Minsheng Holdings Co.Ltd(000416) announcement showed that the shares held by China oceanwide were subject to judicial re freezing and waiting for freezing. Among them, 649814 million shares were re frozen by the judiciary, accounting for 12.22% of the total share capital; 55 million shares are waiting to be frozen, accounting for 10.34% of the total share capital. So far, as the controlling shareholder of Minsheng Holdings Co.Ltd(000416) of China oceanwide, 22.56% of its shares are in the state of pledge / freezing / waiting for freezing.
On April 9, China Minsheng Banking Corp.Ltd(600016) also announced that the shares were waiting to be frozen. Due to the dispute over bond trading, the Beijing Financial Court suspended the 1.8 billion shares held by China oceanwide, accounting for 4.11% of the total share capital. The applicant for the freeze was Sun Hongbin’s rongchuang Real Estate Group Co., Ltd.
