Will the debt ridden Ziguang group be reborn?
On January 17, Unisplendour Corporation Limited(000938) , Unigroup Guoxin Microelectronics Co.Ltd(002049) successively announced that the first intermediate people’s Court of Beijing ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises such as Ziguang Group Co., Ltd. This dramatic reorganization farce will also come to an end.
the 100 billion restructuring plan of Ziguang group was approved
On January 17, the manager of Ziguang Group Co., Ltd. received the civil ruling (2021) Jing 01 Po No. 128 bis served by Beijing No. 1 Intermediate People’s court. According to the civil ruling, Beijing No. 1 Intermediate People’s court ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises such as Ziguang Group Co., Ltd., and terminate the reorganization procedures of seven enterprises such as Ziguang Group Co., Ltd.
Subsequently, Unigroup Guoxin Microelectronics Co.Ltd(002049) , Unisplendour Corporation Limited(000938) respectively issued progress announcements on the reorganization of indirect controlling shareholders. Xueda (Xiamen) Education Technology Group Co.Ltd(000526) issued a progress announcement on shareholder reorganization.
continuous storm of bankruptcy and reorganization of Ziguang group
It is reported that Ziguang group was founded by Tsinghua University in 1988. Under the guidance of the national strategy, with “independent innovation and international cooperation” as the “two wheel drive”, Ziguang group has formed a high-tech industrial ecological chain dominated by integrated circuits, from “core” to “cloud”, rising strongly in the global information industry. It was once known as “the third largest mobile phone chip enterprise in the world”.
At present, Ziguang owns three listed companies Unigroup Guoxin Microelectronics Co.Ltd(002049) , Unisplendour Corporation Limited(000938) , Xueda (Xiamen) Education Technology Group Co.Ltd(000526) . Ziguang zhanrui, which plans to IPO on the science and innovation board, also belongs to Ziguang group and indirectly holds part of the equity of Changjiang storage.
However, Ziguang group was eventually bankrupt and reorganized due to heavy debts. On July 9, 2021, the creditor applied for bankruptcy reorganization of Ziguang group because Ziguang group could not pay off its due debts, its assets were insufficient to pay off all debts and obviously lacked solvency.
On July 16, Beijing No. 1 Intermediate People’s court ruled to accept the bankruptcy reorganization of Ziguang group according to law and designated the liquidation group of Ziguang group as the manager of Ziguang group (hereinafter referred to as the manager).
On August 27, the first people’s Court of Beijing ruled on the substantive merger and reorganization of Ziguang group and its six subsidiaries.
On December 13, the manager of Ziguang Group Co., Ltd. announced the reorganization plan (Draft) for the substantive merger and reorganization of seven enterprises including Ziguang Group Co., Ltd., and announced that Zhilu Construction & Broadcasting consortium won the bid and became the strategic investor of asset management group. At the same time, the restructuring plan also lists detailed planning plans for the four core sectors of Ziguang, and will promote the listing of subsidiaries with listing potential in each key business sector.
chairman Zhao Weiguo publicly complained:
Ziguang restructuring caused a huge loss of 70 billion state-owned assets
All the seemingly smooth road of bankruptcy and reorganization is actually surging.
On December 15, Zhao Weiguo, chairman of Ziguang group, issued a statement through the holding Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as Jiankun group), publicly accused Ziguang group of the alleged loss of 73.419 billion state-owned assets in the process of introducing the reorganization plan into the war investment, and reported it to the relevant departments in his real name.
At the same time, an open letter entitled “whose purple light? Ten questions about Qian Kai and fan Yuanning” was issued, which raised a number of questions about Qian Kai, leader and fan Yuanning, deputy leader of the manager of Purple Light Group Co., Ltd. (hereinafter referred to as “the manager”).
Ziguang group issued a solemn statement
In view of the above situation, on December 16, the official website of Ziguang group released the solemn statement of the manager of Ziguang Group Co., Ltd. The statement said that recently, the manager noticed that the minority shareholder of Ziguang group Jiankun group and the actual controlling individual Zhao Weiguo spread untrue remarks about the debt risk disposal of Ziguang group, and the manager clarified them one by one.
Ziguang group is 51% owned by Tsinghua Holdings Co., Ltd. (hereinafter referred to as Tsinghua holdings, Tsinghua University School enterprise platform) and 49% owned by Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as Jiankun group, which is actually controlled by Zhao Weiguo).
Zhao Weiguo serves as the chairman of Ziguang group as the actual controller of minority shareholders and is responsible for enterprise operation and management.
The manager pointed out that in the past few years, Zhao Weiguo manipulated Ziguang group to frequently carry out domestic and foreign M & A and expansion through huge financing, resulting in excessive debt scale. In addition, due to poor management, Ziguang group broke out a debt crisis in 2020, dried up cash flow and was unable to repay huge matured debts at home and abroad. The group and its subordinate entities faced asset seizure, account freezing Financing depletion and other major risks, and the enterprise operation is in a serious dilemma that is difficult to maintain. In November 2020, Tsinghua holdings introduced a special working team (later transferred to the liquidation group), carried out debt risk resolution in accordance with the principle of “marketization and legalization”, and gradually stabilized the fundamentals of the enterprise.
The manager performs his duties in strict accordance with the law, carries out creditor’s rights declaration and review in accordance with the law, selects a third-party professional institution to carry out audit evaluation, introduces strategic investors, and carries out due diligence and investment quotation.
The manager firmly opposes Jiankun group and Zhao Weiguo’s spreading false information in an attempt to interfere with and affect the judicial reorganization process of Ziguang group, and will take measures to investigate the legal responsibilities of relevant individuals and units according to law.
On December 17, Jiankun group, the second largest shareholder of Ziguang group, issued a solemn statement again, saying that Jiankun group and Zhao Weiguo had not made false statements; Zhao Weiguo did not manipulate Ziguang group; Creditors apply for bankruptcy reorganization of Ziguang group, not the decision of creditors.
On December 19, Jiankun group again issued the open letter to all creditors of Ziguang conditions, proposing to publicly sell some assets of Ziguang group, superimpose its own funds, and pay off the principal and interest of all creditors at one time.
Ten days later, on December 29, the restructuring plan of the heavily indebted Ziguang group was finalized, and the dramatic restructuring drama came to an end. At the second creditors’ meeting of Ziguang group, the secured creditor group and ordinary creditor group passed the reorganization plan (Draft) with nearly 100% voting rate. Since then, the Ziguang group under the era of Zhao Weiguo has completely ended.
Finally, the Zhilu construction and broadcasting consortium composed of Zhilu assets and Jianguang assets with state-owned assets background will become the “successor” of Ziguang group and be responsible for solving the debt problem of more than 100 billion yuan of Ziguang group.
Unisplendour Corporation Limited(000938) response to query:
connected transactions are legal and reasonable
Due to the bankruptcy and reorganization of “chip giant” Ziguang group, its companies have also attracted market attention.
On January 6, Unisplendour Corporation Limited(000938) issued a statement saying that it was concerned that a media recently published a report questioning the operation of Unisplendour Corporation Limited(000938) . There were major errors in some data quoted by the media, and the data derivation logic was not rigorous, resulting in a large gap between the conclusions and the facts.
Unisplendour Corporation Limited(000938) believes that the report says that Unisplendour Corporation Limited(000938) has the problem of “increasing income without increasing profit” in recent years, which is a wrong conclusion based on wrong market data and calculation method, which is not in line with the actual operation status of Unisplendour Corporation Limited(000938) . In addition, the related party transactions involved in Unisplendour Corporation Limited(000938) are reasonable and reasonable from the perspective of business and compliant and legal from the perspective of procedure. As a high-quality asset of Unisplendour Corporation Limited(000938) , Xinhua III has a good operating condition and asset liability.
Unisplendour Corporation Limited(000938) as a global leader in the construction of a new generation of cloud computing infrastructure and industry intelligent application services, the company’s strategy focuses on the field of cloud computing and applications, is committed to building a complete and powerful “cloud network” industrial chain, and has become one of the leaders of digital solutions in China and even the world. In the future, the company will, as always, abide by standardized corporate governance and business ethics standards and continue to operate steadily.
By the end of the third quarter, Tibet Ziguang communication Investment Co., Ltd., a wholly-owned subsidiary of Ziguang group, held 133 million shares, accounting for 46.45% of the total shares of the company.
As of press time, Unisplendour Corporation Limited(000938) reported 24.37 yuan, with a total market value of 69.7 billion yuan.
In addition. Chip Bull Stock Unigroup Guoxin Microelectronics Co.Ltd(002049) fluctuated at a high level after its share price soared 130% in the second and third quarters of last year. Its current share price was reported at 220.31 yuan, with a total market value of 133.692 billion yuan.
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