The appearance of this new model is regarded as the “return” of Gionee.
Editor’s note: This article is from WeChat public account “Going to the net” (ID: China-Venture), author Zhan Fangge, Editor Chen Ziyang, is authorized to publish.
After this comeback, the cast network found that there are still many mysteries still to be unveiled: Who is the trader “mysterious wealthy businessman” Lu Guanghui? When and how did it get the brand license? Is the “brand authorization” known and recognized by the creditors?
From the announcement of bankruptcy to a high-profile comeback, the former domestic mobile phone giant Shenzhen Jinli Communication Equipment Co., Ltd. (hereinafter referred to as “Golden”) took only 9 months.
On September 17, both Jinli and official WeChat announced that a new model called “K3” will be scheduled for sale today (September 18). As early as August, the rumor of “Golden Resurrection” has been fermented in the market. According to a number of media reports, in mid-August, Lu Guanghui, the second largest shareholder of Jinli, began to negotiate with local agents to start the operation of Jinli, and Lu Guanghui has now obtained the “Golden” brand authorization.
Golden once surrounded by a halo. It has won the “China Well-known Trademark”, with more than 100,000 cooperative outlets and entered the network of 8 national operators; its Dongtong sales of the same-name series of mobile phones that used the popular song “Hangtang Moonlight” soared. However, in 2018, Jin Li, who founded 16 years ago, began to fall into the rumors of the capital chain crisis and the chairman’s gamble. In December of that year, Jin Li, under the weight of huge debts, declared bankruptcy.
The appearance of this new model is regarded as the “return” of Gionee. However, through interviews with a number of relevant stakeholders in the upstream and downstream of the industry chain, the China Investment Network found that it is difficult to rebuild the relationship with the foundry and the relationship with the downstream agents. A Jinli original agent admitted to the investment network that it was bankrupt due to Jin Li. Even if Jin Li launched a new machine, he himself “had no money to do it”.
In fact, behind this comeback, the cast network found that there are still many mysteries still to be unveiled: Who is the trader “mysterious wealthy businessman” Lu Guanghui? When and how did it get the brand license? Is the “brand authorization” known and recognized by the creditors?
Upstream and downstream release negative signals
Golden’s comeback is not an easy task. Since the financial difficulties in 2018, the upstream and downstream businesses of the Jinli mobile phone industry chain have undergone tremendous changes. As part of the Jinli industrial chain, the former suppliers did not express optimism about the return of Jin Li.
Golden previous supplierCity company Shen Tianma A (000050.SZ) mentioned in the reply to investors on September 5 that since Jinli Company was ordered by the court to accept the bankruptcy liquidation application submitted by its creditors, the company based on the principle of prudence, the relevant receivables The full amount of bad debt provision is made.
A number of small and medium-sized suppliers of Jinli Company said to the China Investment Network that they hope that Jinli can stop the loss and do not want any action of the company. In their view, Jin Li’s comeback “100% is a failure, the competition is so powerful, the growth rate of mobile phones is going down, and the company with credit bankruptcy can still come back to life?”
Maybe based on the discretion of the supplier, Gionee started using the foundry after this comeback. According to the interface news report, the Jinli factory is currently in a state of suspension, and the new product to be launched soon is produced by the foundry manufacturer Xiaojiao mobile phone.
September 2, the long-lost Jinli mobile phone official WeChat released a promotional article, detailing the basic performance of its upcoming new mobile phone “M11/M11S”. Jinli official Weibo released a message on September 5, 2019, saying that this model is now available nationwide. For details, please contact Jinli dealers, cooperative stores and stores.
The investment network did not find the offering information in the public channel. But on September 11, another mobile phone model called Gionee “K3” was suddenly disclosed in public channels. In related news, the K3 mobile phone with a price of 799 yuan/999 yuan will be released for sale on September 18. But on the day before the new machine went live on September 17, the K3 price announced by Jinli official website changed to 1299 yuan. Compared with Jinli’s previously announced M11/M11S, the price of this model has been reduced, and the camera pixels and other configurations are slightly inferior.
Coincidentally, the Jinli K3 phone is very similar to a model of the previously exposed foundry small pepper phone.
Investing in the network found that the public parameters of the red pepper 8X Pro in the official flagship store of Jingjiao Self-owned Xiaojin mobile phone are only two different from Jinli K3: the battery capacity of K3 is upgraded from 3400mAh of red pepper 8X Pro to 5000mAh. The CPU frequency was reduced from 2.3 GHz for the Red Pepper 8XPro to 2.0 GHz. Other features such as “6.2 inch full water drop screen”, “1520 * 720 resolution”, front and rear camera pixels and shape are similar to the red pepper 8X Pro.
(Golden K3 is compared with the small pepper 8X Pro model)
Golden’s returning main model M11/M11S has not yet been completed. K3, a new machine similar to the original organic type of the foundry, has been rushed to release. What is the cooperation between Jinli and Xiaojiao mobile phone? Small pepper Jingdong self-operated official flagship store, the most expensive model is only 1299 yuan, and the M11S mentioned in the Jinli official website for the price of “1599” does not belong to the same price position, and “2099” Jinli M11 Pro It is even far apart. As a small pepper mobile phone of the Jinli factory, can you undertake the brand of Jinli on these two models? Investing in the network to verify the issue of the new mobile phone, as of the press release did not receive a reply.
As for the downstream agents, on September 9, there were media reports that the Jinli Brand Launch Conference was held in Kunming. The person in charge of the Yunnan Jinli Marketing Center introduced the conference and received more than 5,000 orders. However, Jin Li’s seemingly high-profile comeback seems to have not been supported by most of the original agents. Through interviews with a number of relevant people, the China Investment Network found that most of the original downstream agents of Jinli have no longer cooperated with Jinli or even no longer operate.
The survey of the investment network shows that 11 of the 41 regional agents announced in the “Agent Area” column of Jinli official website have been cancelled, and 2 companies cannot find the registration information by name. In the remaining 28 companies that are in the state of existence or in employment, the China Investment Network has contacted 10 of them, and the other party said that the company has been dissolved or no longer operates the related business of Gionee, and has not continued to cooperate with Gionee since then. Willingness.
An agent from Guangdong told the investment network that he was bankrupt because of Jin Li. Even if Jin Li launched a new machine, he “had no money to do it”. Up to now, Jin Li has not responded to the investment network with the agent.
The mystery of brand authorization is unresolved
How did Jin Li, who declared bankruptcy, come back in less than a year? Tencent News “First Line” previously reported that Jin Li’s “General Trader” behind the comeback was the second shareholder Lu Guanghui, who had obtained the brand license. However, the investment network found that there is still a mystery waiting to be announced around Lu Guanghui’s brand authorization.
In April 2019, Gionee, which had entered bankruptcy proceedings, held its first meeting of claims. According to a “Management Stage Work Report” obtained by China Investment Network, on December 19, 2018, Shenzhen Intermediate People’s Court has appointed Shenzhen Zhengyuan Clearing Affairs Co., Ltd. and Shenzhen Zhongtianzheng Clearing Affairs Co., Ltd. as Jinli Company Management. Ren, responsible for the bankruptcy and liquidation of Jinli Company, the company officially entered the bankruptcy liquidation procedure. As of April 2, 2019, Gionee has not yet transferred to the reorganization process.
(screenshot from Gionee’s “Manager’s Phased Work Report”)
If Jin Li has not been transferred from bankruptcy liquidation to reorganization procedures so far, the brand authorization disclosed this time may be “unlawful”. Zhang Yuanzhong, a lawyer at the Law Firm, told the China Investment Network that during the liquidation period, he could only do bankruptcy and liquidation work, and could not authorize others to operate the brand. Authorizing others to use may harm the interests of creditors, typically low-cost authorization, even if the other party is the original shareholder of the company.
If Gionee is currently transferred to the reorganization process, the situation is different. As early as December 2018, Gionee provided creditors such as suppliers with a proposal for the framework restructuring plan of Gionee Group.
The proposal for this restructuring plan was formulated by Fuhai Yintao. Regarding the “brand authorization”, it was written: “The original shareholders and management team other than the responsible person are used under the supervision of the accountant or the administrator appointed by the court. There are resources (operating companies) to restore a certain scale of operations, the main business includes mobile phone brand licensing business and mobile Internet business. The operating company’s equity is owned by the creditor. Whether to allocate a certain equity to the management and the shareholder of the former foreign Jinli Group, The creditor is sure.”
However, after a number of creditors told the investment network that Jin Li’s bankruptcy went into the judicial process, the reorganization proposal issued by Fuhai Yintao was not revisited, nor did they vote on the reorganization proposal to participate in the creditors’ meeting. .
Tianzhong.com called the manager of Jinli Bankruptcy and Liquidation, Shenzhen Zhongtianzheng Clearing Law Firm. The other party replied: “We have never voted for that proposal. (The restructuring agreement) is actually entering the judicial process. Previously, they (Golden Company) organized themselves.”
Zhang Yuanzhong told the investment network that in two cases, Lu Guanghui’s brand authorization is legal: Lu Guanghui is a creditor, the company’s brand can be granted to creditors, and the brand is used to offset the debt; Lu Guanghui took the company’s bankruptcy liquidation before the company’s bankruptcy liquidation To brand authorization, and not suspected of low-cost authorization.
Has Lu Guanghui already obtained the brand authorization before Jinli Company entered the bankruptcy process? At what price is it authorized by the brand? These are still unknown. The only public information that can be obtained is that the interface news has previously reported that for every new product sold after this comeback, a license fee of 10 yuan is required for Jin Li.
However, the China Investment Network found that even in the “Golden Group Framework Restructuring Proposal” provided by Gionee to creditors, no relevant details were mentioned.
(screenshot from “Golden Group Framework Restructuring Proposal”)
In the above-mentioned document “Assumption Reorganization Analysis”, the forecast results for future operating cash flow show that the estimated cash inflow for brand authorization business is about 60 million yuan. However, in the important assumptions and premise-based scenarios of cash flow forecasting, the sales volume of mobile phone business and the account period of brand authorization business are all blank.
The investment network tried to verify the above questions from Jin Li, and did not receive a reply as of the time of publication. A creditor said to the China Investment Network: “Most of us don’t know (brand licensing), this should ask the manager.” And for Jinli’s second shareholder Lu Guanghui to obtain brand authorization, Jinli bankruptcy liquidation manager said: “We are not making comments for the time being, please pay attention to the news released by the administrator.”
As of December 31, 2018, Jinli’s total assets were 3.84 billion yuan, which was lower than Jin’s book value of 4.7 billion yuan. In terms of liabilities, Jin Li’s post-inventory liabilities were 9.643 billion yuan, 250 million yuan higher than the book value, and net assets were -5.8 billion yuan, which was already insolvent. The document shows that as of the end of the creditor’s rights declaration on March 21, 2019, the administrator initially identified and incorporated 324 claims in the bond list, and determined that the total amount of claims was 17.36 billion yuan.
Golden has quickly returned, perhaps also related to its huge debt. After all, the longer the time, the higher the damage of the Jinli brand, the greater the negative impact on its operating cash flow, and the harder it will be.
Who is returning to the operation?
So, who is the trader behind Kim’s “resurrection”?
In a number of media reports, Lu Guanghui was regarded as the trader of Jin Li’s comeback. According to industry and commerce data, Lu Guanghui’s shareholding in Jinli is 20.50%, ranking second largest shareholder.
Combining multiple reliable public information, the China Net has been able to piece together Lu Guanghui’s business career. Lu Guanghui, a native of Taojiang County, Yiyang, Hunan, graduated from Heshuiqiao Middle School in Santang Street Town in 1986, and Liu Lirong, the former chairman of Jinli Mobile, is a fellow countryman. In August 2002, Jin Li was formally established. In December, it began to absorb capital. Lu Guanghui was one of the original 14 shareholders.
Afterwards, Lu Guanghui began to gradually expandZhang’s own business map. Among them, Hunan Jinkang Investment Co., Ltd. (hereinafter referred to as “Hunan Jinkang”) is an important operational platform. Hunan Jinkang was founded at the beginning of the establishment of Jinli Mobile. In 2006, it was named “Excellent General Agent” by Jin Li. Through Hunan Jinkang, Lu Guanghui’s many people surnamed Lu were able to surface, and they were “invisible” in the dealer network around Jindi.
For example, Lu Guanghui’s important partner – Lu Canhui. Lu Canhui was born in May 1973, also from the home of Lu Guanghui and Liu Lirong, Taojiang County, Hunan. In 2014, Lu Guanghui and Lu Canhui jointly held all the shares of Hunan Jinkang.
A judgment from the People’s Court of Futian District, Shenzhen revealed the relationship between Lu Canhui and Jin Li’s agent Jin Yongxun Electronics. The judgment published in July 2018 revealed that Lu Canhui had a joint liability for a 30 million yuan debt of Jin Yongxun Electronics. Lu Canhui was frozen in March, April and July 2018, respectively, because of the inability to pay the arrears.
Jin Yongxun Electronics was the general agent of Jinli in Shenzhen, and was also named “Excellent General Agent” by Jin Li in 2006. In addition to Jin Yongxun Electronics, among the four companies in which Lu Canhui was frozen, Jinan Jiekang Communications and Qingdao Jiexun Communications also appeared on the list of agents displayed on Jinli’s official website.
The investment network failed to contact Jin Yongxun Electronics and Jinan Jiekang Communications, and Qingdao Jiexun Communications told Investment Network that the company had been dissolved.
Another two surnames of the Jinli agent system also contacted Lu Jinhui of Hunan Jinkang. In August 2018, Lu Guanghui and Lu Canhui transferred the entire equity of Hunan Jinkang to “Lu Xin’an” and “Lu Sheng”. According to public information, four of Lu Sheng’s five companies are legal agents.
In addition to Jinli and Jinli’s sales system, Lu Guanghui’s commercial map also covers financial, technology, manufacturing, wine, real estate and other fields, with a total of 18 related companies.
Among them, the real estate business is his important layout, and Lu Canhui also developed real estate business in Taojiang County. In January 2011, Taojiang Jinjiang Urban Construction Tourism Investment Co., Ltd. (now known as Taojiang County Jinjiang Real Estate Co., Ltd.) was established. The company is the developer of Jinyu Manor, a high-end residential area in Taojiang County. In 2016, the company also signed a framework agreement with the Taojiang County People’s Government for the Taohuajiang Cultural and Ecological Town Project. The project investment is about 3.5 billion yuan, and the total planned land is about 2,300 mu.
At first, Lu Guanghui indirectly held the above-mentioned Taojiang Real Estate Company through its subsidiaries. In May 2014, Lu Guanghui and Lu Canhui began to hold the real estate company wholly-owned. It was also the month that the design drawings of the “Jinyu Manor” project developed by the company passed the fire audit.
Until the end of 2017, when Jin Li was exposed to the capital chain, Lu Guanghui and Lu Canhui successively withdrew from the executives and shareholders of the real estate company.
YesIn the “Operation of Jinli Comeback” and related issues, the China Net failed to contact Lu Guanghui to answer.