This article is from WeChat public account: China economic Weekly (ID: ChinaEconomicWeekly) , author: Sunting Yang, Guo Zhiqiang, title figure from: vision China < /span>
As of the third quarter of this year, there are still money funds of 18.3 billion yuan in the account, Dongxu Optoelectronics (000413.SZ) Only the bond “explosive”.
On the second day after the “explosive thunder”, Li Zhaoting, who took over Dongxu Optoelectronics from the state capital, planned to “return” the state capital.
01 “White Horse Shares” Dongxu Optoelectronics “Burst Ray”, pirated Kang Dexin?
The other “White Horse” bond “explosive”, the market is quite surprised.
At the end of November 18, the Shanghai Clearing House issued two announcements, saying that it did not receive the interest payment and interest payment funds for the “16 Dongxu Optoelectronics MTN001A” and “16 Dongxu Optoelectronics MTN001B” medium-term notes.
As a result, Dongxu Optoelectronics Bonds default was confirmed.
Vision China
On the morning of the 19th, Dongxu Optoelectronics, which once claimed to be “stable business and good financial position” more than a month ago, said that due to temporary short-term liquidity difficulties, the company should pay for it on November 18, 2019. “16 Dongxu Optoelectronics MTN001A” and “16 Dongxu Optoelectronics MTN001B” for interest and related resales were not paid as scheduled. “The company is actively raising funds and actively negotiating with creditors to pay the relevant principal and interest as soon as possible to maximize the interests of bondholders.”
The two bonds defaulted by Dongxu Optoelectronics were issued in 2016, with a total scale of RMB 3 billion. The two bonds will pay a total of about RMB 2 billion.
Some market participants said that Dongxu Optoelectronics’ bond default may be “the biggest mine at the end of 2019”.
According to the company, Dongxu Optoelectronics Co., Ltd. is a leading manufacturer of liquid crystal glass substrate equipment, R&D and sales in China, and a global supplier of optoelectronic display materials. From January to September 2019, the company realized operating income of 12.566 billion yuan, and the net profit attributable to shareholders of listed companies was 1.135 billion yuan.
After the default of Dongxu Optoelectronics Bonds, some investors questioned on the Shenzhen Stock Exchange Interactive Platform: Is the company’s situation a new version of Kangde?
The reason for this question is that Dongxu Optoelectronics reported in the third quarterly report that as of September 30, Dongxu Optoelectronics accounted for 18.3 billion yuan in monetary funds.
China Economic Weekly combed public information and found that since this year, investors have repeatedly asked Dongxu Optoelectronics on the interactive platform: huge amounts of cash are on the books, why are they borrowing heavily?
As of October 31, for the financial structure of the company’s “loan and loan”, some investors asked on the interactive forum: This seems to be the sign of the company that had previously smashed the mine. It can explain the reason for borrowing money and borrowing money. What?
On November 1, Dongxu Optoelectronics replied, “The company needs to make sufficient funds for its operations. In addition to the restricted funds, it also needs to arrange safe working capital, operating liquidity, R&D investment and production line technical transformation funds. Investment in M&A project funds, repayment of interest debt revolving funds, risk preparation funds, etc.”
Under 20 days, Dongxu Optoelectronics confirmed two bondsDefault.
02 The questionable “loan and loan double high”, the actual controller will be financing 33.3 billion after the change of owner
The data shows that at the end of 2018, Dongxu Optoelectronics’ monetary funds were 19.8 billion yuan, and long-term and short-term loans totaled 11.1 billion yuan. By September 30, 2019, the company’s monetary funds were 18.3 billion yuan, and long-term and short-term loans increased to 131. 100 million yuan.
There is money on the account, but there is no money to pay.
The media quoted Dongxu Optoelectronics as saying that the main business of Dongxu Optoelectronics belongs to the capital-intensive manufacturing industry, which itself requires a large amount of funds for precipitation, in order to carry out equipment reserves and technical reserves. On the other hand, even if the company has large amount of book capital, after the smashing, in addition to the limited funds, there is not much liquidity available – this is the company has 180 More than 100 million yuan in cash is unable to pay the core reason for the debt of 3 billion yuan.
On November 19th, the Shenzhen Stock Exchange sent a letter of inquiry to Dongxu Optoelectronics requesting “detailed description of the company’s book showing the existence of large monetary fund balances in the third quarter of 2019, but failed to meet the medium-term notes as scheduled. The specific reasons for reselling interest payments.”
In fact, as early as May of this year, the financial structure of Dongxu Optoelectronics’ “Loan and Loan” has entered the regulatory vision of the Shenzhen Stock Exchange. In the “Investigation Letter of the Annual Report”, Dongxu Optoelectronics explained: In the higher case, it is necessary and reasonable to maintain large-scale interest-bearing liabilities and bear high financial expenses.
After that, Dongxu Optoelectronics replied that the photoelectric display industry that the company is engaged in is a highly technical and capital-intensive industry with high technical barriers, large capital requirements, and long payback period in order to catch up with the major oligarchs of the US and Japan. In addition to equity financing, the company also needs to obtain the funds necessary for the company’s continuous research and development and operation through interest-bearing liabilities. Industrial characteristics determine that the major companies in the industrial chain are characterized by large capital demand and high debt.
Jiangtong Securities macro bond researcher Jiang Chao said that deposit and loan double high generally means that the monetary funds and interest-bearing liabilities shown on the book are at a higher level. On the one hand, it is easy for investors to question the interest expenses and income. On the other hand, such enterprises are likely to perform better on the indicator of monetary funds/short-term interest-bearing liabilities. If the monetary funds behind them are doubtful, Will likely enable investors to provide short-term debt service to businessesForce produces misjudgment.
The reporter noticed that Dongxu Optoelectronics defaulted on two medium-term notes, the interest rates were 4.48% and 5.09% respectively, and the financing rate was not lower than that of Dongxu Optoelectronics.
From 2016 to 2018, Dongxu Optoelectronics’ weighted return on equity was only 7.28%, 7.09% and 6.83%.
The first three quarters of this year were lower, and the annualized return on net assets was only 4.6%.
This may mean that the company’s operating efficiency is so low that it can’t afford the financing cost. The more money you put in, the more “holes” you may have.
In 2018, Dongxu Optoelectronics’ interest expense was 1.204 billion yuan, and financial expenses totaled 723 million yuan, accounting for 33.40% of the annual net profit. In May’s “Annual Report Enquiry Letter”, it directly pointed to its impact on the company’s operating results. Larger.”
Dongxu Opto’s “financing trip” was started after Li Zhaoting became the company’s real controller. From then until now, there were 5 private placements, 3 medium-term notes and 1 corporate bond financing. The total financing was about 333. 100 million yuan. Most of the funds raised are for the 5th and 8.5th generation of TFT-LCD (Editor’s Note: One of Liquid Crystal Display) with color filters New energy buses, as well as supplementary liquidity.
Before listing in 1996 and Li Zhaoting became the actual controller, Dongxu Optoelectronics only had a initial financing of 165 million yuan.
03 6 years ago, “three steps” to eat the gem A, “detonation” decided to return to the state capital
Before Li Zhaoting entered the company, the abbreviation of Dongxu Optoelectronics has always been Gems A. In June 2009, Gem A disclosed that the controlling shareholder of the company is Shijiazhuang Gem Electronics Group (hereinafter referred to as “Gem Group”) China Great Wall Asset Management Co., Ltd. is the largest shareholder of Gems Group, but the Gems Group is supervised by the State-owned Assets Supervision and Administration Commission of Shijiazhuang City, and the State-owned Assets Supervision and Administration Commission of Shijiazhuang City is the actual controller of the company.
September 26, 2009, Gems A announced that the Shijiazhuang City State-owned Assets Supervision and Administration Commission paid the consideration and transferred the China Great Wall Asset Management Company, China OrientalThe shares of the Gems Group held by the three companies, Asset Management Company and China Huarong Asset Management Corporation.
After this, Li Zhaoting controlled the company to control the Gems Group in three steps, and Li Zhaoting became the real controller of Gems A.
The first step is to increase the capital by equity. After a few days after the Shijiazhuang SASAC transferred the shares of the Gem Group held by the three asset management companies, on October 31, 2009, Shijiazhuang SASAC and Hebei Dongxu Investment Group Co., Ltd. (later renamed “Dongxu Group Co., Ltd.”, hereinafter collectively referred to as “Dongxu Group”) signed an agreement, based on the net assets of the gem group, Dongxu Group will use the company’s equity Or the currency will increase the capital of the Gems Group, while the 72.21% stake in Dongxu Group is controlled by Li Zhaoting.
The actual implementation agreement is 7 months later, that is, in June 2010, only the equity increase will be used. Dongxu Group will increase its capital to the gem group with a 50% stake in Shijiazhuang Xuxin Optoelectronics Technology Co., Ltd. After the capital increase, Dongxu Group accounted for 47.06% of the shares of Gems Group, and Shijiazhuang City State-owned Assets Supervision and Administration Commission accounted for 52.94%. Li Zhaoting became the legal representative of the Gems Group.
Step 2, the reserve price is transferred. In August 2011, the State-owned Assets Supervision and Administration Commission of Shijiazhuang City signed an equity transfer contract with Dongxu Group. The former transferred 22.94% of the gem group to the latter, and the transfer price was 531 million yuan. The price was in June 2011 in Hebei Province. The transfer reserve price of the trading center is publicly listed. After the transfer, Dongxu Group holds 70% of the gem group, and Li Zhaoting becomes the actual controller of the listed company Gem A.
The third step is all in the bag. In December 2012, Shijiazhuang City State-owned Assets Supervision and Administration Commission and Beijing Heran Hengye Technology Co., Ltd. (hereinafter referred to as “Beijing Heran”) signed equity In the transfer contract, the former transferred 30% of the equity of the Gems Group to the latter, and in January 2013 completed the transfer of property rights and business registration, and Beijing is a wholly-owned subsidiary of Dongxu Group.
After three steps, Shijiazhuang City State-owned Assets Supervision and Administration Commission transferred the equity of Gems Group. In January 2014, Gems A was renamed Dongxu Optoelectronics.
The company controlled by Li Zhaoting passed the three-step control of the gem group, which was due to the restructuring of the gem group enterprise.