Shenyang in the harsh winter, chilly and boneless.
No. 120, Taipei Street, Tiger Rock, Shenbei New District, Liaoning Huishan Dairy Group Co., Ltd. (hereinafter referred to as “Huishan Dairy") Production base, from time to time there are transport vehicles in and out; Huanggu South Street, No. 111, Huanghe South Street, Huanggu District, Huishan Dairy Building, the first floor of the lobby "stationary security", strange faces were refused to enter. At this time, Huishan DairyReorganizationThe plan waited for "flowers" - about a year ago, Huishan Dairy's share price "flashed down" in Hong Kong's capital market and triggered a chain debt crisis, which eventually led to the bankruptcy reorganization process, once boarded Liaoning's "richest man" The actual controller, Yang Kai, also fell from the "throne" and faced the debt of more than 2,700 creditors.
On December 20, 2018, Huishan Dairy Series submitted the draft of the “Reorganization Plan for 83 Enterprises such as Liaoning Huishan Dairy Group Co., Ltd. (Preliminary Draft)” (hereinafter referred to as “Reconstruction Plan Draft”) Involving 2,702 creditors to declare 5,155 claims and 72 billion yuan to the administrator. It has been nearly two years since the outbreak of its debt crisis. A number of sources confirmed the existence of the draft to reporters.
However, with the continuous adjustment and introduction of its “thinking”, the chairman of Huishan Dairy and Yang Kai, the richest man in Liaoning, have also received much attention. (For details, please refer to the "China Business News" December 17, 2018 A4 version of "Huishan Dairy Industry Reconstruction" ideas: confirm the creditor's rights of 47 billion yuan Liaoning richest or "out" ()IsometricThe reporter was informed that the manager found in the “inventory process that some of the assets of the property rights holding unit (Huishan Dairy Series Company, reporter's note) were inconsistent and could not explain the reasons”, and the subjects involved accounts receivable and prepayments. Payments, other receivables, etc.
The interview with the reporters of the "Deep Line" also showed that Huishan Dairy had borrowed from the suppliers to the banks by providing guarantees to suppliers such as forage and grain, and these suppliers did not meet the loan qualifications. The supplier told reporters that after the bank issued loans to them, the final destination of these funds flowed to Huishan Dairy, and many banks such as Jilin Bank issued these loans, and these practices are not isolated.
"The final version of the reorganization plan, there is no clear timetable for the introduction." Wang Xu, creditor of Huishan Dairy, said.
The reporter of "Equivalent Line" was informed that the draft of the reorganization plan adopts the rules of "one meeting and group voting" to conduct creditor voting. Huishan Dairy series enterprises will submit the voting results to Shenyang Intermediate People's Court (hereinafter referred to as "Shenyang Intermediate People's Court") Approved for approval. If approved by the ruling, the "reorganization plan draft" introduces that the implementation of the reorganization plan will be completed by December 31, 2019, except for the implementation of the deferred repayment of the creditor's rights. The Shenyang Intermediate People's Court will rule on the termination of the reorganization process and declare the Huishan Dairy series of companies bankrupt.
In February 2019, Huishan Dairy creditors will vote in the first round of the “reorganization plan”. According to the draft obtained by the reporter of China Business News, a total of 2,702 creditors filed 5,155 claims with the administrator, amounting to 72 billion yuan, including property guarantee credits of more than 14.8 billion yuan and ordinary creditors of 55.8 billion yuan.
According to the “Reorganization Plan Draft”, as of December 1, 2018, the administrator completed the review of all declared claims, and the administrator [Shenyang Intermediate People's Court appointed Beijing Zhonglun Law Firm and PricewaterhouseCoopers Zhongtian Accountant) The firm (Special General Partnership) is the manager of the Huishan Dairy Group. 】 A total of 4,590 claims were confirmed by the preliminary examination, and the amount of credits confirmed was 27.4 billion yuan; 550 credits and 36.4 billion yuan were not recognized and no litigation was involved; the amount of the confirmation was suspended for 2.3 billion yuan due to litigation. Among them, the “reorganization plan draft” clearly stated that Huishan Dairy's series of companies still had about 285 million yuan of claims that were not reported to the administrator.
In March 2017, Huishan Dairy broke out in a debt crisis. On March 23 of that year, the Liaoning Provincial Financial Office organized the Huishan Dairy Creditor's Work Conference. The conference was the first creditor meeting of Huishan Dairy, and the theme was “maintaining stability”. Yang Kai, the actual controller and chairman of the board, said that “the company will raise 15 billion yuan within one month through restructuring”. But in fact, this "problem" quickly fell through. The history of this company dates back to 1951. From its official website, the company gradually formed a full-industry chain development model that integrates pasture planting, concentrate processing, breeding of improved dairy cows, processing of whole dairy products, dairy product development and quality control, and was launched in September 2013. The Hong Kong Main Board is listed.
A number of creditors recalled that with the debt crisis, Huishan Dairy’s huge funds went to various issues and concentrated. On May 10, 2018, the "Civilian Ruling of Shenyang Intermediate People's Court of Liaoning Province" ruled that 83 companies including Huishan Dairy were reorganized. On December 20, 2018, Huishan Dairy Series submitted “heavy” to the management. Draft plan."
As early as August 1, 2017, before Huishan Dairy Series entered the reorganization process, Shenzhen Fuhai Yintao Asset Management Co., Ltd. assisted the former management and produced the “Huishan Dairy Domestic Debt Restruction Plan”, which is called "801 program." The “Restructuring Report” confirmed that major creditors including Bank of China expressed support and approval for the “801 Program” and signed the “Consensus Action Agreement” on this basis, and promised to agree to deal with Huishan Dairy in accordance with the “801 Program”. The debt and debt problems of the group of companies. On November 30, 2018, the Consultation Report on the Asset Liquidation Value Assessment (hereinafter referred to as the “Restructuring Asset Evaluation Report”) of 83 companies including Liaoning Huishan Dairy Group Co., Ltd. was introduced. According to the introduction of Huishan Dairy, the management made a draft of the reorganization plan based on the principle of “801 Scheme”.
The “Restructuring Assets Assessment Report” comes from Beijing Zhongqihua Assets Appraisal Co., Ltd. Contrary to the content of the “reorganization plan”, the “report” shows that as of the benchmark date of May 10, 2018, 83 companies such as Huishan Dairy had a total asset value of 15.7 billion yuan, including For asset classes such as current assets, fixed assets and intangible assets, the liquidation value was 60,634,463 yuan, the amount of impairment was 966,032,400 yuan, and the impairment rate was 61.43%.
"Whether the 'draft' can be approved by creditors is still unknown." Wang Xu, Sun Feng and other creditors said.
Partially serious "accounts do not match"
83 reorganization enterprises such as Huishan Dairy, involving agriculture, animal husbandry, dairy processing, energy, optoelectronics and other industries. Among the aforementioned series of companies, Huishan (Shanghai) International Trading Co., Ltd. (hereinafter referred to as "Huishan Shanghai Trade"), Huishan (Shanghai) Financial Leasing Co., Ltd. (hereinafter referred to as "Huishan Shanghai Leasing") legal representative is Ge Kun, former executive director and former financial director of Huishan Dairy. The legal representatives of the two companies are Xu Guangyi, vice president and former executive director of Huishan Dairy. According to the “Restructuring Assets Assessment Report”, the above four companies are all wholly-owned by Huishan Dairy, while the legal representatives of the remaining companies are Yang Kai, the actual controller of Huishan Dairy.
It is quite concerned that Huishan Shanghai Trade and Huishan Shanghai Leasing are located in Shanghai, and the registered capital is huge, but the “Restructuring Assets Assessment Report” indicates that the two companies “have no real business operation”.
“The two companies may involve the Huishan Dairy Company’s funds.” Several creditors of Huishan Dairy said.
According to the “Reorganization Plan Draft”, Huishan Shanghai Trade was established on June 30, 2016 with a registered capital of RMB 50 million. On March 12, 2017, the registered capital was changed to RMB 300 million. The business scope covers food circulation. Daily necessities, chemical products and raw materials; Huishan Shanghai Leasing was established on July 19, 2016, and the registered place is Jing’an District, Shanghai. The registered capital was RMB 100 million at the time of establishment, and the registered capital on December 27, 2016 Changed to 170 million yuan, the business scope includes financial leasing business, leasing business and so on. Creditors said that in the face of the "conditions" of the two companies, Ge Kun's name will be unavoidable.
According to public information, Ge Kun was born in 1975. On March 28, 2017, Huishan Dairy wasannouncementAccording to Zhong Ge, Ge Kun is mainly responsible for the sales and brand building, human resources and governance of Huishan Dairy. The announcement believes that since she was a member of the Yang Kai team before the company's listing on the Stock Exchange in 2013, she was also responsible for overseeing the management of the group's financial and cash operations and maintaining relationships with the management group and its major banks. However, Ge Kun suddenly “losed contact”. On May 26, 2017, Huishan Dairy announced that Ge Kun has ceased to serve as a director of the company and will take effect immediately.
With the reorganization of the reform plan and the in-depth investigation of assets, some of the financing problems of Huishan Dairy have gradually emerged. The reporter of "Equivalent Line" knows that in the process of asset inventory, it is found that some assets of the property holders are seriously inconsistent, and the reasons cannot be explained. Specific financial subjects, including accounts receivable, prepayments, other receivables, etc., during the asset inventory process, these “accounts do not match” “cannot explain the reasons”.
The reporter learned that before this, creditors had aggregated calculations in various ways, saying that Huishan Dairy had about 10.5 billion yuan of funds going unclear. In this regard, the reporter repeatedly contacted Huishan Dairy executives, hoping to understand the whereabouts of these funds. However, as of press time, no response was received.
However, in the “reorganization plan”, the 10.5 billion yuan of funds was mentioned in a “fuzzy” way. The manager believes that the final flow of large sums of money “does not rule out” is to buy shares of listed companies in Hong Kong. At the same time, according to the evidence obtained during the current investigation, it has not been found that the transfer of large amounts of funds involves illegal or criminal acts of enterprises or individuals.
At the same time, the "draft" also confirmed that "the actual controllers Yang Kai and Ge Kun indirectly hold the entire shareholding of Huishan Dairy Holdings through the establishment of two layers of British Virgin Islands companies." The latter refers to the listed company China Huishan Dairy Holdings Co., Ltd.
Liaoning's richest man "loan technology"
In this "storm", Yang Kai is at the forefront. Yang is the chairman and actual controller of Huishan Dairy. According to public information, in 2016, he was ranked 66th in the Hurun list with a total of 26 billion yuan, and was once the richest man in Liaoning.
When it fell from the "throne" of the "rich man", some of the "techniques" of the bank loans it acquired also surfaced. Creditors told reporters that this includes: putting pressure on suppliers, providing guarantees or guarantees from Huishan Dairy, applying for loans from banks through suppliers, and obtaining loans, the funds are used by Huishan Dairy. When the Huishan dairy crisis broke out and entered the reorganization process, some suppliers entered the list of creditors.
Many creditors of Huishan Dairy have confirmed to reporters that they have all experienced the above-mentioned operations.
The "Constant Line" reporter learned that creditors who have experienced the above situation include but are not limited to: Yao Chengyu, Yuxin Forage Distribution Office, Lindian County, Heilongjiang Province, Zhizhimin, Zhimin Forage Distribution Department, Lindian County, Xingyuan Forage Distribution, Lindian County Yao Liyou, Lin Dian Yuan Yu Forage Distribution Department Sun Feng, Lindian County Mengxin Forage Feed Distribution Department Yao Hao and so on. In the above way, their debts in the bank are about 100 million yuan, so they are self-deprecating. The Shenyang Branch of Jilin Bank is one of the important issuers of these loans.
“The first is to provide a bank guarantee blank.contractLet us sign. "Zhi Zhimin, Yao Liyou, etc. explained that the finance staff of Huishan Dairy and the staff of Jilin Bank had together sought creditors. After the loan, they were used for Huishan Dairy's "down loan."
Yao Liyou and others said that if they do not cooperate, they will not be able to continue to become suppliers of forage and grain in Huishan Dairy. Creditors preliminarily reported to reporters that suppliers such as forage and grain, which are similar to “borrowing” in Huishan Dairy, are not examples, including a number of banks.
According to the "Constant Line" reporter, these suppliers are of a flat qualification. However, the amount of loans it has received from a number of banks, including Jilin Bank, is not low.
Qi Zhimin provided a “Corporate Credit Report” from the People’s Bank of China Credit Information Center. The Lindian County Zhimin Forage Distribution Office was established in August 2010, and for the first time in 2013.CreditTransaction records, a total of six financial institutions handled credit business during the reporting period. The report "Information Summary" shows that the "Report Date" is December 12, 2017. Its current business in two financial institutions has not yet been settled. The current balance of liabilities is 111.9 million yuan and the interest rate is 2,403,700 yuan. The "Corporate Credit Report" provided by Yao Liyou also shows that the "debt balance" of each person is also about 100 million yuan. Qi Zhimin admits that among the more than a dozen Huishan dairy forage suppliers, he has the highest amount of “borrowing”.
On December 17, 2018, relevant personnel of the Shenyang Branch of Jilin Bank responded that the bank had a business relationship with the Mengxin Forage Feed Distribution Office of Lindian County. The lending of both parties was true, legal and effective. The person explained that the other forage distribution offices mentioned by the creditors mentioned in the relevant materials were not the business customers of Jilin Bank. But the response was questioned by creditors.
The reporter obtained a Jilin Bank "Small Enterprise Maximum Guarantee Contract" introduced, the guarantor is Qi Zhimin, and the creditor is the Shenyang Branch of Jilin Bank. The contract is the highest number of the 2016 Bank of Jilin Branch Shenyang No. 106 (hereinafter referred to as "No. 106"). The content shows that the main creditor party guaranteed by the guarantor from August 29, 2016 to August 29, 2017, the creditor revolving loan contract, bank acceptance agreement and other documents signed by the creditor and the Zhimin Forage Distribution Office of Lindian County And "the debtor's claim of the enjoyment, whether or not the claim has expired during the above period". The reporter noted that the "guaranteed maximum creditor's amount" was 49.9 million yuan. In No. 107 of the "Small Business Maximum Guarantee Contract", the guarantor is Yang Kai, whose wife, Zhang Jian, is the property owner, signing the contract and handprinting it. However, other contents including the amount of guarantee are the same as "No. 106".
At the same time, the Shenyang Branch of Jilin Bank signed a "recourse" with the Zhimin Forage Distribution Office of Lindian County.RepoType) Factoring Business Agreement, the accounts receivable generated by the latter, that is, the transfer of accounts of Huishan Dairy to the dealership (Pledge). On January 9th, the bankers explained that they needed the signature of the actual controller of the debtor Huishan Dairy, namely “No. 107”. The "Constant Line" reporter noted that the agreement stipulated that the financing ratio should not exceed 80%, and the factoring financing period was up to 12 months. According to this person, according to this calculation, the minimum receivables of the Zhimin Forage Distribution Office of Lindian County is more than 60 million yuan.
"According to the invoice issued by Huishan Dairy, the other party owed more than 10 million yuan in feed."
According to the above-mentioned banking industry, Huishan Dairy was listed as a listed company. At that time, it was a quality customer of the bank and had a factoring business with a real trade background. Similar operations also appeared smoothly. In the opinion of the banking sector, there are violations of the amount of accounts receivable, the destination of loan funds, and the source of funds for loans and principals.
Qi Zhimin and Yao Liyou explained that they had also applied for a loan file from the Shenyang Branch of Jilin Bank, but only got one of the above contracts, and the others were rejected.
On January 4, Jilin Bank headquarters rejected the reporter’s interview request. On January 7, the reporter sent an interview letter to Wang Hanqi, Secretary of the Board of Directors of Jilin Bank by email. As of press time, the other party did not reply to this. From the bank vouchers and other evidence, each of the above-mentioned distribution offices and Huishan Dairy Series Company has an annual business volume of about 10 million yuan. Many creditors introduced that the "forage department" of the company can use 300 yuan or 500 yuan. I have handled the corresponding documents and there is no registered capital. In their view, they themselves do not have the conditions to make such a large amount of loans in the bank.
Yao Liyou said that they can participate in the Huishan Dairy Creditor Conference, and they are all designated by Huishan Dairy.
However, the reporter found that there were no descriptions in the “Reconstruction Plan Draft”, “Restructuring Asset Evaluation Report”, and “Restructuring Report”.
Yang Kai "out of the game", or "get away"?
The aforementioned person from the Jilin Branch of Jilin Bank told the reporter of the "Deep Line" that the bank, as a creditor of Huishan Dairy, is also applying for its creditor's rights and reserves the right to appeal. According to public information, as of the end of March 2017, among the creditors of Huishan Dairy Series, there are 23 banks and more than a dozen financial leasing companies.
According to public data, banks such as Ping An Bank, Industrial and Commercial Bank, Jilin Jiutai Rural Commercial Bank, China Development Bank, Bank of Communications, and Jilin Bank are among the creditors.
Wang Xu and other creditors believe that the most responsible for the above debts and claims is Yang Kai, Ge Kun and other high-level Huishan dairy industry. The “Restructuring Assets Appraisal Report” supports this. In the process of inventory, some bank deposits have failed to provide bank statements, return letters or statements and the difference between the company’s books and the reasons for the reasons. However, the contents of the “reform report” agreed that the crux of the capital chain break of Huishan Dairy series company is not mainly in the main business, but mainly from the capital market.
For Yang Kai, in the "reform report", it is proposed that "originalshareholderAfter the equity exited and the personal guarantee was reorganized, the company’s actual controller Yang Kai’s equity was cleared and no longer held the equity of the new company after the reorganization. At the same time, it was clear that “after the successful reform, the Yang will not be pursued again. Kay and his family and other related individuals have a guarantee responsibility."
However, the "Constant Line" reporter learned that in the "reorganization plan draft", the content has been revised, Yang Kai's name was hidden, but also explained that "the above debt settlement is completed, for the Huishan Dairy Group series All kinds of guarantees such as mortgage, pledge and guarantee provided by 23 enterprises outside the enterprise and the system were simultaneously lifted." The reporter was informed that according to this plan, the creditors of Huishan Dairy series enterprises will not be able to pursue the guarantor, pledgee, guarantor and other entities that provide guarantees in any way.
"It is still a kind of protection for Yang Kai and others." Wang Xu, Yao Liyou and others said.
The reporter was informed that if the draft was approved by the Shenyang Intermediate People's Court, in addition to the implementation of the deferred settlement of the creditor's rights, the Huishan Dairy Series Company shall strive to complete the implementation of the reorganization plan by December 31, 2019. If the ruling is not approved, the court will rule to terminate the reorganization process and declare the Huishan Dairy series of enterprises bankrupt.
(Article source: China Business News)