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"Capital plaything" Hengli industrial big bottom two shareholders' parent company deep in debt crisis

November 09, 2018 06:11
Author: Yue Wei Li Manning

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["Capital plaything" Hengli Industrial big bottom two shareholders shareholding company deep in debt crisis] with the aura of the first listed company in the automotive air-conditioning parts industry, landing in the capital market for 22 years, Hengli Industrial (000622) suspended listing for 7 years It has been played by multi-channel capital players and experienced 5 times of change of ownership. It can be called “capital plaything”; the main business is withered, and the net profit loss is 8 years. Now the company has ushered in the “second spring” in the secondary market. (Securities Times)

K map 000622_2

With the aura of the first listed company in the automotive air-conditioning parts industry, Hengli Industrial (000622) has been suspended for 7 years since its landing in the capital market for 22 years. It has been played by multi-channel capital players and experienced 5 times of change, which is called “capital plaything”. "The main business is dying, the net profit loss is 8 years, and now the company is actually welcoming the "second spring" in the secondary market.

From October 22 to November 8, Hengli Industrial won 11 daily limit. After the 7th daily limit, Hengli Industrial was asked to suspend the verification. This is the first special stop after the Securities and Futures Commission's call for optimization trading on October 30. After completing the self-inspection on the resumption of trading on November 5, Hengli Industrial is still unstoppable.

On the afternoon of November 8, the Shenzhen Stock Exchange held an unexpected letter of concern, and Hengli Industrial was again asked to explain the reasons for the abnormal fluctuations in stock trading. This letter of concern suddenly opened the daily limit, but after more than ten minutes, Hengli Industrial closed the upside again, and the turnover rate of 15.48% on that day was the highest since 11 daily limit days.

Hengli Industry is the only company with a shell resource label among the more than ten new high stocks in recent years. Other labels include “long-term dividends”, “deduction of non-loss” and “micro-shares”. Hengli Industry? Under the eyes of the public, where is the limit of the daily limit?

11 board

Under the current market conditions, a series of daily limit boards suddenly hit Hengli Industry. Since October 22, Hengli Industrial has rebounded from the previous day and has rebounded for a period of seven consecutive trading days.

It is worth noting that on October 30, the China Securities Regulatory Commission issued a rare intraday voice, saying that it is in the process of unified deployment of the State Council, focusing on capital market reforms and accelerating the promotion of three aspects. The second task is to “optimize transaction supervision and reduce trading resistance. Enhance market liquidity. Reduce unnecessary intervention in the trading process, let the market have clear expectations for regulation, and allow investors to have fair trade opportunities."

Some investors interpret this as meaning that this means that the regulatory authorities will maximize the trading opportunities of listed companies' stocks in the secondary market, and listed companies must not arbitrarily suspend trading.

On October 30th, it was the seventh consecutive daily limit trading day of Hengli Industry. On the night, Hengli Industrial announced that due to the excessive increase, it will be suspended for verification on the next day. The suspension time will not exceed 3 trading days.

Facts have proved that Hengli Industrial has no reason for this continuous daily limit. On the evening of November 4, Hengli Industrial disclosed the self-examination report. According to the disclosure, the company has issued a letter for the third time to inquire about the important shareholders and actual controllers holding more than 5% of the shares. The results show that the controlling shareholder of Hengli Industrial Co., Ltd. is proud of Shenzhen. Shengxia Industrial Co., Ltd. ("Ao Shengxia"), the first largest shareholder of China Huayang Investment Holdings Co., Ltd. ("Huayang Investment"), and the third largest shareholder China Great Wall Asset Management Co., Ltd. “Great Wall Asset Management” does not have any major issues that should be disclosed but not disclosed by the company, or major events at the planning stage. During the period, important shareholders did not buy or sell company stocks; the company’s operations were normal and the internal and external operating environment did not materialize. Variety.

After the completion of the suspension check, Hengli Industrial resumed trading on November 5, and received a one-word daily limit. The next day on November 6th, the word limit continued. On November 7th and November 8th, Hengli Industrial failed to achieve a one-page daily limit. However, after ten consecutive trading days on the two trading days, the stock price was firmly closed again.

The only difference is that at 2:18 pm on November 8, Hengli Industrial's daily limit was suddenly opened, but after more than ten minutes, it closed again. Just before the daily limit was opened, the Shenzhen Stock Exchange issued a letter of concern to Hengli Industry on the stock price change.

The Shenzhen Stock Exchange’s request for Hengli’s verification is similar to the company’s previous suspension of self-examination and disclosure, including whether there is any significant information that should be disclosed but not disclosed, whether the company’s fundamentals have undergone major changes, and whether the actual controllers plan to Your company conducts equity transfer, asset restructuring and other matters that have a significant impact on the company; details the recent investigations by the host institution and individual investors, whether there are any violations of the principle of fair disclosure; whether the company’s directors and their immediate family members There is a trade in your company's stock, and there is a suspected insider trading situation.

In addition, the Shenzhen Stock Exchange specifically requires Hengli Industrial to disclose whether there are other items that may cause abnormal fluctuations in stock trading and need to submit written instructions to the controlling shareholder.

Is there any new situation in the company after the last suspension check? Hengli Industrial told the Securities Times·e company reporter that the company is currently inspecting according to the requirements of the exchange, and all matters are subject to the announcement.

On the night, Hengli Industrial once again issued an announcement on the stock price change, indicating that the information disclosed in the previous period of the company does not need to be corrected or supplemented. That is to say, the reason for the stock price change is still unknown.

Who is benefiting?

After-hours data shows that Hengli Industry has been on the market for six consecutive trading days from October 23 to October 30.Dragon and TigerAfterwards, on November 6th, November 7th and November 8th, the Dragon and Tiger List was once again on the list. The multi-channel hot money took turns, including the well-known and well-known hot money Huatai Shenzhen Yitian Road Rongchao Business Center Sales Department, Guotai Junan Shanghai Jiangsu Road Sales Department, Everbright Securities Fenghua Nanshan Road Sales Department.

A private equity investor told the Securities Times·e company reporter that this is an inevitable phenomenon under the supervision of trading, and there are actually many stocks that are similar to being speculated.

However, in the current market situation, companies such as Hengli Industrial, which has 11 consecutive daily limit boards, are rare, and Hengli Industry has become a "long one."

The current main revenue of Hengli Industry is still mainly from the production and sales of auto parts products. In 2017, Hengli Industrial's net profit loss was 27.3862 million yuan. Although the company's main business increased by 40% year-on-year, the actual scale was small, only 537,731,100 yuan, the profit margin is small. In order to change the situation in which the main business is not prominent, Hengli Industry has tried to diversify its operations, but it has not yet formed.

In the first half of this year, Hengli Industrial still suffered a loss of 3.857 million yuan, a year-on-year decrease. In the third quarter, Hengli Industrial turned losses, because the trading company increased its operating income by about 10,479,800 yuan. In the first three quarters of this year, it realized a total operating income of 50,512,800 yuan, a year-on-year increase of 40%; net profit of 1,009,700 yuan, an increase of 109.19%, but not After the net profit is still a loss of 5.153 million yuan.

Hengli Industrial told the Securities Times·e company reporter that the company's current main income still comes from auto parts products, no significant improvement.

In this strong rise of Hengli Industry, not only the hot money and individual investors who participated in the short-selling, but also the important shareholders of Hengli Industry.

Looking through the recent announcement of Hengli Industry, among the top ten shareholders of the company, only Huayang Investment and Shenzhen Jinqinghua Equity Investment Fund Co., Ltd. (“Jinqinghua”) have equity pledge. Among them, Jin Qinghua is the concerted action of Ao Shengxia, the controlling shareholder of Hengli Industry, which together control a 20.3% stake in Hengli Industry. At present, Jin Qinghua holds 16 million shares of Hengli Industry, accounting for 3.76% of the company's total share capital. The current status of its shares is full pledge and waiting for freezing.

Jin Qinghua’s equity pledge was divided into two. Due to commercial arrangements, Jin Qinghua pledges 1 million shares to the China Oriental Asset Management Corporation Changsha Office in January 2015. In July 2015, due to the needs of business activities, Jin Qinghua went to natural persons. Li Jianxiong pledges 15 million shares. During the two pledges, Hengli Industrial's share price was roughly 6 yuan / share, 11 yuan / share.

Let’s look at the equity pledge of Huayang Investment, the second largest shareholder. The latest equity pledge of Huayang Investment occurred on August 9, 2017, and the pledge object was Shandong International Trust Co., Ltd. Huayang Investment holds 764.67 million shares of Hengli Industrial Co., Ltd., accounting for 17.99% of the company's total share capital. Its share pledge is 76 million shares, accounting for 99.35% of its total shares. It is nearly fully pledged and pledges at the time of Hengli Industrial. The stock price is about 5.6 yuan / share.

On October 19 this year, Hengli Industrial hit a low price of 2.42 yuan per share. From the stock price of Hengli Industrial when two shareholders pledge, theoretically there is a risk of liquidation, but as of now, Hengli The industry has not issued a notice warning the risk of liquidation. With the recent 11-day board limit, the risk of liquidation has long since vanished.

With this wave of daily limit of Hengli Industry, the relevant shareholders will not have to supplement the pledge, and can even continue to raise financing by increasing the pledge rate.

As for why the company never issued any notice of equity pledge risk warning, and which main shareholders are in the main business, Hengli Industry said that it is busy replying to the exchange’s attention after requesting the securities company’s reporter to report the phone number and name. Letter, no time to answer questions.

Peripheral crisis

With the stock price of Hengli Industrial soaring, the shareholder Huayang Investment has doubled. It is worth noting that investment in the parent company of China Huayang Huayang Trade Group Co., Ltd. (referred to as "Huayang trade") is now in deep liquidity crisis.

The Huayang Economic and Trade Annual Report shows that it holds 97.37% of Huayang Investment. Official website shows, Huayang Trade was founded in 1984, formerly known as China Huayang Technology Trade (Group) Company, is one of the first State Council approved the establishment of a central state-owned enterprises after China's reform and opening up, now is the enterprises directly under the China Council for the Promotion of International Trade , include its energy and petrochemical, financial services, domestic and foreign trade, investment holding, international industry and other business sectors and industry structure.

Recently, with the background of the central enterprises Huayang trade, but there is more pens debt default, the credit rating agency jointly twice lowered its credit rating. October 29, Huayang trade body long-term credit rating was lowered to C grade.

The Securities Times·e company reporter noticed that the long-term credit rating of the joint credit financial institutions and industrial and commercial enterprises was divided into third-class and nine-level, of which the third-class was bankrupt, including C. Credit union official website shows, C grade means "can not repay the debt."

The rating agency believes that although there is no major abnormality in Huayang's economic and trade production and operation, the “15 Huayang Economic and Trade MTN001” default and its triggered cross-default have caused the company's debt to be concentrated and the financing environment has deteriorated.

On September 30, 2018, Huayang Economic and Trade failed to pay the “15 Huayang Economic and Trade MTN001” interest and 750 million yuan of resale bond funds on time, and constituted the “18 Huayang Economic and Trade CP001” and “18 Hua "Cross-default" matters disclosed in the prospectus of Yang Economic and Trade CP002, "18 Huayang Economic and Trade SCP001", "18 Huayang Economic and Trade SCP002" and "18 Huayang Economic and Trade SCP003".

Subsequently, Huayang Economic and Trade Bonds defaulted to ferment. On October 30, the company disclosed that “18 Huayang Economic and Trade SCP001” could not be repaid in full and on time, which constituted a substantial breach of contract. "18 Huayang Economic and Trade SCP001" should pay the principal and interest on October 30. As of the end of the due date, the company failed to raise sufficient debt repayment funds as agreed.

On how to solve the above problems, the staff of Huayang Economic and Trade Office told the Securities Times·e company reporter that the main force now concentrates on the reply letter of the (holders' meeting resolution), including the disclosure of relevant detailed financial information, etc. The announcement shall prevail.

In addition, as for the company's indirect profit from the rise of Hengli Industry, the staff said: "Hang Li Industrial is very happy, but the profit situation is not clear."

Recently, Huayang Economic and Trade has held the first meeting of bondholders. On November 7, Huayang Economic and Trade announced that it is raising funds for repayment of funds through various channels. The plan includes but is not limited to disposing of assets, multi-channel financing, introduction of strategic investors, asset securitization, etc., but the debt repayment plan takes time to implement, and the issuer We are actively promoting related work. In addition, the company is developing a package of debt resolution plans, which will consider and provide a credit enhancement measure that can be implemented for all creditors of the company.

Huayang Economic and Trade also stated that it will inevitably use group assets in the multi-channel financing process and promise not to maliciously dispose of assets. Previously, there were rumors in the market that many members of Huayang Department were “forced” to transfuse blood to the parent company due to debt defaults in Huayang Economic and Trade, including providing funds, providing guarantees, and even transferring funds.

Huayang Economic and Trade is facing greater capital turnover pressure, and the capital chain is relatively tight. It is also evident in financial data. As of the end of the third quarter of 2018, Huayang's economic and asset debt ratio was approximately 58%, and current liabilities accounted for approximately 61% of total liabilities. Among them, the company's short-term rigid debt (short-term loans, notes payable, etc.) exceeded 8.1 billion yuan, the monetary funds were about 4.1 billion yuan, and its parent company-level monetary funds were only more than 8 million yuan.

Since 2018, Huayang Economic and Trade has issued two short-term financing bonds and three short-term financing bonds, totaling 5 billion yuan. The above financing is mainly used to supplement working capital and repay bank loans. This includes helping Huayang Investment to supplement liquidity and repay bank loans.

In recent years, Huayang's economic and trade revenue scale and asset scale have grown steadily, but the profit margin of the company's business has been significantly reduced. Specifically, Huayang's economic and trade business is mainly divided into oil sector, trade sector and others. In the last two years, the trade sector has contributed nearly 80% of the company’s operating income, but the business of this part of the businessinterest rateThe level is low, less than 8% in the past two years.

In the first three quarters of 2018, Huayang Economic and Trade achieved a net profit of 448 million yuan, although the net profit was higher, but its net salesinterest rateLess than 2%.

  Related reports>>>

  Eleven boards create the annual demon stocks Hengli Industry receives the "yellow card" attention letter

  11 Lianban Hengli Industry: important shareholders have not sold stocks The company's main business has no significant improvement

  Eleventh Board Hengli Industry re-issued: no major changes have occurred in the internal and external operating environment

(Article source: Securities Times)

                (Editor: DF407)

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