Suspected of financial fraud, the actual control of the pledge of the pledge of the warehouse was frozen, the bond rating was successively lowered, 528 million yuan short-term breach of contract ... 2018, "the first stock of pig breeding"Young eagle farming(002477) Step by step into the mire.
Recently, a news about a listed farmer and animal husbandry company "paying debts with meat" was rumored in the circle of friends, causing the market to think about the eagle farming and animal husbandry in the debt default. On November 8, the company's share price gained a rapid daily limit.
The young eagle farmer and animal husbandry responded to the Securities Times·e company reporter said that the company's financial department is indeed planning related matters, but is still in a multi-party negotiation stage. 8th nightCompany AnnouncementIt has reached a preliminary intention with a small number of creditors, involving a total amount of principal and interest of 271 million yuan. Concerning the market's concerns about the company's operations, the reporter visited the Zhengzhou market, the Qingmu Xiangmen store on the 8th, and the store is still serving normal customers.
Pay for the stock price limit
A few days ago, there was news that a listed farmer and animal husbandry company based on the actual situation of debt default, the issuer proposed two solutions to investors on November 3, one is that the principal is paid monthly for a 10-year period, and the other is used. Subsidiary inventories, including gift box series, ham series, red wine series, etc., are repaid, and the reimbursement price is calculated at 85% of the retail price.
The specific operation of “respecting the debt with meat” may be that the creditor directly picks up the goods, or may leave the inventory at the issuer first. After the creditor sells the goods himself, the return money is placed on the issuer's sales subsidiary and finally paid to the holder. It is said that for this "meal-for-debt" scheme, a total of 280 million yuan has been held by creditors.
There are not many A-share farming and animal husbandry companies.
On November 6, the young eagle farmer and animal husbandry announced that the first phase of the 2018 annual short-term financing bill should be redeemed on November 5. Due to the tight cash flow of the company, it was unable to raise sufficient funds to repay the debts according to the agreement. The “18 Young Eagle Farming and Animal Husbandry SCP001” could not be repaid in full. The bond issuance period is 270 days, and the total principal and interest payable is 528 million yuan.
Since then, on November 7th, the Eagle Eagle Agriculture and Animal Husbandry announced that the joint credit rating company has adjusted the long-term credit rating of the entity from B to C, and the debt credit rating of “14 Eagles” has been adjusted from B to C.
In the announcement, the young eagle farmer and animal husbandry clearly stated that they will negotiate a proper debt settlement with the holders of “18 eagle peasant husbandry SCP001” and complete the final plan as soon as possible. At present, the company has reached a consensus with some bondholders, and the company will promote implementation as soon as possible.
Is the final solution to debt settlement “paying for meat”? Is the operation mode of the network transmission true? Has the creditor agreed to this solution?
With doubts, on November 7th, reporters contacted the young peas farmers and herdsmen. The news obtained from different channels was that "the above-mentioned debt repayment method is indeed advancing." The staff of the public relations department of the company told the reporter that the above-mentioned matters are being implemented by the corporate finance department, and the parties are still actively negotiating, but there is no claim that the creditors have held 280 million yuan. The specific details and mode of operation of this matter are subject to subsequent disclosure.
On the evening of the 8th, the company announced that due to factors such as the blockade and embargo of the “African swine fever” epidemic area, the company’s pigs and other related products were difficult to realize in a short period of time. In order to revitalize the inventory and ease the current cash flow situation of the company, the company plans to The company's existing debt adjustment payment method, the principal is mainly deferred payment by monetary funds, the interest part is mainly paid by the company ham, ecological meat gift box and other products, the debt scope includes all the company's existing debt.
The programme is currently only a preliminary option and is being negotiated with creditors. As of the announcement date, the company has reached a preliminary intention with a small number of creditors, involving a total amount of 271 million yuan of principal and interest, and has not yet delivered the product. In view of the fact that the program is currently in the process of consultation with creditors and the creditors who have reached the intention have not yet formally delivered the product, the matter has greater uncertainty.
Although it is still unknown whether most of the creditors can get it, the eagle peasant farming and animal husbandry can get the inventory and repay part of the debt, which is recognized by the secondary market.
After the opening of the market on November 8, the stock price of the young peasant husbandry and animal husbandry closed the daily limit, reporting 1.74 yuan / share, the main force of the stock on the same dayNet inflow68.71 million yuan. Previously, the stock price of the young eagle farmer fell to 1.37 yuan on October 19, the lowest value in the past eight years. Since the beginning of 2018, it has recorded the biggest drop of more than 67%.
Whether the cargo debt is feasible
In the capital market, there are many cases in which debts are offset by movable assets and real estate. However, the situation of goods being deducted is rare. The young peas farmers have been called the first A-share default. However, before the eagle farming, the Hong Kong stock listed companyYurun Food(01068.HK) has also been exposed to cases of mandatory “payment of goods by meat”.
In August 2015, some creditors broke the news to the media. The real estate company of Yurun Holding Group Co., Ltd. (hereinafter referred to as Yurun Group) could not cash in and sold the ham.
The Yurun Group at that time coincided with the autumn of events. In March 2015, the chairman and actual controller of the company, Zhu Yicai, was executed by the designated residence to monitor the residence. The profit warning issued by Yurun Food on July 13 also shows that the Group expects that the net profit will be turned into a loss in the first half of 2015 compared with the same period in 2014, and the expected amount is not less than HK$700 million. However, despite the dual pressures of performance and personnel issues, Yurun Group finally clarified the above-mentioned incidents, and “repaying debts with meat” could not be done.
As for the feasibility of paying in kind, the market has doubts about the voices, and creditors may not be able to establish them in kind. There are even market participants who say that if the young eagle farmer and animal husbandry can take the meat to pay off the debt, then the debt crisis will also occur in the near future.Yongtai EnergyIt is also possible to give the debtor a car of coking coal.
Pei Xiaoli, a partner of Beijing Yingke Law Firm, said that the physical debt can be implemented as long as the creditor and the debtor reach an agreement. After negotiation, the two parties can reach a settlement through physical debts, discounts, extensions, etc. If the parties fail to reach a settlement in the end, they will seek to resolve them through court litigation or arbitration institutions in accordance with the contract.
Wang Zhibin, a lawyer at Shanghai Minglun Law Firm, also said in an interview with reporters that it is not legal to deal with debts. Enterprise inventory is also an asset. If there is no cash to pay, as long as the debtor can accept it, then after the asset assessment, the inventory can be offset against the debt. However, this must be based on the creditor’s consent to the debt-receiving method, and on the basis of the recognition of the evaluation value. Previously, in the A-share market, the case of expecting property debts also included Huangtai liquor. After the company was involved in a false statement, the company was sued by the stockholders. After the case was judged by the listed company, Huangtai Wine Company announced that it would like to compensate the wine products. However, the investors still need to pay the evaluation fee and freight charges themselves. Implementation.
Wang Zhibin said that if the creditor disagrees with the debt repayment of the property, after the incident enters the judicial process, the court will choose to auction the assets of the enterprise, including movable property, real estate, equity, inventory, etc., and pay the debt with the auction money. If a debt default fails to reach a settlement plan, it is necessary to pass a legal procedure to clarify the amount of breach of contract. After the court decision is effective, it can enter the judicial process for enforcement. At present, the young eagle farming and animal husbandry "repayment of debt by meat" is likely to be a unilateral proposal. Even if the creditor accepts the inventory, there will be controversy over the issue of the amount of credit, interest, and valuation of the inventory, so the actual operation is not great.
Some stores in Zhengzhou are operating normally
On October 26, the third quarterly report released by the young eagle farmer and animal husbandry showed that in the first three quarters of this year, the company achieved operating income of 3.533 billion yuan, down 7.34% year-on-year; net profit loss was 869 million yuan, which was more than the maximum loss expected by the mid-year report. More than 200 million yuan, a sharp decline of 1141.39% year-on-year, recorded the worst performance since listing. In 2017, the young eagle farming and animal husbandry realized a net profit of 45.18 million yuan, and the company expects the company's loss in 2018 will reach 1.5 billion yuan to 1.7 billion yuan.
The young eagle farmer said that the “hog hogs” epidemic in the domestic hog market, the blockade and embargo of the epidemic area will affect the company’s fourth quarter sales volume, sales price, and company slaughtering business, thus affecting the company’s profitability. Due to the influence of financial policies and other factors, the company's liquidity is tight, the company's and suppliers' settlement periods are prolonged, and suppliers' cancellation of preferential purchases for the company will increase production costs accordingly.
Such a large-scale decline in performance, coupled with the recent frequent debt crisis, will inevitably cause the market to have doubts about the normal production and operation of the young eagle.
On November 8, Securities Times reporters visited a small-scale Qingmu Xiangmen store in Jingyi Road, Zhengzhou City. They saw that there were more varieties of young eagle products in the store shelves and freezer. In addition to ordinary fresh pork and ham, pork chops and other derivatives, the store also has high-priced ecological pork, the labeling date of cold meat is November 7. The staff in the store told the reporter that there are still a number of young grazing shops in Zhengzhou, and the company supplies fresh goods and the sales are normal. However, when the reporter came to the Qingmu Xiangmen Store in Weiyi Road, Zhengzhou City, the shop was closed and stopped because of the demolition of surrounding buildings.
According to the official website of the Young Eagle Agriculture and Animal Husbandry Group, its Qingmuxiangmen store covers more than 100 stores in Beijing, Shanghai, Shenzhen and Henan provinces. However, in addition to the normal sales of many shops in Zhengzhou, Shanghai The Shenzhen store has been unable to get in touch via the phone announced on the website. The phone number of some stores in Henan also shows the “empty number”. A salesperson in Beijing told reporters that there are only a few of the products of the young eagle farming and animal husbandry, which are all supplied in October, and no other products are available.
Huge debt problem to be solved
The ultra-short-term breach of contract of 528 million yuan is only the tip of the iceberg of the debt crisis of the young eagle.
On December 21, 2018, the company issued another ultra-short-term financing of 1 billion yuan. At the same time, the third quarterly report revealed that the company's non-current liabilities ending balance of one year was 3.853 billion yuan, an increase of 420.5% from the beginning of the period.
According to previous announcements, as of August 31, 2018, the young peasant husbandry and animal husbandry had not settled one of the bad loans in the credit information, with a balance of 96,798,300 yuan; 8 interest rates, with a balance of 537,777 yuan. In addition, countermeasures such as the company's issue of stock purchase assets and the introduction of strategic investors are still advancing, and there is uncertainty.
In response to the Shenzhen Stock Exchange’s inquiries about the debt situation, the young peasant husbandry and animal husbandry said that the total amount of guarantees provided by the real controller Hou Jianfang for the company’s borrowings exceeded RMB 1.2 billion, of which 315 million yuan will expire in 2018 and 640 million yuan will be 2019. The year expires. The company’s loan maturity is relatively concentrated in 2018, combined with the negative impact of national policies and industry, part of the non-bankFinancial institutions require companies to repay loans or increase credit measures in advance. The company has experienced temporary cash flow tensions and there is no cash flow break.
The enterprise check information shows that the young eagle farming and animal husbandry group has been included in the untrustworthy enforced person, and the enforcement court is the Shenzhen Intermediate People's Court. The release date is October 10, 2018. The applicant for this untrustworthy execution is Zhongrong Trust of Zhongji Department. The executors involved the young peasant farming and animal husbandry group, Hou Jianfang and Li Junying. The total principal and interest of the target exceeded 150 million yuan.
On November 8th, the young peasant husbandry and animal husbandry once again announced that Hou Jianfang’s shareholdings had been added to the waiting list for freezing. Since August this year, the controlling shareholder has announced a new waiting list for 12 times due to factors such as overdue debts.
As of the date, Hou Jianfang held 1.26 billion shares of listed companies, accounting for 40.2% of the total share capital, all of which were frozen. Except Hou Jianfang's shareholdings were all frozen. As of the third quarter of 2018, shareholders holding shares of 2.83%, 2.76%, 1.5%, 1.5%, and 1.1% were Hou Wuqun, Hou Bin, Hou Jie, Hou Jianye, and Shenzhen Jucheng. The shares held by Enterprise Management Consulting Co., Ltd. (hereinafter referred to as “Shenzhen Jucheng”) have all been pledged and frozen. Hou Wuqun is the uncle of Hou Jianfang, Hou Bin is the cousin of Hou Jianfang, Hou Jie and Hou Jianye are the younger brothers of Hou Jianfang, and Shenzhen Jucheng Enterprise Management Consulting Co., Ltd. is the coherent action of Hou Jianfang.
Under the high pledge and debt pressure, the young eagle farming and animal husbandry has faced asset disposal and disposal.
According to previous announcements, due to the loan dispute, in August this year, part of the land and real estate of the eagle peasant farming and animal husbandry was seized by the Shandong Higher People's Court. The assets seized were all land and real estate, with a total of 36, with a net book value of 227 million yuan. In September this year, due to the decline in the company's stock price, the company's shares held by the young peasant husbandry and animal husbandry Hou Jianfang and some of the directors and other core management personnel through the trust plan suffered a liquidation, and the number of shares was the company's total share capital. 1.5% of the total amount of capital contributions and margins totaled 125 million yuan.
(Article source: Securities Times)