The Hunan Torch announced on the 14th:
Hunan Torch A: This year's new loans are zero and it has established a "firewall" with major shareholders.
The Torch (Information Forum) A (000549) has issued an announcement for three consecutive days. First, it announced that the largest shareholder, Xinjiang Delong, had pledged all the legal person shares held by the company. Yesterday, he also disclosed that Delong was sentenced to court. Today, it issued another announcement to reveal the company's current risk of capital risks. This shows that the company is facing an unprecedented crisis as a result of the Deron series incident.
Whether the bank risk crisis will trigger a chain reaction Today’s announcement of the relevant civil lawsuit shows that under the influence of the Delong system incident, the Hunan Torch is facing the test of overall business difficulties brought about by the risk of funds. The company has received a civil ruling from the Hunan Provincial Higher People's Court a few days ago.
On April 29, the Higher People’s Court of Hunan Province accepted cases of overdue arrears from the Changsha branch of China Merchants Bank (Information Quotes Forum) Co., Ltd., and the company and the company’s holding subsidiaries Shaanxi Fast Gear Co., Ltd. and Shaanxi Heavy Vehicle Co., Ltd. The Higher People’s Court of Hunan Province made a civil ruling on the same day. The decision was made to freeze the Renminbi deposit of RMB 200 million in the bank of the respondent Hunan Torch, Shaanxi Fast Gear Co., Ltd., and Shaanxi Heavy Truck Co., Ltd. or seize other assets of equivalent value.
In addition, the Institute has now frozen the basic bank accounts of Shaanxi Fast Gear Co., Ltd. and Shaanxi Heavy Truck Co., Ltd. The company stated that the above events will have an impact on the normal operations of the subsidiary.
It was alleged that the company signed a one-year “loan contract†with the plaintiff on April 16 last year and loaned it a total of RMB 200 million to be guaranteed by the company’s two holding subsidiaries. As of April 16 this year, the loan had expired and the company did not repay the loan to the bank in time. Therefore, the plaintiff submitted an application to the Higher People's Court of Hunan Province requesting the preservation of the defendant’s 200 million yuan property.
If you only have an impact on the normal operations of the subsidiary, it is still easy to handle. In fact, what worries the company most is the chain reaction that has considerable uncertainty in the future and affects the overall situation, that is, the risk of bank runs due to the credit crisis.
As the company said, it is well-known that any large enterprise in the world can not afford the 'running' of banks. This is the natural law of the economy and society. Although the Hunan Torch has billions of assets and billions of sales revenue, it is no exception. If the bank’s “running†leads to abnormal production and operation of the company, its chain reaction will be incalculable. The result will be the minimization of corporate interests, banking interests, and social interests.
In fact, the company is already very embarrassed because of bank loans. When the board of directors of the company explained the recent situation, it said recently that due to the decline in macroeconomic policies, the company’s share price, and various rumours in the market, individual banks have significantly shrunk corporate loans. From January 1 this year, the bank has accumulated a total of loans. 247.96 million yuan, while the new loan was 0, which caused the company's funds to be tight.
Dare to have a good reputation and basic facial sensation. So, how has the company's true bank credibility been over the years? What is the company's actual business condition? The company has taken a public stance.
The company stated in the announcement that the company has consistently followed the market rules of honesty and trustworthiness to handle the relationship with the bank. The company has been assessed by the Industrial and Commercial Bank of China as a AAA-level enterprise for the fourth consecutive year. The company did not experience a loan overdue before April 16, 2006. In the current situation where the company’s external environment is very harsh, the company still maintains a record that does not owe the bank’s penny interest, and actively maintains its communication with banks to gain their understanding and trust.
The company issued a clarification announcement on April 21, telling investors that it also told the whole society that the company's production and operations were normal. The company believes that the Torch is a public company and has received multiple support and supervision from local party committees, governments, securities regulatory authorities, investors, and the media at all levels. The company's good performance in recent years is inseparable from this, benefiting all shareholders. Together with 25,000 employees, it also benefited banks and society. In the last three years, the interest paid by the company to the bank reached 37.863 million yuan, and taxes were paid 702.84 million yuan.
In addition, the company has also listed a large amount of data when its basics are in good condition: The company's large-tonnage heavy-duty trucks, heavy-duty truck gearboxes, high-end passenger car gearboxes, and spark plugs account for up to 50% of the national market share, respectively, 80 More than %, 85%, and 40% of the company's export brake discs ranked first in the country, the company also has the country's only heavy military SUV production base and 1.5 tons of high mobility military SUV production base. At the same time, certain auto parts and components of the company are the exclusive suppliers of some of the major auto companies of FAW, Volkswagen and other countries. The operating cash flow of the company last year and the first quarter of this year were 177.26 million yuan and 63.83 million yuan respectively; the total profit was 735.23 million yuan respectively. , 11.814 million yuan.
Through a series of announcements over the past three days behind the announcement, we can fully feel the current tension within the company and the pressure on the company.
From the fact that the company resolutely brought its major shareholders to court and the words in today’s announcement to analyze, the Hunan torch implied the intention of demarcating with Delong.
Xinjiang Delong is the company's largest shareholder, holding a total of 205.2 million legal person shares, accounting for 21.92%. In this part of the equity, there is only a minimal 0.03%, that is, 260,000 shares are not pledged.
Of the equity frozen in the court, DeLong had pledged a majority of its shares in the bank. In addition to the shares that had been pledged by the bank’s frozen bank, in fact, only 260,000 shares were not pledged, which is true for the company. Not much sense. It is conceivable that once Delong's ability to repay new loans obtained from this stake in the pledged company has become a problem, what will be the next step between the court and the bank?
It may be more likely to see the significance and impact of the open judicial intervention itself on the company's future. This point, it should be said that the company has a certain vision.
In fact, the Torch is currently gaining support from various local governments including the China Securities Regulatory Commission and hopes to gain understanding and sympathy from all walks of life. The company said in an announcement today that at present, local governments and companies have taken the necessary measures (including freezing the shares of the largest shareholder by the court) and do their utmost to eliminate the influence of major shareholders on the Torch, and Zhuzhou City As the company's second largest shareholder, the State Assets Supervision and Administration Bureau has already implemented 'double control' for the company's funds. The company's funds are reported to the Hunan Securities Regulatory Bureau in a weekly report. The 'firewall' between the company and its major shareholders has been fully established.
The above shows that while the Hunan Torch obtained support from local governments, regulatory agencies, and the judiciary, it also united the second largest shareholder, Zhuzhou State-owned Assets Bureau.
For the defendant, Xinjiang Delong, from the beginning of April to the present, in a month's time, all the shares of the troika it held were all pledged to various banks located in Xinjiang. The status quo of its financial constraints can be seen from this point of view, it appears that the repayment is weak.
It is worth noting that since the end of March, the Dron series stocks that have attracted attention in the market have begun to enter a sensitive period. The stock price of the troika, including the Hunan Torch, has continued in late March. After a continuous setback, sustained slumps began in early April. Market participants have always believed that the funding issue is an important factor.
The date of the payment agreement signed by the Hunan torch and Delong in the case of the company's Hu Delong was March 12th. This can not but lead to thinking: Delong Department of the old three companies have long been a series of things in the past have a hunch?
Reaffirming Confidence and Conviction With the development of events, the Delong Department of events is undergoing a qualitative change. In addition to the plunge in stocks in the secondary market, the credibility crisis is affecting the normal operations of the three companies. The fission inside the Delong system is introducing the situation to a more complicated situation.
Although the Hunan Torch expressed regret today, some banks did not make in-depth understanding of the company's statements and actual conditions, and concluded the company's situation based on inaccurate rumors. The company believes this is extremely inappropriate and unreasonable. However, the company also said that it is commendable that most banks can see this and can sit calmly and maintain good communication with the company and actively discuss solutions.
For the company's future, the company’s board of directors and management said that they are confident about the prospect of the torch. The company hopes that all related banks can calmly and rationally view the reality of the torch and share the current confidence crisis. In the past, the company has achieved very good results. The company believes that under the leadership of all levels of government and with the support of various banks, the company will do better in the future.
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