With a complaint, the Capital Group was involved in the transaction whirlpool of Shanghai Electric Company.

On May 30th, Shanghai Electric announced that the accounts receivable of Shanghai Electric Communication Technology Co., Ltd. (hereinafter referred to as "Shanghai Electric Subsidiary"), a holding subsidiary of the company holding 40% of the shares, were generally expected.

In extreme cases, it may eventually cause a loss of 8.3 billion yuan to the company's net profit.

Then, Shanghai Electric issued the announcement of "Major Litigation about Subsidiary".

The litigation announcement shows that from June 20 19 to June 20 19, Shanghai Electric Subsidiary signed a product purchase and sale contract with Capital Trade, and Capital Trade purchased communication products from Shanghai Electric Subsidiary, with a total contract amount of130,9305438+000,000 yuan. Shanghai Electric Company fulfilled its contractual obligations as agreed. As of the date of prosecution, the capital transaction still owed RMB 65,438+065,438+09,3065,438+0.765,438+00,000, and Shanghai Electric Company filed a lawsuit according to law.

It is reported that the sales model adopted by Shanghai Electric Subsidiary is that customers pay in advance 10%, and the rest will be paid in installments after the order is delivered.

This means that within two years, Capital Trade may only pay 65,438+00% of the advance payment to Shanghai Electric Company, and no further payment will be made.

It is worth noting that Fengcaixun found that although the overall profitability of the Capital Group has declined, it still has the spare capacity to pay the above amount.

According to industry insiders, this kind of default may be a chain reaction caused by the default of a third party (such as the downstream purchaser of the defaulting party).

According to public information, the registered capital of the Capital Group is 3.3 billion yuan, and the Beijing Municipal People's Government holds 100%. It has four core businesses: environmental protection industry, real estate, infrastructure and financial services. It owns four listed companies, namely Capital Land, Capital Shares, Capital Environment and Capital University, and the New Third Board listed company 1 company.

Capital Trade is a trade branch established by the Capital Group, and its business scope is mainly sales of mineral products, coal, automobiles, machinery and equipment, metal materials, chemical products and building materials.

According to the financial report data in 2020, the Capital Group achieved a total revenue of 527.5438 billion yuan, a year-on-year increase of11.05%; The net profit of returning to the mother was 65.438+0.85 billion yuan, a year-on-year decrease of 27.90%; ROE was 13.44%, which was nearly 7 percentage points lower than that of 20 19. The net interest rate was 7.73%, down about 3 percentage points year-on-year. They all decreased for the first time since 20 17.

In the first quarter of 2002/KLOC-0, the profitability of capital creation was obviously weakened.

The financial report shows that the total revenue in the first quarter was 654.38+00.785 billion yuan, a year-on-year increase of 30.05%. However, the net profit returned to the mother was 1.7 1 100 million yuan, down 279.90% year-on-year.

Obviously, the Capital Group is caught in a dilemma of "increasing revenue without increasing profits".

At the same time, the debts of capital groups are also increasing.

By the end of the first quarter of 2002/kloc-0, its liabilities had increased to 31525.6 billion yuan.

On May 26th, the Shanghai Stock Exchange reported that the Capital Group successfully issued 202 1 year corporate bonds (Phase I) (for professional investors), with the issuance scale of 2.5 billion yuan, with coupon rate accounting for 3.53% and the issuance period of 3 years.

It is reported that the funds raised by this issuance of corporate bonds are intended to be used to repay the issuer's interest-bearing debts after deducting the issuance expenses.

Feng Caixun found that although the Capital Group's income did not increase, its liabilities continued to increase, and even began to "borrow the new and return the old", its book capital was still small and there was a surplus.

Feng Caixun pointed out that in the year when the trade contract was signed, the Capital Group was able to pay for the goods.

According to the 20 19 financial report, the cash capital of the capital group in that year was 4182.8 billion yuan, and the short-term liabilities in the same period were 34.256 billion yuan. Even after deducting the limited funds of 4.032 billion yuan, there is still 3.54 billion yuan in the account after repaying the short-term liabilities.

It is worth mentioning that the 2020 financial report shows that the short-term debt of the Capital Group is 54.673 billion yuan and the monetary capital is 58.2/kloc-0.20 billion yuan. Excluding the restricted share capital of 3.099 billion yuan, there is still 440 million yuan left.

This means that at that time, the Capital Group was fully capable of paying all the payment (or paying all the payment in installments) to Shanghai Electric Subsidiary.

At the same time, Fengcaixun noted that the credit rating of the Capital Group has been relatively stable in the past two years, and there are no signs of default.

Moody's has maintained Baa3' s long-term foreign currency rating since 20 16, and Standard & Poor's has also maintained BBB's long-term foreign currency rating-Fitch has maintained BBB's long-term foreign currency rating since 20 16, and Oriental Jincheng has maintained AAA rating.

At the same time, there are 29 bank loans, most of which are medium and long-term loans with a term of 3-5 years.

It is unreasonable to owe money to suppliers for a long time because the credit standing is good, the account funds have a small surplus, and it is profitable from 2019 to 2020.

In this regard, industry insiders said that it may be a chain reaction caused by the default of a third party (such as the downstream purchaser of the defaulting party). Generally speaking, once a third party violates a major contract, it will lead the breaching party to refuse to continue to perform the payment obligations under the original sales contract.

It is reported that apart from taking the initiative, Shen Fu Industry and Nanjing Changjiang have good credit standing and no record of default in the open market, but they all choose to owe money to Shanghai Electric Company for a long time.

If something goes wrong, there must be a demon. What is the specific reason? Fengcaixun will continue to follow the report.