At present, Jinhong Holdings is actively negotiating with the bondholders registered for resale to reach an extension agreement, and the payment of resale money will be arranged separately according to the progress of negotiation.
Recently, due to the liquidity problem of Jinhong Holdings, the joint rating lowered the long-term credit rating of Jinhong Holdings and the credit rating of "15 Jinhong Bond" issued by Jinhong Holdings from AA to A within three days, and the outlook was adjusted to negative.
It is worth noting that Jinhong Holdings is in an eventful autumn. Not only did the bonds and stocks kill each other, the acquisition fell through, and the employee stock ownership plan was passively reduced, but also a large number of debts faced the crisis of centralized maturity.
Previously, 15 Jinhong Debt was involved in the default of offshore US dollar debt of State Reserve Energy and suffered a double blow in the secondary market. Although the company urgently stated that there was no equity relationship with State Reserve Energy, and Mr. Rola Chen and Mr. Wang did not hold shares in State Reserve Energy, investors did not buy it.
It is worth noting that almost all the shares held by the top four shareholders are pledged. All the 265,438+0.50% shares of the company held by the controlling shareholder Xinneng International have been pledged, and Chen Yihe holds 90% shares of Xinneng International. At present, these shares have touched the liquidation line.
The double whammy of stock and debt still lingers. Due to the impact of the company's stock price decline, it fell below the stop loss line of the trust plan, and the controlling shareholder Xinneng International failed to make up the position in time. Yunnan Trust implemented the mandatory reduction of trust property. On August 10, all the shares in the employee stock ownership plan were passively reduced.
In addition, Jinhong Holdings' plan to acquire Asian natural gas for 4.2 billion yuan was also terminated.
The debt is concentrated and due, and the pressure of debt repayment is huge.
Up to now, Jinhong Holdings has two bonds with a balance of 654.38+0.6 billion yuan. Among them, 800 million bonds of 15 Jinhong Debt are facing resale this year.
Total assets12.977 billion yuan, total liabilities of 8.257 billion yuan and asset-liability ratio of 63.64%. Among them, current liabilities were 4.237 billion yuan and non-current liabilities were 4.0/kloc-0.90 billion yuan.
Jinhong Holdings is facing enormous debt repayment pressure.
By the end of 20 18 and 1 quarter, the non-current liabilities due within one year were 43 1 ten thousand yuan, and the short-term loans were1996 million yuan. The company needs to repay about 2.427 billion yuan of bank loans every year.
At present, there is only 424 million yuan on the books (including 2150,000 yuan of frozen restricted funds). 1 quarter returned 262 million yuan of operating cash, and Jinhong Holdings only had 686 million yuan of available cash, including 2/kloc-0.50 million yuan of frozen funds and 47/kloc-0.00 million yuan of net available funds.
In addition, combined with the risk of 15 Jinhong debt selling back to 800 million yuan, the amount of money to be repaid during the year is as high as 3.227 billion yuan, and only 470 million yuan in cash is like playing with the arm of a gladiator, which is difficult to resist the flood of debts due during the year.
Judging from the current liabilities, faced with the current liabilities of 4.237 billion yuan, more than 600 million available funds are dwarfed by Jinhong Holdings. The current assets of Jinhong Holdings are 65.438+93.3 billion yuan, even if all of them are realized, they are not enough to block debts. Among the current assets of 654.38+0.93 billion yuan, accounts receivable and other current assets account for more than half, which is about 654.38+0.4 billion yuan, and both of them have certain liquidation risks.
In addition to its own debt pressure, Jinhong Holdings also faces a lot of external guarantee risks. By the end of 20 17, the company's guarantee balance to its subsidiaries was 3.88 billion yuan, accounting for 94. 12% of the company's net assets.
At the same time, the profitability of Jinhong Holdings in the past two years is not satisfactory.
Although the revenue of 3.7 billion in 2065438+2007 is higher than the level of 2.5 billion in the previous two years, it can be said that it has reached a higher level. However, during the three years from 20 15 to 20 17, the net profit attributable to the mother continued to decline, which was 241000000 yuan,18/00000 yuan and1700000 yuan respectively, with a year-on-year decrease of 227,000 yuan.
A noteworthy phenomenon is that Jinhong Holdings has been accompanied by acquisitions in recent years. Jinhong Holdings is expanding rapidly and M&A activities are frequent. It has successively acquired 67% equity of Kuancheng Borui, 80% equity of Suzhou Tianhong and 49% equity of Zhengshi Tongchuang, costing nearly 1 billion. In addition, Jinhong Holdings continues to expand. 20 17, 1 year, as many as 1 1 new subsidiaries are included in the scope of consolidated statements. In July this year, Jinhong Holdings also announced its high-profile entry into the field of hydrogen energy, signed a strategic cooperation agreement with China Huaneng Group, and established Zhangjiakou Honghua Clean Energy Technology Co., Ltd., with a capital contribution of 7 million, accounting for 70% of the shares.
Assets are constantly expanding, from 4.8 billion yuan at the beginning of listing to 654.38+0.29 billion yuan today. However, with the increase of assets and business, it did not bring more profits, but the net profit decreased year by year.
Looking at the small debts in the 20 17 annual report, it is found that four of the five companies acquired by Jinhong Holdings failed to meet the standards in 20 17. Among them, Zhengshi Tongchuang, which spends the most, has the worst performance, and Jinhong Holdings, which has no income, chooses to sue in court. In addition, the small debt learned that even the four projects that the company raised 2.489 billion yuan through fixed increase and debt issuance in the past three years failed to meet expectations. Real money is invested, but the performance is terrible. In the face of huge debt growth, the capital chain of Jinhong Holdings is at stake.
The deterioration of the company's operation often brings a double blow. For example, listed companies with bond defaults, including Jinhong Holdings, often face multiple dilemmas such as high proportion of equity pledge, litigation debt, and debt stock plunging. These companies are often buyers who spend a lot of money in the capital market, and continuous mergers and acquisitions have hollowed out the cornerstone funds and assets of the company. In the end, it can only fall into the tug-of-war of the capital chain. In the bitter days of tight liquidity, if we can't wait for financing, we can only fall into an infinite cycle of debt crisis.
Behind Rola Chen and the Oil Kingdom: The relationship between connections and equity is complicated.
The above-mentioned default events of the offshore US dollar debt and 15 Jinhong debt of the State Reserve Energy also brought the oil rich businessman Chen Yihe to the surface.
Chen Yihe, chairman of Jinhong Holdings, is from Inner Mongolia. Jinhong Holdings is located in the northeast of Jilin Province. The natural gas mainly operated by Jinhong Holdings is also an extension of Chen Yihe's petroleum business. 20 13, landing a shares with leading technology. It is worth noting that after the explosion of the offshore debt of the State Reserve Energy, Jinhong Holdings changed its business information, and Chen Yihe no longer served as Jinhong's controlling shareholder.
Chen Yihe, a former government official, worked in Baotou Municipal Government from 1983 to 1999. Since 2000, he has served as deputy director of PetroChina Pipeline Construction Group, and later served as chairman of PetroChina Jinhong Natural Gas Transmission Co., Ltd., executive director of Xinneng International Investment Co., Ltd., chairman of PetroChina Jinhong Energy Investment Co., Ltd. (now renamed Jinhong Holdings) and chairman of China Reserve Energy Chemical Industry Group Co., Ltd.
Among the enterprises controlled by Chen Yihe, the identity of State Reserve Energy is the most mysterious. Before 20 16, State Reserve Energy claimed to be a state-owned enterprise in public and bond reports, and its shareholders included PetroChina, Beijing Municipal Commission of Commerce, China Economic Contact Center and China Overseas Holding Group. However, around 20 17, its status as a "state-owned enterprise" became blurred and it was no longer advertised.
According to the introduction released by official website on 14, China Economic Liaison Center was established on 1993, which has business cooperation with China government departments and some foreign governments, political parties, organizations and embassies in China, that is to say, it is an outsourcing company similar to government agencies, but it is not a state-owned enterprise on the surface. But before 16, State Reserve Energy claimed to be a state-owned enterprise. Whether the equity relationship behind it is hidden is still unknown, and its background is becoming more and more confusing.
At present, according to Wind information, the actual controller of State Energy Reserve is China Economic Contact Center. Another shareholder, PetroChina Sanhuan, is Shanghai State Reserve Energy, a subsidiary of State Reserve Energy. Such a cyclical relationship makes it impossible to further verify the source.
It is worth mentioning that the consortium led by the State Reserve Energy also bought the Li Ka-shing-Hongkong Central Center.
Among the other two companies managed by Chen Yihe, State Reserve Huijin Capital Management Co., Ltd. is a subsidiary of State Reserve Energy, and the actual controller can be traced back to China Economic Contact Center.
The other company is Xinneng International Investment Co., Ltd., which was restructured from the former PetroChina No.3 Industry and has nothing to do with PetroChina. However, according to market sources, Xinneng International accepted the original third-generation team and the attached personal connections.
Decades of political experience have accumulated countless valuable resources and contacts for Chen Yihe. Chen Yihe also claimed to be the deputy director of the Office of the National Energy Leading Group and the vice president of the China Energy Association. Working experience in PetroChina has also made it embark on the business direction of oil and gas.
Chen Yihe had a close personal relationship with Li Xinhua, the former deputy general manager of PetroChina, while Li Xinhua was dismissed and expelled from the Party for serious corruption cases involving PetroChina. According to Securities Market Weekly, Li Xinhua also helped Chen Yihe's listed company Jinhong Energy (renamed Jinhong Holdings) introduce its business. From this point of view, Chen Yihe was probably a subordinate of Li Xinhua at that time, adding a bit of mystery to Chen Yihe, the oil rich businessman.
In addition, meilan airport was exposed to breach of contract, but it was a technical breach of contract, and investors were scared out in a cold sweat.
According to media reports, the 20th 17th ultra-short-term financing bill of haikou meilan international airport Co., Ltd. (17 meilan airport SCP002) should be due today to repay the principal and interest, but due to technical reasons, the funds are still in the process of transfer, so it is impossible to make a large transfer on Saturday and Sunday. It is expected that all of them will be transferred to the creditor's account on Monday morning, with a scale of 10 billion yuan and a term of 23% in coupon rate.
Meilan airport is an important airport for air logistics transit and distribution in Hainan Province, and an important platform for developing export-oriented economy in Hainan Province. 20 17 passenger throughput ranking of China Navigation Airport 1 1. In 20 17 years, the assets were 52.6 billion yuan and the total liabilities were 20.7 billion yuan.
Meilan airport is generally regarded as a member of the Hainan Airlines Department. Mysterious HNA will always lead to countless reverie, so wait for the payment on Monday.