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>> Debt explosion, the collective streaking of the mobile LCD module industry 7th,Jan,2019
In 2018, for the mobile phone LCD module industry, almost all of the capital feasts in the past few years have reversed. Several listed companies that shine in the capital market have all experienced stock market pledges, and after a stock market streak show, These upper market companies have generated a large amount of debt risk in the capital market, and finally made state capital a successor. Even those companies that do not sell control of the company have become the target of national debt risk relief funds.
In 2018, the flashover of the mobile phone LCD module industry began with Jinlong Electromechanical.
On October 15, 2018, Jinlong Electromechanical announced the first three quarters of its performance forecast: the estimated loss of 1.630 billion yuan to 1.635 billion yuan, a year-on-year decrease of 630%-632%, while Jinlong Electromechanical Co., Ltd. made a substantial profit of 307 million yuan in the same period last year.
In 2017, Jinlong Group also issued a total of one billion exchangeable bonds. However, from November 27, 2017, Jinlong Electromechanical announced that it plans to issue shares to purchase assets and suspend trading. Subsequently, Jinlong Electromechanical changed the suspension reason several times: The controlling shareholder Jinlong Group is planning the company's equity transfer, and intends to purchase Fujian Zhongke Guangxin Optoelectronics Technology Co., Ltd. by way of issuing shares, etc., the latter is subject to relevant conditions. Not yet mature and terminated.
On the first day of the resumption of trading on May 15, Mr. Jin Shaoping, the person in charge of Jinlong Electromechanical Co., transferred the 26% equity of Jinlong Group held by him to Mr. Huang Lei, the new chairman, and transferred 25% of the equity to Mr. Li Wei. After the completion of the shareholding change, Mr. Jin Shaoping also holds 39.55% of the equity of Jinlong Group and remains the actual controller of the company.
On May 28, the company announced that the total number of pledged shares that the controlling shareholder had touched the closing line was 151 million shares. Due to the debt crisis, there have been incidents such as the freezing of shares and the pledge of equity pledges. In the face of securities companies such as Huarong Securities, Northeast Securities and Donghui Ronghui Securities, the employee stock ownership plan was also flat.
On August 16, Jinlong Group also issued a notice that the raised funds raised in 2016 will be 2.5 billion yuan. Due to the significant changes in the feasibility of the original fundraising project, it is planned to terminate the implementation of the fundraising project, and the balance of the raised investment will be 1.361 billion. Yuan is used to permanently replenish corporate liquidity.
According to the latest shareholding data, Jinlong Group holds 24.95% of the shares, compared with the semi-annual report data has been reduced by 10.87%, behind the passive reduction of equity pledges. According to the latest announcement, Jinlong Group's pledged shares accounted for 99.9792% of the total number of shares held by it, and the shares under judicial freezing accounted for 99.9996%.
In the third quarterly report, Jinlong Electromechanical analyzed the current situation of the group and believed that the controlling shareholder Jinlong Holding Group Co., Ltd. (hereinafter referred to as Jinlong Group) was affected by the creditor’s bank’s Yueqing Sub-branch to apply for bankruptcy liquidation to the court, resulting in reduced customer orders and production. Management costs have risen.
In addition, the direct loss of the company's losses is a significant impairment of assets and goodwill of 1.313 billion yuan. On the one hand, the company said that due to fierce competition in the consumer electronics terminal market such as mobile phones in recent years, the company's touch screen display business has been in a state of loss. The company has integrated the above-mentioned business and made provision for impairment of fixed assets, inventory and accounts receivable. 100 million yuan.
On the other hand, due to the loss of the first three quarters of the subsidiaries Wuxi Boyi Optoelectronics Technology Co., Ltd., Shenzhen Jiayi Motor Co., Ltd., Xingke Electronics (Dongguan) Co., Ltd. and Shenzhen Zhengyu Electric Vehicle Technology Co., Ltd., the operating results were low. As expected, the provision for impairment of goodwill was approximately RMB 583 million.
In addition to its debt crisis and the impairment of goodwill, the “performance change face” of the acquired subsidiary is also a fatal blow. In 2014, Jinlong Machine acquired Jia Ai Motor and Bo Yi Optoelectronics for 972 million yuan, forming a goodwill of 282 million yuan and 355 million yuan respectively. Within three years, Jia Ai Motor's performance completion rate was 107.08%; however, Bo Yi Opto's completion rate was only 82.4%. In 2017, Boyi Optoelectronics' operating income was 814 million yuan, down 55.81% year-on-year; net profit was 2334.48 million yuan, down 57.6% year-on-year. Jia Ai Motor's operating income was 291 million yuan, an increase of 0.34% year-on-year; net profit was 43.256 million yuan, a year-on-year decrease of 35.12%.
In the third quarter of Jinlong Electromechanical Co., Ltd. announced that it was deeply mired in debt and performance. On October 27, 2018, Changxin Technology also announced that the current controlling shareholder Xinjiang Runfeng and Deput Investment signed with the subsidiaries of Anhui SASAC on the 25th. The "Share Transfer Agreement" and the "voting power entrustment agreement". The majority shareholder and concerted action of Changxin Technology intends to transfer nearly 12% of the equity to Wuhu Tieyuan, and the transfer price is the closing price before the suspension. In addition, the major shareholder also entrusted the 48-month voting right of 5% equity to Wuhu Tieyuan.
After the completion of the transaction, Wuhu Tieyuan Investment will have the voting rights of 16.81% of the company's shares in the future. The actual controller of the company will be changed from Chen Qi and other 9 people to Anhui Investment Group. After the completion of the transaction registration process, the counterparty has the right to re-elect or change the directors and senior management of Changxin Technology. Among them, the number of board members is 11 (7 non-independent directors, 4 independent directors), 4 non-independent directors are appointed by counterparty, and 2 independent directors are nominated. The management of the company remains unchanged. The new shareholders will build Changxin Technology into a capital operation platform for the Anhui Railway Fund in the advanced manufacturing industry. As the most important supplier of mobile phone display module, Changxin Technology will gradually disappear from the industry.
The controlling shareholder of Changxin Technology GEM is the Hong Kong East Asia Vacuum, which is mainly for financial investment. In 2014, the East Asia vacuum reduction “give way” was established by Changxin Technology’s management shareholding platform – Xinjiang Runfeng became the largest shareholder of 18.97%, and Changxin’s chairman Chen Qi and other directors of the Board of Directors jointly signed In the agreement of the concerted action, 7 natural persons became the actual controller of the company. In 2016, Lian Jian, who was acquired by the merger and acquisition of the equity of the listed company, also joined the concerted action relationship. The announcement on September 26, 2018 shows that Xinjiang Runfeng’s pledged equity accounted for 79.65% of its shares in Changxin Technology.
The three quarterly reports disclosed by Changxin Technology on October 29 showed that from January to September, the company achieved operating income of 2.755 billion yuan, down 18.65% year-on-year, and net profit was 244 million yuan, up 32.93% year-on-year.
The main business of Changxin Technology is conductive glass, touch glass, coating, thinning processing to touch modules, display modules, and then full integration of touch display, full display, display module and cover glass. Wait. Products involved in consumer electronics, automotive electronics and other fields. Changxin Technology is in the forefront of the industry in the ITO conductive glass plate, high-end thinning plate, medium and large size car control panel, and small and medium-sized full-screen module. The customer base includes domestic and international well-known customers such as BOE, Tianma, CLP Panda, Huaxing Optoelectronic Sharp, LG, JDI, Apple, and Tesla.
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