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"In and Out" Oriental Gardens He Qiaonu was in debt to rob someone to expand the site

Release Time:2021-03-14 Topic:Is the forced liquidation all at a loss Reading:197 Navigation:Stock Liao information > Finance > "In and Out" Oriental Gardens He Qiaonu was in debt to rob someone to expand the site phone-reading

  The founder He Qiaonu has not appeared in Oriental Garden (002310.SZ) for a long time. Due to financial pressure, she has sold the position of the actual controller of this company for nearly a year and removed everything except shareholders. Identity. Entering July of this year, two pieces of information about her were alarming. Some stocks under her name were frozen because they failed to repay the mortgage financing with two securities companies in time.

   At this time, listed companies are still working hard to repair their wounds under the new situation of state-owned holdings. If He Qiaonu's stock pledge is overturned by debt, will the new order established by listed companies at the controlling level be shaken? A reporter from China Business News observed that the incumbent Beijing’s Chaoyang District SASAC (hereinafter referred to as “Chaoyang State-owned Assets”) is still relying on voting rights and has not become the largest shareholder. The increase in holdings has not occurred, and the debts of listed companies have gradually declined. It's bundled. He Qiaonu, who was out, did not stop. Currently, the company under her name is recruiting troops in many cities across the country, conquering cities in many areas.


Still the largest shareholder pledged risk exposure

   In one year, Chaoyang State-owned Assets has used more than 1.8 billion yuan in cash to buy 10% of the shares and 16.8% of the voting rights from the He Qiao women and his wife.

   On October 18, 2018, a letter with the official seal of a government agency circulated in the industry. The reporter has verified the authenticity of this document with Oriental Gardens and confirmed its authenticity. The content of the letter is that the competent authority recommends that 23 financial institutions proceed from the overall situation and give the controlling shareholder of Oriental Garden time, and it is recommended not to take measures such as compulsory liquidation and freezing of shares for the time being.

   At the above time point, the controlling shareholder of Oriental Garden is He Qiaonu. Two months before the above letter was issued, the share price of Oriental Garden plummeted. To combat this storm, on August 27 and 28, 2018, He Qiaonu made 10 stock pledge transactions in just two days, of which 8 were cover-up positions. These emergency cover-up actions involved 7 financial institutions.

   At this time, there are still many bonds of listed companies still in circulation in the market, short-term debt due within one year remains high, and the entire macro market is tightening credit and reducing leverage. In order to prevent the risk of the controlling shareholder from being transmitted to the listed company, with the support of the competent authority, the cooperation of financial institutions and the efforts of related parties, He Qiaonu and the listed company began to rescue themselves: increase their holdings, seek financing extensions from creditors, and debt-to-equity swaps , Issuing bonds with different maturities both domestically and overseas Among them, the introduction of a new shareholder, Chaoyang State-owned Assets, has become the most critical action, which has all of a sudden stabilized the confidence of the dispersing market.

   On December 6, 2018, Chaoyang State-owned Assets Management Co., Ltd. invested 1.014 billion yuan by its platform, Beijing Yingrun Huimin Fund Management Center (Limited Partnership) (hereinafter referred to as "Yingrun Huimin") to acquire He Qiaonu and 5% of the shares held jointly by the husband. On August 2, 2019, Chaoyang State-owned Assets Co., Ltd. invested 792 million yuan in another platform under its subsidiary, Beijing Chaohuixin Enterprise Management Co., Ltd., and again acquired 5% of He Qiaonu’s shares and 16.8% of the shares held by her and her husband. right to vote.

   That is to say, in a year, Chaoyang State-owned Assets has used more than 1.8 billion yuan in cash to buy 10% of the shares and 16.8% of the voting rights from He Qiao's wife, and control 26.8% of the listed company in total. The right to vote becomes the new actual controller of the listed company.

   After completing the above transaction, He Qiaonu holds 33.39% of the shares of the listed company and is still the largest shareholder. Her husband Tang Kai holds 5.74% of the shares, and the total voting rights held by the couple are only 22.3%.

  According to Wind Information, as of now, 99.92% of He Qiaonu's shares are still under pledge, and Tang Kai holds 99.95% of pledged shares.

   On June 22, 2020 and July 2 and 3, the risk of the above pledges once again overflowed. He Qiaonu’s stock pledge financing business with Essence Securities and Ping An Securities was unable to pay back in time. However, the two brokerage firms initiated the default resolution process and forced liquidation of three batches of stocks on the above three trading days.

   On July 7, the listed company once again disclosed that He Qiaonu and Huachuang Securities did not repay the two stock pledge financings in time. Huachuang Securities applied to the Guiyang Intermediate People’s Court to hold He Qiaonu’s possession. 7.5% of the shares are frozen. On the 13th, another breach of contract occurred in relation to He Qiaonu. She and CITIC Securities started stock pledge financing but failed to fulfill the obligation of repayment. The latter applied to the Beijing Third Intermediate People’s Court to hold He Qiaonu’s 3.04 % Shares are frozen.


 Recruiting troops all over the country

   An industry insider who has been following this company for a long time told reporters that He Qiaonu is solving the debt problem.

  Cancel the alarmThe news has not yet come, and the risks are still increasing. On July 29, some creditors passed the Harbin Intermediate People's Court to freeze part of the shares of He Qiaonu and Tang Kai, involving nearly 21.3 million shares. The listed company did not disclose the reasons for the freezing and specific information about creditors.

   After transferring the position of actual controller, He Qiaonu also stepped down as chairman of the listed company. However, some subsidiaries of the listed company still retain their positions. For example, industrial and commercial information shows that she is still serving as the chairman of the board of directors in the wholly-owned subsidiary of the listed company-Oriental Landscape Group Cultural Tourism Co., Ltd. (registered capital of 900 million yuan) and Shanghai Puneng Investment Co., Ltd. (registered capital of 200 million yuan). Position; still serving as executive director in Tianjin Oriental Garden Environmental Technology Co., Ltd. (registered capital of 100 million yuan), a wholly-owned subsidiary of a listed company.

   A staff member of the listed company introduced to reporters that He Qiaonu had indeed resigned from her position in the listed company, and the loan and guarantee relationship between the two parties had all ended. In December 2018, after receiving the 1.014 billion yuan equity transfer fund from Chaoyang State-owned Assets, He Qiaonu lent 900 million yuan of it to a listed company. This debt was settled on December 27, 2019.

   Building 104, Yard 10, Jiuxianqiao North Road, Chaoyang District, Beijing, is the office location of the listed company and the most important asset of He Qiaonu’s current name-Beijing Oriental Garden Investment Holdings Co., Ltd. (hereinafter referred to as "Dongfang Holding”)’s office location. According to various sources, He Qiao-nv is still working in this building with a high probability.

  Industry and commerce information shows that as of now, there are still 15 companies with He Qiaonu acting as legal representative. Among them, there are 7 companies with registered capital of more than 100 million yuan and outside the listed company under the name of He Qiaonu. Five are located at No. 8, 3rd Avenue, International Logistics Zone, Tianjin Free Trade Zone. The industries of these companies are distributed in genetic technology, pension, biomedicine, health management, medical investment, etc. Most of them were established in March 2017.

   The registered capital of these new companies established in 2017 is 100 million yuan, but they were simply cancelled from June to August 2018. This cancellation method means that they have just obtained their business licenses and have not had time Start business activities. The time of cancellation happened when He Qiaonu's funding crisis broke out two years ago.

   Obviously, the crisis disrupted He Qiaonu’s pace of expansion. However, the death of the start-up companies in the Tianjin Free Trade Zone does not explain the whole story. Feedback from other information shows that He Qiaonu did not stop.

   According to a headhunting website, Eastern Holdings is hiring 198 executive positions. These positions are located in Beijing, Chengdu, Guangzhou, Chongqing, Xi'an, Taiyuan, Hohhot, Changchun, Nanning, Kunming, Zhengzhou, Guiyang, Changsha, Hefei, Jinan, etc., covering all major regions of China such as Northeast, North China, Central China, South China, Northwest China, etc. Among them, expansion positions such as expansion general manager, investment expansion president, and expansion director are set up the most.

   The above positions cover multiple industries, such as smart cities, ancient town operations, agriculture, rural reconstruction, smart elderly care, smart communities, smart parking, etc.

   However, will the capital chain risk that He Qiaonu’s current pledge has appeared affect the financing of the company under her name? An industry insider who has been following this company for a long time told reporters that He Qiaonu is solving the debt problem. If He Qiaonu’s current pledge risk in Dongfang Garden remains unimproved, and if stock freezes and forced liquidation occur again in the future, some of the voting rights attached to it will change. Will this affect the actual control of Chaoyang State-owned Assets Human status? In this regard, the interview reply letter of the listed company did not answer this question positively, only stating that Chaoyang State Assets is the actual controller of the current listed company.

   At present, Tang Kai is still a director of a listed company. The reporter consulted with the listed company about He Qiaonu's recent work, but did not receive a reply.


Chaoyang state-owned assets are tied up?

   Entering 2020, the debt ratio of listed companies has even exceeded the previous two fiscal years, reaching 71%.

   Before the funding crisis occurred in 2018, Oriental Garden had more than 6,000 employees. Currently, there are more than 3,000 employees in this company, and half of the employees have been lost. In the most difficult moment, the listed company was unable to pay some employees' salaries and severance compensation. However, compared with some listed companies in the same period, Oriental Garden is still lucky. From 2018 to 2019, due to changes in the macro environment, many listed companies with excellent performance have broken their controlling shareholder's capital chain and lost all of them. However, at the beginning of the crisis, Oriental Garden received the support of the competent authorities and the understanding of financial institutions, which won precious time and space for the company.

  The government where the Oriental Gardens office is located has even used real money to turn the tide for this company. Chaoyang State Assets initially invested more than 1 billion yuan to buy 5% of the equity as a strategic investor, which injected a boost to stabilize the company's credit.

   In this transaction, the design of a 40% repurchase for 5% of the equity shares revealed that Chaoyang State-owned Assets Supervision is focusing on stabilizing the market and intends to exit naturally after the risk is calmed down. However, a year later, Chaoyang State-owned AssetsInvesting nearly 800 million yuan to buy another 5% of the equity and 16.8% of the voting rights to become the actual controller.

   Not only that, on September 20, 2019, Chaoyang State-owned Assets Center, a subsidiary of Chaoyang State-owned Assets Supervision and Administration, also provided joint liability guarantees for two corporate bonds "16 Donglin 02" and "16 Donglin 03" of listed companies, which were unconditional and irrevocable . Earlier, Chaoyang State Assets subscribed for 400 million yuan in the second tranche of corporate bonds of Oriental Garden in 2019 through the platform of Yingrun Huimin.

   Chaoyang State-owned Assets Buying equity and debt with real money and silver, and assuming part of the debt guarantee liability, has enabled participants in the capital market to increase their confidence in listed companies, but it has also deepened their bond with listed companies. . Prior to this, Chaoyang State Assets had never controlled any A-share company. The company's vitality is still recovering, and some of the past acquisitions are currently operating in unsatisfactory conditions. Take Zhongshan Environmental Protection as an example. A listed company acquired the company for 950 million yuan in 2016. After three years of operation, the profit gambling target has not been completed. On the other hand, entering 2020, the debt ratio of listed companies even exceeded the previous two fiscal years, reaching 71%.

   Chaoyang State Assets has the actual controller position of the listed company. In addition to holding 10% of the shares, it still relies on the voting rights of the other 16.8% of the shares. Chaoyang State-owned Assets has yet to increase its holdings, making the company under its name the true largest shareholder of the listed company.

  With Chaoyang State-owned Assets' strong shareholder status and credit ability, Oriental Garden seems to have escaped the storm that almost threatened its survival. Fortunately, he has the status of a listed company, and he can also raise funds directly in the capital market. The financing plan of non-public issuance of preferred shares, which was launched in November 2018, is still advancing. Almost at the same time as the announcement of the freezing of He Qiaonu's shares, on July 30, 2020, the listed company disclosed the second feedback on the above financing plan from the Securities Regulatory Commission. The focus is still on accounts receivable and liquidity risk.

(Editor in charge: Zhu He)

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Label group:[Oriental Garden

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