Amazing 48 hours: Demystifying the beginning and end of the Xiwang Group

Hot spot funds flow to thousands of stocks to evaluate stocks to diagnose the latest rating simulation transaction

Client

Source: Wild Horse Finance

On July 3, the Xiwang Group drafted an announcement to announce the full withdrawal of the hosting of the Star Group;

At 23:00 in the middle of the night, Zhao Qianshui, the chairman of Qixing Group, and Zhao Qiang, the executive vice president of the group, were taken away by the local police;

On July 4, the above announcement was issued on the China Bond Network. The announcement also mentioned that Qixing Group has been insolvent and will undergo bankruptcy reorganization;

At 1 am on July 5, Zhao Changshui, chairman of Qixing Group, uttered a voice through Weibo, saying that the auditor's evaluation report was inconsistent with the actual situation. Qixing Group insisted on self-employment and held a shareholders meeting at 4 pm.

At 4:30 pm on July 5, Mustang Finance (WeChat public: ymcj8686) got the news, due to multiple factors intervention, Qixing Group shareholders could not participate as scheduled.

In less than 48 hours, around the core issue of Qixing Group's ability to operate independently, the group's major shareholder and the custodian Xiwang Group each gave their own views and gave a completely opposite view.

At the same time, there have been several incidents that are unusually embarrassing to outsiders.

What are the reasons behind this series of suspected fog-covered incidents? What hidden secrets are hidden in the Xiwang Group and Qixing Group?

Take advantage of the virtual: Xiwang Group seeks to swallow the Qixing Group?

The story begins with three months ago.

On March 28th, the local media in Shandong suddenly reported that the company’s corporate capital, Qixing Group, was broken, and the credit exposure (ie, the risky loan balance) totaled 715.691 million yuan.

As soon as the news came out, the market shook.

Although the Qixing Group quickly clarified this statement, it said that the company did have a tight financial situation, but the amount was only in the tens of millions, and as of the end of March, there was no credit default.

However, for the market, the most important thing is undoubtedly the word "confidence". Regardless of the authenticity, the remarkable figure of "7 billion" is enough to interfere with the judgment of many investors and creditors. The "run" is coming soon.

On the one hand, Qixing Group's shareholding company Qixing Tower (002359.SZ) suffered a plunge. On March 29, it once fell within the intraday trading. On the other hand, banks stopped lending, creditors reminded the account, and the capital chain became more tense.

Qixing Group is a local leading enterprise. In the face of the increasingly debt crisis, Zouping’s local government finally intervened. Under its organization, Qixing Group and Xiwang Group signed the “Tripartment Agreement on Entrusted Operation”, stipulating that Qixing Group will The Xiwang Group was hosted for three months.

However, the embarrassing thing is that the day before the signing of the tripartite agreement, that is, April 2, from 10 am to 6 pm, the Zouping County Public Security Bureau was accused of falsifying the official seal and aligning with Zhao Changshui, executive chairman of the Star Group. President Zhao Qiang and the vice president of finance conducted a summons. At 4 o'clock in the afternoon, the Zouping County Government convened the shareholders' meeting of Qixing Group. The county magistrate personally presided over the announcement that the government would intervene in custody.

When Zhao Changshui returned to the shareholders meeting, it was already around 4:30 in the afternoon. At this time, each shareholder of Qixing Group had signed a paper on the agreement to entrust the company to the government to find the trustee.

Therefore, based on the above situation, although the agreement has been signed, the relevant personnel of Qixing Group have been vocal, emphasizing that the above-mentioned trusteeship is not voluntary, and Qixing Group has the ability to get rid of difficulties.

And a person close to Qixing Group once said bluntly to Mustang Finance (WeChat public number: ymcj8686), Xiwang Group is hosting Qixing, just to eat Qixing's assets.

The person also revealed that Xiwang Group will have a total of about 6 billion debts due in the next three months, and it is urgently needed.

Of course, Wang Yong, the chairman of Xiwang Group, immediately denied the statement that “seeing Qixing’s high-quality assets”, saying that Qixing Group had already defaulted as early as July and August, with a loan of 300 million (2016). In the year of August, it will not be able to expire. The Xiwang Group, which is the guarantor, has replaced 100 million yuan, and the remaining 2 billion is guaranteed by the West Wang Credit for half a year.

Regarding custody, Wang Yong explained that the attitude of Qixing Group has undergone changes, and “not that we are staring at the high-quality assets of Qixing Group, I have provided him with guarantees. His 11 core subsidiaries have mortgaged me. Once compensation occurs, I can take action, which is a business rule."

For the purpose of the Xiwang Group’s hosting of Qixing Group, Qixing Group should go there. The two sides will hold each other for three months. Qixing Group has made a lot of actions in order to be able to "regain freedom."

For example, on April 14, Qixing Group organized a “Debt Storm Symposium” in Beijing, including Jiang Mingan, a professor at Peking University Law School, Cui Jianyuan, a professor at Tsinghua University Law School, Wang Xin, a professor at Renmin University of China Law School, and Jiang Ping, a tenured professor at China University of Political Science and Law. Many experts inside have said that according to the known situation, the local government has been deeply involved in this incident and did not respect the Qixing Group's own wishes.

Cui Jianyuan also stressed that there is no evidence that Qixing Group's affiliates authorized Qixing Group to deal with custody matters externally. The effectiveness of the tripartite agreement cannot in principle restrict the affiliates.

It’s just that the efforts of Qixing Group have not played much effect. Even on the morning of April 13, Zhao Qiang was once again taken away by the relevant local authorities. This time the crime was to disturb public order. . . . . .

Fire in the backyard: the capital chain break was forced to ask for help

After three months of hosting, the wood has become a boat, and the hidden truth behind it seems to be getting farther and farther. But as time went by, there was still a lot of things that came out of the water.

For example, Xiwang Group's own capital chain crisis.

Xiwang Group's 2016 annual report shows that as of the end of 2016, the Group's cash and equivalents totaled 3.188 billion yuan, which seems to be very abundant. However, its short-term and ultra-short-term financing bills totaled as much as 3.518 billion yuan.

In addition, according to the annual report, of the 21 bonds in the duration of the Xiwang Group, 18 of the debts were related to the repayment of the previous debts.

In this regard, accountant Li Wei analyzed the wild horse financial analysis, which means that the Xiwang Group's own capital chain is itself in a relatively tight state.

More importantly, Mustang Finance reviewed the “Xinwang SCP002 Corporate Short-Term Financing Body Main Credit Rating Report” and found that as of the end of September 2016, Xiwang Group’s external guarantee balance was 3.663 billion yuan, of which the guarantee of Jingxing Group Co., Ltd. The amount is 2.969 billion yuan.

In other words, in March 2017, Xiwang Group made a custody initiative in the face of possible (even inevitable) financial difficulties. If it is from the "business rules", this is obviously not a wise move. s Choice.

The next thing is that the stock price of Xiwang Food (000639.SZ), a listed company of Xiwang Group, has plunged continuously from the high point of 24.61 yuan/share in late March to all the way down to 16.89/share on June 1. The lowest price.

The actual situation is much worse than what the surface sees.

On the one hand, the stock price around June 1 has actually fallen below the “closed line” of some stock pledges of Xiwang Group. If it is not handled in a short period of time, waiting for the Xiwang Group is a more tragic crash.

On the other hand, as mentioned above, many investors also have doubts about the hosting of Xiwang Group. Therefore, it is almost the same as the debt crisis of Qixing Group which was reported a few months ago. Xiwang Group also began to suffer bank loans. And so on, many problems, the capital chain is on the verge of breaking.

According to informed sources, under such circumstances, the Zouping County government coordinating the custody urgently requested assistance from the municipal government, urging the municipal government to coordinate the settlement of 1 billion yuan of funds, and bluntly said that if the action is not taken decisively, Xiwang Group will reproduce the Huishan dairy industry in Liaoning. Happening".

After this, the share price of Xiwang Food began to rise, and with the end of the recent custody, the Xiwang Group crisis was temporarily lifted.

Counter-measures: The name of the withdrawal of troops is quietly playing chess?

On July 4th, Xiwang Group announced that it would completely withdraw from the custody of Jingxing Group. The announcement also stated that Qixing Group has been insolvent and will undergo bankruptcy reorganization.

From this public information, the related work seems to be advancing in an orderly manner.

However, in the next 48 hours, there have been many unusual things.

First of all, Zhao Qiang was taken away by the police again, and the reason for this time was "suspected of misappropriation of funds."

Secondly, Zhao Changshui, chairman of Qixing Group, uttered a voice through Weibo, saying that the evaluation report of the audit institution did not match the actual situation;

A few months ago, the relevant persons of the Mustang Qixing Group told the Wild Horse Finance that due to the increase in land value, the total assets of the group should be around 40 billion yuan. This is a far cry from the 17.6 billion yuan mentioned by the Xiwang Group.

Furthermore, the Qixing Group shareholders' meeting originally scheduled to be held at 4 pm on July 5, for some reasons, shareholders were unable to attend the meeting as scheduled.

In response to these incidents, Qixing Group’s relevant person told Wildman Finance that although Xiwang Group withdrew from the custody, it still wanted to promote the bankruptcy and reorganization of Qixing Group, and then ate it at a low price, and Zhao Changshui, chairman of Qixing Group, said that Zhao Rongrong, the group's second largest shareholder, has turned to Xiwang and is trying to vacate the current management.

Regarding the idea of ​​swallowing Qixing Group, in addition to Wang Yong’s public response, Mustang Finance (WeChat: ymcj8686) has repeatedly called Xiwang Group and Xiwang Food for several months, but as of press time, it has not received a response.

Previously, the "Beijing News" did report that a meeting of the March 29th conference call issued by Guodu Securities showed that the chairman of Xiwang Food said that for Qi Xing, the future is ready to take over and has been negotiating with the government. However, it is not certain that if it is handed over to Xiwang for restructuring, it may be beneficial (the steel business can be integrated, the group's electricity cost will be lower), Qixing also has a railway transportation line (10 million tons), and the existing Business integration is good.

In addition, in the latest statement of Xiwang Group, there is a statement that “When Qixing Group enters the bankruptcy reorganization process, it is preferentially compensated as a common debt, ensuring that Xiwang Group’s funds are not lost”.

However, Wang Xinxin, a professor at Renmin University of China Law School, analyzed that even after the bankruptcy process was initiated, corporate custody was not a necessary procedure for the commencement of bankruptcy proceedings. The preferential settlement clauses set out in the previous tripartite agreement are clearly contrary to the provisions of the bankruptcy law and the clauses are invalid.

As for the second largest shareholder's turnaround, the industry and commerce data showed that it held 6.92% of Qixing Group's shares. On the other hand, Mustang Finance asked him by phone and text message. As of press time, he did not receive a response.

At the time of this manuscript, the game between Qixing Group and Xiwang Group continued. As for the incidents that have occurred in the resumption of trading, as a third party, many questions have not yet been resolved:

For example, how many assets of Qixing Group are, 40 billion yuan and 17.6 billion yuan, three months have passed, and there are no new institutions to re-verify this very different figures;

As the chairman of the company's controlling shareholder, why can he only seek the right to get rid of his own difficulties through Weibo? As many jurists have doubted, why the Qixing Group has no right to speak in the whole matter;

Similarly, the capital chain is under pressure. Why Qixing Group was under custody in a very short period of time, and Xiwang Group got the help of the county government's fire line;

Qixing Group has repeatedly stressed that it has the ability to get rid of its own difficulties. It has reached preliminary agreements with some funders, and Mustang Finance has learned that these funds are not lacking in the industrial institutions that are compatible with Qixing Group, but why the other two parties have been Indifferent to this view;

Even in the whole incident, is there still more difficult words for the parties?

Things are still going on, the truth can't follow the wind.

Enter [Sina Finance and Economics Unit] Discussion