Seeing that the performance commitment cannot be completed, the performance commitment party of the Hollying guest subsidiary plans to repurchase 51%of the equity of the subsidiary

On the evening of June 27, Hollying (SH603898, a stock price of 10.40 yuan, a market value of 3.237 billion yuan) announced that the performance commitment of Hubei Qianchuan Door and Window Co., Ltd. (hereinafter referred to as Hubei Qianchuan), a holding subsidiary, intends Repurchase a 51%stake in Hubei Qianchuan, Hubei.

It is worth mentioning that the reason why Hubei Qianchuan cannot complete the performance commitment or is related to disputes between downstream real estate developers. Qixinbao data shows that Hubei Qianchuan, as the plaintiff's newly added construction project contract dispute, the defendant includes Lizhou Treasure Island Real Estate Co., Ltd. and Changzhou Southeast Economic Development Co., Ltd..

Performance commitment is planned to repurchase shares of 792 million yuan

In 2020, Hollying Hubei Qianchuan and its original shareholders Luo Baitao, Yang Qin, Luo Baiyang, and Luo Zhengren (hereinafter collectively referred to as the performance committee) signed an equity transfer agreement, and the listed company acquired 51%of Hubei Qianchuan's equity of 51%of Hubei Qianchuan. Essence

At that time, Hubei Qianchuan's performance commitment promised that the average net profit achieved by Qianchuan in Hubei in 2021 and 2022 was not less than 180 million yuan.

From January to March 2021 to March 2022, Hubei Qianchuan realized operating income of 773 million yuan and 164 million yuan, and realized net profit of 1.27 billion yuan and 28.9646 million yuan.

As a result, due to the difficulty of completing the relevant performance indicators in Hubei Qianchuan, the parties planned to sign the repurchase agreement and agreed that the performance commitment party was 792 million yuan in cash consideration. Management Co., Ltd. (hereinafter referred to as Jinzhaida Company) is transferred to a 51%stake in Hubei Qianchuan, Hubei.

At present, Luo Baitao himself also holds 49%of Hubei Qianchuan. In order to ensure the advancement and final implementation of equity repurchase, Luo Baitao agreed to provide pledge guarantees for the equity repurchase payment obligations with a total of 31.26%of Hubei Qianchuan.

As of June 23, Hollywood provided 80 million yuan for Hubei Qianchuan, with a guarantee balance of 20 million yuan. The guarantee debt will expire on August 8th, and the guarantee will not be provided in the future.

Holly said that it is expected to confirm the investment income of approximately 179 million yuan, and the company will confirm the repurchase of 792 million yuan in shares. In the future, if there is a situation that fails to receive equity repurchase funds in accordance with the agreement, the above -mentioned receivable repurchase will face the risk of impairment and affect the company's profit level.

Performance is dragged down by some real estate business customers

According to the data, Hubei Qianchuan's registered capital is 160 million yuan, which is mainly engaged in the design, production and sales of home door products such as solid wooden doors, solid wood composite doors. The main products include paint wooden doors and paint -free wooden doors. Supplementary dealer.

The main customer group of Qianchuan, Hubei is Evergrande, Sunac and other real estate companies.

After the acquisition of Qianchuan, Hubei, the performance of Hollying customers increased significantly. In 2020, drawing on the mature customer expansion and on -site management experience of Qianchuan, Hubei, the large -scale business of the Hollying customer brand has also developed significantly.

However, in 2020, the end of the Holbah receipt receivable period was 540 million yuan, an increase of 103606.96%year -on -year, and the end of the accounts receivable was 154 million yuan, an increase of 440.51%year -on -year. The main reason for the significant increase in the two is mainly caused by the addition of Hubei Qianchuan.

This also buried hidden dangers. In 2021, some real estate companies have crisis one after another, resulting in difficulties in Hubei Qianchuan and listed companies. Qixinbao showed that in 2022, Qianchuan, Hubei, added more judicial cases. Among them, due to disputes in construction project contracts, Hubei Qianchuan filed a number of lawsuits.

In 2021, Hollying customers realized operating income of 3.371 billion yuan, an increase of 54.40%year -on -year; net profit attributable to shareholders of listed companies was 65.3059 million yuan, a year -on -year decrease of 76.35%.

Since the second half of 2021, Evergrande Group's debt risk has continued to ferment, leading to significant signs of impairment of accounts receivable and receivables of listed companies and their subsidiaries.

According to the annual report of Hollywood 2021, as of the end of 2021, listed companies' accounts receivables for Evergrande Group were 172 million yuan, and credit impairment losses were 85.9228 million yuan. The bills of receiving were 249 million yuan, the credit impairment loss was 125 million yuan, the net amount of the bills received was 125 million yuan; the inventory was 58.2624 million yuan, the amount of impairment of assets was 29.131 million yuan, and the net inventory amount was 29.131 million yuan.

(Cover picture Source: Screenshot of Hollying Passenger 2021 Annual Report)

Daily Economic News

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