21 Speaking case 丨 Beijing No. 1 Intermediate People's Court ruled that the reorganization plan was completed, and seven companies such as Ziguang Group and other seven companies reorganized the case.

21st Century Business Herald Reporter Wang Wei Beijing report

The 21st Century Business Herald reporter learned from Beijing No.1 Middle School on July 22 that on July 13, 2022, the Beijing No. 1 Intermediate People's Court ruled that the reorganization plan of the seven companies such as Ziguang Group was completed, and the reorganization procedures were completed. The substantial consolidation and reorganization cases such as Ziguang Group and other seven companies were successfully completed.

In less than a year, Ziguang Group publicly recruited 60 billion cash debt, and through a variety of combined settlement methods such as "cash settlement+stock debt+debt", the claim settlement rate can be up to 100 %. According to the court's introduction, during the implementation of the reorganization plan, 1062 creditors have paid 59.629 billion yuan. The case takes the top three aspects of the introduction of funds, claim settlement rates, and instant settlement effects in the top of the country's large -scale enterprise group category.

Recruit 60 billion cash debt for less than a year

According to the judge of the Bankruptcy Court of the No. 1 Intermediate People's Court, the reorganization of the Ziguang Group from the court's ruling to the completion of the reorganization plan and ended the reorganization procedure. Without one year of use, 60 billion cash was introduced through public recruitment. In debt repayment, through a variety of combined settlement methods such as "cash settlement+stock debt+debt", the claim settlement rate can be up to 100 %. During the implementation of the reorganization plan, 1062 creditors have paid 59.629 billion yuan. The case takes the top three aspects of the introduction of funds, claim settlement rates, and instant settlement effects in the top of the country's large -scale enterprise group category.

Through this judicial reorganization process, Ziguang Group solved more than 150 billion debts in accordance with the law, maintained the continuous operation of nearly 300 companies in the group system, stabilized more than 50,000 employees' positions, and maximized the operating value of enterprise groups. By introducing the support of diversified resources and industrial operation capabilities, maintaining the integrity and competitiveness of the core industry chain of the integrated circuit in my country, and helping to build a hard technology industry group with industry influence with industry influence.

According to the reorganization draft reported earlier, strategic investors' cash invested 60 billion yuan to participate in the reorganization investment, of which members of Zhilu Capital, Jianguang Assets, Great Wall, Zhuhai Huafa, and Hebei Industry Investment Consortium were built by them through the construction. The cash capital contribution of the combat investment acquisition platform is 54.9 billion yuan. The overall acceptance of 100%equity of Ziguang Group after the reorganization, and the consortium member Hubei Koto Cash contributed 5.1 billion yuan to acquire long -term project assets (including 100%of Tibet Ziguang Daifang held by reorganization enterprises Equity and receivables related to the Yangtze River storage and the right to benefit from the trust of the Yangtze River) are also undertaken by the guarantee responsibility related to the Yangtze River storage.

"The technical content of a chip"

In fact, it is not surprising that the successful reorganization of Ziguang Group in a short period of time is not surprising. During the group reorganization, on April 24, 2022, many institutions conducted research activities of Ziguang Guowei as a listed company of Ziguang Group's semiconductor industry. Integrated circuits are the two major industries, and at the same time, the semiconductor power device and quartz crystal frequency devices are deployed to provide chips, system solutions and terminal products for mobile communications, finance, government affairs, automotive, industry, and the Internet of Things industries.

Oriental Securities believes that the demand for special integration circuit business is strong, and new products have opened new growth points. The status of the intelligent security chip business industry is consolidated, and the research and development and industrialization of high -end security chips and vehicle controller chips will also inject the continuous growth momentum of the company's development.

Founder Securities believes that the company's users are in various related fields, the technical protection city is deep, and has sustainable high growth. The technical breakthrough of the joint venture company has achieved the first profit of FPGA. At the same time, the second growth curve reserves are sufficient, and the continuous growth is guaranteed.

The 2021 annual performance report shows that during the reporting period of Ziguang Guo's micro -reporting period, operating income was 5.342 billion yuan, an increase of 63.35%year -on -year; net profit attributable to the mother was 1.954 billion yuan, an increase of 142.28%year -on -year. At the same time, the company plans to distribute a cash dividend of 3.25 yuan (including tax) for every 10 shares and increase 4 shares.

At the core industry level of Ziguang Group, the first quarter of this year has risen. Among them, Ziguang achieved operating income of 15.342 billion yuan in the first quarter, an increase of 13.58%year -on -year, and a net profit of 372 million yuan, an increase of 35.26%year -on -year; Ziguang Guo's micro -operating income in the first quarter was 1.341 billion yuan, a year -on -year increase of 40.83%, and net profit of 531 million Yuan, a year -on -year increase of 63.91%.

Ziguang Zhanrui disclosed that the operating income of 2021 was 11.7 billion yuan, an increase of 78%year -on -year. In February this year, the chairman and CEO of Ziguang Zhanrui had replaced the management. The chairman Wu Shengwu was replaced by the director, and Ren Qiwei served as the agent CEO.

Semiconductor aircraft carrier through reorganization or complete "blood transfusion"

Ziguang Group has always wanted to build semiconductor aircraft carriers. For many years, it has invested heavily in acquiring many companies. On the one hand, Ziguang Group has deployed a number of core semiconductor fields, including Ziguang Guowei, Yangtze River Storage, Ziguang Zhanrui, Xinhua Third and others It involves many key integrated circuits such as FPGA, storage chip, and mobile phone processor chips. On the other hand, the operation of chip companies is also facing challenges. Its industry still needs "blood transfusion" and financial support, but the group broke out of debt problems.

According to previous reports, in October 2020, the debt crisis broke out at Ziguang Group. First, it was announced that the "15 purple light PPN006" of the permanent debt of 1 billion yuan was abandoned, and then 1.3 billion yuan of private equity bonds "17 Puru PPN005" failed to pay the principal and interest on schedule, and a substantial default occurred. In this regard, Ziguang said that the plan was more than 100 million first, but on the day of the agreed repayment, Ziguang Chunhua controlled by Ziguang Group pledged 16.14%of the shares of Ziguang Guowei held by Ziguang Group. Data show that as of June 2020, the total liabilities of Ziguang Group reached 202.9 billion yuan, an increase of about 44 times compared to the end of 2012. Among them, more than half of the liabilities were liabilities, with a total of 79.428 billion yuan in short -term loans and non -liabilities within one year. As of April 26, 2021, the cumulative amount of the due debt of Ziguang Group had the obligation to pay off the claim was RMB 7.018 billion. The subsidiary Ziguang International Holdings has the principal and interest of USD 460 million in principal and interest in the liquidation of the $ 460 million. Ziguangxin has a total of USD 1.099 billion in principal and interest. In terms of assets, as of June 2020, Ziguang Group's total assets were 296.649 billion yuan, and their goodwill was as high as 52.176 billion yuan, accounting for 17.59%of the total assets, accounting for 55.68%of net assets. No matter from any perspective, enterprises will face the situation of non -debt. On July 9, 2021, Ziguang Group announced the bankruptcy reorganization. Since then, the bankruptcy and reorganization of Ziguang Group have been attracting much attention.

During the reorganization of the enterprise, on December 10, 2021, Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd., as the consortium "Zhilu Jianguang Unite", became the seven Furniture is substantially combined with strategic investors. Zhilu Capital and Jianguang Assets once led too much about major investment in the field of tens of billions of levels. At the end of 2021, Zhilu Capital spent about 9.3 billion yuan to acquire the world's largest semiconductor semiconductor semiconductor and testing manufacturer Sun Moonlight. Previously, Zhilu Capital led An Shi Semiconductor, which was later taken over by Wentai Technology.

Subsequently, on December 13, the manager and Zhilu Jianguang officially signed an investment agreement and announced the plan. According to the plan, strategic investors adopt the "duration" reorganization model, and the industrial layout and core technology accumulated by Ziguang Group for many years can be completely retained; they agree to pay 60 billion yuan in cash for settlement of debt, and also take out the three listed companies of Ziguang Group's subordinates. Circular stocks with a market value of 23 billion yuan will be offset at the market price, and the remaining parts will be extended to delay the settlement of the debt; the creditors choose three settlement solutions according to their needs, obtaining a 95%-100%ultra-high-definition compensation rate, and maximize the benefits.

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