Ten billion contemporary groups are trapped in debt quagmires. Can the largest private enterprises in Hubei "lose weight"?

[Dahe Daily · Dahecai Cube] (Reporter Wu Chunbo) Ai Luming when he was young, a sensation caused by two feats. In 1981, Ai Luming, who was studying at Wuhan University, used 17 days to swim from Wuhan to the entrance of the Yangtze River; in 1986, during the graduate student, Ai Lu Ming used a kayak to spend more than two months. The Zhengyuan River in the Yangtze River drifted to Wuhan, Hubei.

Today, Ai Luming, who is already 65 years old, has been focused on the eyes of all parties, and the focus of people's focus is whether he founded and at the helm of the "contemporary department" enterprises that can repay investors' principal and interest.

On July 29, one of Hubei's largest private enterprises and the core enterprise of the "Contemporary Department" -Wuhan Contemporary Technology Industry Group Co., Ltd. (hereinafter referred to as contemporary group) issued an announcement. The month on the 20th, but as of the date of this announcement, the company failed to pay the principal and interest of the current bonds of RMB 53.25 million in full amount.

Prior to this, there were three listed platforms and had begun to "lose weight to nuclear" contemporary groups, and it did not successfully prevent the debt crisis. In April of this year, the contemporary group bond "19 Han Dangke MTN 001" occurred substantial breach of contract. The first Demono bone card fell, and the debt problem of contemporary groups was quickly exposed.

How to "cross the calamity" rebirth has become the biggest test in front of Ai Lu Ming.

On August 1, a reporter from the Dahe Daily · Dahe Cai Cube called contemporary groups many times to understand the company's related thinking on risk resolution, but no one answered.

"Contemporary Department" empire weight loss before returning to the nuclear,

Diversified operations did not bring excellent "records"

In 1988, two years after completing the Yangtze River drift, Ai Luming and 6 martial arts alumni registered the establishment of a contemporary biochemical technology research institute in Wuhan with 2,000 yuan. The starting point of its Wuhan Contemporary Group.

The continuous advancement of this business also made the Ai Luming team quickly realize the importance of product innovation and technology improvement. "After the preliminary extraction of urine enzyme exports, Japanese companies then made it into global sales of injections." Ai Luming later said: "At that time, we could not make it into a finished medicine."

In 1993, Ai Luming and others established Wuhan Contemporary Technology High -tech Industry Co., Ltd. Three years later, contemporary groups merged Wuhan Yangtzejiang Biochemical Pharmaceutical Factory. The company landed in the capital market in 1997 and became one of the first batch of private enterprises listed in A shares in Hubei Province. This is today's "Renfu Medicine" and currently The core asset of contemporary group.

The attention of innovation not only makes people blessing medicine the largest urine enzyme production enterprise in China, but also makes people gradually grow into the leaders of the domestic anesthesia industry.

After listing, thanks to the accumulation of capital in the field of pharmaceuticals, contemporary groups have begun to expand their territory through extension and mergers and acquisitions, and they have successively deployed in the fields of real estate, tourism, sports, and finance. The two listed platforms of the style of style, won a football club, set up a private AMC Hubei Tiansan Asset Management Co., Ltd. (hereinafter referred to as Tiangan Assets), strategically invested in Huatai Insurance, Tianfeng Securities and Wuhan Zhongbang Bank. The "contemporary" empire gradually surfaced.

By September 30, 2020, the total assets of contemporary groups would exceed 100 billion yuan. Three months ago, Ai Luming reflected on the previous diversified development path in an interview with "Chinese Entrepreneurs" reporter. "Diversified operations have not brought us excellent 'records', and there are many different voices in the market."

The "weight loss and nuclear" plan of contemporary groups will soon be launched, and from the past extension expansion development mode to connotative development.

"In globalization and corporate extension, companies will inevitably encounter many problems that have never been encountered in the past. When the problem comes, it is inevitable to deal with it. Especially this epidemic situation brings us a major majority Press. "Ai Luming revealed at the time that, for example, in the cultural and physical entertainment industry, the sports industry of the contemporary group in the past has reached the forefront of China, and can even participate in global competition. Slowing, there may be losses. "

In order to further focus on the main business, contemporary groups and their subsidiaries have transferred the equity of Huatai Insurance and Tianfeng Securities. The dissolution, which made contemporary group stop loss and investment monetization, but failed to prevent the debt crisis from coming.

Public bond market default triggers other default situations,

Contemporary group debt crisis is fully exposed

On April 6, the first mid -term bill of contemporary groups (hereinafter referred to as "19 Han Dangke MTN 001") had a substantial breach of contract.

According to the announcement of the contemporary group on April 13, the holder of the "19 Han Dynasty MTN001" bonds agreed to pay the date of interest and 10%principal, about 87.5 million yuan, and the remaining 90%of the principal will exhibit until 2023 In April 3rd, 7.5%of the ticket interest rates were unchanged, but in fact the money was not planned to the Shanghai Clearance Center as scheduled.

According to reports, the distribution amount of "19 Han Dynasty Dangke MTN001" was 500 million yuan, the Sabbath was April 3, 2019, and the maturity date was April 3, 2022. After the "substantial" default of the public bond market, the debt crisis of contemporary groups broke out rapidly. The shares of the people held by the blessing pharmaceutical, the three special ropes and the ST Mingcheng were all judicially frozen and the judicial label. "19 Han Dynasty PPN02" The cross -protection clause expired in advance due to triggering cross -protection clauses and breach of contract.

At the same time, many defaults occur, and the main credit rating of many companies in the "Contemporary Department" has been lowered by the rating agencies such as United Credit and Dagong International. Among them, the main rating of the contemporary group is reduced from A to C.

Wind data shows that as of now, there are 13 contemporary groups, and the balance of the corresponding bonds is 6.254 billion yuan, including 7 default bonds, and the balance of breach of bonds has reached 3.154 billion yuan. In terms of related companies, the number of durable bonds and the balance of the stock bonds are 5 and 3 billion yuan in the contemporary group shareholders Wuhan Contemporary Technology Investment Co., Ltd., 7 and 1.887.2 billion yuan in Wuhan Tianying Investment Group Co., Ltd. Two, 1.5 billion yuan, Renfu Medicine 1 and 600 million yuan. Among them, Tianying Investment has 1 billion yuan of bonds and Tiannan assets 1.5 billion yuan of bond guarantees for contemporary groups.

In addition, contemporary groups still have three offshore bonds overseas, with a duration of US $ 694 million (according to the exchange rate on July 31, 2022 equivalent to approximately RMB 4.68 billion), and will expire within one year.

On July 13, the contemporary group disclosed the results of the "20 Contemporary 01" corporate bonds in 2022. The results of the second bond holder meeting in 2022, 2022 interest payable periods to July 15, 2023, during this time, will not be calculated.

It is worth noting that before the first default of the contemporary group in April this year, the company held by the company's blessing medicine, three special cable channels, and ST Mingcheng all appeared passively.

In fact, the "signal" of suspected shortage of funds in contemporary groups has already appeared. In 2017, 2019 and 2020, almost all of the funds raised by contemporary groups were used to repay bank loans, corporate bonds, and supplementary company mobile funds.

From 2019 to 2022, contemporary groups also adopt a third -party enterprise to adopt the preliminary borrowing and repayment of the final period of each quarter. It was found that during this period, the highest time of contemporary groups occupied the amount of people's blessing pharmaceutical funds, respectively, 1.373 billion yuan, 2.233 billion yuan, and 2.292 billion yuan, respectively. In the first four months of this year, the cumulative borrowing amount was still as high as 2.104 billion yuan. Similar things also happened on the Sante Way.

In addition, according to Caixin reports, the orientation notification products issued by Wuhan Yangtze River Crossoming Financial Trading Co., Ltd., a subsidiary of contemporary groups, also have a large number of breach of contracts. At present, the cumulative overdue of personal wealth management products has exceeded 5 billion yuan, involving the total number of investors in various provinces. More than 3,000 people.

On July 29, the contemporary group stated that the company has actively rescued by measures such as handling assets, requesting financial institutions and government support, and has been affected by the macroeconomic environment, the regulatory environment of the financial industry, the epidemic of new crown pneumonia, and the regulation of the real estate industry policies and control. The adverse effects of factors are still facing staged liquidity issues.

The latest annual report cannot be disclosed,

ST Mingcheng "married" was "retired" after half a year of state -owned assets

In addition to the adverse effects brought by the epidemic, contemporary groups have also affected the "sequelae".

Taking ST Mingcheng as an example, in 2015, after the contemporary group entered the contemporary style (ie ST Mingcheng), the large investment continued to invest, 780 million yuan acquired Qiangshi Media, 820 million yuan of mergers and acquisitions of double -edged sword sports, 540 million yuan took over Chongqing Liangjiang Atletico Club; By 2017, he spent more than 3 billion yuan to acquire Xinying Sports.

In 2019 and after two years, affected by the epidemic prevention and control and other factors, the non -net profit of contemporary style deductions continued to lose money, with a cumulative loss of more than 3.4 billion yuan. A series of acquisitions also left a lot of goodwill. As of the end of 2021, the scale of goodwill was still as high as 2.476 billion yuan, accounting for 35.04%of the total assets.

In June 2021, ST Mingcheng's original controlling shareholder, Star Hanyi and its consistent active contemporary group, Tianfeng Ruiyuan and Wuhan Guochuang Capital Investment Co., Ltd. signed an agreement. It will be changed to Wuhan SASAC.

One month later, ST Mingcheng disclosed the fixed increase plan. After the fixed increase was completed, Guochukuki Capital's shareholding will reach 24.75%. At the same time, Guochuang Capital also sent three directors to contemporary Mingcheng.

The seemingly logical thing, but after ST Mingcheng released the 2021 performance pre -announcement announcement, Guochuang Capital reached a consistency with the contemporary group, returned ST Mingcheng's management rights, and fixed increasing matters ended. In April of this year, Guochuang Capital sent a letter to the contemporary group to terminate the voting rights unilaterally. At the same time, the three directors of Guochuang Capital submitted a resignation letter to ST Mingcheng.

On April 22 this year, the "20 Mingcheng 03" debt defaults, ST Mingcheng failed to pay the principal and interest of the bond on the day, and the company's liquidity pressure further increased. At the same time, ST Mingcheng still has more than 1.2 billion yuan in bonds.

On July 22, ST Mingcheng issued an announcement saying that the company was acknowledged that the company had a liquidity risk in 2022, and some debt expired. There is no finished egg under the nest, and the real estate sector, tourism sector and investment sector of contemporary groups also encounter difficulties. Beginning in 2020, due to the impact of the epidemic, the three special ropes have been sold for many times to rescue themselves. Tianying Investment 2021 Profit, operating cash flow, and fundraising cash flow have all turned to negative numbers. Wuhan Contemporary Real Estate Development Co., Ltd. A total of 1.35 billion yuan of equity was frozen.

The reporter noticed that the 2021 annual report of Contemporary Group has not been disclosed. According to the announcement of contemporary groups, in addition to the fact that the data of the important subsidiaries has not yet been finalized, the group management cannot prepare a merger statement, because the rating of the rating and the bond exhibition period and other risk events, intermediary agencies also need to judge the audit risks of contemporary groups.

Nighty Pharmaceuticals or the final card?

Under a series of crises, Renfu Pharmaceutical is a relatively high -quality asset under the contemporary group.

On the evening of July 13, Renfu Pharmaceutical released its first half of the performance forecast. It is expected that the net profit is 1.55 billion yuan to 1.65 billion yuan, a year -on -year increase of 134%to 149.09%; the real profit for deducting non -net profit is 850 million yuan. By 950 million yuan, a year -on -year increase of 37.40%to 53.57%.

Among them, the non-recurring profit and loss of about 700 million yuan is mainly that the subsidiary sells Agic-Humanwell Blue Ridge (US) Limited 24.57%equity realization income of approximately US $ 85 million, and the company's recovery of the accounting period of the controlling shareholder's occupation period. About 100 million yuan.

In addition, Renfu Pharmaceutical's sale of all the equity of Tianfeng Securities has also made progress. The board of directors of Hubei State -owned Assets Hongtai Group unanimously agreed to acquire 7.85 % equity of Tianfeng Securities held by Renfu Pharmaceutical. Tianfeng Securities had previously announced the transfer amount of 2.124 billion yuan.

While selling assets to recycle cash, Renfu Pharmaceutical's money is not ambiguous. On June 22, Renfu Pharmaceutical announced that according to business needs, after review and approval by the board of directors, listed companies and four subsidiaries purchased 1.645 billion yuan from Wuhan Ke Meili Biomedical Co., Ltd. (hereinafter referred to as Ke Meilide) Property assets. You know, at the end of March this year, the balance of Renfu Pharmaceutical and Monetary funds was about 3.498 billion yuan. Such a large amount of funds used to attract widespread attention in the capital market.

According to Renfu Pharmaceutical Announcement, the related purchase items took place in early March this year and quickly paid the entire contract amount in the month. This announcement was only "admitted" to the fact that the facts of the facts were "adopted by the regulatory inquiry.

According to the company's articles of association revised in April this year, the total transaction volume and transaction amount account for more than 50%of the company's recent audited net assets, and the absolute amount exceeds 50 million yuan.

Ke Meilide was a wholly -owned subsidiary of Renfu Pharmaceutical, and in August 2019, he transferred the equity of Ke Meili, Wuhan Dangshang Business Management Co., Ltd. It is worth noting that there are more intersections with contemporary groups.

According to the Beijing News, by buying a house, most of the funds may return to the hands of major shareholders, and this "blood transfusion" method is exactly the same as that of contemporary groups' non -operating occupation of human blessing pharmaceutical funds.

On July 8th, some investors stated on the E -interactive platform of the Shanghai Stock Exchange: "your company claims that cooperation with Ke Meilide does not involve related transactions and does not have blood transfusion to major shareholders. Repay the debt of the rights defenders in the Yangtze River Crossing Crossing in the Contemporary Contemporary? What is the state of real estate purchased by Renfu? "

Renfu Pharmaceutical said in a reply on July 22 that the talent apartment purchased by the subsidiary has applied for a non -motion property right certificate, and the remaining property assets are in the construction stage. The company will actively urge Ke Meilide to be delivered as scheduled as scheduled.

Responsible editor: Wang Shidan | Audit: Li Zhen | Director: Wan Junwei

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