Source: China News Weekly
Author: Chen Weishan
Yao Zhenhua, the chairman of Baoneng Group, recently appeared frequently in various short videos. The most recent one was on July 31. He was surrounded and pushed by salary in Shenzhen.
In theIn the video, Yao Zhenhua was chased by many paiders and confused at the scene.In the pull of everyone, Yao Zhenhua fell to the ground.Someone shouted: "Criminals", but a voice responded immediately: "Do you have a bad salary for two years?" Many media broke the news and rushed out of the siege.
More than 10 days ago, Yao Zhenhua's video of "closed doors" also rushed on the hot search."I am a shareholder and actual controller of Zhongju High -tech Company to check the safety production and operation management of the factory. Please open the door immediately." On July 19, when Yao Zhenhua arrived at the gate of the Zhongju Hi -tech headquarters, he was rejected by the security guard.For more than 10 minutes on the two sides, Yao Zhenhua seemed angry, "I have never seen it, I can mess with this level."
In just 10 days, Yao Zhenhua's two videos put Baoneng in the new storm, outline the current tranquility of Yao Zhenhua and "Baoneng Department", who had frequently acquired listed companies in the capital market.
"Pokémon" has been in the crisis of liquidity for more than two years. Without waiting for the real estate market to recover, it is constantly "spit out" the control of listed companies harvested that year.
"Barbarians" exit
In 2015, Qianhai Life Insurance, Ji Shenghua and other "Baoneng Department" companies siege the city in the capital market.During the period, "the battle of Mon also", "Baoneng" was called "barbarians" by Wang Shi.Similar plots are continuously staged, and the "Baoneng Department" extended the tentacles to listed companies such as Gree Electric, and successfully obtained the control of listed companies such as Zhongzhu High -tech, South Glass A, Shao Neng.
"Baoneng Department" expanded its asset scale through a series of capital operations. In 2015, Yao Zhenhua, who was still in the Hurun Rich List in 2015, jumped to the fourth place in 2016.At that time, Hu Run's emotion Yao Zhenhua's wealth increased at a rate of 2 billion yuan (RMB, Same as the same, S $ 374.03 million) per week.In February 2017, due to the use of insurance funds such as Qianhai Life Insurance, Yao Zhenhua, then chairman, was disqualified and banned for 10 years.However, the "listed company" is still one of the four major business segments of Baoneng Group. The official website of Baoneng Group emphasizes its "advanced manufacturing" attributes.
Today, the "Baoneng Department" is losing a group of listed companies to control.
On July 20, Baoneng Group posted on the official website that on July 19, Yao Zhenhua went to the Zhongju Hi -tech headquarters to investigate the production and operation situation.The research work was forced to put on hold.A video attached to the article immediately spread on the Internet. Yao Zhenhua said to the security guard: "Who let you do this, and then I will hold them accountable." And faced the camera, "I have never seen this level."
Since July, Baoneng Group has continuously exposed the situation of Zhongju Hi -tech internal fighting through the official website. The shareholders of the Zhongju High -tech "Baoneng Department" and the state -owned shareholders of Zhongshan have carried out a contest around the appointment and removal of directors.
As of early June this year, Zhongshan State -owned Assets Zhongshan Torch Group Co., Ltd. (hereinafter referred to as "Zhongshan Torch Group") and its consistent actors holding a shares of China Torch High -tech 19.56%shares, "Baoneng Department" shareholders Zhongshan Runtian Investment Co., Ltd.(Here is "Zhongshan Runtian") holding 9.42%of the shares.However, in the board of directors at the time, the directors of "Baoneng" occupied the majority with four seats.State -owned shareholders naturally want to change such a situation, and the "Baoneng Department" will play games with the still controlling board.
On July 6, Zheng Yizhao, the current supervisor of Zhongju High -tech, held an interim Supervisory Board, and announced the next day that it was planned to hold an interim shareholders meeting on July 24 to dismiss four directors of "Baoneng Department" and elected the new directors.This completely ignits the war between the "Baoneng Department" and the state -owned shareholders.The "Baoneng Department" countered that the current supervisor Zheng Yizhao, the current supervisor of Zhongju High -tech, held a resolution of the Interim Supervisory Board without authorization, and then made a resolution of a temporary shareholders' meeting in violation of regulations.
However, the temporary shareholders' meeting on the 24th was held as scheduled. Zhongju Hi -tech announced that the four directors of the "Baoneng Department" were successfully dismissed. Three of the four new directors elected by Zhongshan's state -owned shareholders were elected and one was not elected.
At the same time as the interim shareholders' meeting was held, Baoneng Group released news on the official website that the 14th meeting of the 10th board of directors of Zhong Ju High -tech was held on the morning of July 24.The meeting decided that, in view of the convening of the Temporary Supervisory Board on July 6, there were serious violations of laws and regulations.But this "board meeting resolution" did not stampede the official seal.
Obviously, the "Baoneng Department" has lost its control over the high -tech of Zhongzhu High -tech, the root cause is that its shareholding ratio has continued to decrease.
In 2015, the "Baoneng Department" has increased its holdings of Zhong Ju High -tech through subsidiaries such as Qianhai Life, with a maximum shareholding ratio of 24.92%.Since then, after the internal integration, the "Baoneng Department" has transferred the Zhongju High -tech shares held by the subsidiaries such as Qianhai Life, and all transferred to Zhongshan Runtian at the cost of 5.709 billion yuan.shareholder.In March 2019, Yao Zhenhua replaced the Management Committee of the Torch Development Zone of Zhongshan City, Guangdong Province as Zhongzhu High -tech Land.
But since 2021, the liquidity crisis in the "Baoneng Department" has announced that the shares held by Zhongshan Runtian have been auctioned many times.At the same time, state -owned shareholders have repeatedly increased their holdings, and in January 2023, they became the largest shareholders of Zhongju Hi -tech.
Because of the good stocks of listed companies, the stocks acquired by the "Baoneng Department" in their early years were frequently used for pledge financing. Once the "Baoneng Department" fell into a liquidity crisis, the stocks of these listed companies would be affected.
Last year, 13.11%of Shang Shao's shares held by Hua Litong, a subsidiary of "Baoneng Department", were forcibly auctioned by the Shenzhen Intermediate People's Court.Shao Neng's 19.95%of the shares are the largest shareholders. However, after the mandatory auction, the largest shareholder changed, and the "Baoneng Department" lost its control over Shang Shao's shares.
The landscape of the listed company of "Baoneng Department" is gradually being eaten, which is derived from the debt pressure that "Baoneng Department" is experiencing.
Baoneng debt pressure
Public information shows that the total interest liabilities of Baoneng Group were 191.8 billion yuan at the end of December 2021, and the foreign guarantee balance was 30.8 billion.
In the announcement of the Zhongju High -tech, a disclosure of Baoneng Group's debt scale has explained that the temporary capital turnover encountered by Baoneng Group since June 2021 is difficult for the huge investment in the manufacturing industryThe comprehensive impact of superimposed epidemic conditions, real estate policy regulation, and financing concentration.
"The root cause is the huge investment in the manufacturing industry", and the car building is considered an important reason for the tight cash flow of "Baoneng".After the "Wanbao's dispute", Yao Zhenhua had said in early 2017, "I am an intellectual, and I do a solid matter."
At the end of 2017, Baoneng Group obtained a 51%controlling equity of observation cars at a price of more than 6 billion yuan.In the same year, "Baoneng Department" moved frequently in the field of car construction: In March, Baoneng Group registered with 1 billion yuan to set up Baoneng Automobile Co., Ltd.; in October, it signed a project cooperation framework agreement with Hangzhou Fuyang District Government.About 14 billion yuan of new energy vehicle supporting setting projects; in November, signing a strategic cooperation agreement with the Kunming Municipal Government, including the construction of 500,000 vehiclesNew Energy Vehicle Vehicle and Parts Project.
But the investment in the field of "Baoneng" was finally exchanged for feathers.In 2021, with the crisis of liquidity of the "Baoneng system", the observation cars have successively appeared in layoffs, arrears of wages and social security.
In July 2022, the Human Resources and Social Security Bureau of Changshu City reported that Guanzhi Automobile owed 751 workers' salary of RMB 10.18 million, and was ordered to correct and refuse to correct it.deal with.The execution ruling of the Jiangsu Provincial People's Court, which was released in November 2022, in November 2022, shows that the deposit of the Guanzhi car is only 2651.30 yuan.There are many real estate in Changshu, but there are large mortgages, and have been seized dozens of times.
Baoneng Group currently has four major industrial sectors -big automobiles, listed companies, comprehensive development, and people's livelihood services. Among them, only real estate can provide a certain cash flow support, that is, the "comprehensive development" sector.
The "Baoneng Department" hopes to bring a return on the sale of real estate and real estate business, but in today's real estate market, the "Baoneng Department" is facing similar embarrassment as other housing companies.
In the third quarter of 2021, Zhongju Gaoxin once disclosed the plan for Baoneng Group to resolve the liquidity crisis, including being promoting the sales of real estate business, while promoting the sale of eight major asset projects.The liquidity pressure of urgency.
At that time, Baoneng Group hoped to work hard to ensure the sales and repayments of residential projects, and accelerated the sales of projects such as Foshan in Guangdong, Shaoxing, Zhejiang, Yunnan, Yunnan, and Harbin.It is expected to pay 4.792 billion yuan in the fourth quarter of that year.At the same time, the Shenzhen Baoneng Center and the old reform projects were launched. Qianhai Quality Projects and Logistics Park asset bag projects were sold in eight major asset projects in Shanghai, Shenzhen, and Guangzhou.The above projects involve the equity of commercial properties, land, commercial complexes, old reforms and high -quality financial companies, etc., and the evaluation is worth over 100 billion yuan.Baoneng Group is expected to pay about 20 billion yuan within three to four months.
But the real -time repayment is obviously less than expected, which directly led to the loss of confidence in the 2022 creditors' debt repa for "Baoneng", and a large number of applications for the court to enforce the court.In September 2022, the first batch of 56 suits of the 56 suites of Baoneng City Garden, a subsidiary of Baoneng, ended, with a total transaction value of about 760 million yuan.In May 2023, Hefei Baocheng's assets exceeded 6.3 billion assets were put on a fedal shooting.
According to an announcement in April this year, Baoneng Group plans to dispose of 792,700 square meters of real estate of Baoneng Science and Technology Park.It is the most important urban complex project.
