On the morning of December 3, the interface news learned that in the investor conference call held by Founder group management, the 2 billion short-term securities lending failed to be paid on time. Relevant management of Founder disclosed that the communication with large financial institutions in China was very ideal. Most financial institutions were willing to come out and cut interest rates, roughly 10% below the benchmark and benchmark. Founder Group will strive for a 15 day grace period Cash within.
On December 2, Beijing Founder group released the announcement on the website of Shanghai clearing house that the second phase ultra short term financing bonds of Beijing Founder Group Co., Ltd. in 2019 failed to pay the principal and interest in full on schedule, disclosing that the second phase ultra short term financing bonds of the company in 2019 (19 founder scp002) should pay the principal and interest on December 2, 2019, and as of the end of the due payment date, the company failed to raise the full repayment as agreed Payment of funds.
According to the announcement, the total amount of bonds issued by this ultra short term financing bond is 2 billion yuan, the interest rate of this interest bearing bond is 4.94%, and the bond term is 270 days.
Beijing Founder group said that due to the shortage of working capital, as of December 2, 2019, the company failed to raise sufficient repayment funds as agreed, and 19 founder scp002 failed to pay the principal and interest in full on schedule. The company is actively raising funds through various ways, strengthening its own operation and striving to guarantee the repayment of principal and interest of the current ultra short term financing bonds.
In terms of introducing strategic investors, the management said that Peking University has been making great efforts to push forward, and will still consider starting from the overall war, and does not exclude that there will be relevant actions in the secondary units, but it does not conflict with the groups overall war.
Local SASAC, local enterprises, including state-owned enterprises hope to participate in more intentions. The central government is also coordinating the participation of relevant large central enterprises. The above-mentioned management said that the war is being pushed forward as soon as possible, and will not wait until the debt restructuring, and hopes to introduce a powerful and institutional partner to help founder develop better.
There were questions from investors attending the meeting and rumors that Founder may introduce Zhuhai HUAFA group as a strategic investor. Management denied this.
We have had contact with many institutions, including the state owned assets supervision and Administration Commission of Zhuhai, but this does not include HUAFA group.
Relevant management stressed that the war is the core part of solving some problems, and will not wait until the end of debt restructuring. We are pressing ahead to reach a cooperation agreement as soon as possible.
Founder Group will introduce the largest school enterprise of a large state-owned enterprise to promote system reform
Founder Groups system reform has attracted market attention. The reporter exclusively learned from Founder Groups controlling shareholder, Peking University Asset Management Co., Ltd. (hereinafter referred to as Peking University asset company). According to the relevant deployment of the central government on the enterprise system reform of universities, Peking University asset company currently plans to introduce a large-scale central enterprise as the strategic investor for Founder group.