Dongxu optoelectronics puzzle: holding 9.46 billion yuan but not paying 66 million interest

 Dongxu optoelectronics puzzle: holding 9.46 billion yuan but not paying 66 million interest

As for the default of bonds, Dongxu photoelectric said that the company is actively taking measures to strengthen its own operation, strive to improve its solvency, and actively negotiate with creditors to ensure the interests of bondholders to the greatest extent.

As a matter of fact, as early as November 2019, 16 Dongxu optoelectronics mtn001a and 16 Dongxu optoelectronics mtn001b failed to pay the interest payable and the relevant repurchase funds on time, and breached the contract. Now a year has passed, Dongxu photoelectric debt crisis continues to ferment.

After breaking the contract for the first time last year, Dongxu optoelectronics saved itself, but there are still many problems.

According to the report of the third quarter of this year, Dongxu optoelectronics achieved 4.583 billion yuan of revenue in the first three quarters, a year-on-year decrease of 63.53%. The net profit attributable to shareholders of the listed company was a loss of 1.214 billion yuan, including a loss of 318 million yuan in the third quarter.

Dongxu optoelectronics said that the main reason for the decline in revenue was the sharp decrease in high-end equipment and construction and installation engineering business orders due to the continuous shortage of working capital and the impact of the new crown epidemic.

However, Dongxu optoelectronics still has 9.46 billion yuan of monetary capital on its books in the third quarter of this year. However, with the advent of interest payment, it still can not afford the interest of 66 million yuan.

This is what happened this time last year.

At that time, the third quarter report of 2019 showed that the monetary capital of Dongxu optoelectronics exceeded 18.3 billion yuan during the reporting period, but 16 Dongxu photoelectric mtn001a and 16 Dongxu photoelectric mtn001b still failed to cash the interest payable and related repurchase funds on schedule.

After breaking the contract last year, the Shenzhen Stock Exchange asked Dongxu optoelectronics to explain in detail the specific reasons why it failed to pay the interest for the repurchase of medium-term notes as scheduled under the condition that the companys book showed a large amount of monetary fund balance as of the third quarter of 2019.

After eight months of delay, Dongxu optoelectronics only replied to the Shenzhen Stock Exchanges inquiry in July this year.

This also leads to the risk transmission of financial companies to large enterprise groups. The liquidity problem of the financial company appears, which leads to Dongxu photoelectrics deposit in the financial company into restricted funds.

Financial company is a platform for large enterprise groups to implement centralized management of funds, and the essence of related risks of financial companies is the extension of enterprise group risks in financial companies. According to an interview with the director of fixed income of a public offering fund in Beijing, Dongxu groups debt has developed rapidly in recent years. After the outbreak of liquidity crisis, the risk of Dongxu group extends to financial companies, and the risks of financial companies also transmit to subordinate enterprises.

In fact, the phenomenon of double high deposit and loan of Dongxu optoelectronics has long been questioned by the market.

The road of self rescue

Since the 16 Dongxu optoelectronics mtn001a and 16 Dongxu optoelectronics mtn001b defaulted, in May this year, 15 Dongxu debt failed to be cashed on schedule, resulting in breach of contract.

However, according to the reporter, the principal balance of the bonds of Xudong was still RMB 1.69 billion, which was still not negotiated with the investors.

Judging from the latest progress, Dongxu optoelectronics is solving the liquidity problem by disposing the equity and idle assets of non main business companies, increasing the collection of various kinds of debt receivable, focusing on the main business and striving to generate income. To carry out industrial investment cooperation with the local government industry investment platform which has the cooperation intention for the company in many fields, including high-end cover glass production line project, construction of new photoelectric display material industrial park project, neutral borosilicate medical glass tube project and increasing investment for the companys new energy source automobile industry.

However, the matter has not yet come to fruition. In September this year, Dongxu optoelectronics said in reply to investors questions, Dongxu optoelectronic Investment Co., Ltd., the controlling shareholder of Dongxu group, plans equity transfer with Shijiazhuang SASAC. Up to now, no substantial progress has been made in relevant matters. Dongxu optoelectronics investment and Shijiazhuang SASAC have not signed relevant equity transfer agreements.

There is no notification at this time and there is no restructuring news. On November 18, a bondholder of Dongxu group told 21st century economic news.

(author: Jiang Shiqiang, editor: Lin Hong)

This article is from Wang Xiaowu, editor in charge of economic report in the 21st century_ NF