At the end of September, it was announced that it had been pit by two shareholders, causing about 10000000000 accounts receivable to explode.
Then the stock price plummeted, the big shareholder burst up, the bank sought debts, the holdings failed, and the debt was overdue. Misfortunes never come singly like Domino.
On the 24 day, a further announcement will be made. 10 executives will be suspended for one year!
10 top executives are suspended for one year.
Huaye Capital announced in the evening of October 24 that due to the companys accounts receivable incident caused difficulties in business, the companys management took various effective measures to recover the companys losses as far as possible, and made every effort to make the company through the crisis.
In order to reduce the companys cost expenditure, the board of directors decided to suspend the salary of senior managers and other principal executives for 12 months. At the same time, the board of directors of the participating companies voluntarily suspended the salary for 12 months, from October 1, 188 to September 30, 2009.
The list of wage stops announced by Huayi capital is as follows:
From the list, we can see that the total annual salary of 10 executives is 9 million 675 thousand yuan, with a per capita income of nearly 1 million yuan.
Among them are chairman Xu Hong, annual salary before tax is 1.5186 million yuan, director and general manager Yan Fei, annual salary before tax is 1.311 million yuan, director Yin Yan, annual salary before tax is 638.4 million yuan, financial director Guo Yang, annual salary before tax is 1.193 million yuan.
However, the suspension of executive pay of less than tens of millions of dollars is a drop in the bucket compared with the more than ten billion dollars involved in the incident.
Ten billion debt explosion
Huaye Capital, originally known as Huaye Real Estate, was originally the main business of real estate. After 2015, the company began to enter into the financial field of de-real estate. Its main business scope expanded to real estate development business, medical investment business, financial investment business. This time Huaye Capital planted in the financial investment business of accounts receivable creditors rights investment business.
On September 27, the company announced that the accounts receivable for subsidiary investment had become overdue. When the debt recovery team went to the scene to show the agreement with the debtor, it found that the debt agreement of the accounts receivable was forged.
This is probably the case. Huaye Capital has collected a large number of creditorsrights and accounts receivable from Hengyun Pharmaceutical Transfer, and then some debtors are due. Huaye Capital sent lawyers to the first, second and third affiliated hospitals of the debtors Army Medical University to find out about the situation, and then found that the debt agreement was fake.
Even more surprising, Huaye Capital said that Hengyun Pharmaceuticals, the transferor of 10.189 billion yuan of accounts receivable invested by Huaye Capital, was suspected of forging seals and fictitious transactions with hospital accounts receivable creditors rights. The companys stock accounts receivable would face the risk of being partly or totally unrecoverable.
Among them, the direct purchase scale of its own funds is 2 billion 725 million yuan, and the rest has added leverage. Specifically, Huaye Capitals participation in subscribing for the priority of accounts receivable and the scale of inferior and inferior financial products is 3.717 billion yuan, other financial institutionsparticipation in subscribing for the priority of accounts receivable and inferior and inferior financial products is 3.746 billion yuan, and Tibet Huashuo provides the balance for the priority, while Huaye Capital provides the balance-filling obligation for Tibet Huashuo. To provide joint and several liability guarantee. If the accounts receivable can not be repaid on time, Tibet Huashuo will be required to fulfill the balance filling obligations, Huaye Capital will also face the risk of being unable to repay the maturing debt.
So far, billions of radish chapter incident broke out.
This radish chapter incident is the accounts receivable debt investment business of Huayi capitals financial investment business. In this business, Huaye Capital contributes to subscribe for the inferior and inferior shares of the above-mentioned products, providing a guarantee of capital and income for the priority shares, forming a leverage of 2-4 times. After the establishment of the product, the hospitals accounts receivable will be reimbursement by the hospital.
The above radish chapter incident is a related transaction between the company and the second largest shareholder, Li Shilin. Public information shows that Heng Yun medicine is controlled by Li Shilin.
It is worth mentioning that as early as July this year, Li Shilin was already in debt. On July 31 this year, a civil ruling issued by the Fifth Intermediate Peoples Court of Chongqing showed that Zhou Xinhuang, a natural person, had applied for the preservation of pre-litigation property of Li Shilin, Jieer Medical Company, a wholly-owned subsidiary of Huaye Capital, and three other objects, totaling 100 million yuan. This request was approved by the court.
Surprisingly, not only did Huaye Capital not disclose this, but it continued to do accounts receivable investment transactions with Hengyun Pharmaceuticals on August 21, August 23 and September 5.
Public information shows that Li Shilin is in a state of losing contact.
Large shareholder burst by Qiang Ping
The escalation of the crisis is just unfortunate.
The October 9th announcement shows that the company may be downgraded by the joint credit rating.
The October 11th announcement showed that the real controller could not return home temporarily.
After the outbreak of the radish stamp incident, the stock price in the secondary market plummeted for seven consecutive days, from 6.74 yuan to 3.12 yuan on October 15. The stock price nearly fell and the market value evaporated by more than 5 billion yuan. In the evening, the company announced that the share of the pledge was broken.
On the evening of October 15, the companys controlling shareholder, Huaye Development, pledged its shares to Guoyuan Securities as a result of the recent decline in its share price, was expected to be forced to sell about 139 million shares, or 9.82% of the companys total equity. Guo Yuan Securities will reduce the holdings of Huayi development through competitive trading. The announcement shows that as of October 15th, 240 thousand shares had been forced to reduce.
Financial pressure on banks to collect debts is extraordinary.
Continuous bad news appeared, Minsheng Bank panicked, worried that the Chinese capital is not enough, the Chinese capital sued the court, demanding repayment of the total principal of 598 million yuan.
On the evening of October 9, Huaye Capital said that it had received the Notice of Appeal and the Litigation from the Fourth Intermediate Peoples Court of Beijing, the plaintiff of Minsheng Banks Beijing branch, Huaye Capital and its subsidiary Beijing Junhe Bainian Real Estate Development Co., Ltd.
On October 24, Huaye Capital received (2018) the Notice of Appeal No. 301 and Notice of Evidence issued by the Second Intermediate Peoples Court of Beijing.
According to the lawsuit request of Minsheng Bank, Tibet Huashuo Investment Co., Ltd. was ordered to return the arrears of 202 million yuan immediately; Beijing Huaye Capital Holding Co., Ltd., Huaye Development (Shenzhen) Co., Ltd. and Beijing Junhe Bainian Real Estate Development Co., Ltd. were ordered to undertake joint and several repayment of the arrears and interests of the plaintiff. Interest.
In addition to Huaye Capitals own indictment, the sued Tibetan Huashuo Investment Co., Ltd. and Beijing Junhe Bainian Real Estate Development Co., Ltd. are wholly owned subsidiaries of Huaye Capital; in addition, the sued Huaye Development (Shenzhen) Co., Ltd., a major shareholder of Huaye Capital, holds 23.43% of the company.
The impact of radish chapter on Huayi capital is self-evident, and the company is facing great financial pressure.
Financial data show that by the end of June this year, the total capital assets of Huaye were 19.87 billion yuan, net assets were 7.78 billion yuan, and interest-bearing debt was about 7.58 billion yuan. Among them, short-term loans are 2 billion 25 million yuan, and the current liabilities are 1 billion 10 million yuan in one year. Within the year, the debts due amounted to 3.035 billion yuan, while the companys Monetary Fund was only 831 million yuan. After deduction of 388 million yuan which had been used for guarantees and was subject to other restrictions, the actual available funds were only 442 million yuan.
Even if banks do not consider debt recovery and other factors, the company also faces at least 2 billion 500 million yuan of debt financing shortfall.
Obviously, the financing of Huaye capital will be affected by this incident.
Moreover, Huayi capital accounts receivable investment business contributed more than half of net profit.
According to Huaye Capital Report, in 2017, the companys creditors rights investment business recognized investment income of 615 million yuan, accounting for 61.62% of the net profit of 998 million yuan. In the first half of this year, the companys debt investment business has realized investment income of 415 million yuan, accounting for 42.3% of net profit. Among them, accounts receivable investment business recognition revenue is 504 million yuan, accounting for 51.43% of the current net profit.
Unfortunately, the incident of billions of radish chapters made it difficult for Huayi capital to sink itself into a quagmire.
Share prices plummet, and 34 thousand shareholders cry.
The liquidity of Huaye Capital in the secondary market can only be said to be tragic, in this round of tens of billions of dollars before the fraud crisis, has begun to plummet, and after the crisis was exposed, had four consecutive days of decline.
From the September 10 high of 8.36 yuan / share, to the 24 closing of 3.04 yuan / share, the stock price plunged more than 63%, the market value evaporated 7.577 billion yuan.
According to the latest list of shareholders at the end of June, some securities firms and fund subsidiaries appear in the top ten circulating shareholders, and many active partial equity funds hold more than 1 million shares.
In terms of the number of shareholders, by the end of June, Huaye Capital had nearly 34,000 shareholders, with a per capita holding of 42,000 shares, representing a per capita loss of nearly 226,000 yuan, a considerable loss.