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    *ST Kaidi’s overdue debt reached 11.6 billion. Creditors said they lost trust in the chairman.

    2019-02-11 00:05:56

    Securities dailyZhao Qiande

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    *ST Kaidi (000939)

    *ST KaidiIn the last two trading days before the Spring Festival, the stock price fell below 1 yuan, and closed at 0.95 yuan/share on February 1, down 1.04%. Lichun has passed, but in the cold winter, *ST Kaidi, its spring does not seem to come.

    Last year's loss of 5 billion to 6 billion yuan

    Asked by the Shenzhen Stock Exchange

    On the eve of the Spring Festival, many companies in the A-share market performed “explosive thunder” and were inquired by the regulatory authorities. *ST Kaidi was also among them. On January 31, *ST Kaidi issued a performance forecast: 2018 is expected to lose 5 billion yuan to 6 billion yuan. According to the company, the main reasons for the change in performance include: the company's mid-term bill payment default in May 2018, the credit rating was rapidly lowered, and the financing channels were all closed. Since then, large-scale debt defaults have occurred, and the company's financial expenses in 2018 have risen; Insufficient, the company's power plants were largely shut down, and profitability was affected. Some of the power plants under construction were subject to the company's financial pressure, and the construction of the power plant was terminated in consultation with the project site, resulting in a large amount of asset impairment.

    In the evening, the Shenzhen Stock Exchange issued a letter of concern. In the company’s third quarterly report of 2018, it disclosed a loss of 1.734 billion yuan in the first three quarters. Now it is estimated that the annual loss will be 5 billion yuan to 6 billion yuan. The reason for the sharp increase in the fourth quarter and the estimated amount , the basis for the provision of asset impairment, and whether timely and complete information disclosure on the termination of construction of power plants under construction.

    Bankruptcy reorganization has no period

    Is there any way to go to the "fairy stocks"?

    After the release of the performance forecast, immediately after February 1st, *ST Kaidi was once again in the ranks of “Fairy Shares”. According to relevant regulations, if the closing price of the stock is lower than the face value of the stock for 20 consecutive trading days, the company's stock may be terminated. *ST Kaidi will become another company that is delisted below 1 yuan? However, what is more concerned about the market is when the debt crisis of *ST Kaidi can be solved. In the new year, where will the fate of the company go?

    According to the *ST Kaidi January series announcement, the current *ST Kaidi overdue debt totaled 11.6 billion yuan, the latest audited company's net assets were 10.6 billion yuan, and the overdue debt accounted for 109.54% of the latest audited net assets. As of January 21, *ST Kaidi's controlling shareholder, Sunshine Kaidi, held a total of 27 shares of the company's shares frozen and waiting for the freeze; as of January 25, *ST Kaidi and its holding subsidiaries were involved in the amount of more than 10 million yuan The total amount involved in the case of refereeing or mediation was 8.55 billion yuan. According to *ST Kaidi related creditors, the controlling shareholder Sunshine Kaidi has a debt of 13.5 billion yuan, and the main asset is holding *ST Kaidi shares, whose value is less than 1.5 billion yuan.

    Under such a dilemma, how is the progress of *ST Kaidi reorganization and self-help? According to the regular briefing of the Caddy Group Debt Committee, *ST Kaidi and Sunshine Kaidi submitted to the debt committee "Key Points of Implementation of Kaidi Ecological Major Restructuring (Reporting Draft)" have actually been rejected by the debt committee. As of January 2, 2019, The debt committee received a total of 43 feedback sheets, of which 6 were agreed, 34 were disagreed, and 3 were not voted but submitted comments. "At present, creditors have lost confidence in Sunshine Kaidi and Chairman Chen Yilong. From many aspects, the core is that everyone does not agree that Chen Yilong as a controlling shareholder is really saving listed companies, but to delay the time, the nature of the restructuring it leads. There is no progress on the list, so there is no possibility of success." The relevant debt committee told the "Securities Daily" reporter.

    In fact, the controlling shareholder Sunshine Kaidi Group's interest-bearing liabilities and external guarantees totaled as much as 13.5 billion yuan, which is already heavily insolvent. In addition, there is already information showing that *ST Kaidi's assets will be auctioned. On January 23, Jingdong Judicial Auction Platform launched the auction of "Beijing Second Intermediate People's Court on the Shareholders' Rights of Linyi County Kaidi Green Energy Development Co., Ltd.", the starting price was 34.447 million yuan; on January 18 in Ali The judicial auction network sold its 20 million shares of Hankou Bank, and the auction price was 91.180 million yuan, ending with a stream. "The sale of core assets is a signal, which may indicate that the so-called slimming and self-help of listed companies may not be able to advance, and the bankruptcy reorganization of its major shareholders will kick off." Industry analysts pointed out.

    It is reported that many creditors are currently applying for the bankruptcy liquidation of Sunshine Kaidi Group.

    The above creditors pointed out: "If you can enter the bankruptcy process, the large institutions are willing to come in as a reorganization party, and it is possible to provide liquidity and advance part of the arrears and wages. In the absence of bankruptcy reorganization, any self-rescue and recovery Production is difficult to implement." But the current "Securities Daily" reporter did not get news about the bankruptcy reorganization of Kaidi was filed by the court.

    Hot search*ST Kaidi creditor Shenzhen Stock Exchange

    Editor in charge: Fu Jianqing RF13564

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