Text / Cuiyu Xian In early January 2018, Netease technology circle of friends suddenly emerge a sentence: a cell phone manufacturer in Shenzhen to collapse this year, the news has not been much attention .After half a month, NetEase exclusive learned of Jinli director Long Li Rong 41.4% stake was frozen news.After our exclusive announcement, Jin Li was burst in Shenzhen and Shanghai plunged into a number of litigation, and Netease Technology found through the inquiry: a number of subsidiaries of the movable part of the mortgage, the dispute on the transfer of claims. Netease technology reporter recently learned from the industry and the mobile phone supply chain office, Jinli 2017 capital chain major problems: the amount of arrears reached 10 billion yuan, of which 8,600 million yuan owed to the bank, owed suppliers nearly 4 billion yuan, of which the largest Of a supplier reached 750 million yuan.In this regard, Netease technology to verify the Jin insiders, which said to Netease technology, the specific amount of close, but should not exceed 10 billion.Industry insiders said that whether Jin can survive This level depends on the ability to open the capital flow, whether the suppliers have to run, if the same music as before, all the suppliers appear on the run Netease technology reporter learned that before the rumors Jinli arrears staff salaries have been reissued: Some employees said to Netease technology that the situation is improving; the same time, Netease technology Jinli phone factory side, the other said the factory is operating normally. In an interview with the Securities Times, Jinli's chairman Liu Lirong also said that he would solve the capital problem in three steps and repay the debts step by step. Has this gold robbery ever passed? 1 Arrears or up Ten billion January 16 this year, Jin Li, chairman of Li-Rong was burst 41.4% stake was frozen after more than Jin litigation and claims disputes surfaced. First Oufei technology. According to Netease technology know, orfe Technology specially held an investment Person conference call, specifically referred to the gold arrears related matters.In order to appease investors sentiment, then Ofeid Technologies said that there is indeed arrears of gold, but can be assured: Jinli in the Ofeid technology collateral value is much higher than the debt owed While the Office of the Secretary-General Orfei technology secret NetEase technology also revealed that as early as November 2017 on the implementation of Jin Li preservation, the relevant collateral Body valuation of more than 2 billion.Offee released the latest bulletin shows that some customers receivables withdrew bad debt loss of 300000000 yuan.As for the identity of the client, the industry should be Jinli. Followed by the Vico essence. January On the 27th, Vico Essentials repeatedly issued three announcements stating that its net profit in 2017 was negative and its loss for two consecutive years may be at risk of being delisted. As for the reason for the loss in 2017, it is in the balance of its subsidiaries With 840,999,000 yuan receivables have a certain relevance, but the results there is uncertainty.Data show that the Vico essence subsidiary of Ningbo Vico Battery Co., Ltd. to Beilun District People's Court submitted a petition, the accused Dongguan Jin Zhuo Communications Technology Co., Ltd., Shenzhen Jinli Communication Equipment Co., Ltd., Dongguan Jinming Electronics Co., Ltd., Shenzhen Jinli Technology Co., Ltd. and Liu Lirong Jinzhuo Telecommunications is a wholly owned subsidiary of Jinli Telecommunications, 92% of Jinming Electronics Equity owned by Golden Communications, meanwhile, Golden Communications holds 95% of the shares of Golden Science and Technology Co., Ltd. Moreover, Liu Lirong is the largest shareholder of Jinli Telecommunications, holding 41.4% of equity, but also Jinming Electronics, Gold Li communications, the legal representative of Jin Li Technology Co., Ltd. Ningbo Veken prosecution due to the other party owed payment as of December 31, 2017, Jin Zhuo communications directly to the purchase of Vco battery unpaid amount of 21,113,700 (Excluding 2 unpaid checks), uncashed checks amounting to 14.22 million yuan, unpaid amounts totaling 35.3337 million yuan; as of December 31, 2017, Jin Ming Electronics Veken directly to the purchase of unpaid amount 35,986,200 yuan, the uncalculated amount of 12.78 million yuan, the amount of a total of 48,766,200 yuan unpaid, followed by Xiamen Tianma Microelectronics June 27, 2017 the court ruling Jinming Electronics to Xiamen Tianma Microelectronics payment of the proceeds of the price of 242.288247 million US dollar (about 15.3 million yuan).
(Figure 1: Pegasus and Jinming e-debt contract) Data show that Jin Zhuo communications, Jin and Guo Electronics also have subrogation disputes creditors for the above arrears, people from the supply chain to Netease Technology said: 'These are not Big head, there is a supplier defaulted 750 million. "Out of the protection of the supplier, the person did not disclose the specific company name.But the person said that 750 million yuan has done bank factoring, As long as the shipping bank will pay 80%, which means that the loss of the manufacturer may be only 2% of the so-called bank factoring is through the accounts receivable for approval and purchase, to the seller based on the buyer's credit conditions, to provide short-term and can be recycled The use of trade financing, accounts receivable, bad debt guarantees and other services.Another supply chain sources to Netease Technology disclosed that Jin Li's external debt can reach 10 billion, of which owed to banks 8.6 billion, owed suppliers more than 4 billion yuan. Through public inquiry, Liu Lirong found that a number of companies were involved in mortgage or contract disputes: Jinming Electronics already had three movable property mortgages in 2017 with a debt maturity of 25 February 2019, and the mortgagee Jiangzhe Silver Financial Leasing Co., Ltd .; Dongguan Jinzhong Electronics, which holds 30.66% of the shares, has 4 movable property mortgages, the term of the debt is Aug. 19, 2019, the mortgagee Far East International Leasing Co., Ltd., and Jinli Technology Co., Ltd. also suffered more The freezing of the shareholding of the People's Court and the fact that Liu Lirong itself holds 41.4% of the equity interest in Jinli also waited for a freeze, and in addition, Liu Lirong and his companies were plunged into litigation in January 2017.
(Figure 2: Liu Lirong and his companies caught in a number of litigation)
2 gambling lose money is just a smoke bombs? Kim suddenly there are so many litigation and claims disputes, many in the industry believe that Liu Lirong gambling lose money is the fuse. According to rumors, Liu Lirong gamble lost a huge amount of money, there are Rumors that the amount of 3, 400 million, there are rumors that the amount of 1 billion, and even lost more than 30 billion rumors.In response, Liu Lirong told the "Securities Times" said in an interview, it is only market rumors. And Liu Lirong One of the executives who got along for more than a year also told Netease Technologies that they did not find such a big gamble made by Liu Lirong. "Small gambling is possible, but it is impossible to lose so much." Jin public relations personnel denied to Netease Technology Gambling lose money. "Gamble is more akin to smoker than gambling arrears and default on supply chain money, mainly to cover up supply chain arrears." An industry source explained gambling to NetEase Technology Said Liu Lirong also accepted the "Securities Times" said in an interview, Jin capital chain problem is due to 2016-2017 marketing and investment costs over two years due to: the past two years In the marketing began to learn OV, crazy smashing ads, please celebrities (Feng Xiaogang, Shawn Yue, Xue Qian, Liu Tao, etc.) endorsement, sponsored hit variety show.It is understood, Jin M6 / M6Plus special sponsored the "Let's fight it," the exclusive crown The name of "real sound", special sponsor "Swordsman", the title of "four famous" sponsor "cross-border song king," titled "Tonight Paramount." In early 2017, according to Jin's planning , 2017 will be about S $ 1.9 billion investment in the S / M series for promotion, named the popular file variety shows .Li Lirong also revealed that from 2016 to 2017 Jinli marketing costs more than 6 billion investment. Heavily hit the ad, but the increase in mobile phone sales do not match.From GfK data show that in 2017 Jinli phone domestic sales ranked seventh, sold 14.94 million mobile phones, which is the beginning of the year Liu set the target domestic sales 30 million guaranteed, Challenges 38 million Taiwan a far cry.As for overseas sales, Jin has not yet announced.Liu Lirong had said in an interview that the mobile phone manufacturers, including Jinli, only the global annual sales of 100000000 units of the scale of the company Will be safe.In response, IDC analyst Jindi told Netease Technologies that the poor sales of handsets this year are related to the environment: the growth of China's smart phone market has stagnated in 2017 and the first drop in shipments indicates that Jinli's The main market is the fourth and fifth tier cities, the crowd has realized the replacement of smart phones, the market growth of smaller spaces, even crazy marketing failed to save the poor sales. "In addition to a huge amount of marketing, Jin Li also carried out A lot of investment in July 2017, Liu Lirong said Jinli will have a relatively large investment in Chongqing, the next investment is expected to total investment will reach 5 billion yuan.In addition, Jin Li is still under construction . According to Netease Technology, in 2014, Jin Li bid for the auction of T102-0248, a parcel of land located in the Shenzhen Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, for a total area of 5776.77 sq.m. A Jinli Building .In November 2015, the building started construction, which lasted one year in cap in October 2016, but the decoration is still in progress.Industry insiders told Netease technology, Jinli building is also Not a small expenditure. ZDNet learned from Jin at the top, in addition to land spent 710 million yuan, Gailou probably need to spend more than one billion yuan.
Life and death line "Whether it is rumored gambling bet lost, or billions of Gai Lou, or more than two billion marketing expenses, are irrational to Liu Lirong, but afraid that all the suppliers to run together. There are industry sources to NetEase technology so Road.However, Jin Li internal staff told Netease technology reporter said before the arrears of wages have been paid, the situation seems to have improved.NewEase technology also contacted Jin factory, which said all the operation of the factory Normal.It is understood that, in order to reduce costs, in itself is handset ODM manufacturers Jinli, began to find ODM manufacturers in the third quarter of 2017. 'A cell phone development takes 10 months, a cell phone company also made about 10 new models every year Machine, each phone needs R & D costs 30000000, the cost of 1,000 yuan, 10 million Taiwan stock needs 1 billion yuan.Therefore, each cell phone company can not have a loss.Jingli through the third party ODM manufacturers, to avoid the risk of preparation, reduce Cost, increase profit. 'Some ODM vendors said to Netease technology.According to Netease science and technology reporter understands, Jin Li some handsets found the Hua Qin and dragon flag production.For the future, Liu Lirong gave the outside world a very positive signal: do not run, debt will be repaid step by step.In this unprecedented crisis, Jin Li and Liu Lirong will be how to deal with? The future will go?
