Early January 2018, Netease technology circle of friends suddenly emerge a word: a cell phone manufacturer in Shenzhen to collapse this year.
The news started without much attention.
Half a month later, Netease Technology was informed that 41.4% stake in Jin Li, chairman of the board, was frozen. After our exclusive announcement, Jin Li was hit in Shenzhen and Shanghai plunged into a number of litigation, and Netease Technology found through inquiries: House subsidiary appeared chattel mortgage, creditor's rights transfer dispute.
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 A supplier of 750 million yuan.
In this regard, Netease technology to verify the Jinli insiders, which Netease Technology said the specific amount of close, but should not exceed 10 billion.
Insiders said that if JinLi can survive this level, it can see whether the capital turnover can be turned on and whether the suppliers all have to run the bank. If all the suppliers run like music before, they will easily collapse.
Netease Technology reporter learned that before the rumors Jinli owed 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. Accept "Securities Times" interview with reporters also said that in three steps to solve the problem of funds, the debt will be repaid step by step.
Has this golden robbery in the golden history ever passed?
Arrears or up to 10 billion
January 16 this year, Jinli chairman Li-Rong was burst 41.4% stake was frozen, the more cases of litigation and claims Jin surfaced.
First Oufei technology.According to Netease Technology, Orfe Science and Technology specially held an investor conference call, specifically referred to issues related to the arrears of gold.In order to appease investors sentiment, when Ofeid Technology said that Jin does have arrears , But you can rest assured: Jinli in the Ofeid technology collateral value far higher than the arrears.
The Office of the Secretary-General Orfei Technology Secret NetEase technology also revealed that as early as November 2017 on the implementation of the Jin Li preservation, the overall collateral valuation of more than 2 billion.
The latest announcement released by Orfe Technology shows that some customers' accounts receivable provided for a bad debt loss of 300 million yuan. As for the identity of the client, the industry believes that it should be Jinli.
Followed by Vico essence.
On January 27, Veken Elite issued three public 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, The company has 840,999,900 yuan receivables have a certain relevance, but the results there is uncertainty.
Statistics show that Veken Elite subsidiary Ningbo Veken Battery Co., Ltd. submitted a petition to Beilun District People's Court in Ningbo City. The defendants were Dongguan Jinzhuo Communication Technology Co., Ltd., Shenzhen Jinli Communication Equipment Co., Ltd., Dongguan Jinming Electronics Co., Ltd., Shenzhen Jin Li Technology Co., Ltd. and Liu Lirong.
Among these companies, Jinzhuo Communication is a wholly-owned subsidiary of Jinli Telecommunications, with 92% of Jinming Electronics owned by Jinli Telecommunications and 95% equity of Jinli Technologies held by Jinli Telecommunications Co., Ltd. Moreover, Liu Lirong is the largest shareholder of Jinli Telecommunications , Holds 41.4% of the shares, but also Jinming Electronics, Jinli Communication, Golden Legislative legal representative.
Ningbo Vico Battery Co., Ltd. sued because 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 yuan (after deducting two unpaid checks), uncashed checks the amount of 14.22 million yuan, the amount of the total outstanding 35,333,700 yuan; as of December 31, 2017, Jin Ming Electronics Veken directly to the purchase of unpaid amount of 35,986,200 yuan, the uncalculated amount of 12,780,000 yuan, the amount of 48,762,200 yuan outstanding.
Followed by Xiamen Tianma Microelectronics.
On June 27, 2017, the court ruled that Jin Ming Electronics paid the consideration of USD 242.288247 million (approximately RMB 15.3 million) to Xiamen Tianma Microelectronics for the transfer of the claims.
Figure 1: Pegasus and Jin Ming electronic debt contract
Data show that Jin Zhuo communications, Jin and Guomin Electronics also have subrogation disputes creditors.
For the above arrears, people from the supply chain said to Netease Technologies: 'These are not the big ones, and one supplier is 750 million yuan defaulted by Golden State.'
Out of the protection of the supplier, the person did not disclose the specific company name.But the source said that the 750 million yuan has been done bank factoring, as long as the shipping bank will have to pay 80%, that is, the manufacturer The loss may be only 2 percent.
The so-called bank insurance is through the accounts receivable for approval and purchase, to the seller based on the buyer's credit conditions, to provide short-term and re-use of trade finance, accounts receivable, bad debt guarantees and other services.
Another source of supply chain revealed to NetEase Technology that Jinli's foreign debts could reach 10 billion yuan, of which there were 8.6 billion yuan in arrears and 4 billion yuan in arrears to suppliers.
Netease Technology found through public information inquiry, Liu Lirong multiple companies into a mortgage or contract dispute: Jinming Electronics 2017 has three movable mortgages, debt maturity to February 25, 2019, the mortgagee Zhejiang Zhejiang Bank Financial Leasing Co., Ltd. Company; holding 30.66% of Dongguan Jinzhong Electronics has four movable mortgages, the debt maturity August 19, 2019, the mortgagee Far East International Leasing Co., Ltd.; Jinli Technology Co., Ltd. has also been a number of People's Court of Equity freeze ; Liu Lirong itself holds 41.4% stake in Jin Li also was waiting for a freeze.
In addition, Liu Lirong and its various companies also fell into litigation in January 2017.
Figure 2: Liu Lirong and its companies plunged into litigation
Gamble lose money is just a smoke bomb?
There are so many litigation and claims dispute Jinlian suddenly, many in the industry think 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 400000000, There are also rumors that the amount of 1 billion, and even lost more than 30 billion rumors.In response, Liu Lirong said in an interview with "Securities Times" that it is only market rumors.
An executive who spent more than a year with Liu Lirong also told Netease Technologies that he 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 staff to NetEase denied the gaming lose money gambling said.
Gamble is a smoke bomb, mainly to cover supply chain arrears, compared to gambling arrears and arrears of supply chain money, which explains the source of gambling to NetEase.
In an interview with Securities Times, Liu Lirong said that the issue of Jin capital chain broke out because of the over-marketing and investment costs in 2016 and 2017: In the past two years, Jin Li started to study marketing OV, crazy hit ads , Please celebrities (Feng Xiaogang, Shawn Yue, Xue Qian, Liu Tao, etc.) endorsement, sponsored hit variety show.
It is understood that Jin M6 / M6Plus special sponsored the "Let's fight it," the exclusive title of "true voice", special sponsor "Swordsman", the title of the "Four Aids", sponsoring "transatlantic King", title "Tonight Paragon." At the beginning of 2017, according to Jin Li's plan, in 2017, about 1.9 billion yuan will be invested in S / M series for promotion and publicity, and all the popular variety shows will be given.
Liu Lirong also revealed that from 2016 to 2017 Jinli marketing costs more than 6 billion yuan.
Invested heavily in smashing ads, but the increase in mobile phone sales does not match.From GfK data show that in 2017 Jinli mobile phone sales in the country ranked seventh, sold 14.94 million handsets, which is the beginning of the year Liu Li-rong target domestic sales 30 million guaranteed , Challenged 38 million Taiwan a far cry.As for overseas sales, Jin has not yet announced.
Liu Lirong said in an interview with the media, including mobile phone manufacturers, including Jinli, only the global annual sales of 100 million units of the size of the business will be safe.
In response, IDC analyst Jin Di told Netease Technologies that this year's poor handset sales are related to the environment: the smartphone market in China stagnated in 2017, with shipments falling for the first time, saying "the main market for Jin Li is Fourth and fifth tier cities, the crowd has achieved a replacement smartphone, the market growth of smaller spaces, even crazy marketing failed to save the poor sales.
In addition to a huge amount of marketing, Jin made substantial investments abroad, and in July 2017, Liu Lirong said that Jinli would have a relatively large investment in Chongqing and expected to have a total investment of 5 billion yuan .
In addition, according to Netease Technology Co., Ltd., according to Netease Technology Co., Ltd., Jin Li bid for the bid for the right to use the parcel of land T102-0248 located in Shenzhen Shenzhen Qianhai Shengeng Service Industry Cooperation Zone for RMB710 million in 2014, 5776.77 square meters. Jinli wanted to set up a Jinli Mansion in November 2015. The building started its construction in November 2015 and took a year to cap in October 2016, but decoration is still in progress.
Insiders said to Netease technology, Jinli Gai building is not a small expenditure.Neijian learned from the top of Jinli, in addition to the land spent 710 million yuan, the Gai Lou may need to spend about one billion yuan.
Life and death line
'Whether it's rumored gambling betting, or billions of gfp, or more than two billion marketing expenses, it is not a concern for Liu Lirong, but feared that all suppliers will be running in tandem.' There are industry professionals Netease technology so Road.
However, Jin Li's internal staff told Netease Technology reporter that the wages previously owed have been paid and the situation seems to have improved somewhat.
Netease technology also contacted Jin Li factory, which said all the normal operation of the factory.
It is understood that, in order to reduce costs, itself is the handset ODM Jinling, Q3 2017 began looking for ODM manufacturers to produce mobile phones.
'A cell phone development needs 10 months, a cell phone company also made about 10 new machines each year, each cell phone needs R & D costs 30 million, the cost of 1,000 yuan, stocking 10 million units will need 1 billion. Therefore, the mobile phone company Each product can not be missed. Jinli third-party ODM vendors, to avoid the risk of preparation, reduce costs, increase profits. 'Some ODM vendors to NetEase technology said.
According to Netease technology reporter understands, Jin Li has found some mobile phones and dragon flag production.
For the future, Liu Lirong gave a very positive signal to the outside world that it will not walk and 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?