The author was informed that of the suppliers involved in the Jinli crisis, Xianghai Electronics has been widely concerned by the industry because of the increased risk of signing gambling agreements when it was acquired by Shenzhen Huaqiang.
Three years of 300 million commitments, Shenzhen Huaqiang acquired Xianghai Electronics
Xianghai Electronics mainly deals in the distribution of electronic components and products. The core customers include Jin Li, OPPO, Vivo and other domestic mobile phone manufacturers. When it was acquired by Shenzhen Huaqiang, it gave a three-year, 300 million yuan profit commitment.
On May 20, 2015, Shenzhen Huaqiang issued an announcement stating that the company intends to issue shares and cash payments to Xianghai Electronic Shareholders Yang Lin, Zhang Ling, Yang Yichen, Han Jinwen, and purchase 100% equity of Xianghai Electronics at a transaction price of RMB 1.034 billion. In the transaction price, RMB 258.5 million was paid in cash, and RMB 775.5 million was paid in shares.
For Xianghai Electronics, the premium rate for Shenzhen Huaqiang’s acquisition is high, but the counterparty has given a three-year, three-year, 300 million yuan profit commitment. Yang Lin, Zhang Ling, Yang Yichen and Han Jinwen promised to be within the performance commitment period (2015 -2017), Xianghai Electronics can achieve a total net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss from 2015 to 2017 of no less than 301.0954 million yuan.
If Xianghai Electronics does not reach the cumulative net profit when the performance commitment period expires, Yang Lin, Zhang Ling, Yang Yichen, and Han Jinwen shall be compensated as agreed.
As a supplier of Jinli, Xianghai Electronics, under the influence of the Jinli Debt Crisis, has not received the accounts receivable. The net profit of Shenzhen Huaqiang, its parent company, was naturally affected in 2017. It is reported that the 2017 Shenzhen Huaqiang corresponding receipts plan is reduced. Value prepared to 73.5464 million yuan; in 2017, Shenzhen Huaqiang's net profit attributable to shareholders of listed companies decreased by 3.19% year-on-year, which was mainly due to the fact that Xianghai Electronics failed to redeem the receivables from Jinli.
Accidental completion of gambling agreement, component prices helped
Recently, Shenzhen Huaqiang issued an announcement that the company intends to make provision for impairment of accounts receivable within the scope of the consolidated statement as of December 31, 2017 of RMB 73,564,400, of which, the planned customer of Xianghai Electronics, a wholly-owned subsidiary of Dongguan Jinming Electronics Co., Ltd. and Dongguan Jinzhuo Communication Technology Co., Ltd. (both of which are subsidiaries of Shenzhen Jinli Communications Equipment Co., Ltd.) made provision for impairment of RMB 64,425,800, accounting for the company's 2017 receivables. 87.60% of the amount of accruals.
In addition, when the Ginde debt crisis erupted, Xianghai Electronics reduced the supply of its components and accumulated a lot of inventory. Originally, Xianghai Electronics planned to set aside inventory depreciation reserves, but due to the soaring prices of electronic component devices this year, If the net realizable value of inventory is significantly higher than its book value, it shall be reversed from the provision for inventory falling price that has been accrued, and the reversed amount shall be included in the current profit or loss.
Although Shenzhen Huaqiang did not specifically disclose the specific amount of the increase in the net real value of inventory due to the price increase of components, Xianghai Electronics apparently helped the company and caused Xianghai Electronics to unexpectedly complete its performance commitment.
According to the Shenzhen Huaqiang announcement, the net profit attributable to shareholders of the parent company for 2015-2017 of Xianghai Electronics was RMB 124,322,000, RMB 221,861,900, RMB 14,431,550, a total of RMB 490,409,400, and after deducting non-recurring gains and losses, it was RMB 49,094,270. , Exceeding the three-year promised net profit from 2015 to 2017 promised by the counterparty, exceeding the performance commitment.
Since the outbreak of the debt crisis of Jinli Mobile, many listed companies suffered a net profit last year. According to incomplete statistics, including Ophelia Technology, Shen Tianma, Veken Elite, Leading Puzzle, Shenzhen Huaqiang, Xinwei Communication, Weier Shares, II In June 3rd, Jingwang Electronics, Sheng Xunda and other 10 listed companies all cooperated with Jinli. After Jinli's supply chain funding was tight, suppliers were affected more or less.
Although Jinli has not disclosed how much of the debt gap exists in the debt, according to media reports, Jinli has owed more than 10 billion yuan in debt, including 8.6 billion yuan in arrears to the bank and arrears to suppliers of nearly 4 billion yuan. Currently, Jinli’s production and sales are gradually recovering. Normal, at the same time in the "downsizing" layoffs and self-help, and the introduction of strategic investors to gradually resolve the debt crisis. In the mobile phone industry has gone through 15 years of Jin Li, looking forward to the crisis as soon as possible, to go further.