Once a golden flower in the refrigerator industry, the new flying company that once owned China's "King of the refrigerator" failed to escape the fate of depravity. 'The Xinfei Advertising is doing well, not as good as the new flying refrigerator'. The slogan of the mouth, together with the scenery of the home appliance giants of the year, made Xinfei a memory for a generation. To a certain extent, the development of Xinfei represents the history of the development of early home appliances in China. Ranked among the top 500 industrial enterprises in China and the top 100 in China's information industry.
Since November of last year, the reorganization process of Xinfei Company (Henan Xinfei Refrigerator Appliance Co., Ltd., Henan Xinfei Electric Appliance Co., Ltd., and Henan Xinfei Home Appliance Co., Ltd., collectively referred to as Xinfei Company) has taken a turn for the worse. “Daily Economic News” reporter It was noted that in February this year, there was also a rumor that Xinfei Company was about to resume production. At that time, the former largest shareholder of Hongfei Company, Hong Leong Asia Limited (hereinafter referred to as Hong Leong Asia), would once again be officially reformed. Investors, have high expectations from the industry.
However, after a few months, the changes took place again. After Hong Leong Asia explicitly withdrew and reformed, Xinfei Company was about to enter the judicial auction and set foot on the road to re-find the reorganization of investors.
Bankruptcy restructuring
On June 11, “Daily Economic News” reporter discovered from the Ali Judicial Auction Platform that the entire equity of Xinfei’s brand—Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigeration Appliances—will be held in June 28, 2018. At 10 o'clock on the 29th and 29th on the 29th (except for time delays), a public auction was conducted on the Taobao.com judicial auction network platform in the Xinxiang City Intermediate People's Court of Henan Province (hereinafter referred to as the Xinxiang Intermediate People's Court) with a starting auction price of 450 million yuan. Part of the land, real estate and construction will also start auction on July 5 with an auction starting price of RMB 115 million.
Subsequently, a reporter of “Daily Economic News” contacted the relevant person of the auction manager, Beijing King & Wood Law Firm. The other party stated that the time has not yet been opened. Now only the platform (auction) information is available. Follow-up to see if the lawyer can respond to relevant questions.
It is worth noting that some listed companies have been implicated. Zhejiang Kangshengke Industry & Trade Co., Ltd., a wholly-owned subsidiary of Kangsheng Co., Ltd., is a creditor of Xinfei Co., Ltd., whose declared debt is 23.1682 million yuan.
“Xinfei Electric Appliances, Xinfei Household Appliances, and Xinfei Refrigerator Reorganization Plan (Draft)” show that Xinfei Company is currently in an insolvent state. According to the “Audit Report” issued by auditors, the net assets are as of the audit benchmark date. For the negative 1.129 billion yuan. The review and confirmation by the Xinxiang Intermediate People's Court a total of 840 creditors, the amount of credit worth up to 2.295 billion yuan.
As of November 9, 2017, Xinfei Company still had 257 million yuan in receivables that were not recovered. After auditing, auditors found that there were serious shortages of original vouchers for these receivable assets.
Prior to this, Xinfei’s reorganization creditors’ meeting was held on May 18, 2018. The voting approved the “Henan Xinfei Company Restructuring Plan (Draft)”. The original shareholders’ equity of Xinfei Company will be fully adjusted and auctioned. Ways to transfer to a qualified restructured investor. The manager will dispose of the original shareholder of Xinfei Company to hold the entire equity of Xinfei Company in the form of an auction. The eligible recapitalization investor will obtain the aforesaid equity through auction, but the consideration paid It should not be lower than the valuation of the assets under consideration (including assets such as land, plant, equipment, and trademark rights) in the state of bankruptcy liquidation.
A related person familiar with the matter told reporters at the “Daily Economic News” that at that time nearly a thousand creditors should have participated in the meeting through the Internet, after which the court conducted relevant rulings (demonstrating validity and validity), and then proceeded with the auction procedure.
However, Xinfei Company also faces the risk of failure to introduce investors into bankruptcy. The “Rules on Approving Xinfei Company's Restructuring Plan” shows that if the court decides to approve the reorganization plan, it will not be eligible for repurchases within 60 days of the purchase. Subject to the equity of Xinfei Company, the administrator has the right to apply to the People's Court for the reorganization procedure of Xinfei Company and announce the bankruptcy of Xinfei Company.
Withdrawal of capital causes production to be interrupted again
Previously, a number of industry sources told reporters that the main reason leading to the decline of the new flight is the continuous change of equity.
In 1994, Xinfei Refrigerator became a pilot project of Henan Province's strategy of “bringing in foreign capital to graft and transform state-owned large and medium-sized enterprises.” Among them, Xinfei Group, the major shareholder of the Xinxiang Municipal Government, controls 49%, and Singapore’s largest real estate and hotel investment development business is Feng. Long Group holds 45% of the shares, and the remaining 6% of shares are held by Henan Yuxin Electric, established by the Henan Provincial Office in Singapore. Since then, New Flying Refrigerator has become a Sino-foreign joint venture Xinfei Electric. Equity transfer, Singapore’s Hong Leong Group achieved absolute control in Xinfei Electric, with 90% shareholding. China’s management and management rights have been completely lost and 'Xinfei’ has since become a Singapore brand.
At the beginning of November 2017, Xinfei Company issued a bankruptcy reorganization statement, stating that due to the competition in the market and the declining revenue, Xinfei Company has sustained losses in the past few years. Although the foreign shareholders have given a lot of funds and support, they still cannot completely reverse the situation. Due to pressure from the capital chain, only production activities are stopped.
After a period of silence, Xinfei seems to have a new lease of life. On February 6th, Henan Daily News’s WeChat public number Dahe Financial Cube reported that Henan Xinfei Electric Co., Ltd. has officially announced that it will start reforming. Gradually resumed production in the near future.
The above-mentioned news and the “Oliver Branch” that Hong Leong had previously thrown at Xinfei Company were inseparable. The “Rules on Approving Xinfei Company's Restructuring Plan” showed that on February 3, 2018, it was determined that Hong Leong Asia was officially reformed. Investors, According to the Hong Leong Asia Declaration Program, Xinfei Company resumed some production from February 8, 2018.
However, in the unlikely event that after paying a deposit of 50 million yuan, Hong Leong Asia failed to enter into a reorganization agreement and fulfilled its promise. It announced on April 13 that it will withdraw its capital from Xinfei, causing Xinfei’s production to be completely suspended again. Under the circumstances, the new flight desperation embarked on the current judicial auction.
Referring to the reasons for the recapitalization of investors, Zhou Bing, general manager of Sichuan Haocheng Enterprise Liquidation Co., Ltd., told reporters that the withdrawal of restructured investors generally originated from two situations. One is the investor’s own cash flow problem and funding issues. Can not implement the contract; Second, because there is a certain business risk of the target or the relevant preferential policies have changed, investors even withdrew the deposit and withdrew from the investment.
In addition, Zhou Bing told reporters that the current reorganization plan is also relatively rare. The search for new investors through the auction seems to be uncertain in the industry, and this will also bring greater benefits to the creditor’s earnings. Uncertainty.
Zhou Bing mentioned that under such an uncertain reorganization plan, the creditor can still pass a resolution stating that the creditor expects Xinfei to be able to return by means of a reorganization. Generally speaking, for creditors, compared with bankruptcy liquidation The program, the reorganization plan has a higher proportion of compensation.