On June 20th, Xinxiang Xinfei Electrical Factory in Henan Province was still hung with a red banner, which was started in February. Now it stopped production. Beijing News reporter Zhang Yishe June 20th, Henan Xinxiang Xinfei Electrical Appliance Factory, still hangs 2 The red banner, which started its construction in the month, is now discontinued.
On June 20th, in the quiet little town of Xinxiang, the electric cars on the spacious Xinfei Avenue were flown. The Xinfei Electrical Appliances Co., Ltd. on the North Main Road had been discontinued. The factory area was still clean, but it was no longer alive and lively.
On the Nanhuan Road, the Xinfei Electric Appliance Factory’s gold medal signage showed mottled time after months. The open space outside the factory planted weeds. A few people in the plant were walking around. The security at the gate told reporters that 'the workers had been dismissed. Only the investor's bus to visit the factory. '
“The Xinfei advertising is doing well. It's not as good as the new flying refrigerator!” It was a new generation of memories for the generation. It was the pride of the city of Xinxiang, and it was also known as the “Four Brands of Refrigerator Brands” with Haier, Rongsheng and Meiling. Jinhua', and now one of the 'four golden flowers' is flying onto the judicial auction.
The news of the reorganization of the nearly 5,000 big factories has caused a lot of waves in this small-scale four-city town. It has sold to China National Aviation Corporation's Xinfei Hotel, the second-floor dining area, and worked in Xinfei Electric No. 1 Factory. 18 In the year, Li Chaoyang placed the smoke on the table and told the Beijing News reporter. “Although the bankruptcy and reorganization of Xinfei Company is also an expected thing, many of the staff’s parents are working in Xinfei and we’re still in this generation. When I fly to work, will the new Feifei not want us?
Four days later, the former owner of the refrigerator king will officially take a shot and change hands, and it is reported that several listed companies and state-owned enterprises have participated in the auction.
Capital chain breaks
Debt exceeds 2.5 billion, creditors exceed 800, and 450 million starts
At the beginning of June, auction information on 100% equity of Xinfei Company was already listed on the Ali auction. According to the auction information, the targets of the auction were Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Home Appliance Co., Ltd. and Henan Xinfei Refrigerator Appliance Co., Ltd. The company’s 100% stake in the public auction will be held on the 28th of June at 10:00 am and 10:00 pm. The starting price will be 450 million yuan and the margin will be 100 million yuan. The price increase rate for each auction will be no less than 5 million yuan. Some of the land under the name of Xinfei Company will be auctioned on July 5 with an auction starting price of RMB 115 million.
This must be started in November of last year. On November 9, 2017, the Xinxiang Intermediate Court ruled that the application of Xinfei Electric Appliances, Xinfei Electric Appliances and Xinfei Refrigeration Appliances should be applied for reorganization.
On May 18, 2018, the new credit company merger and reorganization case held the second creditors' meeting. The meeting passed the reorganization plan of Xinfei Household Appliances, Xinfei Electric Appliances and Xinfei Refrigeration Appliances. The Xinxiang Intermediate People's Court ruled to approve the restructuring. plan.
According to the reorganization plan, the original shareholders' equity of Xinfei Company will be fully adjusted, and will be transferred to an eligible reorganization investor in the form of an auction. Xinfei will maintain its legal personality, and the qualified recapitalization investor will hold Xinfei Company. 100% equity; the equity auction consideration will be used to clear 8 pending matters such as the debt of Xinfei Company.
Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Home Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliances Co., Ltd. will be held at 10:00 pm on June 28, 2018 to June 29, 2018 (except time delay) in Xinxiang, Henan Province. An open auction was conducted on the Taobao Judicial Auction Network Platform of the Intermediate People's Court of the Municipality. The starting price of 100% of Henan Xinfei Electric Appliance/Refrigeration Appliance Co., Ltd. was RMB 450 million, and the price increase was 5 million yuan; Henan Xinfei Electric Appliance Co., Ltd. The part of the land, real estate and construction (list of assets is limited) will be auctioned from 10:00 on July 5, 2018 to 10:00 on July 6, 2018 (except for time delays) and will be auctioned on the Taobao Judicial Auction Network Platform. The starting price is RMB 115 million and the increase rate is RMB 5 million.
Judging from the Civil Ruling Paper of the Intermediate People's Court of Xinxiang City, Xinfei Electric, located at No. 370 Beigan Road, had total assets of 1.156 billion yuan, total liabilities of 1.503 billion yuan, and debt ratio of 130% as of December 31, 2016. , Net assets -3.47 billion yuan; Xinfei Refrigeration No. 36 in the development zone as of December 31, 2016, its total assets of 759 million yuan, total liabilities of 953 million yuan, debt ratio of 125%, net Assets were RMB -194 million; Xinfei Household Appliances located at No. 16 Fenghua Road, Development Zone, as of December 31, 2016, had total assets of RMB 454 million, total liabilities of RMB 523 million, and asset-liability ratio of 115%. Net assets were -688.4535 million yuan; total net assets reached -6.1 billion yuan.
On November 20, 2017, Xinxiang Intermediate Court appointed Beijing King & Wood as the manager of the merger and reorganization case of Xinfei. There were a total of 408 large creditors with a total debt of 2.268 billion yuan and a total of 430 small creditors. The total amount of claims was 204.824 million yuan, and the total amount of claims totaled 2.288 billion yuan. The deadline for the submission of the draft reorganization plan was that Xinfei’s assets had a valuation of only 1.09 billion yuan.
According to the civil ruling of the Xinxiang Intermediate People's Court, the reasons for the auction of Xinfei Electric Appliances, Xinfei Refrigeration and Xinfei Household Appliances were that the capital chain was not able to pay off due debts and the assets were insufficient to pay off all the debts. On the 30th of the month, he applied to the court for reorganization.
Whose flowers fall?
Konka intends to take over, 'New Flying Heritage' still has value
Xinfei Electric Appliance Auctions is on the verge. Currently, there are many home appliance companies interested in connecting to the market, including home appliance companies such as Gome, Wanbao, Gree, Omagh, Konka, etc. All of them have had contact with Xinfei, and the relevant person in charge has repeatedly traveled to Xinfei. 1. The headquarters of the electrical appliance company got in touch with the company's new flying trademark.
Informed sources told the Beijing News reporter that several companies had come to Xinfei Electronics to conduct field research. Only the Konka Group delegation was staffed with investment, legal affairs, etc. Prior to this, relevant person in charge of the Konka Group disclosed to the Beijing News reporter. 'At present there is an intention to participate in the transfer of the new fly electrical appliances. 'And said that 'through the new fly perfect Konka white goods layout, bigger and stronger white-power business' idea.
The main business of Konka Group is multimedia business, supply chain management business, white electricity business, mobile phone business, etc. The subsidiary Anhui Konka Tongchuang Electric Appliance Co., Ltd. is mainly responsible for production, sales of refrigerators, washing machines and other household appliances. Konka Group achieved business in 2017 The revenue was RMB 31.228 billion, and the net profit attributable to shareholders of listed companies was RMB 5.057 billion, of which the revenue from white-water business was RMB 1.737 billion, accounting for 5.56%.
In addition to the Konka Group, another established appliance company, Guangzhou Wanbao Group, was once reportedly interested in connecting to Xinfei Electric. According to Guangzhou Wanbao Group’s official website, Guangzhou Wanbao Group is the earliest and largest home appliance refrigeration equipment and product in the Chinese home appliance industry. One of the R&D and manufacturing centers, the main products include refrigerators, freezers, air conditioners, refrigeration compressors, and ancillary products, forming the most complete refrigeration equipment industry chain and home appliance product cluster in China. It owns 'Wanbao', 'HUAGUANG', ' Sobao', 'WeiGema' and other independent brands.
As of press time, the reporter did not contact the Wanbao Group to respond to the new flight.
In addition, other rumored companies have not admitted that they intend to make an appointment. The relevant person in charge of the Gome Holdings Group told the Beijing News reporter that 'There is no information that can be announced to the public.' Gree said that it is not currently aware of the relevant situation. The relevant person in charge of Midea Group Told the Beijing News reporter, 'I did not understand the relevant circumstances.' Oma Electric executives told the Beijing News reporter, 'We did not have such a plan.'
'The new flight advertising is done well, not as good as the new flying refrigerator' This slogan was well-known in the past, Xinfei Electric's quality and reputation are evident. Now faced with 'selling the body', its value is geometric?
Industry analyst Hong Shibin believes that 'New Flying has land, factory buildings, manufacturing equipment, brand value, if it is for industry mergers and acquisitions, it also has the value of the supply logistics chain of the Central Market's layout. So it is crucial to see who the merger is. '
Appliance analyst Liang Zhenpeng believes that branding, production lines and sales network systems are valuable for Xinfei. However, if debt is not well resolved, it is likely to become the biggest obstacle to Xinfei’s acquisition.
Golden age
砸 The refrigerator has emerged from the Golden Age
Now the cold and sad new horse flew in front of the door, once contending with Haier.
Public information shows that Xinfei’s predecessor was Xinxiang Radio Equipment Factory, a small local military enterprise founded in 1958.
In 1983, 43-year-old Liu Bingyin took the post of director of radio equipment factory in Xinxiang City. In the following year, radio equipment factory in Xinxiang City aimed at the gradually rising home appliance market led by Liu Bingyin. In order to get rid of the production difficulties of small-scale military enterprises, Xinxiang Radio The factory turned production of home appliances such as refrigerators, and Xinxiang Refrigerator Factory was officially established.
In 1986, Xinxiang Refrigerator Factory introduced an Italian refrigerator production line from Philips. The 'Xinxiang-Philips' brand officially entered the market, and the brand name of Xinfei came from this. In May 1990, Liu Bingyin also clamored for 400. Taiwan has a refrigerator with quality problems. The effect is very significant. Quality consciousness has begun to sprout in the hearts of the newcomers. Until now, this quality consciousness is still a brand imprint in the hearts of Xinfei employees. Liu Bingyin’s original actions and efforts have continued to attract new employees. Le Dao, 'The new fly refrigerator in Haier's hometown of Qingdao is the best quality.' Li Chaoyang said. At that time, the new fly and Haier can still be courteous.
In 1994, Sino-foreign joint venture Xinfei Electric Co., Ltd. was established. Based on this, in 1996, relying on the huge sum of money introduced by Sino-foreign joint ventures, Xinfei Electric launched the first largest and most advanced fluorine-free refrigerator production line. Fluorine refrigerators were put on the market in large numbers, and a wave of non-fluorine-free refrigerators rushed to purchase in the country. New Flying also made it to the top three players in the industry.
In terms of management, Liu Bingyin, as the founder of Xinfei Electric, has played a decisive leadership role. 'As long as it is a mistake, no matter how big the leadership is, Liu Liu (Liu Bingyin) will directly bow at the conference and today may also be a high-level leader. Middle-level leaders may go to the gates tomorrow. They can speak loudly. Our staff manuals are thick and have tens of thousands of words. If we fail to do so, we will be fined. However, our salaries are also high. In a few years we can get 1,500 yuan. The senior leaders of other factories also pay hundreds of dollars. 'The old employee of Xinfei Electrical Appliances stated to the Beijing News.
At that time, Xinfei Electric was a leader in the industry, whether it was the innovation of science and technology, the quality requirements or the cohesion of employees.
Employees who worked for Xinfei Electric for several decades recalled the new flying appliances in the era of Liu Bingyin. 'At that time we already had a concept refrigerator. Old Liu said, 'Use generations, develop generations, reserve generations.'
Downhill
Foreign investment, executives frequently change, 'small innovation'
In the era of Liu Bingyin, the new flight was different from Haier, and did not enter the capital market—listing. It also had the right to operate independently. With the introduction and restructuring of foreign capital, Singapore’s Xinfei’s control rights fell next to Singapore’s Hong Leong.
According to public information, during the tide of investment promotion in 1994, the government took the lead in introducing Singapore’s Hong Leong and Xinfei Group together to form Xinfei Electric, of which Xinfei Group holds 49% of shares and Singapore’s Hong Leong Electric Pte. Ltd. holds shares. 45%, Singapore Yuxin Electric Co., Ltd. holds 6%, Xinfei Group still holds the right to speak.
In 2005, the restructuring of state-owned enterprises, the Xinxiang City Government transferred 39% of its state-owned shares to Singapore's Hong Leong, plus the earlier acquisition of 6% stake in Xinfei Electric Co., Ltd. owned by Singapore Yuxin Electric Co., Ltd. It became the major shareholder of Xinfei Electric with 90% of its shares, and became the new operator of Xinfei Electric.
During the restructuring period, due to limited company capacity when entering foreign capital, Xinfei Electric was divided into three parts, namely Xinfei Electrical Appliances, Xinfei Refrigeration and Xinfei Household Appliances (collectively referred to as Xinfei Company). Xinfei became a wholly foreign-owned enterprise. .
In 2006, the Hong Kong-based Hong Leong Zhang Donggui served as the chairman of Xinfei Electric. Zhang Donggui led the management team to airborne Xinfei Electric. It was commented that the arrival of Zhang Donggui did not bring significant development to Xinfei Electric. 2011, Xinfei Electric General Manager Li Gen said in an interview with the media, 'The chairman of the board not only has to do the right thing, but also has to do things correctly. Although compared with itself, Xinfei’s sales performance is improving every year, but compared with other competitors. Not much progress has been made, for example, Midea has achieved a 40% sales growth.
However, there are also comments that Zhang Donggui’s sudden resignation is the beginning of a new flight from prosperity.
At the end of 2010, Zhang Donggui resigned. After that, Xinfei Electric frequently replaced the senior management of the capital, including the chairman. In addition, frequent changes in the middle and senior levels were also criticized by the employees. 'The Hong Leong Department did not trust the Chinese staff, and a large number of Hong Leong’s officers continued It was inserted in. The former middle-level cadres of Xinfei never had more than 100 people. From the beginning of Zhang Donggui’s time, this figure has continuously increased. Now there are about 300 middle-level cadres. And it’s a courtesy and high courtship. Then, the following middle-level cadres will be replaced. " A new employee's email notification of appointment and dismissal shows that almost every month there are personnel changes in the mid-level and high-level within the new flight. 'Appointments and dismissals every month, very Frequently, executives are mostly airborne.
After that, the new flight slipped steadily toward insolvency and reorganization.
Appliance expert Liu Buchen analyzed the Beijing News that Xinfei Electric gradually fell after the acquisition of Singapore Hong Leong because Singapore Hong Leong, as an investment company, did not have experience in manufacturing companies and its purpose was to sell Xinfei Electric. After gaining investment income, during the course of his power, he had also heard news of selling the new flying electrical equipment. However, due to the excessively high asking price.
In addition, during the Singapore Hong Leong operation, the contradiction between the Chinese side and the capital has always existed. Li Chaoyang told reporters that since the state-owned enterprise restructuring in 2006, there has been no increase in wages for 12 years. The factory is basically four or five thousand one month. We still have to pay more than 2000 yuan per month. Some employees have not completed their performance and even have monthly salary of only 1,000 yuan. In 2012, employees protested. There are also some employees who are dissatisfied with their wages and go out to find jobs.
An informed source close to Xinfei Electric's management stated to the Beijing News that the employees did not trust the management of the employers and did not adapt to the management of the employers. The reporter also verified this statement in various ways during the visit. The informed source also told the reporter. Different from Liu Bingyin’s vigorous innovation, after Singapore’s Fenglong took over Xinfei Electric, Xinfei’s R&D team survived in name only. Li Chaoyang spoke of Xinfei’s R&D team buying other brands of refrigerators for reference, and thus fell into knowledge. Property rights disputes.
Liu Buchen also believes that small innovation, backwardness in intelligence, and lack of youth are an important reason for Xinfei Electric to lose market share. The reporter noted that after 2010, the refrigerator industry began to welcome the tide of consumption upgrades.
According to Ovid data, the sales volume of new flying refrigerators fell by 37% year-on-year in 2012, and the market share began to decline year after year, and fell out of the top ten in 2014.
Before the auction of equity
Hong Leong Asia 'Shuangsuo' reorganizes plan and announces divestment
Li Chaoyang told the Beijing News that the phenomenon of the breakage of the capital chain of Xinfei Company has been a long-standing phenomenon. In 2016, Xinfei Electrical Appliances Co., Ltd. was already in the state of producing raw materials. As there was no money to purchase raw materials for production, Xinfei Electric had already appeared. 4. In case of shortage of goods, even the most tightly populated refrigerators are almost out of stock.
In 2017, the new flight gradually entered the state of bankruptcy and reorganization. From the disclosed documents, the financial data of the company being auctioned also ended at the end of 2016.
According to an informed source close to Xinfei Electric's management, after October 30th, 2017, after Hongkong’s Hong Leong sent an e-mail with content for the suspension of production by Xinfei, Singapore’s senior executives at Hong Leong disappeared. Xinfei Company had to take the reorganization road under the guidance of the government.
In this regard, King & Wood Law Firm Shen Yuzheng said that the fact that Singapore's Hong Leong left an e-mail and left is not true. Two heads of Hong Leong in Singapore are legally coordinating with the reorganization of Xinfei Electric. During the restructuring of Singapore Hong Leong during the reorganization, Shen Yuxi stated that for the smooth reorganization of Xinfei Electric, it was not convenient to disclose more information.
On November 9th, 2017, Xinfei Company began the reorganization work. Xinfei Company also actively contacted some companies to participate in the reorganization. Hong Leong Asia submitted the Letter of Intent for Reforming Investment on January 2, 2018, and registered for participation. Xinfei Company reorganized its investment; on January 31st, it paid a reorganization investment margin of 50.00 million yuan in accordance with the “Relocation Investment Margin Payment and Management Plan of Xinfei Company”; on February 2, 2018, it submitted to the administrator a complete and written The entire program, including a clear and complete operating fund injection plan, debt liquidation plan and follow-up investment business plan.
On February 3, 2018, the Xinxiang Intermediate People's Court hosted the second meeting of the New Flying Company Reorganization Investor Recruitment Accreditation Meeting. All the jury members of the meeting unanimously agreed that Hong Leong Asia Co., Ltd. was officially restructured and the investor was selected. Premier Electric Group Co., Ltd. is an alternative restructuring investor.
It seems that everything has been set. On February 8, Xinfei relaunched and the mayor of Xinxiang personally attended the exhibition. So far, Xinfei’s red banner at the entrance of Xinfei Electric has also been hung. .
But with the abundance of Hong Leong Asia, the situation is reversed again.
Subsequently, Hong Leong Asia did not enter into a restructuring investment agreement with Xinfei Company and the Manager pursuant to the Margin Scheme and fulfilled its commitment in the restatement investment filing, and it was trading in Singapore Securities on April 13, 2018. The announced announcement made it clear that it had withdrawn the capital from Xinfei Company and informed the Xinxiang Intermediate People's Court and the administrator of the situation and its designated third party as a restructured investor.
The administrator confiscated the 50 million yuan deposit it paid, and continued to push forward the second creditors meeting and judicial auction. However, the behavior of Hong Leong has caused practical difficulties for the recruitment of restructured investors, and during the reorganization period, Xinfei Company The continued increase in co-benefit debt has caused the continued deterioration of the asset condition.
On June 28th, with the confirmation of the picker, the fate of Xinfei will soon be announced. Will this former home appliance leader usher in a new life?