Chinanews client, Beijing, July 12th (Reporter Wu Tao) Tiger Ben chip, Ziguang display, Ziguang memory, SIM card chip, car security chip... Ziguang Group, a chip giant with many semiconductor products and assets of nearly 300 billion yuan Suddenly the creditors filed for bankruptcy and reorganization.
Ziguang Group has reached this point, what happened?
At present, although the listed companies under Ziguang Group have announced that their production and operations will not be affected, how to repay their debts?
Ziguang Group still has not given an effective plan.
Ziguang Group announced.
Screenshot of Ziguang Group's official website
Ziguang Group was filed for bankruptcy and reorganization by the bank
On July 9th, Ziguang Group announced that it had received a "Notice" from Beijing No. 1 Intermediate People's Court: The relevant creditors said that our group could not pay off their due debts, their assets were not enough to pay off all debts, and they obviously lacked solvency, and they were capable of reorganization. On the grounds of value and feasibility of reorganization, apply to the court for bankruptcy reorganization of our group.
Although the announcement did not name which creditor, Ziguang and Ziguang Guowei announced on July 10 that they received a notification letter from the indirect controlling shareholder Ziguang Group, and the creditor Huishang Bank applied to Beijing No. 1 Intermediate People’s Court for the reorganization of Ziguang Group. .
Huishang Bank has no further announcement.
A reporter from Chinanews.com learned from relevant persons in charge of listed companies indirectly controlled by Unisplendour Group such as Ziguang Guowei, "The company's business will not be affected, and all other matters are subject to the announcement of the listed company."
As of the end of 2018, the group has more than 40,000 employees worldwide, is the world's third largest mobile phone chip design company, accounting for more than 20% of the global SIM card chip market share, and is also one of China's leading cloud service providers.
Many consumers' brands such as computer monitors and memory are Ziguang.
Ziguang Group has numerous assets.
Image source: Screenshot of Qichacha
According to the enterprise investigation, the major shareholder and actual controller of Ziguang Group is Tsinghua Holdings Co., Ltd., holding 51% of the shares.
It controls more than 300 companies and indirectly shares more than 1,000 companies; it indirectly controls listed companies such as Ziguang Co., Ltd. and Ziguang Guowei.
What happened? Or wantonly "buy, buy," trigger a debt crisis
From the announcement of Ziguang Group, it is not difficult to find that the bank questioned Ziguang Group’s insolvency, so it filed for bankruptcy and reorganization.
On June 30 this year, Ziguang Group publicly disclosed that six of its bonds have defaulted, and stated that the company has started debt risk mitigation work and will actively communicate with holders to formulate debt solutions.
In fact, as early as 2019, the fluctuation of Tsinghua Unigroup’s foreign debt caused concern.
At that time, Ziguang Group issued a statement on the abnormal fluctuation of its foreign debts: Ziguang Group and its major subsidiaries are operating normally.
Ziguang Group has no breaches of contract at home or abroad, and the company has sufficient cash at home and abroad and stable capital liquidity.
In 2019, Ziguang Group issued a statement on abnormal fluctuations in overseas debt.
The picture comes from the screenshot of Ziguang Group's official website.
Tsinghua Unigroup stated in its 2019 annual report that in 2019, Tsinghua Unigroup’s interest-bearing liabilities at the group level decreased by 20.9 billion yuan year-on-year, from 161.1 billion yuan at the beginning of the year to 140.2 billion yuan.
However, the latest news shows that Ziguang Group currently has debts of more than 200 billion yuan.
According to data quoted by many media outlets, Ziguang Group currently defaults about RMB 6.883 billion in principal and interest.
By the end of December 2021, Ziguang Group still has a bond worth 1.3 billion yuan that will mature.
Calculated in this way, Ziguang Group has at least 8 billion yuan in debt due by the end of 2021.
As of now, Ziguang Group has not disclosed its 2020 annual report.
According to its 2019 annual report, as of the end of 2019, Ziguang Group’s assets totaled 297.762 billion yuan and total liabilities were 218.747 billion yuan.
In 2019, the group's total revenue was 76.938 billion yuan, and the net profit attributable to the owners of the parent company was 1.430 billion yuan.
The debt-to-asset ratio is as high as 73.46%.
Some analysts pointed out that this originated from Ziguang Group's crazy "buy, buy and buy", and the funds for these transactions were mainly from large amounts of debt.
According to incomplete statistics, since 2013, Ziguang Group has initiated more than 60 acquisitions.
Among them, in 2015, it spent 2.5 billion US dollars to acquire a 51% stake in New H3C.
Even in 2015, he wanted to take control of TSMC, but ultimately failed to land due to issues such as review and funding.
Debt repayment, its company may face the fate of being sold
Is there any solution?
Ziguang Group’s announcement shows that the group will fully cooperate with the court in judicial review in accordance with the law, actively promote debt risk mitigation, and support the court in safeguarding the legitimate rights and interests of creditors in accordance with the law.
This is interpreted by the outside world as there is no substantive solution to the debt problem.
Ziguang Guowei announced.
Screenshots
Although the two listed companies of Ziguang Group and Ziguang Guowei both issued announcements that Ziguang Group's application for reorganization by creditors did not have a direct impact on the company's daily production and operation, and the company's various production and operation activities are currently being carried out normally.
But at the same time, both companies said, "If Ziguang Group enters the reorganization process, the reorganization plan may have an impact on the company's equity structure."
The reporter noticed that the 2021 quarterly report of Ziguang shares showed that more than half of the shares of Ziguang held by Tibet Ziguang Communication Investment Co., Ltd., the largest shareholder of Ziguang shares, are already under pledge.
And Tibet Ziguang Communication Investment Co., Ltd. is a subsidiary of Ziguang Group.
Tibet Ziguang Communication Investment Co., Ltd. has pledged more than half of its shares in Ziguang.
A screenshot of Ziguang's financial report for the first quarter of 2021.
Ziguang Guowei announced in May 2021 that Ziguang Group pledged a high proportion of the company's stock through its subsidiary Tibet Ziguang Chunhua Investment Co., Ltd., and there may be a certain risk of change in control.
As for the debt crisis facing Ziguang Group, what impact will it have on China's semiconductor industry?
Some analysts pointed out that there was no impact, as can be seen from the slight decline in the share prices of Ziguo and Ziguang Guowei on July 9, just as Ziguang Group said that "operation and production will not have an impact."
On July 7th, 2021, the domestic chip company Ziguangguo slightly increased its limit, and the total market value stood at 100 billion yuan for the first time.
Therefore, some people say that in the future, Ziguang Group may still be called Ziguang, but it is no longer the original "Ziguang".
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