Original title: Wanxiang Trust withdraws from Dandong Port Group's former "only private port" and is reborn as a central enterprise?
The Dandong Port Group, which fell into debt default in 2017 and was restructured by the central enterprise China Merchants Group, recently changed its shareholding, and Wanxiang Trust, which had invested in debt, withdrew.
On April 11, the Beijing News Shell Finance reporter called Wanxiang Trust and Dandong Lingang Group, but they were not connected.
Dandong Lingang Group, the former Dandong Port Group, was once the "only private port in China" under the control of Liaoning rich man Wang Wenliang.
In 2017, the original Dandong Port Group defaulted on its debt, and then entered bankruptcy reorganization procedures. Liaogang Group, a subsidiary of the central enterprise China Merchants Group, became the reorganization investor.
After the reorganization is completed, what is the status of Dandong Port?
Dalian local media reported that in the past year after the reorganization, the cargo throughput of Dandong Port increased by 2.4% year-on-year, the container volume increased by 2% year-on-year, and realized a profit of nearly 300 million yuan.
Shell Finance reporters have noticed that in addition to Wanxiang Trust, other creditors of the original Dandong Port Group are planning to withdraw.
The Ali auction platform shows that the 401.985013 million foreclosed equity project of Dandong Lingang Group Co., Ltd. held by the Dandong Branch of Agricultural Bank of China Co., Ltd. has also been launched. The project is currently attracting investment. This part of the listed equity is also held by the Agricultural Bank of China. Hong Kong Group's entire equity.
On April 11, a reporter from Shell Finance was informed that the transfer of the equity of Dandong Lingang Group held by Agricultural Bank of China was to focus on the main business of finance and to dispose of such assets.
The transfer project of 643.941442 million foreclosed equity shares of Dandong Port Group Co., Ltd. held by Ping An Bank Shenyang Branch has also been launched on the Ali auction platform before.
Wanxiang Trust withdrew from the former "only private port" and was in debt of 10 billion yuan
The industrial and commercial information of Dandong Lingang Group Co., Ltd. shows that its investor changed on April 8, the original shareholder Wanxiang Trust Co., Ltd. withdrew, and the new shareholder Shanghai Pudong Development Bank Co., Ltd. Dalian Branch.
Dandong Lingang Group, also known as the former Dandong Port Group, was established in 2005. It was once the "only private port in my country" under the control of Wang Wenliang, a rich man in Liaoning.
In September 2016, Wang Wenliang was involved in the Liaoning NPC deputies canvassing and bribery case. The following year, Dandong Port Group’s debt default was also made public. The group’s debt reached 66.7 billion yuan and finally entered the bankruptcy reorganization process.
Tianfeng Securities’ fixed income team once said on the review of Dandong Port Group’s default that what really caused the company to get into trouble was bucking the trend in an unfavorable external environment and using a high-leverage operating model to aggressively invest in expansion, which would affect the company’s future profitability. and solvency.
At the end of 2019, the Intermediate Court of Dandong City, Liaoning Province approved the draft reorganization of Dandong Port Group, and Liaoning Port Group Co., Ltd. (“Liaoning Port Group”), a subsidiary of the central enterprise China Merchants Group, became the investor in the reorganization.
In December 2020, the court confirmed that the reorganization plan was completed.
However, during the reorganization of Dandong Port Group, there have been several twists and turns due to the dissatisfaction of creditors with the proportion of repayment and the adjustment of rights and interests.
At the first voting, neither the property-secured creditor's rights group nor the ordinary creditor's rights group passed the draft reorganization plan, and the investor group failed to pass the "Investor's Equity Adjustment Plan".
After re-voting after negotiation, the ordinary creditor's rights group has not yet passed the draft reorganization plan, and the investor group has not passed the "Investor's Equity Adjustment Plan".
In the end, the Dandong Intermediate Court ruled to approve the draft reorganization plan because it believed that the draft reorganization plan was feasible and fair.
Shell Finance reporter was informed that according to the reorganization plan, all the assets of Dandong port enterprises will form two platforms of port industry and port industry. According to the terms and conditions of the company, Dandong Port will acquire the registered capital of 4.018 billion yuan in cash of RMB 4.018 billion, and the remaining 900 million yuan of registered capital of Dandong Port will pay off the debts of Dandong port enterprises according to the provisions of the reorganization plan.
After the reorganization, Dandong Port and Shipping will focus on the main port business, based on the raw materials and finished products of Tonggang and Bengang, and position itself as a regional functional transit port for iron ore, coal, steel and other bulk cargoes.
The original Dandong Port Group, which was renamed Dandong Lingang Group, will hold Lingang industrial assets with a registered capital of 27.6 billion yuan, all of which will be held by creditors in accordance with the reorganization plan.
The Lingang industry sector is planned to be divided into six areas: Bonded Logistics Park, Lingang Marine Industrial Park, and Lingang Industrial Park.
Among them, the Bonded Logistics Park plans to form an international regional logistics base, and vigorously promote the special logistics transportation of fruits, vegetables and seafood, and professional logistics transportation such as steel, iron ore, LNG storage tank projects, and coal.
According to Securities Market Red Weekly, Wanxiang Trust is one of the original creditors of Dandong Port Group, with claims of 2.35 billion yuan.
Industry and commerce information shows that in December 2020, the original Dandong Port Group changed its equity, adding four new investors including Wanxiang Trust, of which Wanxiang Trust contributed capital with creditor’s rights, and the subscribed capital contribution was 1.445 billion yuan.
Agricultural Bank of China and others also listed for transfer of their stakes. It is said that Dandong Port has been reborn after the reorganization.
Wanxiang Trust, which quit Dandong Lingang Group this time, was established in 2012 and is one of the members of the financial sector under the Wanxiang Department.
According to public financial information, Wanxiang Trust will achieve an operating income of 1.567 billion yuan in 2020.
In addition to Wanxiang Trust, other creditors of the original Dandong Port Group are planning to withdraw.
Shell Finance reporters have noticed that the Ali auction platform shows that the 401.985013 million shares foreclosed equity project of Dandong Lingang Group Co., Ltd. held by the Dandong Branch of Agricultural Bank of China Co., Ltd. has also been launched. The project is currently attracting investment. All shares held by Dandong Lingang Group.
On April 11, a Shell Finance reporter contacted the person in charge of the project as an intended investor and learned that the transfer of the shares held by Agricultural Bank of Dandong Lingang Group is to focus on the main business of finance and to dispose of such assets.
In addition, the transfer project of 643,941,442 debt-foreclosed equity shares of Dandong Port Group Co., Ltd. held by Ping An Bank Shenyang Branch has been launched before.
According to industry and commerce data, 643.941442 million shares are all the shares held by Ping An Bank Shenyang Branch.
The announcement of the transfer project introduced the investment highlights that the equity target company, Dandong Port Group, holds the core port assets of Dandong Port (8.95 square kilometers of land for the port’s main business and related assets on the ground), and the asset value is very high. The intrinsic value of the equity itself high.
In addition, Dandong Port is one of the core platforms for Liaoning Port Group to integrate the port industry in Liaoning. China Merchants Group is actually controlled by China Merchants Group. The future business development prospects are good, the return on equity investment is high, and the possibility of appreciation is high, and the equity will be transferred to the circulation market in the future. Optimistic, easy to dispose of cash.
After the reorganization is completed and taken over by the central enterprise, what is the current status of Dandong Port?
According to the official website of the Dalian Municipal Government, in the first half of 2021, Dandong Port completed a cargo throughput of 21.003 million tons, of which containers completed 97,300 TEUs, a year-on-year increase of 2.2%.
Dalian local media reported that in the past year after the reorganization, the cargo throughput of Dandong Port increased by 2.4% year-on-year, the container volume increased by 2% year-on-year, and realized a profit of nearly 300 million yuan.
Beijing News Shell Finance reporter Zhu Yueyi