The 253 million shares of the former "king of 4S stores" of the huge group will be auctioned by judicial

　　Securities Times reporter Wang Xiaowei

　　Against the backdrop of an industry where the good days of traditional car dealerships are over, although the Dangda Group has successfully restructured, it is faced with the problem of turning over.

The 253 million shares held by Pang Qinghua will be auctioned by judicial auction, which is the latest footnote.

　　On September 1st, just after the semi-annual report disclosure season, Dangda Group issued an announcement. It received a notice from the Beijing Third Intermediate People’s Court a few days ago that the civil enforcement case between China Development Bank Securities and Pang Qinghua, Tangshan Jidong Materials and Trade Group Co., Ltd. The Beijing No. 3 Intermediate People's Court will dispose of the 253.22 million shares of Pang Qinghua held by Pang Qinghua.

The first online judicial auction will be held on Taobao from September 26 to 27.

　　Although it was not stated in the announcement, statistics show that as of the first half of the year, Pang Qinghua held a total of 253.56 million tradable shares of Dangda Group, accounting for 2.48% of the tradable shares.

This also means that if the auction goes well, after excluding other factors, Pang Qinghua's remaining shareholding in the Pang Group will be reduced to negligible, and Pang Qinghua will most likely officially retire from the top ten shareholders of the Pang Group.

　　Looking back on Pang Qinghua's exit from the huge group, it can be traced back three years ago.

　　In 2019, the Dangda Group fell into a situation where huge losses caused it to be reorganized by creditors.

What attracted market attention at that time was that in 2018, the company's operating income was as high as 42.034 billion yuan, and the monetary funds at the end of the year were as high as 6.796 billion yuan, but it was unable to repay the 17 million yuan loan.

　　As a relatively important listing platform in Hebei Province, the reorganization of Dangda Group has been progressing relatively smoothly, but Pang Qinghua, the original controlling shareholder, has embarked on the road of exit. By selling shares to the three reorganization parties, Huang Jihong has become the actual controller of the listed company.

　　In December 2019, the court ruled to approve the "Reorganization Plan of Pangda Automobile Trading Group Co., Ltd." and terminated the company's reorganization procedures.

According to the investor's equity adjustment plan in the reorganization plan, Pang Qinghua and his related natural persons transferred the shares they held for free, and the reorganization investors and their related parties were conditionally transferred.

　　At present, the 1.836 billion shares held by Pang Qinghua and his related natural persons have been transferred (87.87% of the shares transferred for free), and the remaining 253 million shares held by Pang Qinghua (12.13% of the shares transferred for free) are due to pledge The transfer has not yet been completed.

　　The previous announcement showed that these shares were pledged to China Development Bank Securities (stock-pledged repurchase), and all the shares were applied for freezing and waiting to be frozen by its creditors.

　　From the perspective of market logic, the principal of the 253 million shares held by Pang Qinghua should exceed 300 million yuan; if interest is included, the scale of this debt will likely exceed 400 million yuan.

If you don't take the money to unwind, it is unlikely that the transfer of this part of the equity will be completed.

From this perspective, the judicial auction of 253 million shares held by Pang Qinghua can be regarded as one of the "sequelae" of the bankruptcy and reorganization of the huge group.

　　"Sequelae" is not only reflected in the level of the original controller.

For the current huge group, it is more appropriate to describe the current state as "easy to restructure and difficult to turn over".

　　In June this year, Dangda Group issued an announcement to transfer its 100% equity in Cangzhou Dangda Industrial Co., Ltd. to Tianjin Zhongyuanxing Investment Co., Ltd. for an amount of 342 million yuan. The transfer price was used to compensate the company's subsidiaries and the transferee. A loan from Beixing (Tianjin) Automobile Co., Ltd., a related party of the party.

The transaction is expected to bring about 195 million yuan in revenue to the company.

　　In the view of Dangda Group, the company transfers and disposes the target equity to repay the loan, which reduces the company's burden and conforms to the company's overall plan to integrate resources and revitalize assets.

However, from the perspective of the huge group's finances and new major shareholders, there is another factor hidden - increasing non-recurring gains and losses in order to maximize or even complete the reorganization performance commitment.

　　In the reorganization of the huge group, the reorganization investors had promised a net profit of 3.5 billion yuan in three years.

From 2019 to 2021, although the net profit of Dangda Group was positive, the company's deducted non-net profit was -4.052 billion yuan, 187 million yuan, and -389 million yuan respectively.

Non-recurring gains and losses serve as stepping stones to achieving committed goals.

　　Taking 2020 as an example, the net profit of 580 million yuan is largely due to non-recurring gains and losses, especially the disposal of 7 companies with 606 million yuan to obtain a profit of 340 million yuan.

Since the net profit agreed in the performance commitment includes non-recurring profits and losses, although the deducted non-net profit is only 187 million yuan, the Dangda Group has completed more than 80% of the performance commitment for 2020.

　　It is worth noting that 2021 is the end of the investor's performance commitment period, and the net profit of Dangda Group in the first half of the year was only 24.04 million yuan.

In the face of unresolved performance commitments, if investors want to avoid compensation, in addition to divesting Cangzhou Dangda Industrial, the subsequent asset transfer of Dangda Group does not rule out the possibility of ushering in a high-risk period in the second half of the year.