The bond could not be resold for interest, and the A-share market was again thundering.
On November 19, Dongxu Optoelectronics announced a debt default.
On the 19th, Dongxu Optoelectronics and Dongxu Blue Sky both suspended. According to the company’s announcement, Dongxu Optoelectronics Investment Co., Ltd., the controlling shareholder of the company’s real controller, intends to transfer the 51.46% stake in Dongxu Group held by Shijiazhuang SASAC, which may result in changes in the company’s control.
Dongxu Optoelectronics also held 18.3 billion monetary funds in the third quarterly report, but there was a contraction of 1.87 billion yuan in bond sales. what is the problem?
Dongxu photoelectric explosion
1.77 billion yuan in the sale of the ticket default
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Dongxu Optoelectronics announced on November 19 that due to the short-term liquidity difficulties of the company’s funds, the two medium-term notes failed to meet the interest payable and related sales proceeds as scheduled. The data shows that Dongxu Optoelectronics currently has three bonds in total within one year, totaling 4.7 billion yuan.
According to the third quarterly report of 2019, as of the end of September, Dongxu Optoelectronics had total assets of 72.44 billion yuan, total debt of 38.16 billion yuan, and asset-liability ratio of 52.68%. The company’s business income in the first three quarters of 2019 was 12.566 billion yuan and its net profit was 1.186 billion yuan.
Yin Guohong, research director of Shenzhen Yuanrong Fangde Investment Management Co., Ltd.: This explosion of Dongxu Optoelectronics is quite amazing. Its account is worth 18.3 billion yuan of money, but the 1.8 billion bonds cannot be repaid. . This is a very surprising thing. Is there any other problem in this, or the related fraud and other issues are worth exploring.
In May 2019, the Shenzhen Stock Exchange also consulted Dongxu Optoelectronics on the balance of monetary funds. As of the end of 2018, its monetary fund balance was 19.807 billion yuan, and the balance of interest-bearing liabilities was 20.431 billion yuan. The Shenzhen Stock Exchange required it to explain the company’s currency. The necessity and rationality of maintaining large-scale interest-bearing liabilities and undertaking high financial expenses in the case of high fund balances.
Dongxu Optoelectronics responded that the company’s optoelectronic display industry is a highly technical and capital-intensive industry. In addition to equity financing, the company also needs to obtain the funds necessary for the company’s continuous research and development and operation through interest-bearing liabilities.
Yin Guohong, research director of Shenzhen Yuanrong Fangde Investment Management Co., Ltd.: The growth of one of its revenues is not matched with the growth of monetary funds. At the same time, we see that the major shareholders have so many funds in the accounts, but they appear. The high proportion of pledges, these aspects are some of the contradictions in the past business process of the company.
Dongxu Optoelectronics specializes in LCD glass substrate equipment manufacturing, technology research and development, production and sales, with a total market capitalization of 27 billion yuan. Dongxu Optoelectronics announced a temporary suspension of trading on November 19 due to the inability to repay the bonds.
According to the company’s announcement, Dongxu Optoelectronics Investment Co., Ltd., the controlling shareholder of the company’s real controller, intends to transfer the 51.46% stake in Dongxu Group held by Shijiazhuang SASAC, which may result in changes in the company’s control.
(Screenshot from the official website of Shenzhen Stock Exchange)
The reporter noted that the Shijiazhuang SASAC’s website does not mention this matter at present, and the Shijiazhuang SASAC intends to enter the Dongxu Group. At present, it is only a unilateral official announcement of the Dongxu Group.
At the same time as the bond defaulted, the group appeared to have failed to pay wages. Sina Finance learned from the employees of Dongxu Optoelectronics’ subsidiaries that the October salary that should have been paid in the past two days has been told to postpone the issuance. The specific issuance time has yet to be notified by the group.
According to the official website of Dongxu Group, the company was founded in 1997 and is headquartered in Beijing. It owns three listed companies: Dongxu Optoelectronics (000413.SZ), Dongxu Lantian (000040.SZ) and Jialinjie (002486.SZ). More than 400 wholly-owned and holding companies have operations in more than 20 provinces, municipalities and autonomous regions in Beijing, Shanghai, Guangdong and Tibet.
According to the data, Dongxu Group started from equipment manufacturing and built various industrial sectors such as photoelectric display materials, high-end equipment manufacturing, new energy vehicles, graphene industrial applications, new energy and eco-environment, real estate and industrial parks. By the end of 2018, the Group had total assets of over 200 billion yuan and more than 16,000 employees.
Source of this article: CCTV Finance, Sina Finance and other media
Post time: Nov-22-2019