Hundreds Of Millions Of "Fujian" Housing Enterprises Announced The Termination Of The Restructuring At Night. The Taihe Group Will Introduce The Real Estate Industry To Vote For Huang Qi Shen Or Give Up The Majority Shareholder.

Due to the issue of shares, the controlling shareholder Taihe Investment Group Limited ("Taihe investment") held 100% stake in Yong Xingda enterprise (Hongkong) Co., Ltd., and then acquired Taihe life related assets. The 100 billion "Fujian" housing company Taihe Group has been suspended for 9 trading days since April 28th.

However, in a sharp contrast with Taihe Group's May 8th announcement that it is actively promoting the work with all parties concerned, the reorganized target Taihe life issued a statement on the official website in May 1st, saying that "the parent company has stopped inquiring about the feasibility of the reorganization of assets and has decided to suspend the acquisition plan related to the reorganization".

In the evening of May 12th, the Taihe Group attracted the attention letter from the Shenzhen Stock Exchange.

In late May 13th, Taihe Group replied to the enquiry letter, "because the transaction is still subject to the approval of the relevant departments of the Hongkong insurance regulatory authority, the Macao monetary authority, and the approval of the board of directors and shareholders' meeting, the company can continue to push forward. In view of the fact that the company has been listed as the executor, the overdue debts and the current economic situation in Hongkong area, there are great uncertainties in the pre approval process of the relevant departments. The company and Taihe investment have carefully studied the related matters and believe that the two sides can not form a clear and feasible solution in the short term on the impact of the current transaction, and decide to terminate the reorganization.

In addition, at the end of April, just with the Tibet trust settlement, deleting the Thailand group of the dishonest executor, the factor company failed to fulfill a repayment obligation of 1 billion 300 million yuan and became the executor again.

Under the pressure of liquidity, Taihe Group releases news abroad: it is discussing the introduction of strategic investors.

By late May 13th, another announcement by Taihe Group further revealed the details of the introduction of war investment. "Controlling shareholder Taihe investment is introducing strategic investors in Scheming Companies, and related transactions may involve changes in control of the company. The main business of the strategic investor to be introduced includes real estate business. The planned transaction involves the prior examination and approval of the competent department. "

In twenty-first Century, the economic news reporter also learned from Taihe that "war throws may be central enterprises or state-owned enterprises". In addition, Huang Qisen (Taihe Group real controller) should not rule out the position of large shareholders.

Late night announced the termination of restructuring

In April 28th, Taihe Group issued a notice to suspend the application. It announced that it planned to issue shares to buy the controlling shareholder of Taihe investment group holding 100% stake in Yongxing. Yongxing has 100% stake in Taihe Life Insurance Company Limited (Hongkong) and 99.85% stake in Taihe life insurance (Macao) Limited company (collectively referred to as Taihe life).

If the acquisition is completed, Taihe Group will get an insurance asset outside the real estate business.

    In May 8th, Taihe Group further disclosed that the company and the relevant parties are actively promoting this transaction: including the selection of intermediaries, the conduct of due diligence, audit and evaluation; the study and communication of necessary prior approval; and the specific investment plan of the reorganizing project based on the signed framework agreement with Taihe investment and relevant parties. According to the rules, the transaction plan and related documents should be worked out.

But what is fishy is that in May 1st, the official website of Taihe life issued a statement: "Taihe investment group, the parent company of Taihe life, signed the proposed acquisition plan with the Taihe Group early in the" acquisition framework agreement ". Taihe life has inquired to the parent company. The parent company has stopped studying the feasibility of the reorganization of assets and decided to suspend the acquisition plan involved in the reorganization.

In response, the Shenzhen Stock Exchange issued a letter of concern in the evening of May 12th, demanding that the Taihe Group explain that the statement on the termination of the reorganization of Taihe life is inconsistent with the progress made in May 8th, and specifies the specific work and progress of the reorganization so far.

In May 13th, the economic report reporters called the Taihe life public telephone on twenty-first Century, and the other side said it was "not clear about the situation, and only provided the policy consultation business". Taihe group responded by saying that "the listed company's follow-up reply to regulatory inquiries will prevail."

In response, Yan Yuejin, a well-known real estate analyst, pointed out to the twenty-first Century economic report reporter that "Taihe Group intends to cultivate its insurance business. However, from the contradiction between two sides, we can see that the controlling rights and operating rights of the assets of major shareholders of Taihe Group are unclear, and there are some uncertainties in whether they can be incorporated into the listed companies."

But in late May 13th, Taihe Group suddenly announced the termination of the above reorganization.

79 billion 700 million yuan external guarantee

In addition to the abrupt end of the restructuring process, the fund situation of Taihe Group is also the focus of the market.

In the middle of April, the crisis of the executor was eliminated. In May 12th, the company failed to fulfill its repayment obligations and was once again listed as the executor.

The latest implementation was that the Taihe Group was listed as the executor of the second Beijing intermediate people's court in May 6th, and the executive target was 1 billion 344 million yuan. It originated from a wholly owned subsidiary, Beijing Taihe Jiaxin Real Estate Development Co., Ltd. ("Beijing Taihe Jiaxin"). It did not repay the loan of 1 billion 300 million yuan in time.

In March 2018, Beijing Taihe Jiaxin signed a contract with Huaneng trust, and Huaneng trust transferred the proceeds from Beijing Taihe Jiaxin to 1 billion 300 million yuan in the form of transfer of income rights and repurchase, with a period of March 2018 to March 2020. Taihe Group holding subsidiary Beijing overseas Chinese Investment Limited ("Beijing overseas Chinese Jubilee") is jointly and severally liable for the obligation to repurchase and repurchase the proceeds of the contract under the contract, and the Taihe Group provides joint and several liability guarantee for the aforesaid obligations. Huang Qisen, the real controller of the listed company, also provides joint and several liability guarantee.

In the first quarter of 2020, the sale and payment of Beijing Taihe Jiaxin were severely affected by the first quarter of 2020. The failure to pay the repurchase price on time has been implemented in May 6, 2020. Huaneng trust has applied for enforcement in May 6, 2020. The joint and several repurchase obligations of item company and item company, Beijing overseas Chinese Jubilee, Beijing Taihe Jinhui Real Estate Co., Ltd., and the Taihe Group and Huang Qicheng, which guarantee the repurchase obligation, are also linked. The court is listed as the executor with responsibility.

In the previous April 20th, due to the overdue matters of the 500 million yuan loan of Beijing Taihe Jiaying Real Estate Development Co., Ltd. (Beijing "Taihe Jiaying"), the Taihe Group has been listed as the executor of the first central court of Beijing, with the implementation target of 492 million yuan.

Reporters combed found that as of May 12th, the Taihe Group had 14 executors' information, involving the second middle court of Beijing, the first central court of Beijing, the Shangcheng District Court of Hangzhou, the Baoshan District court of Shanghai, the Yubei District court of Chongqing, etc., involving the cumulative amount of 1 billion 897 million yuan.

In response to this, Taihe Group replied to the inquiry letter of the Shenzhen Stock Exchange, "after preliminary verification, the company now has substantial overdue debts exceeding 1 billion 836 million yuan that has been disclosed for the time limit of the guarantor's debts. The company expects to complete the verification before May 15th and reply to the problem in detail."

      Another key detail disclosed by the announcement is that as of May 12th, the balance of the external guarantee of Taihe Group was 79 billion 729 million yuan, accounting for 431.93% of the company's latest audit ownership attributable to the parent company's owner's equity, of which 96.44%, or 76 billion 890 million yuan, was a guarantee for the wholly-owned, controlling shareholder and mutual guarantee between the wholly owned and controlling shareholder. The remaining 3.56%, or 2 billion 840 million yuan, was right. Share company guarantee.

Up to the end of the three quarter of 2019, Taihe Group's liabilities totaled 194 billion 240 million yuan, including 119 billion 470 million yuan of current liabilities, and 14 billion 730 million yuan on the books.

At present, the annual report of Taihe Group is still "dystocia", but its performance forecast shows that revenue is expected to reach 23 billion 748 million yuan in 2019, down 23.36% from the same period last year, with net profit of 827 million yuan, down 67.62% compared with the same period last year (Unaudited). (Editor: Wu Yan Ling)