Tsinghua Tsinghua Group: The court ruled to freeze the company's equity held by Tsinghua Holdings and Jiankun Group

The bankruptcy and reorganization of Tsinghua Unigroup has not subsided.

On December 20, Tsinghua Unigroup announced that in order to smoothly and steadily promote the judicial reorganization procedure of the company, the administrator submitted an "Application for Asset Preservation" to the Beijing First Intermediate Court on December 16, 2021, requesting the Beijing First Intermediate Court to preserve all the equity of Tsinghua Holdings and Jiankun Group in Tsinghua Group.

On 17 December, the Beijing First Intermediate People's Court issued a Civil Ruling, ruling to freeze 51% of the company's equity held by Tsinghua Holdings (corresponding to the subscribed registered capital of 342 million yuan) and 49% of the company's equity held by Jiankun Group (corresponding to the subscribed registered capital of 328 million yuan).

Previously, on December 19, Jiankun Group, the second largest shareholder of Tsinghua Unigroup, in the "Open Letter to All Creditors of Tsinghua Unigroup Conditions", recently proposed to publicly sell some of the assets of Tsinghua Unigroup, superimpose its own funds, and pay off all creditors' principal and interest in full at one time, and has recently contacted potential investors, including Listed companies such as Weier Shares, Wingtech Technology, and Hunan Guoke Microelectronics Co., Ltd.

In the "Open Letter to Creditors", Jiankun Group once again questioned the reorganization plan (draft) announced by the administrator of Tsinghua Unigroup on December 13, saying that it failed to fully protect the interests of creditors and shareholders, and would cause losses of 73.419 billion yuan of state-owned assets, and suggested that all creditors apply to the Beijing No. 1 Intermediate Court in accordance with the relevant provisions of the Bankruptcy Law to replace the existing administrator of Tsinghua Unigroup, and the creditor committee and the replacement of the new Unigroup administrator. The existing shareholders of Tsinghua Unigroup jointly form a special asset sale committee.

At the same time, Jiankun Group issued an initiative to all creditors of Tsinghua Unigroup, hoping to "sell the high-quality and mature equity assets of Tsinghua Unigroup through public bidding through the property rights exchange in accordance with the principles of openness, fairness and justice in accordance with the law, efficient and orderly, with disposal proceeds of not less than 130 billion yuan, plus 9 billion cash on the books of Tsinghua Unigroup, and pay off all the principal and interest of all creditors' claims in one lump sum".

Jiankun Group also said that if the proceeds from the sale of assets plus the balance of cash are not enough to repay all the principal and interest of all creditors' claims, they are willing to perform the guarantee obligations previously signed: If the assets of Jiankun Group are not enough to perform the guarantee responsibilities previously signed, Zhao Weiguo, the main shareholder of Jiankun Group and Jiankun Group, is willing to bear corresponding legal responsibilities.

On the evening of December 16, the manager of Tsinghua Unigroup Co., Ltd. (hereinafter referred to as Tsinghua Tsinghua Group) issued a statement on its official website in response to a whistle-blowing letter from Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as Jiankun Group). Tsinghua Unigroup said that the manager resolutely opposed the dissemination of false information by Jiankun Group and Zhao Weiguo in an attempt to interfere with and affect the judicial reorganization process of Tsinghua Unigroup, and would take measures to pursue the legal responsibility of relevant individuals and units in accordance with the law.

Tsinghua Unigroup said that in the past few years, Zhao Weiguo manipulated Tsinghua Unigroup to frequently carry out domestic and foreign mergers and acquisitions and expansion through huge financing, resulting in excessive debt scale, coupled with poor operation and management, Tsinghua Unigroup broke out of a debt crisis in 2020, cash flow was exhausted, unable to repay huge mature debts at home and abroad, the group and its subsidiary entities faced major risks such as asset seizure, account freezing, financing exhaustion, etc., and the operation of enterprises fell into serious difficulties that were difficult to maintain. In November 2020, Tsinghua Holdings introduced a special working team (later converted into a liquidation team) to carry out debt risk resolution in accordance with the principle of "marketization and rule of law", and gradually stabilize the fundamentals of the enterprise.

Previously, on December 15, Jiankun Group issued a public statement saying that Tsinghua Unigroup's restructuring plan would directly cause the loss of 73.419 billion yuan (hundreds of billions of yuan worth hundreds of billions of yuan in the future) of state-owned assets in the current period. After the penetration of zhilu company, all shareholders are natural persons, natural person Li Bin is the majority shareholder of Zhilu company, and Li Bin and other natural persons hold 49% of the equity of Jianguang Company.

On December 10, the manager of Tsinghua Unigroup disclosed the restructuring plan of Tsinghua Unigroup. The announcement said that under the supervision and guidance of the court, in accordance with the principles of openness, fairness and justice, the recruitment of strategic investors was extensively carried out, and multiple rounds of reorganization investment plan selection were carried out through the establishment of a selection mechanism, and the consortium composed of Beijing Zhilu Asset Management Co., Ltd. (Zhilu Assets) and Beijing Jianguang Asset Management Co., Ltd. (Jianguang Assets) as the lead parties was the substantial merger and reorganization of strategic investors of seven enterprises, including Tsinghua Unigroup. Promote the signing of the reorganization investment agreement and the formulation of the draft reorganization plan with strategic investors in accordance with the law. The draft reorganization plan shall be submitted to the creditors' meeting for voting and approval in accordance with relevant laws and regulations, and shall only take effect after being approved by the people's court.

Under the background of this storm, the market performance of tsinghua unigroup listed companies has shown a correction. As of press time, Tsinghua Unigroup closed at 20.8 yuan, down 4.06%; Unigroup Guowei closed at 204.8 yuan, down 2%.