Author 丨Ma Yuanyuan
Editor 丨 Kang Xiao
Produced by 丨Shenwang Tencent News Xiaoman Studio
The five-month bankruptcy reorganization of Tsinghua Unigroup is about to come to an end.
The draft reorganization plan of Tsinghua Unigroup has been approved. On the morning of December 30, a number of tsinghua unigroup listed companies such as Tsinghua Unigroup and Tsinghua Unigroup issued an announcement that the substantive merger and reorganization of seven enterprises, including Tsinghua Unigroup, had voted to approve the "Reorganization Plan for the Substantive Merger and Reorganization of Seven Enterprises including Tsinghua Unigroup Co., Ltd. (Draft)".
Zhao Weiguo, chairman of Tsinghua Unigroup and the actual controller of Jiankun Investment, who previously questioned the loss of state-owned assets in the reorganization case, also voted in favor of the vote.
The announcement mentioned that the meeting set up a property secured creditor group, an ordinary creditor group and a funder group to vote in groups. The specific voting status is as follows:
(1) Group of property-secured claims: In the group of property-secured claims, 6 creditors voted to account for 100% of the number of creditors in the group present at the meeting, and the amount of claims represented by them accounted for 100% of the total amount of claims in the group. The group of property-secured claims voted to approve the Reorganization Plan (Draft).
(2) Ordinary creditor group: In the ordinary creditor group, a total of 1,069 creditors voted, and the amount of creditors represented by them was RMB124.094 billion, and all the 1,069 creditors voted to it, accounting for 100% of the number of creditors voting and 100% of the amount of creditors voting. The 12 creditors who did not attend the meeting or did not vote within the prescribed time represented a claim amount of RMB13.578 billion. Based on the above voting situation, 1069 creditors in the ordinary creditor group voted to agree, accounting for 99.72% of the number of creditors in the group present at the meeting, and the amount of claims represented by them accounted for 90.14% of the total number of claims in the group. The ordinary creditor group voted to approve the Reorganization Plan (Draft).
(3) Investor group: The investor group is composed of two investors, Tsinghua Holdings Co., Ltd. and Beijing Jiankun Investment Group Co., Ltd., with a total capital contribution of RMB670 million, and the two investors each voted to agree to the adjustment plan for the rights and interests of the investors in the "Reorganization Plan (Draft)", accounting for 100% of all investors and 100% of the total capital contribution. The group of investors voted to approve the adjustment plan for the rights and interests of investors in the "Reorganization Plan (Draft)".
According to the announcement, according to the Enterprise Bankruptcy Law of the People's Republic of China and other relevant laws and regulations, the Reorganization Plan (Draft) needs to be ruled and approved by the people's court before it can take effect, and there is still some uncertainty.
The investor will invest 60 billion yuan to take over the restructured Tsinghua Unigroup. According to the previously disclosed "Reorganization Plan (Draft)", the restructuring investors of Tsinghua Unigroup are led by Zhilu Capital and Jianguang Assets, and Great Wall Assets, Hubei Science and Technology Investment, Zhuhai Huafa and Hebei Production and Investment co-ordination constitute a consortium to invest 60 billion yuan to undertake all the equity of Tsinghua Unigroup after the reorganization. Among them, Hubei Ketou, a member of the consortium, invested 5.1 billion yuan in cash to acquire the assets of the Yangtze River Storage Project and undertake the guarantee liabilities related to the Yangtze River Storage.
For the source of 60 billion yuan of investment funds, the minutes of this meeting cited by the Securities Times show that the source of funds of Zhilu Jianguang is realized by equity financing, and it is established through the raised funds, all of which are its own funds and do not involve bank loans; the main body of investment and the specific investors behind it have issued a letter of commitment to contribute capital, and have paid a 4 billion yuan war investment deposit, and need to bear a liquidated damages of 15% of the entire investment amount.
The restructuring process of Tsinghua Unigroup can be described as a series of twists and turns. According to public information, the shareholders of Tsinghua Holdings Co., Ltd. and Beijing Jiankun Investment Group Co., Ltd. hold 51% and 49% of the shares respectively. On July 9, 2021, Tsinghua Unigroup announced that it received the Notice served on the Beijing First Intermediate Court and was applied for bankruptcy reorganization by creditors, and on July 16, the Beijing First Intermediate Court ruled to accept the reorganization case of Tsinghua Unigroup.
On December 10, Tsinghua Unigroup announced the final results of the restructuring and recruitment campaign through the relevant listed companies, and the consortium "Zhilu Jianguang" composed of Zhilu Capital and Jianguang Capital took over. On the same day, Tsinghua University announced that Tsinghua University intends to transfer 100% of the equity of Tsinghua Holdings to Sichuan Energy Investment Group.
On December 13, the manager of Tsinghua Unigroup announced on the website of the Shanghai Stock Exchange that it had formally signed the "Restructuring Investment Agreement" with strategic investors, formulated a draft reorganization plan, and submitted it to the Beijing First Intermediate Court.
On December 15, Jiankun Investment and Zhao Weiguo issued a public statement saying that the restructuring plan of Tsinghua Unigroup would directly cause the loss of 73.419 billion yuan (worth hundreds of billions of yuan in the future) of state-owned assets in the current period. The statement mentioned that after careful study of the reorganization plan, a preliminary conclusion can be drawn: the reorganization plan of Tsinghua Unigroup will 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 the evening of December 16, the manager of Tsinghua Unigroup issued a statement on its official website in response to the report letter of 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.
The manager of Tsinghua Unigroup said in a statement, "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 subsidiaries 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. ”
Content produced by Tencent News shall not be copied and reproduced without authorization, otherwise legal responsibility will be pursued.
![C Frontier | Tesla's car accident was stopped by G7, and Unigroup's restructuring was accused of major loss of state-owned assets[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)