China Fund News reporter Li Zhi
Will the heavily indebted Tsinghua Tsinghua Group regain its life?
On the evening of January 17, Tsinghua Unigroup and Tsinghua Unigroup announced that the Beijing First Intermediate People's Court ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises, including Tsinghua Unigroup Co., Ltd. This dramatic reorganization farce will also come to an end.
Tsinghua Unigroup's 100 billion reorganization plan was approved
On January 17, the administrator of Tsinghua Unigroup Co., Ltd. received the (2021) Jing 01 Break No. 128 Bis Civil Ruling served by the Beijing No. 1 Intermediate People's Court. According to the Civil Ruling, the Beijing First Intermediate People's Court ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises, including Tsinghua Unigroup Co., Ltd., and to terminate the reorganization procedures of seven enterprises, including Tsinghua Unigroup Co., Ltd.
Subsequently, Unigroup Guowei and Unigroup respectively issued announcements on the progress of the restructuring of indirect controlling shareholders. Xueda Education issued an announcement on the progress of shareholder restructuring.
The bankruptcy and reorganization of Tsinghua Unigroup has been in turmoil
It is reported that Tsinghua Tsinghua Group was founded by Tsinghua University in 1988. Under the guidance of the national strategy, Tsinghua Unigroup has formed a high-tech industrial ecological chain dominated by integrated circuits and from "core" to "cloud" with "independent innovation and international cooperation" as the "two-wheel drive", and has risen strongly in the global information industry. It was once known as "the world's third largest mobile phone chip company".
At present, Tsinghua Unigroup owns three listed companies, Tsinghua Unigroup, tsinghua unigroup and xueda education, and the unigroup Zhanrui that plans to IPO on the science and technology innovation board also belongs to the unigroup group, and also indirectly holds part of the equity of Yangtze River Storage.
However, Tsinghua Unigroup was eventually reorganized by bankruptcy due to heavy debt. On July 9, 2021, the creditors applied for bankruptcy reorganization of Tsinghua Unigroup on the grounds that Tsinghua Unigroup was unable to pay off its debts as they fell due, that its assets were insufficient to pay off all its debts, and that it clearly lacked solvency.
On July 16, the Beijing No. 1 Intermediate People's Court ruled in accordance with the law to accept the bankruptcy reorganization of Tsinghua Unigroup and appointed the liquidation team of Tsinghua Unigroup as the administrator of Tsinghua Unigroup (hereinafter referred to as the administrator).
On August 27, the Beijing First People's Court ruled to substantially merge and reorganize Tsinghua Unigroup and six subsidiaries.
On December 13, the manager of Tsinghua Unigroup Co., Ltd. announced the "Reorganization Plan for the Substantive Merger and Reorganization of Seven Enterprises Including Tsinghua Unigroup Co., Ltd. (Draft)", and announced that the Zhilu Jianguang Consortium won the bid and became a strategic investor of the asset management group. At the same time, the restructuring plan also lists detailed planning plans for the four core sectors of Tsinghua Unigroup, and will promote the listing of subsidiaries with listing potential in key business sectors.
Chairman Zhao Weiguo publicly complained:
Tsinghua Unigroup's restructuring has caused a huge loss of 70 billion yuan of state-owned assets
Everything that seems to be a smooth road to bankruptcy and restructuring is actually surging undercurrents.
On the evening of December 15, Zhao Weiguo, chairman of Tsinghua Unigroup, issued a statement through the controlling Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as "Jiankun Group"), publicly accusing Tsinghua Unigroup of the suspected loss of 73.419 billion state-owned assets in the process of introducing war investment in the reorganization plan, and made a real-name report to the relevant departments.
At the same time, there was also a letter "Whose Purple Light?" The open letter of "Ten Questions Qian Kai and Fan Yuanning" raised a number of questions about Qian Kai, the leader of the manager of Tsinghua Unigroup Group Co., Ltd. (hereinafter referred to as the "manager"), and Fan Yuanning, the deputy leader of the group.
Tsinghua Unigroup issued a solemn statement
In view of the above situation, on December 16, the official website of Tsinghua Unigroup released the "Solemn Statement of the Manager of Tsinghua Unigroup Co., Ltd.". The statement said that recently, the manager noticed that The minority shareholder of Tsinghua Tsinghua Group, Jiankun Group, and Zhao Weiguo, the actual controller, spread false remarks about the disposal of the debt risks of Tsinghua Unigroup, and the manager clarified this one by one.
Tsinghua Tsinghua Holdings Limited (hereinafter referred to as Tsinghua Holdings, Tsinghua University))-owned 51% of Tsinghua Group and 49% of Beijing Jiankun Investment Group Co., Ltd. (hereinafter referred to as Jiankun Group, controlled by Zhao Weiguo) holds 49% of the shares.
Zhao Weiguo serves as the actual controller of minority shareholders as the chairman of Tsinghua Tsinghua Group and is responsible for enterprise operation and management.
The manager pointed out that in the past few years, Zhao Weiguo manipulated Tsinghua Tsinghua Group 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 a debt crisis in 2020, cash flow dried up, 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.
The manager performs his or her duties in strict accordance with the provisions of the law, carries out the declaration and review of creditor's rights in accordance with the law, selects and hires a third-party professional institution to carry out audit and evaluation, introduces strategic investors and carries out due diligence and investment quotations.
The managers have firmly opposed the spread of false information about Jiankun Group and Zhao Weiguo's personal information in an attempt to interfere with and affect the judicial reorganization process of Tsinghua Unigroup, and will take measures to investigate the legal responsibilities of relevant individuals and units in accordance with the law.
On December 17, Jiankun Group, the second largest shareholder of Tsinghua Unigroup, once again issued a solemn statement in response, saying that Jiankun Group and Zhao Weiguo did not make false statements; Zhao Weiguo did not manipulate Tsinghua Unigroup; and creditors applied for bankruptcy reorganization of Tsinghua Unigroup, rather than the creditors' decisions.
On December 19, Jiankun Group once again issued the "Open Letter to All Creditors of Tsinghua Unigroup Conditions", proposing 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.
Ten days later, on December 29, the debt-laden Tsinghua Unigroup's restructuring plan was settled, and the dramatic restructuring drama slowly came to an end. At the second creditors' meeting of Tsinghua Unigroup, the property secured creditor group and the ordinary creditor group passed the "Reorganization Plan (Draft)" with a voter turnout of nearly 100%. Since then, the Tsinghua Unigroup under the Zhao Weiguo era has completely come to an end.
In the end, the Zhilu Jianguang Consortium composed of state-owned Assets and Jianguang Assets will become the "takeover man" of Tsinghua Unigroup, responsible for solving the debt problem of Unigroup of hundreds of billions of yuan.
Tsinghua Unigroup responded to the question:
Related party transactions are compliant, legal and reasonable
Due to the bankruptcy and reorganization of the "chip giant" Tsinghua Unigroup, its companies have also attracted market attention.
On January 6, Tsinghua Unigroup issued a statement saying that it was concerned that some media had recently published a report questioning the operation of Tsinghua Unigroup Co., Ltd., and some of the data quoted by the media had major errors, and the logic of data derivation was not rigorous, resulting in a large gap between the conclusions reached and the facts.
Tsinghua Unigroup believes that the report said that Tsinghua Unigroup has the problem of "increasing revenue without increasing profits" in recent years, which is an erroneous conclusion based on wrong market data and calculation methods, which is not in line with the actual operating status of Tsinghua Unigroup. In addition, the related party transactions involved in Tsinghua Unigroup are reasonable and reasonable from the business point of view, and compliant and legal from the perspective of procedures. As a high-quality asset of Tsinghua Unigroup, New H3C has good operating conditions and assets and liabilities.
As a global leader in the construction of a new generation of cloud computing infrastructure and intelligent application services in the industry, Tsinghua Unigroup's strategy focuses on cloud computing and application fields, and is committed to building a complete and powerful "cloud network" industrial chain, becoming one of the leaders in digital solutions in China and even the world. In the future, the company will, as always, abide by the standard corporate governance and business ethics standards, and continue to operate steadily.
As of the end of the third quarter, Tibet Tsinghua Tsinghua Communication Investment Co., Ltd., a wholly-owned subsidiary of Tsinghua Unigroup, held 133 million shares of Tsinghua Unigroup, accounting for 46.45% of the total number of shares in the company.
As of press time, Tsinghua Unigroup was quoted at 24.37 yuan, with a total market value of 69.7 billion yuan.
Other than that. Chip bull stock Unigroup Guowei in the second and third quarters of last year after the stock price soared 130% after the high volatility, the current stock price of 220.31 yuan, the total market value of 133.692 billion yuan.
EDIT: Captain
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