Image source: Network
Produced | Sohu Finance
The author | Wu Ya
On the evening of January 17, Sunshine City (000671. SZ) controlling shareholder Fujian Sunshine Group Co., Ltd. (hereinafter referred to as "Sunshine Group") disclosed that the principal and interest payable on a RMB 400 million corporate bond of the Company will be deferred.
According to the announcement, the bond is the sunshine group's 2019 public issuance of corporate bonds (phase I), the bonds are referred to as "19 Yangji 01", the total amount of issuance is 400 million yuan, the balance of the bonds is 400 million yuan, the bond term is 3 years, and the coupon rate is 7.50%.
"19 Yangji 01", the bond has a coupon date of January 15, 2019, and the interest payment date is January 15 of each year from 2020 to 2022 (in the event of statutory holidays or rest days, it will be postponed to the first trading day thereafter, and no interest will be accrued for each interest payment). Therefore, the redemption date of the bonds is January 17, 2022.
However, Sunshine Group said in the announcement that due to the company's recent liquidity difficulties, after consultation between the company and the holders, the parties agreed to postpone the redemption of the principal and interest payable of the current bond until no later than April 15, 2022 (in the event of statutory holidays or rest days, it will be postponed to the first trading day thereafter, and each interest payment will not be accrued), which will be postponed for 3 months.
Sunshine Group said, "The company is actively raising debt repayment funds, improving the efficiency of asset use, striving to complete the payment of the principal and interest payable on the bonds in the current period as soon as possible, protecting the rights and interests of investors, and will continue to fulfill its information disclosure obligations and cooperate with the trustee to do relevant work." ”
Image source: "19 Yangji 01" corporate bond announcement
Also on the evening of January 17, Sunshine City disclosed the "Indicative Announcement on the Passive Reduction of Shares Held by Controlling Shareholders", and the shares held by Sunshine Group and its co-actor Fujian Kangtian Industrial Group Co., Ltd. were passively reduced.
Specifically, during the period from December 7, 2021 to December 10, 2021, Sunshine Group and Kangtian Industrial passively reduced their holdings of about 41.4038 million shares of the company through centralized bidding, accounting for 0.99% of the total share capital of the company, because the guarantee ratio of some of their accounts was lower than the liquidation line.
Sunshine City said that Sunshine Group has been actively communicating and coordinating with creditors, and according to the requirements of the pledgee, carrying out debt extension, raising funds and other related measures to reduce the adverse impact of the passive reduction of shares.
After the above-mentioned reduction, Sunshine Group holds a total of about 675 million shares in Sunshine City, accounting for 16.31% of the total share capital, and Kangtian Industrial holds about 390 million shares in Sunshine City, accounting for 9.42% of the total share capital.
According to sunshine city's latest financial report, the third quarter report of 2021, as of the end of September 2021, the company's largest shareholder is Sunshine Group, holding 18.8%; at the same time, Oriental Xinlong Asset Management Co., Ltd., a wholly-owned subsidiary of Sunshine Group, holds 15.24%; Kangtian Industry holds 9.95%; sunshine city group co., Ltd. - the third phase of the employee stock ownership plan holds 1.93%. The above-mentioned parties and the Sunshine Group are either acting in concert or related to each other, that is, the Sunshine Group holds a controlling position.
In the same period, Taikang Life Insurance held 8.45% of Sunshine City, Taikang Pension Insurance held 4.95% of the shares, and Huaxia Life Insurance held 2.61%, that is, the total shareholding of insurance funds in Sunshine City at that time was 16.01%.
Shareholders of Sunshine City as of the end of September 2021, image source: Sunshine City 2021 Third Quarter Report
However, since the disclosure of the third quarterly report of 2021, the Taikang department and Sunshine City have "turned faces", and the two directors stationed in Sunshine City have also resigned and reduced their shares in Sunshine City, and as of December 27, 2021, the announcement date of the reduction, the shareholding ratio of Sunshine City is only 3.997%. The directors of Huaxia Life have also announced their resignation on January 12 this year, but Huaxia Life has not yet reduced its stake in Sunshine City (click to view previous reports: Behind the personnel shock, Huaxia Life's assigned directors resigned again).
Not only that, sunshine group also announced on January 10 that it intends to terminate the plan to increase the shares of sunshine city due to the failure to raise the funds required to increase the shares of sunshine city in a timely manner. Combined with previous announcements, if Sunshine Group wants to achieve the agreement, the shares to be increased need to account for 0.42% of the total share capital of Sunshine City, which is calculated compared with the closing stock price of Sunshine City as of December 31, 2021 of 3.02 yuan, that is, at least about 52.51 million yuan will be invested.
The funds are embarrassed, and the Sunshine Group thus "breaks the contract". On the other hand, as of January 11 this year, the shares of Sunshine Group and its affiliates that have been judicially frozen have exceeded 1.7 billion shares, accounting for 2.85% of the company's total share capital.
The controlling shareholders are unable to take care of themselves, and Sunshine City has lost an important boost to self-help. As of January 13 this year, the actual amount of guarantees provided by Sunshine City and its holding subsidiaries to participating companies was 18.63 billion yuan, accounting for 60.70% of the net assets attributable to the parent company in the latest audited consolidated statements.