The debt is overdue by more than 200 million yuan! Li Shufu can't save this car company

Securities Times E Company

2024-05-14 12:54Published on the official account of "Company E" under Guangdong Securities Times

On the evening of May 13, *ST Hanma (600375) announced that the company and its subsidiary Valin Automobile added 148 million yuan of overdue debt, superimposed on the previously disclosed overdue debt of 90.31 million yuan, and up to now, the cumulative overdue debt and overdue external guarantee have reached 239 million yuan.

On the same day, the Shanghai Stock Exchange issued a regulatory inquiry letter on the information disclosure of the 2023 annual report to *ST Hanma, requiring the company to make supplementary disclosures on matters such as the issuance of qualified audit opinions, impairment provisions and related party transactions in the financial reports.

According to the announcement, there are 3 new overdue debts of *ST Hanma, and the creditors are Ma'anshan Branch of China Construction Bank, Ma'anshan Branch of Everbright Bank, and Ma'anshan Yintai Branch of Huishang Bank, with corresponding overdue principals of 70 million yuan, 8.28 million yuan, and 70 million yuan respectively.

It should be noted that in addition to the aforementioned overdue debts, *ST Hanma is also saddled with a large amount of guarantees. It is reported that up to now, *ST Hanma has provided a balance of 268 million yuan of repurchase guarantee for customers who have carried out mortgage loans, confirmation warehouses and other credit sales business with banks and financial leasing companies for the purchase of the company's products, and a balance of 1.067 billion yuan for the comprehensive credit line applied by subsidiaries to banks and financial leasing institutions, with a cumulative guarantee balance of 1.334 billion yuan, accounting for 163.81% of the absolute value of the latest audited net assets.

In recent years, affected by factors such as intensified market competition in the domestic heavy truck industry, *ST Hanma is facing long-term losses and high debt pressure, and its net assets have been negative as of the end of 2023. On April 1 this year, *ST Hanma "wore a hat on the stars" and was put on a delisting risk alert and superimposed on other risk alerts.

In the regulatory inquiry letter, the SSE required the annual audit accountants of *ST Hanma to explain whether the factual basis for the formation of the qualified opinion was complete and accurately disclosed, and required the company to clarify the reasons and reasonableness of the impairment of assets such as construction in progress, inventory, fixed assets, and accounts receivable.

At the same time, in 2023, the transaction amount of *ST Hanma cross-linking will be large, with the amount of goods sold and labor services provided to related parties being 2.354 billion yuan, a year-on-year increase of 48.35%, accounting for 60.72% of the annual revenue.

*ST Hanma, formerly known as Valin Xingma, was formerly a local state-owned enterprise in Ma'anshan City, and its main business is the production, R&D and sales of heavy-duty trucks, heavy-duty special vehicles and core components. In 2020, Geely Commercial Vehicle Group became the new controlling shareholder of Valin Xingma, and Li Shufu, the head of Geely Automobile, was the new actual controller.

However, Li Shufu's entry into the ownership has not changed the decline in the performance of *ST Hanma. From 2020 to 2023, the company continued to be in a state of loss, with losses of 491 million yuan, 1.336 billion yuan, 1.494 billion yuan, and 963 million yuan respectively. After years of losses, the company has fallen into insolvency, with net assets of -876 million yuan as of the end of the first quarter of this year.

Geely tried to inject assets, but failed. In May 2023, *ST Hanma plans to acquire 100% of the equity of Nanchong Geely New Energy Commercial Vehicle Development Co., Ltd., a subsidiary of Geely Commercial Vehicle Group, by issuing shares to purchase assets, and lay out the market in the field of large and medium-sized new energy buses above 6 meters. In September 2023, due to factors such as the external market environment and the target company's car-making qualifications still need to be approved, the above-mentioned restructuring was terminated.

In the face of performance losses and debt repayment pressure, *ST Hanma started the self-help mode. In January this year, the company announced that it had applied to the court for reorganization and pre-reorganization on the grounds that it was obviously insolvent but had reorganization value. Up to now, the company and its major subsidiaries have entered the pre-reorganization and reorganization procedures respectively, and have started the declaration of claims and the recruitment of investors for the reorganization.

*ST Hanma said that the next step will be to step up the work of asset clearance and capital verification, creditor's rights declaration and review, and the introduction of reorganization investors under the supervision and guidance of the court and administrators, and prepare a preliminary reorganization plan in combination with the asset verification and capital verification, investor recruitment, and communication with relevant parties, and promote the reporting procedures of the CSRC and the Supreme People's Court, and strive to obtain a no-objection letter from the CSRC and the approval of the Supreme People's Court as soon as possible.

At the controlling shareholder level, Geely Commercial Vehicle Group announced in February this year that it would implement a shareholding increase plan of 30 million yuan to 60 million yuan. As of the end of April, Geely Commercial Vehicle Group has increased its holdings by 3.5 million shares, accounting for 0.53% of the total share capital, and spent a total of 16.075 million yuan, reaching 50% of the minimum amount of the shareholding increase plan.

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