At the end of 2015, an equity dispute between Vanke and Baoneng was fierce. Baoneng, which was dubbed the "barbarian at the door", wantonly raised Vanke shares in the secondary market, and had the potential to become the largest shareholder of Vanke. However, with Wang Shi's counterattack, and the emergence of Evergrande and Shenzhen Metro as white knights at that time, the dispute between Wanbao eventually calmed down. Now inquiring about Vanke's shareholding structure, Baoneng has less than 1% of the shares, and has withdrawn from the list of ten shareholders early.
The "Wanbao Controversy" at the end of 2015 made Baoneng widely known to the public
But the story of Baoneng continues, but this exposure is still plagued by negative news: on the evening of October 19, the listed company Zhongju Gaoxin (600872. SH) issued a reply to the SSE regulatory work letter, saying that the company's controlling shareholder, Zhongshan Runtian, had a debt default amount of 2.975 billion yuan and was actively taking measures to communicate with creditors to resolve short-term debt risks through extensions and installment payments. The controlling shareholder of Zhongshan Runtian is Shenzhen Baoneng Investment Group Co., Ltd., and the actual controller of Zhongshan Runtian is Yao Zhenhua.
On the evening of October 19, Zhongju High-tech issued a reply announcement
The reply announcement also directly revealed the current situation of Baoneng Group: as of the end of September 2021, Baoneng Group's consolidated total assets were about 830 billion yuan, about 430 billion yuan after excluding consolidated financial assets and liabilities; interest-bearing liabilities were as high as 192.7 billion yuan, and the balance of external guarantees reached 30.8 billion yuan; and the principal and interest funds urgently needed to be repaid in the short term were about 19.449 billion yuan. This series of data undoubtedly further confirms the news that Baoneng Group is in a liquidity crisis.
Baoneng Group has interest-bearing liabilities of nearly 200 billion yuan
Baoneng Group's official reply to this is that the company's huge capital investment in the manufacturing industry, superimposed on the epidemic, real estate regulation, financing concentration and other factors have caused the current liquidity shortage. In order to cope with the above crisis situation, Baoneng Group is also actively promoting the collection of sales of its residential projects, and is launching a packaged sale and transfer of some asset projects to supplement the company's liquidity. Baoneng Group also stressed that the current liquidity crisis of the company is temporary and can be resolved through existing means.
Evergrande, which saved Vanke in the past, is now difficult to protect itself
In the past 6 years, the Baoneng department is now highlighted by the liquidity crisis (ironically, the white knight Evergrande Group is now the center of the whirlpool of the liquidity crisis), the reincarnation of the capital market is lamentable, but also to the market a good lesson, that kind of high leverage, high turnover development model, should be gone!