The Beijing News reporter exclusively learned that when Sanding Group sought to solve the debt crisis and introduce investors, the actual controller Ding Zhimin had been issued a consumption restriction order by the local court.
On November 18, a reporter from the Beijing News called Sanding Group in this regard, and the phone could not be transferred. The reporter called Sanding Group, Ding Zhimin, the actual controller of Sanding, and Liu Dongmei, vice president and financial director, but the phone could not be connected.
The Beijing News reporter learned that the Yiwu People's Court issued a consumption restriction order (2019) Zhejiang 0782 Zhi No. 12749 showing that the restriction of Sanding Holding Group and (the legal representative, the main person in charge, the directly responsible person who affects the performance of debts, the actual controller) Ding Zhimin shall not carry out high consumption and consumption behaviors that are not necessary for life and work.
The above consumption behaviors include (1) choosing a second-class or above class class of aircraft, trains, and steamships when taking transportation; (2) making high consumption in hotels, hotels, nightclubs, golf courses and other places with a star rating or above; (3) purchasing real estate or newly built, expanded, or high-end renovated houses; (4) leasing high-end office buildings, hotels, apartments and other places to work; (5) purchasing non-business vehicles; (6) tourism, vacations; and (7) children attending high-fee private schools ;(8) Paying high premiums to purchase insurance wealth management products; (9) taking all seats of G-head EMU trains, other first-class or above seats of other EMU trains, and other consumption behaviors that are not necessary for life and work.
Ding Zhimin was not included in the list of judgment defaulters
A beijing news reporter inquired into the national enterprise enforcement information platform and found that although the court restricted consumption, Ding Zhimin was not included in the list of dishonest executors by the court.
In October this year, the Beijing News exclusively reported that Sanding Group has been listed as a dishonest executor (that is, Lao Lai), the effective legal document determines that it is 4.1717 million yuan, and the specific situation of the untrustworthy judgment debtor's behavior is "having the ability to perform but refusing to perform the obligations determined by the effective legal documents".
At that time, neither Sanding Group nor Huading Issued an announcement on this.
On November 18, Sanding Group was still on the list of dishonest executors.
This incident arose from the court's application by the court to enforce the labor dispute arbitration of Sanding Holding Group, and because Sanding Holding Group failed to perform the payment obligations determined by the effective legal documents within the period specified in the enforcement notice, the court took measures to restrict consumption against Sanding Holding Group.
On November 19, a reporter from the Beijing News found a legal document between Wang Mouyou and Sanding Holding Group from the online judgment document.
According to the Civil Ruling of The Intermediate People's Court of Jinhua City, Zhejiang Province (2019) Zhejiang 07 Minde No. 99, Wang Mouyou said that during his work at Sanding, Sanding did not arrange annual leave and did not pay the corresponding annual leave treatment. Sanding complained that Wang Joined Sanding on November 10, 2016, and in fact Wang enjoyed annual leave during the Spring Festival.
On August 19, 2019, the Yiwu Labor and Personnel Dispute Arbitration Commission rendered an arbitral award no. 937-1 in the Zhejiang Yiwu Laorenzhong Case (2019), and Sanding Holding Group Co., Ltd. paid Wang Mouyou 13,946 yuan in wages and remuneration for untaken annual leave within 10 days from the effective date of the award.
Subsequently, Sanding applied to revoke the arbitration award no. 937-1 of the Zhejiang Yiwu Labor and Personnel Dispute Arbitration Commission in the Zhejiang Yiwu Labor and Personnel Dispute Arbitration Commission. After review, the Jinhua Intermediate People's Court held that Sanding Holding Group Co., Ltd. paid Wang Mouyou's corresponding untaken annual leave wages, and the applicable laws and regulations were not improper.
Sanding Holding Group level or the introduction of external investors
Sanding Group is a large private enterprise located in Yiwu, Zhejiang Province, with strong strength. But there was a shortage of money this year.
According to the 2018 annual report, the total liabilities of Sanding Group were 10.554 billion yuan, an increase of 8.26% over the same period in 2017, and the debt ratio was 45.21%. Sanding Group's revenue in 2018 was 12.539 billion yuan and net profit was 482 million yuan, a year-on-year decrease of 37.98%.
On August 19, the Beijing News exclusively reported that Sanding Holding Group was accused of owing 1.165 million yuan in arrears, and the plaintiff company required Sanding Holdings to pay the payment and interest on overdue payment.
In September this year, sanding group's debt problem became public.
On September 6, Sanding Group announced that due to multiple factors such as macro leverage reduction, bank credit contraction, and financing difficulties of private enterprises, our company had problems with liquidity and greater debt repayment pressure, resulting in the company's failure to repay the principal and interest of sanding holding group co., Ltd.'s 2017 public offering of corporate bonds (phase I) to qualified investors on time.
On September 29, Sanding Group announced that as of that date, the company had failed to pay the "17 Sanding 02" resale funds and interest on time, constituting a material default. On October 25, Sanding Group announced that as of that date, the company had failed to pay the resale funds and interest of "17 Sanding 03" on time, constituting a material default.
Up to now, the bonds issued by Sanding Group totaling 1.506 billion yuan of "17 Sanding 01", "17 Sanding 02" and "17 Sanding 03" have constituted a substantial default due to the failure to pay the principal and interest in full and on time.
Affected by this, on September 3, The Joint Rating downgraded the credit rating of the main body of Sanding Holding Group from "AA" to "A"; the debt credit rating of "17 Sanding 01", "17 Sanding 02", "17 Sanding 03" and "17 Sanding 04" was downgraded from "AA" to "A".
On September 6, United Rating downgraded the credit rating of sanding holding group from "A" to "C", and the debt credit rating of "17 Sanding 01", "17 Sanding 02", "17 Sanding 03" and "17 Sanding 04" from "A" to "C".
The debt crisis of Sanding Group has also affected listed companies.
On November 2, ST Huading, a listed company under Sanding Group, issued an announcement that it had recently received the Notice of Judicial Freezing and Judicial Transfer of Equity (No. 1031-04 of 2019 Sijing) from the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., and learned that 312,557,900 shares of the Company's unlimited sale and circulation shares held by the company's controlling shareholder, Sanding Holding Group, were frozen in turn.
As of now, all the shares of ST Huading held by Sanding Group have been frozen.
Huading shares said that the above matters have not yet had a substantial impact on the company's production and operation, control, equity structure, corporate governance, etc. If the controlling shareholder is frozen and the shares of the company waiting to be frozen are judicially disposed of, it may lead to a change in the actual control of the company and a change in the company's shareholding structure.
Huading shares said that listed companies will actively communicate with the market, while strengthening internal control management, to ensure the company's normal production and operation and the stability of corporate governance. Urge controlling shareholders to actively resolve personal debts as soon as possible and reduce the impact on listed companies.
The Beijing News reporter found that Ding Zhimin, the actual controller of Sanding Group, has shown signs of asset divestiture.
According to industrial and commercial information, on August 15 this year, the original shareholders of Shanghai Minding Investment Co., Ltd., Ding Zhimin, Ding Suzhu and Wu Guijin, withdrew from the ranks of the company's shareholders on the same day, and the three originally held 34%, 33% and 33% of the shares respectively, with a total shareholding ratio of 100%.
Previously, due to the total occupation of listed company funds by Sanding Group through suppliers and projects under construction totaling 596 million yuan (excluding interest), the abbreviation of Huading shares has been changed to ST Huading, and the daily rise and fall of the stock price is limited to 5%.
ST Huading's latest announcement said that in order to solve the problem of the return of occupied funds as soon as possible, Sanding Holding Group has already mortgaged the property rights of the two five-star hotels of The New Century Mingdu Hotel and the Marriott Hotel in the financial and business district of Yiwu City as collateral for the occupied funds as collateral for the occupied funds, and currently intends to take a variety of means to carry out the return of the occupied funds in parallel, including actively carrying out preliminary contacts with external investors, in order to discuss and formulate a package of debt restructuring and asset restructuring plans as soon as possible.
Huading shares said that at present, it is considering introducing external investors at the level of Sanding Holding Group, so as to optimize the equity structure, enrich core capital, develop production and operation, and ensure that the problem of controlling shareholders' accounts is solved.
Beijing News Reporter Lin Zi Zhao Yibo Editor Wang Yu Proofreader Li Xiangling
Reporter contact information: [email protected]