On February 8th, 65438, Suning responded to the rumor of "debt crisis" in the official Weibo. Suning said that the news circulating on the Internet about the break of Suning's capital chain is a "rumor" and has been reported to the public security organ. A person from Suning said that it will pay the bonds due next week in full and on time.
Yongmei hijacked the storm and caused panic.
Suning.cn saves 3 billion "self-help"
Suning's "debt crisis" originated from the fermentation of Yongmei Holdings.
On June165438+1October 10, the bond "20 Yongmei SCP003" held by Yong Cheng Coal and Electricity Holding Group Co., Ltd. (hereinafter referred to as Yongmei Holdings) failed to be paid at maturity, and a substantial breach of contract occurred. Yongmei Holdings announced on the Shanghai Stock Exchange that Yongmei Holdings had paid the redemption interest of 32,385,200 yuan to the accounts payable of fixed income products on June 1 12, but it was still raising 654,380 million bond principal.
The default of Yongmei Holdings triggered a chain reaction, and a large number of corporate bonds were hit to the "floor price". The surviving bonds of Ziguang Group and the bonds of Tsinghua Holding Company once plunged by 30%.
Many bonds in Suning.cn have also been affected. Among them, 18 Suning 0 1 once fell to 82 yuan/Zhang, 18 Suning 06 fell to 85 yuan/Zhang, and the other five bonds fell below 80 yuan, with the lowest Suning 07 hitting a new low of 7 1 yuan/Zhang.
On the evening of 165438+ 10/3, Suning.cn announced that it planned to use its own funds to issue "18 Suning 0 1 8 Suning 02, 18 Suning 03".
165438+1October 23rd, Suning.cn announced in the evening that it planned to continue to use its own funds to buy back corporate bonds, and added a repurchase plan of 2 billion yuan on the basis of the original repurchase plan of 6,543.8 billion yuan.
On the evening of February 2nd, 65438, Suning.cn announced again that seven bonds, such as "18 Suning 0 1", had been repurchased, and the company would pay the full amount of the bond repurchase to the bank account designated by Shenzhen Stock Exchange on February 9th, 65438.
Suning said that the implementation of the bond repurchase program has enhanced investor confidence, maintained the stability of corporate bond prices and promoted the long-term stable development of the company. Based on the recognition of its own value and confidence in future development, combined with the current actual operation and financial situation, the company will continue to use its own funds to buy back corporate bonds.
Nearly 30 billion debts are about to expire intensively.
Once considered selling some e-commerce shares "back to blood"
Although Suning repurchased bonds frequently to enhance investors' confidence, the market's confidence in Suning.cn did not recover quickly.
Suning.cn's third quarterly report shows that Suning.cn achieved operating income of 180862 billion yuan in the first three quarters of this year, a year-on-year decrease of10.02%; Realized a net profit of 547 million yuan, converted into a fully diluted EPS of 0.06 yuan, down 95.40% year-on-year; Realized a net profit of-654.38+009 million yuan.
In addition, Suning.cn's short-term debt repayment pressure is huge, which is also questioned by the market. Among them, "17 Suning 07" with a scale of/kloc-0.04 billion yuan and coupon rate accounting for 7.3% will expire on 65438+February/kloc-0.4; The "15Suning 0 1" with a scale of 9.06 billion yuan and coupon rate accounting for 7.3% will expire in 65438+February 65438+July.
Oriental Jincheng listed the AAA rating of Suning Appliance Group's main body and related debts on the watch list in September. According to the report, the performance of Suning.cn, the core subsidiary, declined year-on-year in the first half of 2020, which may lead to the decline of Suning Appliance's profitability. The bonds that Suning Appliance will sell back within one year are relatively concentrated. At the end of June 2020, the principal balance of bonds that Suning Appliance will sell back in the next year is 28.525 billion yuan.
In addition, it is reported that Suning.cn is considering selling part of its e-commerce business and seeking a valuation of about $6 billion, Bloomberg reported.
Suning.cn is one of the largest retailers in China, and Bloomberg quoted a source as saying that the company is considering selling part of its e-commerce business to ease the financing pressure.
People familiar with the matter said that Suning.cn is working with consultants to assess the interest of strategic investors and private equity investors. People familiar with the matter said that the company valued its business at about $6 billion, but some potential investors contacted by Suning.cn had lower valuations.
According to the report, negotiations are currently under way, but Suning may also decide not to continue the plan.
However, on the evening of1October 27th, 165438+ Suning. com posted in the official Weibo that it was untrue. Suspected to respond to rumors of considering selling shares in e-commerce business.
Editor Chen Cheng
Comprehensive 2 1 Century Business Herald, china securities journal
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