In the past few days, A shares have continued to "adjust and fluctuate", and the majority of investors are complaining. With the recovery of the auto market, some auto stocks have gained gratifying gains before. In fact, unless there are policy restrictions, car companies will try their best to seek listing. Different from bank loans, listing is "direct financing". Enterprises can obtain social funds by issuing stocks and bonds, and investors can get corresponding equity and creditor's rights.

Many people should have a certain knowledge of stocks. It is estimated that some riders are investors. As for bonds, after all, their returns are not comparable to those of stocks, and they are relatively low-key and steady investment varieties. A few days ago, some media reported that Brilliance Group's private debt "17 Huaqi 5" with a scale of 1 billion yuan expired on October 23 and failed to pay it on time.

to put it simply, Brilliance borrowed money from someone three years ago, and now it is not repaid on time. Therefore, an enterprise credit rating agency downgraded the main credit rating of Brilliance Group from "AA+" before October 15th to "BBB". It is rare for listed companies to fail to pay bonds on time. After all, every time an enterprise wants to issue bonds, it has to be audited by the regulatory authorities. Compared with its own strength, the final bond size will not be too large, and the enterprise will try its best to avoid the loss of goodwill caused by this money.

according to public data, "17 Huaqi 5" was issued in October 217, with a current balance of 1 billion yuan, a coupon of 5.3% and a term of 3 years. Brilliance is a large state-owned car company with 47, employees and total assets exceeding 19 billion yuan, and now it can't even afford this money?

You know, one of the major shareholders of Brilliance Group is the State-owned Assets Supervision and Administration Commission of Liaoning Province (with a shareholding ratio of 8%), and the other is the Liaoning Social Security Foundation. Such a large state-owned enterprise with a "deep background" has to default on its debt of 1 billion yuan. How miserable is it?

insiders should know that BMW Brilliance's profit sharing is the "cash cow" of Brilliance Group. Uncle Che still remembers that the profit of Brilliance China in 219 was "abnormally" more than three times its revenue, which really made people laugh and cry. According to the official financial report, if the profit share of BMW Brilliance is excluded, the overall loss of Brilliance China in the first half of 22 will reach 338 million yuan, and the sales volume of Renault Brilliance (actually the independent sector of Brilliance) will drop by 42.% year-on-year. Building a car does not make money, only the revenue of auto financial services has increased by 35.5% to 34 million yuan. In other words, Brilliance, a huge car enterprise group, actually relies on "winning" and getting some loans to "make a living".

Without BMW as a "good teammate", Brilliance would have collapsed! In fact, the data shows that BMW Brilliance has "transfused" 3.823 billion yuan, 3.993 billion yuan, 5.233 billion yuan, 6.245 billion yuan and 7.626 billion yuan respectively in the past five years, and the accumulated amount is as high as 26.92 billion yuan ... To be honest, when Uncle Che visited the article comment area, he often saw netizens spray "inaction" and "lack of progress" from their own car companies.

However, the "pig teammates" also have a day when they can't move. The profit input of BMW Brilliance can't always save the overall operation of Brilliance, and the "bottomless pit" can't make up for it. Moreover, Brilliance sold 25% of its shares to BMW Group last year, and the money it earned became less. Since August 12th this year, the prices of many bonds under Brilliance Group have plummeted, and the debt repayment pressure has doubled. According to the latest data, Brilliance China has a total debt of 122.675 billion yuan, of which the short-term debt is relatively large. Once an enterprise is insolvent, there is a risk of bankruptcy. Of course, for a state-owned enterprise like Brilliance, it will not go bankrupt and close down, and restructuring is possible.

Regarding this matter, the relevant person in charge of Brilliance told the media: "Brilliance Group did have temporary financial difficulties, so it failed to pay the due bonds on time. The Group is actively working hard to study solutions and give the public an explanation." A month ago, Qi Kai, vice president of Brilliance Group, said: "This year is really difficult. Not only Brilliance Auto, but also many enterprises have encountered the liquidity problem of capital shortage. However, both Liaoning Province and Shenyang City have provided a lot of financial support to Brilliance Auto. The crisis is short-term. With the improvement of business conditions and the control of the epidemic, Brilliance Auto will gradually get out of the predicament. "

Conclusion of Uncle Che

After all, Brilliance is an old state-owned enterprise with a history of 7 years. Back then, Brilliance's Jinbei van and the subsequent Chinese family cars had "high-light moments". The crux of the problem now is that the sales volume of Brilliance's independent plate is sluggish and the losses are serious. In a short time, we can't see the hope of turning losses into profits. In terms of technology, we rely too much on BMW and fail to form effective absorption and integration, so we are at a disadvantage in the future market competition. Where does Brilliance go in the end? Uncle Che continues to pay attention.

This article comes from the author of Chejia, car home, and does not represent car home's standpoint.