"Under the pressure of capital chain, the company will stop production activities."
20 17 1 1, a reorganization statement issued by the board of directors of xinfei electric appliances shows that the third shutdown crisis of xinfei electric appliances has come and it is urgent to apply for legal protection. ......
Previously, xinfei suffered a shutdown crisis on 20 12 and 20 13 respectively, but with the intervention and help of the government, it survived two robberies.
By February 20 18, Xinfei once announced its resumption of work. According to media reports, Honglong Asia, a shareholder from Singapore, lends a helping hand and plans to inject 1 billion to 2 billion yuan into Xinfei Electric Appliances for the renovation of existing production lines, product research and development, marketing and so on.
Unfortunately, the good times did not last long. Two months later, Hong Leong Asia announced its withdrawal from Xinfei Company.
On June 20 18, in the judicial auction in Ali, the bankruptcy auction information of Xinfei Electric Appliances was impressively listed. This means that Xinfei, one of the "four golden flowers" in China refrigerator industry, is facing the fourth crisis. Once in its heyday, Xinfei, a home appliance brand known as the "king of refrigerators" in China, has collapsed, beating Samsung and Siemens, far better than Haier and Gree.
And this time, will someone come to save it?
Xinfei Company started at 450 million yuan.
According to the Ali auction platform, all the shares of all brands owned by Xinfei-Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigerator (hereinafter referred to as Xinfei Company) will be publicly auctioned on the Taobao.com Judicial Auction Network Platform of Xinxiang Intermediate People's Court from June 28th, 2008 to June 29th, 2008 (except for the delay).
At the same time, some land, real estate and buildings under the name of Xinfei Electric Appliances will also be auctioned on July 5, with a starting price of1.1.50 billion yuan. According to the liquidation of relevant departments, the total assets of all low-value consumables (office supplies), houses, land, machinery and equipment, electronic equipment, molds and other assets under the name of Xinfei Electric Appliances are 565 million yuan.
Subsequently, I contacted the auction manager, the relevant person of Beijing King & Wood Law Firm. The other party said that the (specific auction) time has not yet opened, and now there is only platform (auction) information. I'll see if the lawyer can answer the relevant questions later.
Regarding the decision to approve the reorganization plan of Xinfei Company (hereinafter referred to as Xinfei), Xinfei said that "Xinfei Company applied to Xinxiang Intermediate People's Court for reorganization on October 30th, 20 17/kloc-0, and due to the break of the capital chain, the debts due could not be paid off, and the assets were not enough to pay off all the debts".
On 20 18 1.4, Xinxiang Intermediate People's Court ruled that Xinfei Company was merged and reorganized. At the same time, Xinfei Company will rectify the recruitment of investors as one of the next priorities.
2065438+On February 3, 2008, Xinxiang Intermediate People's Court presided over the second meeting of the review meeting of the reorganization investors of Xinfei Company. All the review members of the meeting unanimously agreed to confirm Honglong Asia Co., Ltd. as a formal reorganization investor.
On the other hand, from the reorganization plan (draft) of Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigerator, it can be found that Xinfei Company is currently in a state of insolvency. According to the audit report issued by the audit institution, as of the audit benchmark date, the net assets of Xinfei Company were-11290,000 yuan. The number of creditors confirmed by Xinxiang Intermediate People's Court is 840, and the amount of creditor's rights is as high as 2.295 billion yuan.
A person familiar with the matter said that nearly 1,000 creditors should have attended the meeting and voted through the Internet. The court made a relevant ruling (which proved to be legal and effective), and the auction procedure would only be conducted after the ruling.
The ruling also shows that Xinfei Company has spent 65.438+0.58 billion yuan to pay off employees' wages, and there is no arrears of employees' wages and social insurance. In addition, if Xinfei Company goes bankrupt, the most likely repayment rate of ordinary creditor's rights is only 1.5 1%.
According to the World Wide Web report, a registered lawyer of a law firm believes that the brand, factory building and land of Xinfei are the most valuable parts. For new users, they will pay more attention to the brand of Xinfei. From the long-term development of Xinfei, it is most likely to take over industrial capital, such as large enterprises of the same type. As strategic investors, these investors may give relatively high prices because they take a fancy to the brand of Xinfei.
Why did it end up being auctioned?
How did Xinfei Company come to such an unbearable step? This has a lot to do with Honglong Asia.
According to the Decision on Approving the Reorganization Plan of Xinfei Company and the Reorganization Plan, Hong Leong Asia was originally the reorganization investor of Xinfei, but failed to fulfill its promise after paying a deposit of 50 million yuan. On April 13, it was announced on the Singapore Stock Exchange that it would withdraw its capital from Xinfei.
The announcement shows that Xinfei has been losing money since 20 1 1, and its performance has further deteriorated in recent years with the overall overcapacity and intensified competition in China. Therefore, the financial situation of Xinfei is adversely affected. In the past two years, 20 16 and 20 17, SIA incurred net after-tax losses of S $654.38+20 million (about RMB 575 million) and S $654.38+28 million (about RMB 6/kloc-0.30 million) respectively.
Hong Leong Asia said that due to the long-term loss of Xinfei, divestment from Xinfei is expected to have a positive impact on the financial performance of Hong Leong Group.
When talking about the reasons for the withdrawal of restructuring investors, Zhou Bing, general manager of Sichuan Haocheng Enterprise Clearing Affairs Co., Ltd. said that the withdrawal of restructuring investors generally stems from two situations: First, the investors' own cash flow problems and capital problems cannot implement the agreement; Second, investors withdraw their investment even if they lose the deposit because of certain business risks or changes in relevant preferential policies.
In addition, Zhou Bing also said that the restructuring plan is rare, and the way to find new investors through auction is uncertain in the industry, which will also bring greater uncertainty to the creditors' income. Under this uncertain restructuring plan, creditors can still pass a resolution, indicating that creditors expect Xinfei to return through restructuring. Generally speaking, for creditors, the compensation ratio of reorganization plan is higher than that of bankruptcy liquidation procedure. ?
Hong Leong Asia failed to fulfill its promise, which made the production process resumed by Xinfei Company stagnate again. Moreover, the cost of purchasing raw materials and continuing operations required for the resumption of production has led to the continuous deterioration of the assets of Xinfei Company and the liquidity is on the verge of exhaustion. As a result, Xinfei Company failed to carry out annual sales activities in the marketing season of refrigerators, freezers and other products, resulting in a large loss of distribution channels, a serious decline in market share and a sharp depreciation of Xinfei trademark value.
At the same time, the long-term suspension of production has also caused the aging and damage of production equipment, further causing the depreciation of such fixed assets.
In addition, as of 20 17 1 1.9, Xinfei Company still has 207 million accounts receivable. Audit institutions found that these accounts receivable assets were seriously short of original documents, and the reply rate of audit letters was zero. And urge Xinfei Company to collect evidence materials for creditor's rights with the amount exceeding 6.5438+0 million yuan, but the creditor's rights that meet the filing standards do not exceed 654.38+0, and there is a risk of losing the case due to insufficient evidence.
The fall of a generation of giants
Xinfei's predecessor is Xinxiang Radio Equipment Factory, a small local military enterprise established in 1958. However, due to the single product and aging equipment, the company's financial situation is not good. Some old employees recalled that some offices were too poor to afford ballpoint pens, and the whole enterprise was on the verge of bankruptcy.
1983, Bingyin Liu, the factory director who took over this small factory, happened to find that every household in the southern region began to buy refrigerators. In order to reverse the predicament, he chose white goods as the transformation choice of the enterprise.
1984, Xinfei refrigerator project was formally established in the Ministry of Light Industry. 1985, the company introduced a modern refrigerator production line from Philips, the Netherlands; 1986, the refrigerator production line with an annual production capacity of 65,438+10,000 units was put into production, and the "Xinxiang-Philips" brand refrigerator was officially put on sale, which is also the source of the brand name of Xinfei.
1990, Bingyin Liu learned from Haier, and when the public was angry, he smashed 400 unqualified refrigerators. The "refrigerator smashing incident" enhanced customer confidence and improved the quality awareness of new leaflets. In less than two years, 1992' s high-quality new flying refrigerator became a national gift, which was taken abroad by national leaders and became an international business card of China's home appliance manufacturing industry.
Immediately, Xinfei refrigerator ushered in rapid development. According to previous reports, after the refrigerator was put into production, some users even blocked the factory door and demanded to buy it. Finally, even the refrigerator coupons given by Bingyin Liu to employees were bought.
196 The average monthly salary of Xinxiang people is only 200-300 yuan, while the average salary of employees of Xinfei Electric Appliances has exceeded 1,000 yuan. Some media reported that it was an honor to work in Xinfei at that time. Finding a wife on a blind date is much more useful than wearing a suit and tie.
Since 1996, Xinfei has produced and sold more than one million refrigerators for eight consecutive years, and all the main economic indicators are in the forefront of the domestic refrigerator industry. 1997 The brand value of Xinfei has reached 365,438+84 million; In September, 2002, Xinfei refrigerator and Xinfei freezer were recognized as "China famous brand products", which became one of the few home appliance enterprises in China and the only enterprise in Central China with two "China famous brand products". In 2002, the total production and sales of Xinfei refrigerators jumped to the top two in China refrigerator industry. Excluding export factors, the domestic market share alone is as high as 18.88%.
Some netizens said: "I don't know anything else except that the new flying refrigerator that my grandmother retired a few years ago has been used for 20 years!" That eagle sign is particularly clear! "
From 1994, Xinfei Refrigerator became the strategic pilot of "introducing foreign capital and grafting and transforming large and medium-sized state-owned enterprises" in Henan Province. With the help of Xinxiang municipal government, Xinfei refrigerator successfully introduced foreign capital. Among them, Xinfei Group, the major shareholder representing Xinxiang Municipal Government, holds 49%, Hong Leong Group, the largest real estate and hotel investment developer in Singapore, holds 45%, and the remaining 6% is held by Singapore Yuxin Electric, founded by Henan Office in Singapore. Since then, Xinfei Refrigerator has become a Sino-foreign joint venture Xinfei Electric Appliance. Later, a series of equity transfers were carried out, and Singapore Hong Leong Group achieved absolute control in Xinfei Electric Appliances, accounting for 90% of the shares. China completely lost the right to operate, and "Xinfei" has since become a Singapore brand.
In the past few years when Hong Leong took over in an all-round way, the performance of Xinfei has turned sharply. It is found that since 2005, the market share of Xinfei refrigerator began to decline sharply. By 20 12, the market share of Xinfei refrigerator has dropped to 6%, and in the following four years, the market share of Xinfei refrigerator has dropped to 3.2%, and it has already been thrown out of the first and second echelon of refrigerator industry.
Source: Phoenix Network Information