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Original title: Influenced by the largest customer Evergrande,Quanzhu Co., Ltd.Unable to return 100 million yuan of raised funds on time
Source: Dagong Real Estate
Takung Real Estate News On May 25, Quanzhu Co., Ltd. issued an announcement on the inability to return the raised funds on time.
It is understood that with the approval of the China Securities Regulatory Commission, Quanzhu Co., Ltd. publicly issued 3.84 million convertible corporate bonds to the public on April 20, 2020, each with a face value of 100 yuan, with a total raised capital of 384 million yuan and a term of 6 years. . The total amount of funds raised from the public issuance of convertible corporate bonds is about 8.6792 million yuan (excluding tax) after deducting underwriting and sponsorship fees, and about 1.6768 million yuan (excluding tax) for other issuance expenses. The actual net raised funds are about 374 million. Yuan. The above-mentioned funds raised have been fully paid on April 24, 2020.
On May 25, 2021, the twenty-fifth meeting of the fourth board of directors of Quanzhu Co., Ltd. reviewed and approved the “Proposal on the Company’s Use of Part of Idle Raised Funds to Temporarily Supplement Working Capital”, agreeing that the company will use no more than 100 million yuan (including 100 million yuan). 100 million yuan) to temporarily supplement working capital, which is limited to the production and operation use related to the company’s main business, and the use period does not exceed 12 months. However, as of the date of this announcement, the above-mentioned 100 million yuan of raised funds used to temporarily supplement working capital has not been returned to the special account for raised funds.
Quanzhu Co., Ltd. said that since 2021, the company’s largest customer has experienced capital liquidity problems, and the company’s collection of various receivables has been affected, which has had a greater impact on the company’s working capital and has made the company’s capital flow. Sexuality faces major challenges.
It is reported that as of December 31, 2021, the amount of accounts receivable and contract assets of Quanzhu to the largest customer was 2.464 billion yuan, the amount of bills receivable was 1.385 billion yuan, and the unsettled inventory construction payment was 209 million yuan. . At the end of 2021, the company further accrued impairments on accounts receivable, contract assets, notes receivable and inventories related to the largest customer, of which the accrued impairment of accounts receivable and contract assets was 560 million yuan, and the receivables The amount accrued for bills was 296 million yuan, and the amount accrued for impairment of inventories was 21 million yuan.
Public information shows that Evergrande is the largest customer of Quanzhu. The 2021 semi-annual report of Quanzhu Co., Ltd. shows that the actual income in the first half of the year was 2.2 billion yuan, of which the Evergrande project income was about 800 million yuan. However, with the explosion of Evergrande, Quanzhu shares were greatly affected. According to the announcement of Quanzhu Co., Ltd. at the end of 2021, from October 8 to November 16, the company and Evergrande Real Estate and its related member companies have filed lawsuits in courts in many places due to disputes over construction costs, of which 333 cases have been filed. , the total amount of litigation claims is about 238 million yuan.
At present, Quanzhu has adopted a number of measures, including signing a tripartite offset agreement to offset the payment due to the largest customer, selecting high-quality housing for compensation, claiming priority compensation in litigation, property preservation, and communicating with the local government of the project under construction to carry out resumption negotiations. Measures were taken to actively speed up the return of funds from receivables. At the same time, the company’s board of directors and management are actively exploring other feasible ways to raise funds, and strive to return the raised funds as soon as possible.
As of May 25, the company’s idle raised funds were used to temporarily supplement liquidity sources, including three 2016 non-public offerings of stocks and four public offerings of convertible corporate bonds, totaling 140 million yuan and 262.4 million yuan respectively.
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Responsible editor: Zhang Yi