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Business Journal
Viewpoint new media
Tradition is being changed, the history of business development in change and integration.
Recalling that shortly after Huang Guangyu was released from prison, he released his rhetoric to “restore the original market position within 18 months”, which is difficult to achieve now.
viewpointnetwork In the shock of Huang Guangyu’s reduction and capital injection of Gome Retail, Gome Electric received a rumored bankruptcy liquidation petition.
On December 29, Gome Retail announced that its subsidiary Gome Electric had recently received a bankruptcy liquidation application from the court, and the applicant claimed to recover the payment of 4.706 million yuan.
It is understood that the applicants this time are four companies, Shenyang Shengxingda Kitchen and Bathroom Products Co., Ltd., LiaoningSuporCooking Electric Sales Co., Ltd., Harbin Supor Cookware Sales Co., Ltd. and Changchun Supor Cookware Sales Co., Ltd. respectively filed bankruptcy liquidation petitions against Gome Electric Appliances on the grounds that Gome Electric Appliances could not pay off the outstanding payment.
The applicant claimed that Gome owed a total of about RMB 4.706 million in payment for goods, but Gome stated that there was no effective legal document to confirm such claims and debts, and it would raise objections to the application in accordance with the law.
In Gome’s response, the applicants were Gome Dalian Gome Supply Chain Management Co., Ltd., Anshan Yongle Home Appliances Co., Ltd., Shenyang Gome Supply Chain Management Co., Ltd., Heilongjiang Gome Black Swan Supply Chain Management Co., Ltd. and Jilin Gome after internal verification by the company. Suppliers to companies such as Supply Chain Management Ltd.
There is no direct business relationship between the applicant and Gome, and Gome does not owe the applicant any payment for goods.
Bankrupt Rashomon
In fact, this incident can be traced back to November this year.
On November 29 this year, the Important Case Center of the China City Court announced on Weibo that Gome Electric Co., Ltd. was filed with the Bankruptcy Court of the Beijing No. , the court has initiated a review.
On the evening of December 1, GOME issued a statement. So far, GOME Co., Ltd. and other subsidiaries of GOME Holding Group have not received any legal documents or inquiries about GOME’s bankruptcy application from judicial authorities.
Then on December 2, the center disclosed the news again, which seemed to be a response to Gome.
The Important Case Center of the China City Court mentioned that on November 24, the center and synergy law firm were entrusted by four suppliers to mail the complete set of materials for the bankruptcy liquidation application of Gome Electric Co., Ltd. to the Bankruptcy Court of Beijing No. 1 Intermediate People’s Court through EMS; 11 On April 29, the lawyer in charge went to the case filing window to verify on-site, confirming that the court had received the materials and was reviewing them.
At that time, the judge said that due to the impact of the epidemic, the review speed would be slower. It is unclear whether Gome has been notified, but the supplier’s application is legal and compliant. The court is mainly reviewing the form at this stage, and the notification should only be a matter of time.
Whether it is the incident or the latest developments, the respective statements of the Zhongcheng Court Important Case Center and Gome have pushed the incident to the bankruptcy of Rashomon, and the two sides have always held their own opinions.
On the evening of December 29, Gome stated that it would raise an objection to the bankruptcy petition in accordance with the provisions of Article 10 of the “Enterprise Bankruptcy Law of the People’s Republic of China”, and the court will decide whether to accept the petition after the objection period expires.
On the morning of December 30, the Important Case Center of the Zhongcheng Court issued a response that the era of large companies abusing the independent status of corporate legal persons and limited liability of shareholders to evade debts has passed! The Center respects Gome’s procedural right to raise objections, but also believes that the People’s Court will make a ruling based on the principles of respecting the law and facts.
Suning.com also enjoys the same treatment as Gome.
It is understood that the Major Case Center of the Zhongcheng Court is a legal service agency under the Zhongcheng Ten Billion Industrial Research Institute, which is engaged in the demonstration and discussion of major difficult and complex cases. It is headquartered in Beijing and belongs to the legal consulting service industry. The Midtown Ten Billion Industrial Research Institute It is a legal person think tank research institution, which has subordinate units such as the Important Case Center and the Science and Technology Innovation Center, and has the qualifications for legal consultation (except for lawyers’ practice activities).
Established in December 2020, the center gathers legal experts, senior lawyers, and industry experts to form a special case group around major difficult and complicated cases that are taking place at home and abroad, and issues opinions on issues such as the application of legal provisions, procedural legitimacy, and key disputes And report it to the relevant state agencies and responsible departments, such as the work project of Suning.com’s arrears of payment to small and medium-sized enterprises.
Guandian New Media consulted the official website of the Center for Important Cases, and found that the center is also following up on the “Suning Tesco Arrears to Small and Medium-sized Enterprises Work Project”.
On November 11, the supplier of Suning.com filed an application for bankruptcy liquidation with the People’s Court. Later, on the 26th, the center announced that the center, together with the coordination law firm, was concentrating on accepting cases to help suppliers apply to the court for Suning.com’s bankruptcy liquidation.
gome winter
Regardless of Gome or Suning, in recent years, they have been burdened with debts and lived frugally.
In 2021, Suning.com will have a net loss of 43.2 billion yuan.
As of the end of the third quarter of 2022, Suning.com’s short-term debt totaled 55.153 billion yuan. In the first three quarters of 2020, 2021 and 2022, Suning.com’s revenue will be 252.296 billion yuan, 138.904 billion yuan, and 55.538 billion yuan, a year-on-year decrease of 6.29%, 44.94%, and 51.95% respectively; the corresponding net losses attributable to the parent are 4.275 billion yuan , 43.265 billion yuan, 4.545 billion yuan.
In contrast to Gome Retail, public information shows that there are more than 10,000 creditors in its business system. In addition to debt collection suppliers, GOME is still caught in employees’ wages and rights protection.
Recalling that shortly after Huang Guangyu was released from prison, he released his rhetoric to “restore the original market position within 18 months”, which is difficult to achieve now.
The data shows that from 2017 to the middle of 2022, Gome’s retail net losses were 450 million yuan, 4.88 billion yuan, 2.59 billion yuan, 6.99 billion yuan, 4.4 billion yuan and 2.97 billion yuan, and the profit was weak.
According to the interim report data, Gome’s total liabilities reached 58.568 billion yuan, and the turnover days of the company’s accounts payable and bills payable was 301 days, an increase of 144 days year-on-year. In the first half of 2022, it closed 562 stores, with a net reduction of 370 stores.
On the other hand, Huang Guangyu and his wife continued to reduce their shareholdings during the year. Relevant statistics show that the two will reduce their holdings of Gome Retail 26 times in 2022.
Since December, Huang Guangyu has provided interest-free unsecured loans of 150 million, 200 million, and 150 million Hong Kong dollars to Gome Retail through his subsidiary Shinning Crown Holdings Inc. on December 8, 14, and 22. On the evening of December 30, Gome Retail received an interest-free unsecured loan of HK$130 million from controlling shareholder Huang Guangyu.
So far, Huang Guangyu has transfused a total of 630 million Hong Kong dollars for Gome Retail within a month.
Some analysts pointed out that Gome is affected by the debt crisis and currently lacks convenient financing channels and necessary financial support. However, it is expected that after the reorganization introduces external investors and creditors as shareholders, it will have the opportunity to activate financing channels and restore development vitality.
It is worth noting that among the businesses operated by Gome, household appliances are the main business. According to data from the National Household Appliance Industry Information Center, the overall scale of my country’s household appliances in the first quarter of 2022 fell by 12.3% year-on-year, and gradually recovered in the second and third quarters. , the market size in the first three quarters reached 522.4 billion yuan, a year-on-year decrease of 8.9%.
In 2022, the home appliance industry will be full of twists and turns, and Gree, Midea and other related companies will also face performance growth pressure to varying degrees.
In this regard, Gome announced on November 24 that it will focus on live delivery of goods, build a nationwide store live broadcast network, and implement a private domain distribution system “National Pushing Hands” to encourage Gome employees and the public to use private domains to share platform products and earn commissions .
After the news was released, Gome Retail’s Hong Kong stock price rose 32.77% on the same day to HK$0.158, the highest gain of the year.
On the evening of December 30, Huang Xiuhong, chairman of Gome’s To C business group, made the first public live broadcast. Gome cooperated with Midea, Sony, Skyworth, Konka and other manufacturers to sell smart home appliances at low prices, and will give the largest subsidy of the year.
As of the close on December 30, Gome Retail reported HK$0.110, down 4.35%, with a total market value of HK$3.929 billion.
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