Home » HNA’s bankruptcy reorganizes its main aviation business, Liaoning Fangda, the taker to the bottom | China Current Situation | Fang Wei

HNA’s bankruptcy reorganizes its main aviation business, Liaoning Fangda, the taker to the bottom | China Current Situation | Fang Wei

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[NTD News September 15, 2021, Beijing time]A few months after HNA Group entered the bankruptcy reorganization process, strategic investors in the main business of HNA Aviation and the airport sector, which are the most concerned by the outside world, have finally surfaced recently. Among them, Liaoning Fangda Group Industrial Co., Ltd., which took over the main business of HNA Aviation, was raised by Lu Media. Its actual controller, Fang Wei, was exposed to the acquisition of scrap iron and steel.

On the evening of September 12, local time, the two listed companies under the HNA Group that have entered bankruptcy and reorganization, *ST HNA and *ST Foundation, successively issued announcements, announcing the results of their bankruptcy and reorganization of strategic investor recruitment and convening the second creditor meeting time.

According to the announcement, the strategic investor in the main aviation industry of HNA Group has been identified as Liaoning Fangda Group Industrial Co., Ltd. (Liaoning Fangda), while the strategic investor in the airport sector of HNA Group is Hainan Development Holding Co., Ltd. It is expected that these two strategic investors will become the controlling shareholders of the company after the related investment is completed.

At the same time, *ST HNA and *ST Foundation also announced that the second meeting of creditors will be held at the end of this month.

Liaoning Fangda, the “dark horse” bidding for the main business of HNA Aviation, was kicked off

According to reports, Fosun Group, Juneyao Group and Liaoning Fangda participated in the bid for HNA’s main business assets, and Liaoning Fangda, who “least knowledge of aviation” won. The result surprised the outside world, and Liaoning Fangda was hit by Lu media.

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According to a report by Lu Media’s “China Business News”, Liaoning Fangda has newly registered a company called “Hainan Grand Aviation Development Co., Ltd.” to participate in the bidding of HNA’s aviation assets. Its registered place is Haikou City, Hainan with registered capital. It is 30 billion yuan (the same below), and its business scope includes public air transportation, asset management services for self-owned capital investment, etc.

Hainan Grand Aviation Development Co., Ltd. is jointly funded and established by Jiangxi West Iron and Steel Group, Jiujiang Pinggang, Anyuan Iron and Steel and Sichuan Dazhou Iron and Steel. The shareholding ratios of these companies are 30%, 30%, 18.3333%, and 16.67% respectively. And 5%, and these companies all belong to the steel sector under the Fangda Group.

Public information shows that Fangda Group is a private enterprise group. The core business of the group includes four major sectors: carbon, steel, medicine, and commerce. It owns Fangda Carbon, Fangda Special Steel, Northeast Pharmaceutical, ZTE Commercial and other listed companies. , And Fangda People’s Hospital and other hospitals under the medical sector, with a total of more than 300 legal entities and more than 60,000 employees.

As of the end of June 2021, Fangda Group has total assets of 150.56 billion yuan, total liabilities of 84.45 billion yuan, owners’ equity of 66.11 billion yuan, asset-liability ratio of 56.1%, and monetary funds of 50.8 billion yuan.

According to the information provided by the Chinese enterprise information quick query tool “Qixinbao”, Liaoning Fangda was established in 2000 with a registered capital of 1 billion yuan. Its largest shareholder is Beijing Fangda International Industrial Investment Co., Ltd., with a shareholding ratio of 99.2%. . And this investment company has only one shareholder, Fang Wei, who is the actual controller of Liaoning Fangda.

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According to public information, Fang Wei was born in 1973 and started his business by buying scrap steel and selling it to steel plants. However, this once-unknown man miraculously successfully acquired a number of state-owned enterprises that were on the verge of bankruptcy due to poor management and became the “richest man” in China’s steel industry with a fortune of 45 billion yuan in 2018. In April 2021, Fang Wei ranked 680th in the “2021 Forbes Global Rich List” with a fortune of 4.2 billion US dollars. As for this miraculously wealthy investor, whether there is any powerful family behind it is unknown to the outside world.

According to China Financial News “Time Finance”, in 2002, Liaoning Fangda acquired and reorganized the state-owned Fushun Carbon Plant for the first time, and then successively acquired Fushun Laihe Mining, Shenyang Coking Gas, Chengdu Rongguang Carbon, Hefei Carbon, etc. Enterprise; In 2009, Liaoning Fangda successfully acquired the Changli shares of Nanchang Iron and Steel; in 2010, it acquired *ST Jinhua (later changed to Fangda Chemical), and later included Pingxiang Iron and Steel into its subordinates; since 2018, Liaoning Fang Dalu continued to buy shares and acquired the old state-owned enterprises Northeast Pharmaceutical, Jilin Chemical Fiber, ZTE Commercial and other enterprises. It is particularly worth noting that in April 2019, the state-owned enterprise Northern Heavy Industries completed its judicial reorganization, and Liaoning Fangda Iron and Steel Group became the largest shareholder of Northern Heavy Industries.

Liaoning Fangda, which has no aviation operation experience and no industrial synergy advantage, won the bid. “Beijing Business Daily” quoted industry insiders’ analysis and pointed out that Liaoning Fangda’s victory may have a lot to do with HNA Group’s most urgent need to solve the debt problem. Big relationship.

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According to the report, at the first creditor meeting of *ST HNA, the company has received claims from thousands of creditors with an amount close to 350 billion yuan; at the first creditor meeting at the HNA group level, the company received A total of more than 60,000 claims have been filed, and the amount of claims involved has exceeded 1.2 trillion yuan. For HNA, which is already insolvent, what is needed most now is funding from the war investment. In the final round of bidding quotations for the reorganization of HNA’s aviation assets, Fangda’s offer was the highest.

However, whether Liaoning Fangda will eventually become the controlling shareholder of HNA Aviation Assets remains to be determined by voting at the second meeting of creditors.

(Reporter Liming Comprehensive Report / Chief Editor: Hu Long)

The URL of this article: https://www.ntdtv.com/gb/2021/09/14/a103216284.html

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