To invest in stocks, look at the research reports of Golden Kylin analysts, authoritative, professional, timely and comprehensive, helping you tap potential themed opportunities!
Original title: Huang Qisen, chairman of Tahoe, assisted in the investigation, executives: more than 50 projects have resumed work, and priority will be given to delivery
Source: Die Zeit
Just after the rumors of bankruptcy were refuted,Tahoe Group(000732.SZ, hereinafter referred to as “Taihe”) fell into a whirlpool again.
On March 16, Tahoe issued an announcement on major events, saying that Huang Qisen, the company’s chairman and general manager, was assisting relevant authorities in the investigation, and the company’s board of directors had launched an emergency plan. At present, Tahoe’s co-president Ge Yong and co-president Wang Jinggang are in charge of the company’s production and operation.
That night, Tahoe held an urgent media communication meeting and further disclosed the company’s current situation to the outside world. Ge Yong, Wang Jinggang, CFO Liu Xiangmin, Vice President Quanzhong and other senior executives participated in the communication meeting.
A person familiar with the matter revealed to the Times Weekly reporter that due to letter disclosure regulations and the requirements of relevant departments, Huang Qisenās assistance in the investigation could not be disclosed to the outside world, but he could still communicate with the company and participate in corporate operation decisions in appropriate ways.
On March 17, Tahoe’s closing price was 2.73 yuan per share, down 1.09%. on the same day,straight flushThe real estate development index rose 3.9%.
ććNo progress in cooperation with Vanke
As a real estate company caught in a liquidity crisis, Tahoe’s debt restructuring progress has attracted much attention in the industry.
Ge Yong said that there are many differences between Tahoe and the industry’s “thunder” real estate companies. First of all, the quality of Tahoe’s assets is generally good, with strong liquidity, and the assets of first- and second-tier cities are competitive, which is the basis for Tahoe’s debt restructuring.
Secondly, after the Tahoe crisis occurred in September 2020, the relevant government departments of Fujian Province organized relevant financial institutions and relevant commissions, offices and bureaus to organize coordination meetings for Tahoe, hoping that all parties would focus on the overall situation and provide assistance in the process of Tahoeās debt restructuring. Active support.
“At that time, we also invited an external third-party agency to take an inventory of Tahoe’s assets. Although some data could not be disclosed, Tahoe’s assets should be far greater than its liabilities, with a high margin of safety. The calculation takes into account the possible interest costs and other factors.” Ge Yong said.
Wang Jinggang said that Tahoe is self-reliant, does not lie flat, and actively communicates with financial institutions related to the project in question to gain understanding and support. On the other hand, based on the current conditions, for difficult projects, Tahoe will communicate the situation with the government truthfully, and from the perspective of the owner of the house, seek the government’s support and start the project.
“(We) will still give priority to ensuring project delivery and ensuring the quality of delivery. At the same time, we will also repay the financing of the corresponding financial institutions.” Wang Jinggang pointed out.
Regarding the cooperation between Tahoe and Vanke that the market has paid attention to before, Ge Yong said that the agreed conditions have not yet been met, and there is no more content to disclose.
ććCash is difficult to cover short-term debt
A number of industry insiders believe that Huang Qisen’s assistance to the relevant authorities in the investigation is related to a warning letter.
In mid-January this year, Huang Qisen received a warning letter from the Fujian Securities Regulatory Bureau. The warning letter directly pointed to the three major problems of Tahoe: failure to cooperate and terminate disclosure in a timely manner, failure to disclose corporate capital reduction disclosure in a timely manner, and unfounded release of value information. Among them, the issue of information disclosure has caused widespread concern in the market.
The warning letter pointed out that on December 21, 2020, Jiaxing Shengyu Equity Investment Partnership (hereinafter referred to as “Jiaxing Shengyu”), a consolidated enterprise of Tahoe Group, held a meeting of all partners and agreed to its limited partner Jiaxing Kunyu Investment Co., Ltd. The company made a separate capital reduction for its actual paid-in capital of 6.9 billion yuan. After the capital reduction was completed, Jiaxing Shengyu paid 6.9 billion yuan to Jiaxing Kunyu. On the same day, Jiaxing Kunyu transferred its 6.9 billion yuan creditor’s rights to Jiaxing Shengyu to Zhongcheng Construction Co., Ltd.
On December 31, 2020, Tahoe Group signed a tripartite agreement with Jiaxing Shengyu and Zhongcheng Construction. It was agreed that Tahoe Group should pay Zhongcheng Construction the 6.9 billion yuan that should have been paid by Jiaxing Shengyu. However, Tahoe Group delayed until April 30, 2021 to disclose the above-mentioned capital reduction and related progress for the first time, which violated the provisions of Articles 2 and 30 of the Information Disclosure Measures.
What also puzzles the outside world is the value of Tahoe. According to management personnel, Tahoe has long held a huge amount of goods in first- and second-tier core cities, but the data on the specific value of goods has been changing dramatically.
According to the warning letter, on June 14, 2019, Huang Qisen, chairman of Tahoe Group, publicly stated that Tahoe Group has a land reserve worth 600 billion yuan; First- and second-tier cities have land reserves with a value of nearly 400 billion yuan. Two days later, Tahoe said that the company has existing houses with a value of 40 billion yuan in Beijing. At that time, Huang Qisen said that Tahoe had more than 300 billion yuan worth of land reserves in core first- and second-tier cities.
Regarding the disclosure of the company’s operating data, Liu Xiangmin said at the communication meeting that at the end of January, Tahoe had pre-disclosed the operating data for 2021. According to the requirements of the exchange, Tahoe mainly discloses profit data. The factors in the profit composition have not been disclosed in detail, and the specific details will be disclosed in the annual report.
At the communication meeting, Tahoe management emphasized that Tahoe will never lie flat, resolutely fulfill its corporate responsibility, and deliver the house with quality and quantity.
Judging from the current indicators such as liabilities and cash flow, it will take some time for Tahoe to get out of the predicament completely. Ge Yong said that in 2021, Tahoe has achieved a total of more than 7 billion yuan in sales receipts, more than 50 projects have basically resumed work, and 20 batches of more than 3,000 houses have been delivered. After the company has fully developed the stock, there may still be a net cash flow of 20-30 billion yuan.
Ge Yong revealed to the Times Weekly reporter that more than 50 major projects under construction in Tahoe have basically resumed work.
According to the report for the third quarter of 2021, Tahoe’s balance of cash and cash equivalents at the end of the period was only RMB 705.9 million, which could not cover short-term borrowings during the period.
Massive information, accurate interpretation, all in Sina Finance APP
Responsible editor: Zhang Yi