37 listed companies are insolvent *ST Yida has the highest debt ratio 1900%, and there is no revenue for 2 1 month.

Original title: Special report | 37 listed companies are insolvent *ST Yida 1900% debt ratio ranks first, and 2 1 month has no revenue.

The third quarterly report of 20 19 was released, and the asset-liability ratio of 37 listed companies exceeded 100%.

Among them, *ST Yida (6006 10. SH), 2 1 month has no operating income, and the loss in the first three quarters of 20 19 is more than 20 million yuan, and the asset-liability ratio is 190 1%, ranking first in A shares.

Previously, due to the non-standard opinions issued by the audit institutions for two consecutive years, *ST Yida has been suspended from listing.

165438+1October 5, *ST Yida extraordinary shareholders' meeting deliberated and passed the company's major asset restructuring plan, *ST Yida will purchase assets by borrowing, and the company's main business will be changed from landscaping to the production and sales of fine chemical products.

However, even if the restructuring is successfully completed in the future, the net assets of *ST Yida 20 19 at the end of the year will still be--27 10/00000 yuan, and the risk of being terminated from listing has not been eliminated.

In this regard, the reporter of China Times called *ST Yida's secretarial office as an investor. Relevant staff said that the company is still trying to avoid delisting, but it is difficult for itself to avoid delisting. The result is unpredictable now, and the risk still exists. The source also said that if the company has the next plan, it will announce it in time.

The worst company with zero revenue.

20 14, 10 In June, S*ST China Textile, which suffered losses for two consecutive years, completed the share reform, and Shen Da Group became the largest shareholder of listed companies.

According to the equity transfer agreement, Shen Da Group donated 0/00% equity of Xiamen Zhongyida/KLOC-to the listed company for free, and the main business of the listed company was changed from textile machinery to landscaping, and the securities abbreviation was also changed to Zhongyida later.

Xiamen Zhongyida was purchased from others by Shen Da Group on April 20 14. 20 12 and 20 13 also suffered losses of 2.5 million yuan and 3.5 million yuan respectively for two consecutive years. In order to show confidence in asset restructuring, Shen Da Group has made a performance commitment that the net profit for 20 14 is not less than 260 million yuan.

But the fact is not as good as Shen Da Group promised. The 20 14 annual report was released, and *ST Zhong Yi only realized the net profit of1000000 yuan mainly by the proceeds from the reorganization and sale of assets, and only completed 38.5% of its performance commitment. At the same time, on the day of the release of the annual report, Shen Da Group pledged 94% of its shares in listed companies to Cinda Securities, which also laid the groundwork for future withdrawal. In 20 15, Zhongyida, which just turned losses, lost another 7 million yuan because the income from landscaping business was not enough to cover management expenses; In 20 16, due to the acquisition of 5 1% equity of Fujian Shanghe, Zhongyida achieved a net profit of nearly 70 million yuan, and its asset-liability ratio remained at a healthy level of 3 1.8 1%.

But this is the last glory of Zhongyida. 2065438+July 2007, Zhongyida even staged a farce that the actual controller could not be determined because the original actual controller of the listed company, He Xiaoyang, transferred the equity of Shen Da Group to a three-party organization.

By June of that year, 65438+ 10, the loan extension of Zhongyida financial institutions was completely blocked because it was listed as an executor of dishonesty by the court in a lawsuit, and the existing financing faced early loan collection. From June of that year 165438+ 10, the company and its subsidiaries were in a state of paralysis, such as broken capital chain, no money to pay employees' salaries, and employee turnover.

In the end, Zhongyida handed over an annual report card of 20 17, which was issued by an accounting firm with a loss of 1 1 more than one hundred million yuan. In the 20 18 annual report, Zhongyida was called "the worst A-share listed company" based on the annual operating income of 0 yuan, the number of employees and the net profit loss of 500 million yuan.

The new shareholders were forced to reorganize after taking office.

Behind all kinds of crises, the internal management of Zhongyida is also a mess. 20 17 Up to now, Zhongyida has been publicly condemned or commended by Shanghai Stock Exchange for 5 times and informed criticism for 2 times.

At the same time, according to the incomplete statistics of the reporter of China Times, from 20 15 to 20 18, Zhongyida * * * replaced at least seven people as the chairman/acting chairman, and the average tenure of each chairman was only over half a year.

20 19, 1 June, 2008, the shares of Zhongyida held by Shen Da Group were transferred to the asset management plan managed by Cinda Securities, and Cinda Securities was "forced" to become the largest shareholder of Zhongyida.

In addition, due to the complete loss of management at that time, corporate governance was completely paralyzed, and seals, licenses and financial information were also gone. Until the end of May 20 19, the new management of Cinda Securities in Zhongyida finally supported the company's operation.

In July, *ST Yida, who has been wearing a star and hat for two consecutive years, was decided by the Shanghai Stock Exchange to suspend its listing. At this time, *ST Yida's semi-annual report shows that the half-year revenue of listed companies is still 0 yuan. In order to avoid being delisted, Cinda Securities began to plan asset restructuring. 101October 2 1 day, *ST Yida announced that the company intends to purchase 0/00% equity of Chifeng Ruiyang Chemical Co., Ltd. (hereinafter referred to as "Chifeng Ruiyang"), a wholly-owned subsidiary of Jiangsu Lin Kai Ruiyang Chemical Co., Ltd., at a transaction price of 760 million yuan. How a company that has long been insolvent has come up with a huge sum of 760 million yuan, which has attracted the attention of the Shanghai Stock Exchange. *ST Yida subsequently disclosed that the main funds used by listed companies for acquisition came from loans from Wengfu Group, and Wengfu Group was associated with Cinda Securities and Chifeng Ruiyang.

165438+1October 5, *ST Yida extraordinary shareholders' meeting passed the relevant proposal on the acquisition of Chifeng Ruiyang, marking that the approval procedures for this reorganization have been completely completed. However, a previous audit report showed that even if the reorganization was successfully completed, the net assets of *ST Yida 20 19 at the end of the year were still--27 10/00,000 yuan, and there was a risk of being terminated from listing.

37 bankrupt companies

According to the data, in the third quarterly report of 20 19, there are 37 listed companies whose asset-liability ratio exceeds 100% and they are insolvent. Compared with 65,438+06 in the same period of 2065,438+08 and 65,438+00 in the same period of 2065,438+07, the growth rate is very obvious.

Among these 37 insolvent companies, there are 25 *ST shares and 2 ST shares, accounting for nearly 73%. Except *ST Yida ranked first with the asset-liability ratio of 190 1%, the asset-liability ratios of *ST Qian Bao, *ST Bus and *ST Opal were 865%, 662% and 457% respectively. Letv ranked seventh with an asset-liability ratio of 273%.

* The asset-liability ratio of ST Yida 190 1% is not the highest in the history of A shares. *ST Xinyi once set a record of 4309% asset-liability ratio in the third quarterly report of 20 15. *ST Xinyi was forcibly reorganized by the court at the end of 20 15, and the follow-up was still chaotic. Now I will be out of school for four years.

Liu Junhai, director of the Institute of Commercial Law of China Renmin University, said in an interview with China Times that a reasonable asset-liability ratio is conducive to the healthy growth of enterprises, but it is not advisable to be in debt for blind expansion. If the company's asset-liability ratio exceeds 5 times, it is necessary to pay special attention.

At the same time, he suggested that for enterprises that are already heavily in debt, on the one hand, the enterprises themselves should pay back the money in good faith and admit defeat in gambling; on the other hand, banks or other creditors should not run out of resources and push the enterprises to the brink, but should try their best to explore win-win solutions and overcome difficulties, which is beneficial to enterprise development and creditor's rights protection.

(Article source: China Times)

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