1.On April 3, Qi Xing Group, Wang Xi Group and zouping county Municipal People's Government signed a tripartite agreement on entrusted operation, and Wang Xi Group will conduct a three-month comprehensive entrusted operation for Qi Xing Group, which has difficulties in operation. On March 3rd, Kloc-0, Qi Xing Group paid the current loan and interest as scheduled. Qi Xing's debt crisis has been initially solved, but its warning significance is thought-provoking.
2. Wang Ming (pseudonym), a loan officer of a creditor bank, told china securities journal that in the past few years, under the background of credit expansion, Qi Xing Group "invested too much money", which buried the hidden danger of debt crisis. After entering the "three-phase superposition" of economic growth rate change period, structural adjustment pain period and early stimulus policy digestion period, some enterprises suffered from excessive expansion before. In order to resolve regional financial risks, in recent years, Shandong Province has accelerated the pace of structural adjustment and industrial upgrading by adjusting the credit structure and other means.
3. "I have read the rating report and credit report of Qi Xing Group, and I am deeply impressed that it is highly dependent on bank loans. Take the financial situation at the end of 20 13 as an example, most of its liabilities are within one year, and the scale of short-term liabilities far exceeds the needs of enterprise capital turnover. Where have so many short-term funds been used? " Wang Ming said.
4. Wang Ming believes that "short-term loan and long-term investment" is the key of Qi Xing Group. According to media reports, there are as many as 28 foreign-funded enterprises in Qi Xing Group, of which 12 holds less than 50% of the shares, covering venture capital, installation engineering, printing, chemical industry, railway operation, leasing, thermoelectric, ceramics, urban heating and other industries, and many investments eventually became the burden of Qi Xing Group.
5. "Most of Qi Xing Group's liabilities are short-term financing products, indicating that many of its long-term investment projects either do not conform to the policy-oriented direction, or are not optimistic about banks, and they can't get medium-and long-term loans, but they can get working capital loans." Wang Ming said that if the working capital loans issued by banks are "short-term loans and long-term investments", it is difficult for banks to supervise specific uses. Some enterprises set up "satellite companies" for financing, and banks can't prevent it.
6. In sharp contrast to the drag of foreign investment, the main business of Qi Xing Group has been stable in recent years. The clarification announcement disclosed by Wang Xi Food on March 29th shows that Qixing Group has total assets of 2018081000000 yuan, net assets of 6.462 billion yuan, operating income of111050000 yuan and net profit of 400 million yuan; 20 16 years 10-9 months, total assets176.43 million yuan, net assets of 6.639 billion yuan, operating income of 8.340 billion yuan and net profit1770,000 yuan.
7. "Everything is caused by' overinvestment'. A few years ago, due to the rapid expansion of credit scale, it was easy for enterprises to get bank loans and then invest everywhere. As the economy enters the down cycle, these investments have become a drag, even dragging enterprises to the abyss of the debt crisis. " Wang Ming said.