RCCN WeChat QrCode
Mobile WebSiteAccording to the announcement, on July 8, the bondholder Huishang Bank Co., Ltd. stated that Ziguang Group could not pay off its due debts, its assets were insufficient to pay off all its debts, and its apparent lack of solvency, and that it had reorganization value and reorganization feasibility. The Beijing First Intermediate People's Court applied for bankruptcy and reorganization of Ziguang Group.
Tsinghua Unisplendour Group, formerly known as Tsinghua Unisplendour Group (Group) Corporation, was established in 1988. It is a school-run high-tech enterprise. It has now developed into a large-scale integrated integrated circuit leader in China, the third largest mobile phone chip design company in the world, and a leading all-industry Chain cloud network equipment and service companies. As a "world-class high-tech industry group from core to cloud", Ziguang Group has created a unique chip industry cluster (including Ziguang Zhanrui, Yangtze River Storage, and Ziguang Guowei) and cloud network industry cluster (with Unisplendour shares, and its subsidiaries, New H3C Group, Ziguangyun, and Ziguang Huazhi as representatives). As of the end of 2018, Ziguang Group has more than 40,000 employees worldwide and total assets of approximately RMB 270 billion.
Ziguang Group has a number of core subsidiaries, including Ziguang Co., Ltd. (hereinafter referred to as "Using Co., Ltd.") and Ziguang Guoxin Microelectronics Co., Ltd. (hereinafter referred to as "Using Guowei"), which have been listed on domestic stock exchanges. In recent years, Ziguang Group has spent hundreds of billions of dollars to successively acquire companies such as Spreadtrum Communications, RDA Microelectronics and New H3C, and has made large-scale layouts in asset-heavy semiconductors and other fields. In 2013, Ziguang Group acquired Spreadtrum Communications, a US listed company, and entered the integrated circuit chip industry strongly; in 2014, Ziguang Group acquired RDA Microelectronics, a US listed company, to expand the IoT chip market; in 2015, Ziguang, a subsidiary of Ziguang Group, acquired shares 51% equity of Chinese network equipment and storage, server giant "Xin H3C".
In this regard, some people in the industry said that the large-scale mergers and acquisitions and the construction of factories have contributed to the current business landscape of Ziguang Group, but the excessive reliance on bond financing behind the radical expansion has also planted hidden dangers for its current bond defaults. The use of a large number of asset acquisitions may lead to an excessively large scale of accumulated liabilities of the company, an imbalance in the financing structure, and hidden risks.
In the second half of 2020, many bonds of Ziguang Group defaulted and fell into debt risk. The announcement on June 30 showed that Ziguang Group is facing defaults on multiple bonds at home and abroad. As of April 26, 2021, the accumulated amount of due debts that Ziguang Group has the obligation to pay off is RMB 7.018 billion, and the accumulated amount of due debts that Ziguang Communication, a wholly-owned subsidiary of Ziguang Group has an obligation to pay off, is RMB RMB 1.063 billion, the principal and interest of the matured US dollar debt that Ziguang International Holdings, a wholly-owned subsidiary of Ziguang Group has the obligation to pay off, total 460 million US dollars, and the total principal and interest of the mature US dollar debt that Ziguang Xinsheng, a wholly-owned subsidiary of Ziguang Group has the obligation to pay off. US$1.099 billion.
As of June 2020, Ziguang Group’s total liabilities reached 202.938 billion yuan, a sharp increase of nearly 44 times from the 4.647 billion yuan at the end of 2012. Among them, current liabilities are 119.211 billion yuan. Only short-term loans and non-current liabilities due within one year, the total amount of the two short-term liabilities is 79.428 billion yuan.
It is worth mentioning that, as of now, Ziguang Group has not disclosed its 2020 annual report. According to its 2019 annual report, as of the end of 2019, Ziguang Group’s assets totaled 297.762 billion yuan and total liabilities were 218.747 billion yuan. In 2019, the group's total revenue was 76.938 billion yuan, and the net profit attributable to the owners of the parent company was 1.430 billion yuan. The debt-to-asset ratio is as high as 73.46%.
The debt and restructuring crisis of Ziguang Group may affect the equity structure of its listed companies.
On the evening of July 9, Unisplendour Group’s A-share listed companies, Ziguang Guowei and Ziguang Co., Ltd., both issued announcements stating that the indirect controlling shareholder, Ziguang Group, has been applying for reorganization. If it enters the reorganization process, the reorganization plan may affect the equity structure of listed companies. And so on. As of the announcement date, Tibet Ziguang Chunhua Investment Co., Ltd., a wholly-owned subsidiary of Ziguang Group, holds 32.39% of the shares of Ziguang Guowei, while Tibet Ziguang Communication Investment Co., Ltd., a wholly-owned subsidiary of Ziguang Group, holds 46.45% of Ziguang’s shares. Shares.
According to the data, Ziguang Guowei is a listed semiconductor company of Ziguang Group and one of the largest listed companies in integrated circuit design in China. It takes intelligent security chips and special integrated circuits as its two main businesses, and also lays out semiconductor power devices and quartz crystal frequency devices. field. On July 8, the market value of Ziguang Guowei exceeded 100 billion yuan for the first time. Tsinghua Unigroup is one of the leading cloud computing companies. Since 2009, the company's performance has maintained growth for 12 consecutive years. In 2020, New H3C Group, a subsidiary of Unigroup, ranks first in the domestic server virtualization market with a market share of 24.5%.
In the secondary market, the two subsidiaries do not seem to have been affected by the impending bankruptcy and reorganization of Ziguang Group. On July 7, Ziguang Guowei's share price hit a record high, and the company's total market value exceeded 100 billion. In the morning of July 12, Unisplendour shares rose 7.52% to 24.74 yuan, with a turnover of 1,488.2 million yuan.
As of press time, Ziguang Guowei, Ziguang Shares, Xueda Education and other subsidiaries of Ziguang Group have all issued announcements stating that "The application for reorganization of Ziguang Group by creditors has not directly affected the company’s daily production and operation. Carry out normally."
