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In 2015, he made a high-profile announcement to acquire companies like Sipin and Licheng, and even said arrogantly that he was preparing to acquire TSMC’s China national semiconductor team, Unisplendor. Recently, it has fallen into a storm of financial crisis. As TSMC’s share price exceeded 500 yuan, according to China’s Caixin.com, China Unigroup’s RMB 1.3 billion private placement bond (approximately NT $ 5.64 billion) issued by China Unigroup in 2017, “17 Ziguang PPN005 “was invalid. The debt is a substantial default, and the group faces a debt crisis of up to 150 billion yuan in interest, and China Semiconductor Dream will also pay the price.
China’s SOEs have been under heavy debt pressure recently. Since Peking University Founding Group stopped paying its debt, the outside world has paid attention to the debt repayment trend of the Ziguang Group, which has a debt of 156.7 billion yuan, especially the recent maturity of multiple debts. “Caixin.com” reported that the “17 Ziguang PPN005” private placement bonds issued on November 14, 2017, with an issuance scale of RMB 1.3 billion and a coupon rate of 5.60%, will expire on November 15, this year. However, since November 15 is a Sunday, the redemption date has been postponed to the first business day, November 16.
Creditors meeting extension plan was not approved
However, after it was postponed to the 16th, it was reported on the 17th that the original market plan to “pay a small portion of the principal and interest first and roll over the remaining portion” was approved by the bondholders. However, Caixin and Reuters reported that Ziguang ranked first on the 13. Headline Board and votes on two proposals. The first is to adapt the proposal to hold this meeting of holders to advance the holding of the assembly of holders; the second is the proposal on the payment plan for past due debts. However, both proposals were voted invalid, which is tantamount to announcing that the extension plan had not been approved, and the RMB 1.3 billion private placement bond represented a substantial default.
According to China Media reports, many corporate creditors (such as CICC, Huatai and other major clients) voted against this time, claiming that “there is no clearer information on how Ziguang Group will solve the financial problems, so the extension will not solve the payment problem. ” This move shows that outsiders have lost confidence in Ziguang’s ability to pay off debt.
Since the beginning of this year, the Ziguang Group has been plagued with debt risks and the price of corporate bonds has been declining. According to Ziguang Group’s semi-annual report, at the end of June, the company’s total interest-bearing debt reached RMB 156.7 billion (approximately Taiwan $ 689.48 billion), about 52% expire within one year.
Used a large quantity of banknotes to hit a Taiwan factory
Due to enormous debt pressure, Ziguang Group has tried to attract strategic investors in recent years, but attempts to introduce Suzhou High-speed Rail New City, Hainan United and Shenzhen Investment Holdings have been unsuccessful. “China Securities Net” reported that this year, Ziguang signed the “Cooperation Framework Agreement” and plans to introduce the Liangjiang Industrial Group or related parties appointed by the Chongqing Liangjiang New District Management Committee to increase capital and increase shares. According to the agreement between the two parties, if the parties still cannot reach an agreement on cooperation, the framework agreement will be automatically canceled after its expiration on December 31. There are only 2 months left until the end of the year, and still no more news.
Tsinghua Unigroup has long relied on external equity and debt financing for funding. With state support, in 2015, it was ready to acquire Taiwan’s semiconductor business. Silicon, Licheng and Nanmao products have been purchased. And under the attention of the investment review committee, Ziguang finally gave up.
Xie Jinhe, Chairman of Caixun Media, even spoke about Unisplendor’s past at the time he painted a big cake on Facebook. At that time, Unisplendor Chairman Zhao Weiguo first criticized the opening of Taiwan Semiconductor to China. Like a dead end, saying that China wanted to send money to Taiwan, so Taiwan was so scared? Then he opened a large network of mergers and acquisitions, and even many semiconductor factories were preparing to choose a secondary station. In the end, he even announced that he wanted to buy TSMC, prompting Hon Hai chairman Guo Taiming to criticize him as a stock investor. In just five years, Xie Jinhe said that TSMC and MediaTek have evolved in the past five years. Where is Ziguang now?
(This article is authorized for reprinting by Central Broadcasting Station; source of first image: Ziguang)
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