Zeng Wei’s refrigerator market in China and the new “Four Golden Flowers†​​in the refrigerator industry have now become fate. It was shut down from production in November last year, and in February this year, the original major shareholder Hong Leong Asia invested in reinvestment as a reinvestment investor to resume production. This old refrigerator company finally ushered in a dark village, but it is not good. The situation of Xinfei has once again turned sharply.
It is reported that after the recovery of some production of Xinfei on February 8, due to the failure of Hong Leong Asia to inject the resumption of production funds according to its commitment, Xinfei once again fell into a state of production suspension. In addition, as Hong Leong Asia announced the full withdrawal of funds from Xinfei, Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd. (hereinafter referred to as “Xinfeisanâ€) The company") merger reorganization manager will auction 100% equity of Xinfeisan Company on the 28th of this month.
Ali auction platform target information
In the past, "four golden flowers"
In the 1980s, the new fly from the military industry turned to the home appliance industry, and in the next decade or so in the domestic refrigerator market shine, once with Haier, Rongsheng, Meiling and the Chinese refrigerator industry "four golden flowers."
However, since the beginning of this century, the new flight has begun to go downhill. In recent years, Xinfei has repeatedly experienced a suspension of production crisis. Compared with the two short-term suspensions in 2012 and 2013, since the new fly-off suspension crisis in the second half of 2017, there has not been a rapid recovery of production as in the previous two, and the new flight has not yet resolved the crisis.
On November 1, 2017, Xinfeisan Company issued a statement saying that due to “market competition and decline, there has been continuous losses in the past few years. Therefore, although foreign shareholders have given a lot of funds and support, it is still impossible to completely recover the company. Facing the challenges of the market. Due to the pressure of the capital chain, the company has only stopped production activities. In addition, Xinfeisan submitted the application for reorganization to the Henan Xinxiang Intermediate People's Court on October 30, 2017.
Subsequently, Henan Xinxiang Intermediate People's Court accepted the application for reorganization of Xinfeisan Company, and appointed Beijing Jindu Law Firm as the manager of Xinfei Company to carry out bankruptcy reorganization. The manager, Beijing Jindu Law Firm, audited the assets and debts of Xinfei and communicated and negotiated with the creditors. At the same time, it also recruited restructured investors and invited interested companies to participate in the reorganization of Xinfei. The strength of the entire investor helps Xinfei to resume production.
According to informed sources, during the period, many well-known home appliance companies such as Wanbao, Gree, and Omar had contact with Xinfei, but eventually the new shareholder Fenglong Asia Co., Ltd. was selected as the official investor. Anhui Premier Electric Group Co., Ltd. was selected as an alternative investment investor.
After being selected as a formal reinvestment investor in Hong Leong Asia and announced that it will continue to inject capital into the new flight, Xinfei will hold a groundbreaking ceremony on February 8 to resume some production activities. On the same day, Zhou Shijie, deputy mayor of Xinxiang Municipal Government attended the ceremony and made a speech. He said that the reorganization of Xinfei Electric is of great importance not only for the new flying people, but also for the people of Xinxiang City. He hopes that Hong Leong Asia will seriously implement the reorganization plan in the next step of reorganization, build a high-level management team, pay off debts according to law, do a good job in resuming production, increase investment in R&D, promote transformation and upgrading of enterprises, and fulfill reorganization investment with practical actions. People's commitment to make a positive contribution to the revitalization of Xinfei brand.
According to relevant media reports, Hong Leong Asia indicated that it plans to increase the capital of Xinfei Electric by RMB 1 billion to RMB 2 billion to drive the comprehensive upgrade of Xinfei Electric. The new flight on the verge of bankruptcy, in the timely release of the original major shareholder, seems to be expected to once again pass the crisis and save the danger.
Hong Leong Asian Divestment will be auctioned
However, according to an insider of the industry, the new flight resumed production and did not last too long, and it was once again in a state of suspension. "It stopped after a few days of recovery," the person familiar with the matter said.
On April 13, Hong Leong Asia issued a statement proposing to withdraw funds from Xinfei. According to the statement, Xinfei has continued to lose money since 2011. As China's overall overcapacity and competition intensified, Xinfei's performance in recent years has further deteriorated. Therefore, the financial situation of Xinfei has been adversely affected. In the past two years, Xinfei has experienced a net after-tax net loss of S$120.7 million and S$128.5 million in 2016 and 2017 respectively.
Hong Leong Asia stated that due to the long-term loss of Xinfei, the withdrawal from Xinfei is expected to have a positive impact on the financial performance of Hong Leong Group.
On May 21, the pipeline parts of home appliance refrigeration system and the domestic listed company Zhejiang Kangsheng Co., Ltd. (Kangsheng Shares) issued the "Announcement on the Participation of Subsidiaries in the Meeting of Creditors of Xinfei Company", which was explicitly mentioned in the announcement. The entire first investor (Hong Leong Asia) issued an announcement on April 13, 2018 to clarify the withdrawal of funds from Xinfei Company and notify Xinxiang Intermediate People and Manager in writing."
Zhejiang Kangsheng Co., Ltd. Statement
Xinfei Manager Beijing Jindu Law Firm said that unforeseen circumstances have caused practical difficulties in recruiting investors, and the continuous increase in the shareholder's debts of Xinfei Company during the reorganization period has caused the asset situation to continue to deteriorate. In order to protect the brand of Xinfei, maintain the qualification of the main body of Xinfei Company, protect the legitimate rights and interests of all creditors and employees of Xinfei Company, communicate with creditors, investors and employees, and listen to the opinions and suggestions of all parties, the administrator According to the law and in combination with the actual situation of Xinfei Company, a reorganization plan was formulated.
According to the “Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd., Henan Xinfei Refrigeration Appliance Co., Ltd. Reorganization Plan†released by Beijing Jindu Law Firm in the National Enterprise Bankruptcy Reorganization Case Information Network, Xinfei Company The original shareholders' equity will be fully adjusted and transferred to the appropriate restructuring investors by auction; Xinfei will maintain the legal entity qualification, and the appropriate investors will hold 100% equity of Xinfei Company; the manager will auction Formally dispose of the original shareholder of Xinfei Company to hold the entire equity of Xinfei Company, and the appropriate reformed investor obtains the aforementioned equity by bidding, but the consideration paid shall not be lower than the estimated valuation of the consideration asset in the bankruptcy liquidation state; The payment consideration will be used to settle the debts of Xinfei Company in accordance with the debt compensation plan in the reorganization plan.
Summary of the reorganization plan of Xinfeisan Company formulated by Beijing Jindu Law Firm (partial content)
On May 21, the Xinxiang City Intermediate People's Court approved the draft of the reorganization plan of Xinfeisan Company and ruled to terminate the reorganization procedure of Xinfeisan Company.
According to the auction target information published on the Ali auction platform, 100% equity of Xinfeisan Company will be held from 10:00 on June 28, 2018 to 10:00 on June 29, 2018 (except for delay) in Xinxiang City, Henan Province. The public auction activity was held on the judicial auction network platform of the People's Court Taobao. The starting price was 450 million yuan. In the auction target, the assets corresponding to 100% equity of Henan Xinfei Electric Co., Ltd. are 90 trademarks, 293 patents, 4 copyrights, 4 domain names and the right to use the purchased software (including the corresponding carrier of the software); Henan The assets corresponding to 100% equity of Xinfei Home Appliances Co., Ltd. are all low-value consumables (office supplies), houses, land, machinery and equipment, electronic equipment and moulds under its name; 100% equity of Henan Xinfei Refrigeration Appliance Co., Ltd. The corresponding assets are all low-value consumables (office supplies), houses, land, machinery, electronic equipment and molds under their name.
From the "four big families" of the Chinese refrigerators in the past, to the public auction today, the fate of the new generation of home appliance giants makes people sigh. In the next auction, who will fall into the new flight, and whether it will take off again in the future? Everything is unknown.
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