Jinli Capital Chain Crisis for 200 days, suppliers are waiting for “life-saving straw”

From: First finance
Time: 2018-08-10
Summary: For suppliers and agents, the current Jin Li is at risk. As an upstream supplier of Jinli, Wang Gang has been unable to remember how many squats went to Jinli in the past six months. The cost of materials for tens of millions of yuan has been delayed for eight months, and the daily work has changed from "sales" to "Chasing debts." "For a company with a slightly larger capital, this may not be a big deal,
For suppliers and agents, the current Jin Li is at risk.

As an upstream supplier of Jinli, Wang Gang has been unable to remember how many squats went to Jinli in the past six months. The cost of materials for tens of millions of yuan has been delayed for eight months, and the daily work has changed from "sales" to "Chasing debts." "For a company with a slightly larger capital, this may not be a big deal, but for most small and medium-sized suppliers, this number is enough to put the production line into a stagnant state." Wang Gang told reporters.

According to Wang Gang's description, there are currently more than 100 small and medium-sized suppliers similar to his situation, mainly concentrated in two categories, one is the structural components surrounding the whole machine, and the other is the motherboard-based electronic components.

“Our capital losses are medium-sized, and many suppliers have a financial loss of 500-600 million or even 780 million.” Wang Gang and other suppliers have been closely maintained after Jinli’s outbreak of the capital chain. Interaction, on the one hand, to understand the latest news; on the other hand, encourage each other, trying to find a solution to the problem.

At the same time, Gionee's agents are also looking for a "self-help" approach.

Li Qing, a distributor of Jinli in the northern region, told the First Financial Reporter that the most nervous thing about everyone is that the goods are not available and there is nothing to sell. This situation has been going on for a while, but it is not too long. "Someone specializes in talking about shipping in Shenzhen."

"In fact, as long as new products can be sold, they can still be sold. Even if they can't do the original height, as a dealer, they still need Jinli." Li Qing told reporters that as long as they can make the original products, the transition will be two. In the month, when you come out with new products, you can live. You can't find other OEMs to do OEM work. You can have a chance to live.

When I said this, Li Qing was full of helplessness. From nothing, Jin Li’s brand has been doing it for more than ten years, and it has supported the loss of millions of plates every month and persisted. But now for him, in addition to waiting for news, there seems to be no other way. "The mobile phone industry is the leftover and can't be the king. It is too tired to do mobile phones." Li Qing told reporters.

At this point, it has been seven months since the launch of the Jinli Capital Chain crisis.

On August 7, on the progress of the restructuring, a spokesman for Jin Li told reporters that the restructuring is still in progress. "At present, the team of lawyers and accountants are advancing, saying that it will take some time."

The latest situation that the reporter learned from a number of insiders is that last week, the gold cube representative who claimed to be Reanda Certified Public Accountants has completed the due diligence of relevant debts to most of the suppliers and promised to give it on August 15th. The next message.

Whether it is for agents or suppliers, this is obviously good news. Despite complaints about the progress of the “reorganization”, the launch of the due diligence gave them a glimmer of hope. "It is officially launched. No one hopes that Jin Li will disappear like this. We are willing to wait. The premise is to give everyone a chance to trust." Wang Gang told reporters.

The beginning and end of the debt crisis

For Wang Gang, who has been "soaked" in the mobile phone industry for 20 years, this year is undoubtedly the most difficult year.

"A lot of things are unexpected. I suddenly came. I was still competing with you and me, but I don't know when I was suddenly put on fire. It was all dumbfounded." Wang Gang told reporters that the cooperation with Gionee continued. For several years, it has been very good. Until the end of last year, when Liu’s boss gambled, everyone didn’t have much vigilance.

Rumors about the tightness of the Jinli capital chain have gradually spread in the industry since the middle of last year, but the fuse that led to the crisis has been ignited at the end of the year.

On December 14, 2017, the stock price of Oufei Technology (002456.SZ), the leading supplier of mobile phone supply chain, fell sharply after the opening. The intraday price was close to the daily limit. At the close, it still fell 7.31%, and the market value shrank by 4.3 billion yuan a day. Later, as a downstream customer of the company, Jin Li executives gambling in Macau lost a few hundred million in a night of news. Some people believe that the financial capital chain is tight, and Ou Feiguang is its upstream supplier, so it was implicated and the stock price plummeted.

In this regard, Jin Li made a solemn statement in the first time, saying that the information was untrue, and it was an accomplishment, and took photos of Liu Lirong and Ou Feiguang, Tianma and other suppliers and bank related persons to confirm that the news was false. Liu Lirong forwarded a number of photos with suppliers in the circle of friends, and the last time his friend circle was updated in 2014.

The positive attitude made the outside world once thought that this was just a "misunderstanding", but the subsequent developments have turned sharply.

On the day of Liu Lirong’s release of his circle of friends, in an investor conference call, Oufei Technology stated that Jinli’s accounts receivable amounted to about 600 million yuan and applied for property preservation. The collateral included two Shenzhen properties and The 3% stake in Weizhong Bank has an overall valuation of more than 2 billion yuan. However, this action did not attract the attention of the outside world at the time.

But there is no impenetrable wall in the world. As Oufei Technology, Shentianma A and other companies successively applied for asset preservation, some banks also sued the court for freezing the assets of Jinli Company and Liu Lirong's personal assets. On January 9th, because CITIC Bank Dongguan Branch filed a lawsuit against the court, 41.4% of Jinli Communication held by Liu Lirong, who bears unlimited joint liability, was frozen by the Dongguan First People's Court, and the time limit was from January 10, 2018 to 2020. January 9th. After the Dongguan court, the Shenzhen court also applied for a waiting period for freezing, and the freezing time was three years.

At this point, Gionee’s debt crisis was completely exposed to the public.

On January 30, in an interview with Securities Times, Liu Lirong said: "In the process of the entire capital chain crisis, only an important supplier of Oufei Technology stopped supplying, affected by it in December 2017 and January this year. The return to the cage dropped greatly. Oufei Technology’s 45-day supply affected at least 3 billion yuan of money, and Oufei Technology also applied to preserve the personal assets of my wife and I.” Although the tone revealed dissatisfaction, Liu Lirong said at the time. "At present, the company is doing the work of selling assets and producing while paying off debts. The company is looking to sell assets to survive this crisis."

This is the first time that Wang Gang has heard Chairman Jin Li’s response to the debt crisis, and it is the last time so far.

"Since then, everyone has basically never seen President Liu. The latter is the financial controller of Jin Li." Wang Gang told reporters that his company was already at the end of January because he was afraid that the situation would continue to deteriorate. The supply to Gionee was stopped, and in the next seven months, only some materials were provided through the acquisition platform. However, due to the delay in the payment mode, even if the brakes were urgent, Wang Gang’s hand was on hand. The amount of debt processed has reached tens of millions.

According to Wang Gang's introduction, Jin Li has previously adopted a “3+6” payment model for suppliers, that is, a three-month monthly settlement time plus a commercial acceptance time for bank acceptance after six months. In other words, the supplier's payment is generally only 9 months after delivery. "This is also a common practice in the mobile phone industry. No one doubts that there will be any problems when there is no accident, but now many companies have owed more than seven months."

That is, from February onwards, Wang Gang and his suppliers began to “visit” Jin Li successively, and the uneasy feelings were filled in the dealer circle.

200 days of suffering and waiting

"You asked me how many Jinli headquarters I went to during this time? I think I can use countless times to describe it." Wang Gang said with a smile to reporters.

7 months, 200 days of waiting, Wang Gang said that the "reorganization" message that appears every month indicates that numbness has begun. "Restructuring must first be carried out. There must be three parties: future acquirers, existing shareholders of Jinli, accounting firms and other third-party institutions. But in the past six months, no one has ever done anything to our company." I told reporters, "Wait for half a year, how many times there are hopes, how many times there are disappointments."

The news about the reorganization of Gion was first transmitted in January. In an interview at the end of January, Liu Lirong said that Jin Li will solve the capital chain problem in three steps: “First, introduce partners to ensure production and sales, the market has a future; second, introduce strategic investors, supplement funds To increase credibility; third, sell assets to pay debts and obtain creditor support."

Liu Lirong said: "The work of introducing strategic investors has progressed. At present, the overall plan is under negotiation, and it is not convenient to disclose it now." In early March, some internal employees told the media that Jin Lixin’s financing has ended. A board of directors was held to determine the future direction of Jinli.

“The new financing is expected to come out in two weeks.” In mid-March, the Golden Cube responded to the First Financial. At that time, manufacturers including Hisense, TCL, Voice, and even 360 were all told to discuss cooperation with Gionee.

Hisense has become the most likely target in the rumors. It is reported that Hisense is cooperating with Jin Li to discuss the channels, and intends to include Jinli’s provincial agents, that is, branches of various provinces, and has further counted the number of channels. . According to relevant data, the number of public channels in the country is 70,000, which is one of the most valuable parts of the company. But then Hisense and Jin Li both denied the news.

"We don't buy them. Strictly speaking, they only cooperate. They only entrust them to sell in their own channels. They have too many foreign debts and they don't dare to accept them." An internal staff of Hisense told the First Financial Reporter.

At the same time, the advancement of the timeline did not bring a new restructuring plan for Gionee. On the contrary, more bad news began to appear.

On the evening of April 2, Jinli official Weibo officially released a "Notes on the current situation of Jinli Industrial Park", publicly stated that some employees of Jinli Industrial Park will terminate the labor contract through negotiation, and will also adopt "N+1". The way to compensate, pay in installments, and pay up within 8 months.

According to the reporter's understanding, Jinli has a Jinli Industrial Park with an area of ​​more than 300 mu and a construction area of ​​more than 300,000 square meters. The annual production capacity of mobile phones is 100 million, which is a large mobile phone manufacturing base in China. It has 54 automatic chip processing lines, 110 finished assembly test lines, finished product assembly, motherboard production, motherboard testing, printing, and related equipment.

“Since the crisis, we have adopted the investment promotion plan in the early stage, and now we will adopt the method of reducing the cost of layoffs. In order to ensure the normal operation of the production line, Jinli Industrial Park not only retains about 50% of the employees to continue production, but also ODM manufacturers to assist. Production of Jinli mobile phone, Jinli in the domestic and overseas orders supply." Jin Li official said.

On April 7, Yu Li, vice president of Jinli, said on his personal social platform: "Golden's capital chain crisis is sudden, banks will have more money, and the run will also close down. Jin Li is actively producing self-help." The debt crisis, he said, regardless of the internal and external, Jin Li's position is the same, will return the supplier's money and media money.

Although the statement was firm, Wang Gang and most of the small and medium-sized suppliers have gradually lost their "communication" with Jin Li. "A lot of times we can't find anyone at the headquarters of Gionee. If a person in charge is absent, I will send it." For Wang Gang, it is necessary to carefully maintain the normal communication with Gionee's contacts, and hope that the money will arrive as soon as possible. At least there must be a saying.

Finally, Wang Gang came to wait in mid-May. A “Current Exchange Letter” signed by Dongguan Jinzhuo Communication Technology Co., Ltd. was sent to the company, which mentioned that it will hire Reanda Certified Public Accountants (special general partnership) to audit the 2017 financial statements. In the supplier circle is considered a signal that the reorganization message is progressing.

According to the reporter's understanding, Jinzhuo Communication Technology is a subsidiary of Jinli. The main function of Jinli's entire structure is the assembly plant, which is the legal name of the Jinli factory. Together with Jin Ming Electronics, another subsidiary of Gionee, it is the arrears of Ou Feiguang. However, when some of the highly alert suppliers inquired about the identity of the docking personnel according to the name on the inquiry letter, they were told that “there is no such person”.

It was also this time that "different events", many suppliers began to lose confidence in Gionee, and directly filed legal proceedings in the relevant courts in Dongguan, but as of now, many cases still show that they are still in trial.

In the two months from May to the present, it is still the reorganization news that Jin Li has continuously sent.

"We have actually seen it very lightly, that is, we hope that we will not cut out the goods. It is useless for upstream suppliers to think about debts. We can share this difficulty in order to share the burden. Otherwise, there will be no chance." The reporter said that the real industry has indeed encountered some difficulties, with large investment, low returns and high risks.

"If Jin Li is alive, I still do it. If I can't live, I will do something as a light asset and find a new opportunity." Li Qing sighed at the reporter.

Who will save Jin Li?

A year ago, Liu Lirong told the First Financial Reporter at a press conference that within two or three years, mobile phone manufacturers including Gionee only achieved a global sales volume of 100 million units, with a market share of 6% to 8%. Businesses will be safe. He believes that the sales of 10 million small and beautiful mobile phone manufacturers in the future will be very difficult.

As a "veteran" with 16 years of experience in the mobile phone industry, perhaps he foresees that the smartphone will encounter "shuffle-style" competition, but unfortunately, he did not expect that the Jin Lihui, which actively promotes reform, is among them. The most seriously damaged family.

According to data from research institute GfK, in 2017, Gionee Mobile ranked seventh in domestic sales and sold 14.94 million mobile phones. Although this is the same as the domestic target sales of Liu Lirong at the beginning of 2017, it will guarantee a total of 30 million units and a challenge of 38 million units. But basically stabilized the market.

"But currently in the second quarter, we have counted that Jinli's domestic shipments are only about 300,000." Canalis analyst Jia Mo told reporters that Jinli's channels are being disintegrated, and it is possible to partially renew the new funds. Operation.

As an agent, Li Qing was deeply touched.

"It is normal to lose a few million a month. Take a provincial agent as an example. Generally speaking, there are more than 1,000 people in the provincial agency with a medium or above scale. The average salary of one person is more than 4,000 yuan, which requires millions of millions. There are other expenses, and the pressure on the older agents is even greater." In the early days of Jinli’s debt, although Li Qing said that the pressure was great, he also stressed that most of the agents followed Jin Li. In a few years, the relationship with Gionee was very stable and the feelings were deep. "When there was a meeting, Liu (Li Rong) shed tears and tried to remedy it. Everyone felt very uncomfortable."

But seven months later, Li Qing, who faced “discontinuation of grain”, had to reduce the number of teams. He told reporters that the team has not been disbanded. As long as there are new products, they can still survive, but if they drag on, they will not dare to say it. "I can't drag on for a long time, leaving some people to deal with some problems in the company, doing after-sales."

Li Qing hopes that suppliers and Jin Li and even the restructuring party can sit down and talk about it. "Golden's fire is still there. Agents have confidence. Even if OEM OEM is available, let other factories help out some products. If you do it with an OEM, you can move it, and the problem can be solved slowly." Li Qing told reporters.

Although Wang Gang often hangs "debt collection" on his mouth, he still hopes that Jin Li can come over. “Can there be a debt-to-equity swap plan? Or someone in Jinli’s startup team can stand up and take everyone together.” Wang Gang knows the situation of Jin Li at this time, and also hopes to help himself and more The supplier found an alternative and handed over the materials to get Jinli to work again.

At this point, Liu Lirong’s attitude is very important.

Liu Lirong once stated that he would give up control of Jin Li when necessary and promised that "it will not run, and the debt will be repaid step by step. Jin Li is confident in solving this crisis and hopes to have a relaxed environment to solve the problem." He also said that if the shares of Weizhong Bank and Jinli Building are sold, it is expected to withdraw 7 billion yuan of funds. In addition, the valuation of Nanyue Bank is close to 2 billion yuan, which can solve the current funding gap.

At a supplier communication meeting on July 11, Xu Li, vice president of Jin Li, also expressed similar views to Wang Gang.

According to Wang Gang’s disclosure to the reporter, Xu Li made a four-point commitment on the spot: “One is to lead the establishment of the debt committee in July; the second is that Jinli Finance includes the Zhiyu Technology Finance to the debt committee; the third is the Jinli restructuring information pair. The debt committee is transparent; the fourth is that the Jinli Reorganization Group holds a regular meeting with the debt committee every two weeks.” A table on valuation of tangible assets and recovery estimates is also issued: including Qianhai Science and Technology Building's valuation of 3.5 billion. Yuan (1.8 billion mortgage), South Guangdong Bank's equity is 1 billion, Weizhong Bank's equity is 2.5 billion (500 million mortgage), Dongguan Jinli Industrial Park is 1 billion yuan, Jinli and other real estates are 300 million yuan, and Chongqing Industrial Park's land is 1 billion Yuan, totaling 9.3 billion yuan.

It is worth noting that the last line of the form suggests that the ordinary creditor's equity (net of mortgages) is 7 billion yuan. If the bankruptcy liquidation ordinary creditors can recover less than 4.5 billion yuan.

"No one knows the exact direction of the next move. On August 15th, I hope everything can be made clear." Wang Gang told reporters.

Article source: First Finance

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