The Listed Company'S External Guarantee Is 150 Billion &Nbsp; Overdue Risks Appear (Stock).

Originally designed to prevent risk, it has become a new model.

Although the risk is gradually increasing, it is in the bank.

According to WIND statistics, as of June 30, 2011, there were 845 listed companies in Shenzhen and Shanghai involving two external guarantees, and the total external guarantee amounted to 122 billion 426 million yuan.

From July 1, 2011 to October 18th, there were about 800 public security announcements issued by Shanghai and Shenzhen listed companies in two cities, involving nearly 30 billion yuan in total external guarantees.

It totalling about about 150000000000 yuan.

Under the background of frequent private lending crisis, these external guarantee risks should not be underestimated.

Rapid expansion of guarantee

Although risks are still there, there are still many announcements of mutual guarantee or guarantee for other enterprises, and there are signs of acceleration.

In October 19th, 002424.SZ issued the "Notice of external guarantee": the company provided continuous guarantee for 50 million yuan loan from Guizhou bailing Group Pharmaceutical Sales Co., Ltd. to the Bank of China, Anshun branch, and continued guarantee for Guizhou bailing Enterprise Group Pharmaceutical Sales Co., Ltd. to apply for 20 million yuan loan to Shuangyang branch of the rural credit cooperative union of Anshun Xiu Xiu District.

On the same day, 002112.SZ also issued a notice of "external guarantee": the company and three Zhejiang Pudong electrical appliances Co., Ltd., Zhejiang three gate County Corelle Chemical Co., Ltd., three door county gorgeous Pharmaceutical Chemical Co., Ltd., Yang Guangkui, Xu Shizhe, Lu Xuri and so on three joint County three changes small loan Limited by Share Ltd intends to apply for three Yuan Branch of the Agricultural Bank of China to apply for the joint guarantee of the loan amount of 40 million yuan.

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This reporter counted the external guarantee of the listed companies in Shanghai and Shenzhen two cities since October. As of October 18th, a total of 41 listed companies issued guarantee notices, totaling about 8 billion 130 million yuan of guarantee funds, and 7 trading days in October.

Among them, the largest listed company is 000703.SZ. Its wholly owned subsidiary, Zhejiang Hengyi, provides guarantees for its Hongkong subsidiary, Hongkong Tianyi, to apply for 50 million (about 318 million 500 thousand yuan) US dollar financing business to the bank. Jiang Yisheng, an indirect holding subsidiary, Zhejiang Province, provides guarantee for the company to apply for 1 billion 175 million yuan loan business to the bank's Hengyi caprolactam.

The two guarantee funds totaled 1 billion 493 million 500 thousand yuan, accounting for 23.83% of Hengyi Petrochemical's 6 billion 267 million yuan net assets.

It is worth noting that as of September 30, 2011, in addition to this guarantee, Hengyi Petrochemical accumulated external guarantee balance of 3 billion 183 million 480 thousand yuan, accounting for 50.79% of the company's net assets, and the total guarantee amount is mutual guarantee between the company's controlling subsidiaries.

For the reasons for the guarantee, the board of directors of Hengyi petrochemical company said that it is mainly "for the actual capital needs of each subsidiary company's business, while the secured loan is intended to be used for project investment and supplementary operating liquidity, which helps to promote the development of the holding subsidiary company, solve the capital problems needed to expand its market and business development, and further improve its economic efficiency, in line with the interests of the company and all shareholders".

A fund manager in Shanghai told reporters that the increasing trend of external guarantee for listed companies has reflected the shortage of enterprise funds.

"With the increasing financial pressure on enterprises, overdue guarantee and even no repayment can happen. In those days, Xinjiang Deron was the lesson of blood."

Housing prices guarantee many worries

Withdrawal of stock funds, incremental funds no longer enter, and other restrictions on purchase policies, mortgage loans and other negative news for a long time to let the real estate industry everywhere.

Therefore, guarantee becomes a new way of financing for housing enterprises.

According to WIND data, as of the end of 2011, 8 listed housing companies guaranteed more than net assets, and the hidden risks were self-evident.

In October 10th, Zhongtian city voted (000540.SZ) issued a notice on the guarantee for the development of the subsidiary: the company is responsible for the joint guarantee of the 750 million yuan loan for the wholly owned subsidiary, Zhongtian City Investment Group Guiyang International Convention and Exhibition Center Co., Ltd., which provides guarantee for the 300 million yuan financing of Zhongtian City Investment Group Urban Construction Co., Ltd.

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So far, with the guarantee, Zhongtian city has accumulated 3 billion 590 million yuan of external guarantee, accounting for 208.61% of the company's latest audited net assets (belonging to shareholders' equity of the parent company) of 1 billion 721 million yuan.

For such a high guarantee amount, the explanation of Zhongtian city investment is that the above guarantee is mostly provided by the subsidiary to provide collateral, and the company adds additional guarantee, so the guarantee risk is controllable.

However, in the eyes of a real estate industry researcher, this is no doubt a poison to quench thirst. "The real estate industry is now at a great risk and is almost known.

Restriction and credit crunch inhibit the demand of real estate obviously. Following the establishment of the downgrade situation of the first tier cities, most of the property prices in the second tier cities are beginning to show up or down, and the effect of regulation and control is obvious and further expanded.

Zhongtian city voted for a subsidiary to provide more than 2 times the guarantee of more than net assets, once there is a link in the capital chain problems, the consequences can not imagine. "

Except for Zhongtian city investment, the total amount of insurance companies listed in Tianjin Songjiang (600225.SH), Waigaoqiao (600648.SH), Poly Real Estate (600048.SH), Rhine real estate (000558.SZ), Tibet city investment (600773.SH), hi tech Development (000628.SZ) and Xiangjiang holding (600162.SH) exceeded the net assets by more than one time.

External guarantee for listed companies 150 billion

"Now banks are tightening loans because of the hidden risks of real estate. In the face of tight funds, listed housing companies often guarantee their development funds for the guarantee of their subsidiaries, but if large shareholders and other related parties try to make the listed company guarantee financing for them, the risk monitoring is not strict, or the scope that the listed companies can bear, which is worth vigilance."

The fund manager admits that once a subsidiary has broken the capital chain, the listed company will assume the responsibility of repayment. Once the chain reaction is triggered, the interests of investors will not be guaranteed.

Overdue risks arise

In an interview with reporters in Wenzhou in October 13th, a Guarantee Corporation official told reporters that in Wenzhou, Guarantee Corporation's collection of private lending is an open secret. "Under the temptation of high returns, Guarantee corporation usually draws money from around 2 cents per month, and then releases it from 3 to 6 points, which reaches the highest monthly interest rate (Note: 10%). This is mainly a number of" cross the bridge "funds. Some enterprises return loans and have difficulties in pferring loans.

But once the capital chain is broken, no one can afford to pay the loan interest rate of that high, so there is only a running road.

The "run away" caused by the loan crisis in Wenzhou is also hidden in the A share listed companies. Some overdue security incidents have occurred.

In May 6, 2011, 600392.SH announced the status of external guarantee: the company's external guarantee amount was 93 million yuan, of which the overdue guarantee was 93 million yuan, that is, the company's external guarantee is facing the situation of not being returned on time.

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Its annual report shows that in 2010, the net profit of Tai Gong Tiancheng was -8819.14 million yuan, which was -2878.61 million yuan in the first half of this year.

In this scenario, once the secured party's finances are received,

Hidden troubles will inevitably take place.

Overdue guarantee is not a case. In July 19th, 600523.SH issued a notice of guarantee overdue progress: it provided 10 million yuan bank loan guarantee for the subsidiary company Shanghai Guihang annulus cooling engineering Co., Ltd., which expired in June 15, 2011.

Recently, the company received the agreement on renewal of repayment of entrusted loans signed by Shanghai energy and loan institutions. According to the agreement, the lender agreed to extend the loan period to September 15, 2011, and the company continued to provide guarantees for it. The specific annual interest rate was 6.31% after the extension.

In August 13th, 000815.SZ announced that the company provided a guarantee of 58 million 200 thousand yuan for 600771.SH, a guarantee for its subsidiary, Dongsheng medicine, 74 million 950 thousand yuan, and two guarantees totaling 133 million 150 thousand yuan, all overdue.

At present, the total amount of overdue guarantee is 234 million yuan.

All of this, the reporter noted that from the external guarantee situation of listed companies, the situation is mostly guaranteed for controlling subsidiaries or related parties, and even the phenomenon of mutual guarantee exists most.

In October 15th, Fujian Nanfang paper (600163.SH) issued a mutual guarantee announcement with the associated party Fujian Fu Wei Limited by Share Ltd (hereinafter referred to as Fujian). The total amount of guarantee provided by the company to Fujian is not more than 188 million yuan. In December 15, 2010, the company offered 188 million yuan loan guarantee for the company's joint liability.

"Mutual insurance is the most risky, but this is a means of financing for listed companies."

The fund manager frankly stated that whether the objective problem or subjective profit exists, the final risk of the guarantee must be borne by the listed company itself.

At the end of 2005, the China Securities Regulatory Commission and the China Banking Regulatory Commission jointly issued the notice on regulating the behavior of listed companies' external guarantee, which further regulated the behavior of the listed company's external guarantee. After the vigorous efforts of the competent departments, the situation improved significantly.

But recently, the situation of listed companies' external guarantee has come back. After the emergence of the credit crisis in Wenzhou, many market participants began to worry about the excessive external guarantee of listed companies.

On the afternoon of October 11th, at the shareholders' meeting of 000707.SZ, the motion for Inner Mongolia Yihua guarantee was 200 million yuan, which was rejected by shareholders on the spot. The vote was even more than about 14000000 shares, accounting for 55.07% of the total vote.

How to avoid or risk will become a difficult problem for investors in the future.

Next page: 39 companies guarantee amount of super net origin industrial guarantee total increase 43%{page_break}

39 companies guarantee amount of super net origin industrial guarantee total increased by 43%

According to the index of listed companies' guarantee amount collected by the securities times network data Department, the total guarantee amount of listed companies increased significantly in the first half of this year compared with the same period last year.

Among them, the total growth rate of Real Estate Company guarantees is particularly fast, while the total number of companies that guarantee more than net assets is increasing.

Data showed that the total guarantee amount of 848 listed companies with comparable data at the end of the 2011 was 660 billion yuan, an increase of 16% compared with the same period last year.

Of these, 39 companies guaranteed more than their net assets, compared with 31 in the same period last year.

For listed companies, too many external guarantees are often not good.

The guarantee responsibility and joint liability of a listed company are generally unescapable. If a business or certain enterprise in a guarantee chain has business problems and financial crises, it is likely that the Domino effect will lead to the associated enterprises and lead enterprises in the whole market to get into trouble.

In the companies that guarantee more than net assets, the most exaggerated number is the Shenzhen merchants.

The total guarantee amount of the company is 1 billion 500 million yuan, 39 times of its net assets.

However, this is mainly due to the fact that the net asset base of the company is too low. In the mid 2011, Shenzhen merchants had only 38 million 790 thousand yuan in net assets.

But similar to the Eastern Jin Yu, China glass fiber, Tian Yin holding such a company, the larger the guarantee amount is even more worrying.

East Jin Yu net assets of 500 million yuan is no less, but its 1 billion 700 million yuan guarantee amount, it will inevitably make people worry about its financial security.

It is generally believed that the total amount of guarantee exceeds that of net assets, which is a potential "insolvency" risk, which is quite dangerous for individual companies.

Moreover, when these companies again provide guarantees or apply for loans themselves, they will become a red line for banks to consider.

Private lending has been active in Jiangsu and Zhejiang provinces, and the guarantee problem of Jiangsu and Zhejiang has attracted much attention.

Statistics show that the total foreign guarantee amount of Zhejiang listed companies at the end of 2011 is 31 billion 200 million yuan, an increase of 23% over the same period last year.

Ranked fifth in the country, followed by Beijing, Shanghai, Guangdong and Shenzhen, followed by Jiangsu and Hubei.

The ranking reflects from the side that private enterprises in Guangdong and Jiangsu and Zhejiang provinces are well-developed and active in financing.

At the same time, the strength of Listed Companies in local enterprises is strong. Even under the current tight financial situation, the guarantee amount of listed companies has not changed drastically.

According to the industry, the guarantee amount of the real estate industry is the biggest, which deserves our attention.

By the end of 2011, the total number of Listed Companies in the real estate industry was 131 billion 800 million yuan, accounting for nearly 20% of the total guarantee amount of listed companies. This proportion is obviously higher than that of the same period last year.

During the same period last year, the total guarantee amount of real estate listed companies was only 92 billion 300 million yuan, and the total guarantee amount of Real Estate Company increased by 43% this year.

The growth rate of Real Estate Company guarantee funds is obviously faster than that of listed companies as a whole.

In the case of tight funds, the guarantee of listed companies for their subsidiaries can often guarantee the funds needed for their development. However, if the major shareholders and other related parties try to make the listed company guarantee financing for them, the risk monitoring is not strict or exceeds the scope that the listed companies can bear.