The Biggest Bamboo Fiber Home Textile Enterprise Falls Into The Joint Guarantee Crisis Enterprise Actively Launches Self Rescue Activity

From the tide of usury to the corporate joint insurance crisis, the financial ecology of Zouping County in Binzhou, Shandong province is facing a test.

Zouping county is an industrial county, ranking seventeenth in the hundred counties in 2013. Zouping County, which owns many star enterprises, is very important in Binzhou. Last year, Binzhou GDP was 2100 billion, and Zouping accounted for 1/3 of the total, which amounted to 73 billion 700 million yuan.

Three enterprises on the "critical point"

Will there be a Domino effect? The answer is: Yes.

Binzhou financial regulatory agency recently reported that the scope of the corporate joint insurance crisis, which was initiated by Changxing group of Zouping City, is expanding. In Zouping County, at least 3 enterprises are involved in the UNPROFOR crisis, involving billions of dollars.

This person said that the so-called amount involved does not mean the amount of loss, but the amount of unsecured loans in the corporate circle.

He said that the three enterprises are Ho Sheng Group Changfeng Group and Hua Meng group, the mutual guarantee loan amount of this circle is several billion yuan. These enterprises and their subordinates guarantee each other, and there are mutual guarantees between the groups. The guarantee circles involve sixteen seven enterprises.

According to the above related personages, the risks of the three groups' joint guarantee loans are at the "critical point". Local efforts are being made to resolve the risks.

He also said that the phenomenon of joint insurance is rare in listed companies, because listed companies have their own financing channels.

Binzhou banking circles have said that corporate joint insurance is now a common way for enterprises to obtain bank loans. More than 60% of loans from enterprises above Designated Size in Binzhou come from mutual guarantees.

Enterprise joint insurance is generally designated by the bank several enterprises to guarantee a company, if a few of these enterprises also need loans, other enterprises in turn will give it a guarantee, this is mutual insurance, and gradually form a mutual guarantee circle, this mutual guarantee circle will be expanded one after another, involving enterprises will increase exponentially. In fact, this is a very common practice for financial institutions.

The above bankers say that it does not mean that mutual guarantee is bound to be a problem, but there is a problem in a joint insurance circle, which often leads to a crisis in the whole circle.

The earliest problem was located in Zouping county. Changxing group 。 In the second half of last year, the company was involved in a loan crisis involving nearly 6 billion yuan. Now it has entered the bankruptcy reorganization process.

The Binzhou financial regulatory authorities said that after the Changxing group's accident, banks were more prudent in lending, and the total amount of loans in Binzhou was less than thirty or forty billion, mainly in Zouping. Many companies feel the difficulty of lending is increasing. As a result, the three "critical" enterprises were "promoted".

Because of the "elephant" enterprises such as Wei Qiao group and Xi Wang Group in Zouping, the three companies are not particularly eye-catching. But these enterprises are not small in weight. For example, Ho Sheng group is China's largest bamboo fiber home textile production base, and its capacity and sales occupy more than 90% of the national bamboo textile market.

Will there be similar circles in the future? The bank insiders said that this is entirely possible. Now the overall economic situation is grim. The banks are prudent in lending. A company in the UNPROFOR circles has problems, which will drag all the enterprises in the circle.

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Banks are reluctant to lend money.

Although not in Binzhou, the experience of Dezhou Huamao technology can explain the huge destructive power of UNPROFOR.

Dezhou Lingxian County Huamao biotechnology company is a famous backbone enterprise in the region. In December 2010, Huamao company was in a predicament due to the fragmentation of its capital chain, and the number of enterprises directly or indirectly guaranteed relations with Huamao was more than 100. Almost all backbone enterprises in the county and some key enterprises outside the county level were involved. Meanwhile, the non-performing loan ratio of Lingxian County's banking sector reached a peak in 2010: 51.7%. If we do not resolve this crisis, the industrial system of Lingxian County will basically collapse.

The above bankers in Binzhou say that the bank financial institutions set up in Binzhou can maintain normal lending scale under the supervision of the local government, and the enthusiasm of banks without financial institutions is much smaller.

The local government in Binzhou also felt strong pressure. After the accident of Changxing group, the main leaders of the Shandong provincial government have made instructions to solve the risks. Shandong Finance Office coordinates all parties and tries to solve them.

Binzhou recently convened a meeting to promote cooperation between banks and enterprises and maintain financial stability. Cui Honggang, mayor of the city, described the current predicament with "grim situation" and asked the government departments to use the "visible hand" to help enterprises tide over difficulties.

But freezing is not a cold day. Once there is "illness", it is also very difficult to solve. This is especially true for such problems as Zouping.

At the end of the interview, people in Zouping's local propaganda department called, hoping not to report. He said that the local financial environment is unable to withstand more public opinion shocks.

In this year's "two sessions" in Zouping, Zou Jigang said in the government work report, "under the influence of the macroeconomic situation, some enterprises are facing difficulties in production and operation, and the funds are running tight, which is very easy to cause financial risks." And this year's important task is to pay close attention to financial security, strengthen financial supervision, effectively prevent financial risks, and strive to maintain financial ecological environment.

There are many star enterprises in Zouping, such as Wei Qiao group, the largest textile enterprise in Asia, with 3 listed companies. Xi Wang Group There are also more than 5000 large and small enterprises.

But credit expansion is the most important factor in the expansion of industrial scale. Once the credit tightens, it will lead to the whole body. According to local sources, some large enterprises have not paid wages in three or four months.

The situation in Zouping has its own characteristics, that is, underground finance is very active. In a restaurant in Zouping, the boss described the "Grand View" of usury at that time: opening the trunk of the car and full of RMB. But it didn't last long. Before and after 2010, many loan sharks broke their capital chain, some people committed suicide, and some people disappeared.

Defuse obstruction

In this way, Lingxian County has solved the crisis of the joint guarantee of China and trade. First of all, the Lingxian County government took out 36 mu of land to compensate for the 38 million yuan loan from Huamao in the local rural credit union, so as to ensure that the chain of UNPROFOR would not break. Then, we seek strategic partners for China trade. At the end of last year, the Guangzhou consortium group formally reorganized Huamao.

The same story is also staged in the long star. The above Binzhou financial related departments told reporters that after the Changxing group accident, Binzhou has already allocated 5 hundred million to help enterprises to turn around, so that it will not suddenly die. Then let Changxing group enter bankruptcy reorganization process. In accordance with legal procedures, after the verification of assets, the enterprises will be able to find new reorganizations. Now, some central enterprises are also interested in it, and it is estimated that the reorganization can be completed within the year.

This person said, for the risks associated with joint insurance, Binzhou requires the establishment of a pool of capital in the city and county, 3 hundred million in the county and 5 hundred million in the city. Expanding the scale of Guarantee Corporation, expanding the registered capital from one hundred million to 5 hundred million, and gradually eliminating the risk guarantee circle by Guarantee Corporation. Replace the guarantee that goes to the key point enterprise.

"In view of these three enterprises (Ho Sheng, Chang Feng, Hua Meng), we specially opened a coordination meeting, led by the main creditor's Bank, and worked out a solution. These banks jointly form a club, sign a common convention, and move forward together to ensure the normal development of enterprises. For example, the main creditor bank of Ho Sheng is ICBC, which is led by ICBC to convene the involved banks and sign a common cooperation agreement. After all, enterprises have products, markets and profits, and there is no running situation. Said the man.