Who Will Become The White Knight? Founder Group Recruitment Campaign Not Less Than 50 Billion

The reorganization of Peking University Founder Group Corp (hereinafter referred to as Founder Group) has made new progress.

In April 21st, Founder group manager issued a notice on recruiting strategic investors. The announcement pointed out that in order to promote the reorganization of Founder group, managers would openly recruit strategic investors, and put forward three recruitment requirements for strategic investors.

Founder group manager said that the recruitment of strategic investors is aimed at completing the reorganization of Founder group, effectively integrating industrial resources, optimizing asset structure, debt structure, corporate governance structure and personnel structure, safeguarding the legitimate interests of all creditors, defusing debt risks, and ultimately building enterprises with excellent asset quality, perfect corporate governance structure and sustainable profitability. Industry.

According to the exclusive report of the twenty-first Century business reporter, the founder group issued a notice to creditors in the evening of April 14th. The first meeting of creditors in Fangzheng group reorganization was held at 9:30 a.m. in April 30, 2020.

"We are relatively optimistic about the restructuring of Founder group, and Fangzheng group is relatively standardized as a large company." In April 21st, a private equity firm holding a founder bond in Beijing told the business reporter in twenty-first Century.

Recruitment war

In the latest announcement, Founder group managers put forward three conditions for strategic investors.

It includes a high sense of social responsibility and good commercial reputation. In the past three years, there has been no major violation or violation of the law. It has not been included in the list of dishonest executors by the people's court. It does not belong to the Joint Disciplinary object of dishonesty. It meets the qualification requirements of relevant laws and regulations and regulatory policies for investors in related industries. It also has sufficient financial strength and legal compliance with the sources of funds.

In terms of financial strength, fangzheng group managers said that the total assets audited by strategic investors in recent years should be no less than 50 billion yuan or net assets of not less than 20 billion yuan.

"This requirement is not low." An analyst at a brokerage firm in Beijing told the economic news reporters twenty-first Century.

In fact, before that, it was reported that the large shareholder of Fangzheng group, the capital company of Peking University, intends to introduce large central enterprises into Founder group as a strategic investor, but Founder group said it did not confirm it.

In addition, according to the exclusive report of the twenty-first Century business reporter, in December last year, the founder group held an investor conference. The founder group also mentioned that it had had contact with the state-owned assets of the Zhuhai SASAC.

"Founder Group entered the reorganization process, the company's shareholding structure or will have a significant impact, taking into account the attributes of state assets, state-owned assets to participate in the reorganization of the possibility is very high. Take Fangzheng technology, a listed company under Fangzheng group as an example, for example, the core assets of Zhuhai, Chongqing and other places, which can focus on the strategic investment dynamics of local state-owned assets. The brokerage analyst said.

In twenty-first Century, the economic report reporters obtained a letter of intent from the founder group's strategic investors, indicating that the intention strategic investors need to fill in two parts of the financial situation and the investment mode. The financial situation includes total assets and net assets. The investment pattern is divided into total investment, industrial real estate, IT business, financial sector, medical and pharmaceutical sector, commodity trade plate or Other.

According to the disclosure, Founder Group owns 6 listed companies, namely Founder Technology (600601.SH), founder Holdings (00418.HK), Peking University Medical (000788.SZ), Peking University resources (00618.HK), Founder Securities (601901.SH), China high tech (600730.SH), and 1 insurance companies founder life and 1 financial companies, covering IT, medical and pharmaceutical, industrial real estate, finance and bulk. Commodity trade and other business sectors.

In view of the subsequent work arrangements, Founder group managers announced five steps, including due diligence, submission of proposals, selection, signing agreements and refund arrangements.

The founder manager said that the intentional strategic investor should conduct a due diligence investigation on Founder group according to the arrangement of the manager, and he must pay 100 million yuan to make the best bond. At the same time, the manager has the right to conduct a reverse due diligence investigation of intention strategic investors.

In addition, intentional strategic investors should submit investment plans according to the requirements of managers, including, but not limited to, debt repayment plans, industrial integration plans, investment amounts, sources of funds, quotations, business plans, and resettlement plans.

Institutional choice

In fact, the recruitment of war throws only means restructuring. For Founder group, there is still a long way to go.

For the creditors of Founder group, they are facing different choices.

According to the previous announcement, as of March 19, 2020, a total of 26 creditors reported to the founder group managers 27 claims, the total amount of claims amounted to 7 billion 347 million yuan. However, the information disclosed by the holders' meeting shows that the debt of Founder group is as high as several hundred billion.

"We hold a smaller scale, and we may get a better settlement plan when we wait for the restructuring results." The private sector told the twenty-first Century business reporter.

But for some institutions, "sell off" to escape is becoming the key word.

In April 20th, the national interbank lending center issued a notice that in April 17th, the interbank market reached the first cross-border transaction of defaultable bonds. The name of the bond was "19 party MTN001", with a transaction price of only 20 yuan and a total of 20 million yuan.

From the public fund situation, last year's three quarterly report shows that some people have enhanced Baoxin and Yu, and 18 months have been set up, and three people have held the "18 party 09".

However, according to the latest annual report released in 2019, Bao Bao Xin Yu has increased the number of people in the 18 months, and the insurance company has three bonds.

In fact, for the public offering fund and other products users, the disposal of bonds after default is still a difficult problem. As the trading volume of defaultable bonds is shrinking, it can not achieve large-scale transfer, and fund companies follow the three party valuation passive adjustment net value, resulting in product decline. More public funds, in order to protect the interests of individual investors, will even choose to purchase large proportion of their own capital.

Since the reorganization procedure has been introduced, the existing bonds of Founder Group will no longer be paid individually.

In April 14th, Peking University Founder announced that the company had been ordered to enter the reorganization process in accordance with the law of the Beijing No. 1 Intermediate People's court in February 19, 2020. At present, the reorganization is under way. According to the relevant laws and regulations of the reorganization, the company can not make any individual liquidation during the reorganization period, so the bonds in the company's remaining period can not be exchanged for interest. Among them, there are 24 bonds including "16 party 01", "16 party 02" and so on.

"We are not very optimistic about restructuring, and there are still many problems with shareholders in Fangzheng group. Before the two major shareholders of Beijing Zhao Yun and Peking University assets, there was also an open competition. An industrial fund official in Beijing told the twenty-first Century business reporter.

Last December, Beijing Zhao Yun said in an open letter that he recently learned that the capital assets of Peking University announced "take over" the resource group of Founder group, accusing the assets of Peking University would affect the founder group's resolution of the debt crisis and affect the stable reorganization.

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