110,000 shareholders are confused! White Horse stocks changed overnight. Ten billionaires were overwhelmed by a debt of 1.5 billion?

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110,000 shareholders are confused! White Horse stocks changed overnight. Ten billionaires were overwhelmed by a debt of 1.5 billion?

2019-01-22 17:13:04 1029 ℃
< p > In 2019, Makangde in the past exploded the first thunderbolt in the bond market. The new material white horse stock, which had reached a market value of 100 billion yuan in 2017, joined ST overnight because its main bank accounts were frozen.

Recently, Kangdeshin has burst out a series of two-stage ultra-short fusions of 1.5 billion bond defaults . Now, this sudden bad news has undoubtedly made 110,000 shareholders who hold Kangdeshin completely foolish. < p > < strong > 22 accounts were frozen < / strong > < / P > < p > On the evening of January 21, Kangde announced that < strong > shares triggered other risk warnings because of the freezing of major bank accounts. Since the opening of the market on January 23, other risk warnings have been implemented in the stock trading of the company, which has been changed from "Kangdesin" to "ST Kangdesin". The company's shares will be suspended for one day from the morning of January 22, 2019 and resumed on January 23, 2019.

According to the announcement, Kangde New 22 bank accounts were frozen, of which 5 belonged to the main accounts.

Kangdesin also announced that in the course of the investigation by the securities regulatory authorities, and through the company's self-examination, it was found that the company was occupied by large shareholders.

Also on the 21st, the Shanghai Clearing House announced that the second ultra-short-term financing bill of 2018 "18 Kangde New SCP002", which should have been paid on the same day, had constituted a substantial breach of contract because it failed to repay the principal and interest of 521 million yuan in full on time. < p > < p > On January 15, Kangdesin disclosed that the 1 billion short-term debt "18 Kangdesin SCP001" constituted a substantial default. For the 1 billion short-term debt default, Kangdesin said that the company had temporary difficulties in capital turnover since the fourth quarter of last year.

In addition, the announcement said that the company's first and second ultra-short-term financing bills in 2018 had substantially defaulted, and some creditors frozen the company's bank accounts. The company will relieve temporary liquidity constraints by gradually restoring the size of credit and accelerating the repayment of accounts receivable by reducing risk factors, and plans to pay them in the near future.

and in the morning of January 21, Kangdesin was self-exposed. During the investigation by the securities regulatory authorities, it was found that the company was occupied by major shareholders. < p > < strong > < strong > holding 15 billion yuan in cash but defaulting < / strong > < / strong > < / P > < p > Kangdesin crisis originated on January 15. < p > < p > Kangdesin announced that due to the tight liquidity of the company, the maturity of the first and second ultra-short-term financing bills in 2018 is uncertain, and the company is speeding up the repayment of funds and plans to cash them in the near future. On the night of

, the company "18 Kangde New SCP001" failed to pay the principal and interest in full and on the 21st "18 Kangde New SCP002" failed to pay the principal and interest on schedule, which constituted a substantial breach of contract.

Kangdesin explained why the company could not pay interest in full and on time. Since the fourth quarter, due to the macro-financial environment and slow sales repayment and other factors, the company's capital turnover has been temporarily difficult. < p > < p > However, < strong > From the book, Kangdesin does not seem to lack money. According to the three-quarter report of 2018,

, as of September 30, Kangde New's book-end money fund was about 15.514 billion yuan, and its cash balance was as high as 14.313 billion yuan. At the same time, the company's total liabilities are 16.7 billion yuan, of which interest-bearing liabilities are 10.7 billion yuan.

holds 15 billion yuan of currency funds, but not more than 1.5 billion yuan of debt , which triggered a heated discussion in the market. On January 18, Shenzhen Stock Exchange disclosed its inquiry letter to Kangde New, asking the company to explain the place where the book money fund is stored, the reason why there is a large amount of money fund but the bond defaults, and to check whether there is any financial fraud. The company is required to make a written statement by January 18.

Kangdeshin did not reply to this, but on January 21, when disclosing the progress of filing investigation, he threw a big thunderbolt -

announcement saying that since October 2018, the company and its controlling shareholders, actual controllers and shareholders holding more than 5% of shares have not received the conclusive intention of the regulatory authorities. See or decide.

However, it is found that the company is occupied by major shareholders. The phrase

shocked investors into a cold sweat.

To investors'confusion, Kangdeshin has a large amount of cash on its books, but has been borrowing for a long time. According to Kangde New Financial Report, by the end of the third quarter of 2018, the company's current assets totaled 25.3 billion yuan, of which the monetary funds amounted to 15 billion yuan. While cash is abundant, Kang Dexin also bears 12.102 billion yuan of liquidity liabilities, including 6.181 billion yuan of short-term borrowing. In addition, the equity pledge rate of Kangde Group, the controlling shareholder of Kangde New, also soared to 99.44%.

A refinancing person in Beijing told First Financial Analysis that generally speaking, there are several sources of book money funds. The first may be refinancing, which is dedicated to the fund-raising account and cannot be misappropriated; the second may be that the deposit pledge has been made and has been restricted.

There are also people close to Kangdeshin who say that although the book cash is 15 billion, there are other loan debts to be repaid and the operation also needs funds. For short-term financial default, Kang Dexin said that the company would ease temporary liquidity shortage by reducing risk factors and gradually restoring credit scale and accelerating receivables repayment, and planned to pay it in the near future. At present, Kangdeshin's market value has fallen by nearly 80% from its November 2017 high of 100 billion yuan, with the latest market value of 21.3 billion yuan. According to the data of

Wind, as of January 21 this year, there have been 8 bonds defaulting, including 16 mass products 02, 16 machine tools MTN001, 16 Xinguang 01, 18 Huayang Economic and Trade CP001, 16 Tongyi bonds, 16 Zhongyou Jinhong MTN001, 18 Kangdesin SCP001 and 17 mass products MTN001. The current bond balance totals 5.3 billion yuan. The market value of

evaporates 80 billion yuan

in one year. Kangdesheng was founded in 2001. Its main products are optical films, pre-coated films and other film materials, once known as "China's 3M". Since then, the company has launched a series of subversive products, such as carbon fiber, naked-eye 3D. As a well-known white horse stock of A share, Kangdesin's share price has risen nearly ten times since its listing in 2010, and reached a record high in 2017, successfully ranking among 100 billion companies with market value. However, in just one year, Kangdesin's share price has fallen by 80%, and its market value has evaporated by 80 billion yuan a year. With the entry of 2018, Kangde New's share price has been declining all the way. On June 1, 2018, the company's share price suffered a flash crash, followed by an emergency suspension. After the resumption of trading on Nov. 6, 2018, Kangde New's stock price suffered three consecutive stops, and since then it has fallen sharply.

110,000 foolish shareholders

According to public information, Kangdeshin Composite Group Co., Ltd. was established in August 2001 and listed on Shenzhen Medium and Small Board. As a high-tech enterprise of materials, it has built three core businesses of new materials, intelligent display and carbon fiber, focusing on consumption, transportation, emerging industries, new energy, medical treatment, smart city & amp; smart life and other six core markets. < p > < p > Kangdesin was once considered to be the leader of the new material industry. Its annual report shows that the company's main customers are BMW, Apple, Samsung, Mercedes-Benz, Wuliangye and other domestic and foreign giants.

Since its listing in 2010, its performance has made rapid progress, and its share price has risen by nearly ten times. It has reached a record high in 2017 and successfully ranked among 100 billion companies with market value. It is favored by many organizations. Open the new list of shareholders in Kangde, there are both certificates and remittances.

from white horse stocks overnight to black swan, which also pits a large number of retail investors. < p > < p > As of the third quarter of 2018, the number of shareholders in < strong > exceeded 110,000.