On November 20, Shandong Yuhuang Chemical Industry Co., Ltd. issued a notice saying that in the face of the fact that investors choose to sell back the & ldquo; 16 Yuhuang 03 & rdquo; bonds, the trading method of & ldquo; 16 Yuhuang 04 & rdquo; will also be adjusted since the opening of the market on November 21. On November 29, Shandong Wantong Petrochemical Industry Group Co., Ltd. '16 Lutong 02 & rdquo; bonds ushered in the redemption date, and whether the redemption of RMB 860 million will be successful Further observation is needed.
Dongying and Heze are the main gathering places of Shandong local refining enterprises. Since the end of 2018, many private petrochemical giants in the two places have been in debt crisis due to their deep involvement in the & ldquo; Guarantee Circle. & rdquo; and five of them have declared bankruptcy, reorganization and breach of contract. At present, the shock wave is still spreading, and the bonds issued by various companies become a window for insight into their operating conditions, capital chain and solvency.
&"Mutual protection circle" and "private enterprise giant"
In November 2018, Shandong Jinmao textile and Chemical Group Co., Ltd. broke two bond defaults in one day, and & ldquo; 15 Jinmao Debt & rdquo; 16 Jinmao 01 & rdquo; was not paid on schedule, totaling 1.5 billion yuan. Subsequently, Jinmao group applied for bankruptcy reorganization to the intermediate people's Court of Dongying City. On the same day, Shandong Dahai Group Co., Ltd. applied for bankruptcy reorganization. These two enterprises also provided guarantees for Shandong Tianxin group, which was bankrupt and reorganized in 2017.
What's terrible is that from Jinmao group and Haihai group, the debt crisis caused by the "Guarantee Circle" first spread to petrochemical giants such as Dongchen holding group and Shengtong group, and then gradually spread to other enterprises. In March this year, the intermediate people's Court of Dongying City accepted the bankruptcy reorganization application of Dongchen holding group and Shandong Shengtong group at the same time. On June 5, Qicheng Petrochemical issued an early warning announcement, which revealed that its account, land and equipment assets were sealed and frozen, and the working capital could not be recovered normally.
Analysts in the industry pointed out that these enterprises are all affected by the crisis of "mutual insurance circle". The main feature of Dongying's "mutual insurance circle" is that most enterprises are engaged in land refining business, and the actual controllers of mutual insurance enterprises are either investment partners, or born in the same place, or registered in the same area, which is also the reason why the "mutual insurance circle" was formed.
Keep warm and burn the ship
The head of a refining and chemical enterprise in Dongying said that the mutual insurance enterprises seem to form an alliance and can hold together for heating, but the biggest problem is that one enterprise goes bankrupt and the risk will be transmitted to other normal operating enterprises along the chain. When the risk of economic downturn breaks out, it's like a grasshopper on a rope who can't run away, forming a fire even ship. &"Although many enterprises have the ability to compensate, even if they compensate, the bank's trust in them will still decline. Therefore, the withdrawal or pressure of loans will easily lead to the rupture of the enterprise's capital chain. &This person in charge feels helpless.
Similar to Dongying, Hongye Chemical, one of the three largest petrochemical companies in Heze, broke out of debt crisis in 2017 and was declared bankrupt and reorganized by the court. Yuhuang chemical was implicated in providing about 1.4 billion yuan of debt guarantee to it, and investors chose to sell back bonds. In addition to the "16 Yuhuang 03 & rdquo; and the" 16 Yuhuang 04 & rdquo; which are facing resale and interest payment on November 21, they will also face resale and interest payment on December 12 this year. The total balance of the two bonds is 1 billion yuan, and the corporate capital is "under pressure";.
A few days ago, Yuhuang chemical's domestic main body and debts were rated AA, with a rating outlook of & ldquo; negative & rdquo;. Similarly, the rating outlook of Wantong Group has been adjusted to & ldquo; negative & rdquo; and the credit rating of the entity and debt & ldquo; 16 Lutong 02 & rdquo; has been maintained as AA.
"Last straw" for debt repayment and loan;
A senior industry analyst pointed out that the private chemical giant trapped in capital dilemma and "Mutual Guarantee Circle" has become the "last straw" to overwhelm the camel;.
&"From a deeper analysis of the causes, it is the deterioration of the industry environment and the poor operation of enterprises. &In recent years, many enterprises have invested heavily in "two rights" to promote the upgrading of oil products and seek to import crude oil, said the analyst. However, due to the fact that the oversupply of oil products has not improved, the downward oil price and the poor macroeconomic environment, the operation of enterprises is not optimistic. In addition, the reform of tax system has blocked the way of "tax evasion" of enterprises. The capital chain of enterprises is tight, and they have been financing through bond market. The short-term debt burden is generally heavy, and the risk of regional industries continues to increase.
Under the background of the rise of large-scale refining and chemical enterprises in North and South China, and the launch of Yulong Island refining and chemical project in Shandong Province, and the integration of refining enterprises, Shandong's refining and chemical industry is facing heavy taxes, environmental inspection, tight capital chain, and & ldquo; mutual protection circle & rdquo; risk spread. How to solve the capital dilemma in Shandong's refining and chemical industry, and how to use the backpressure mechanism to transform and upgrade has become the most important work in the future.
Mutual trust list of 17 Dongying local refining enterprises
In order to solve the financial dilemma of private petrochemical enterprises, Dongying City has carried out the activities of "bank president entering 100 enterprises" by publishing the list of enterprises with mutual trust between banks and enterprises, further promoted the three-year action plan of "financial kinetic energy conversion", carried out financial business guidance and solved the financing problems of enterprises.
This year, the Dongying Municipal government announced three groups of mutual cooperation between banks and enterprises17 local refining enterprises have entered the "white list";. Under the leadership of the government, local financial institutions will help enterprises to internalize a series of liquidity risks, such as loan default, credit contraction, guarantee recovery and so on. Dongying City also carried out the activities of "bank president entering 100 enterprises" to further strengthen the service guarantee of finance to the real economy.
In addition, the Shandong financial office and the banking regulatory bureau also successively issued the guiding opinions on how to prevent and resolve the liquidity risk of enterprises and the implementation opinions on deepening the reform and innovation drive of the banking industry and promoting the development of the real economy, requiring multiple linkage to prevent and control risks and strive to maintain financial stability. For enterprises with high industrial relevance, high asset liability ratio, complex guarantee relationship and potential to cause large-scale liquidity risk, the local government should strive for policies and measures to resolve the risk in advance. For the enterprises with good market prospect and main business operation, market, technology and benefit but short liquidity, we should increase or maintain credit, adjust credit varieties and reduce financing cost on the premise of controllable overall risk, so as to help the enterprises maintain normal production and operation and dissolve risks..