ZOJE Shares: Debt 2 Billion 600 Million Bankruptcy Reorganization Led 470 Million Bills Suspicious

Once the wind and cloud enterprises, but now on the verge of bankruptcy.

The difficulty of ZOJE shares (002021, SZ) controlling shareholder of the first listed company in the domestic sewing machine industry has become increasingly difficult.

Recently, ZOJE shares announced that in October 21st, it received the "civil ruling" issued by the first largest shareholder of Zhejiang ZOJE world supply chain group Limited by Share Ltd (hereinafter referred to as ZOJE ring Zhou). It believed that ZOJE could not repay debts due to maturity, and its assets were obviously insufficient to repay all debts, but it had the possibility of being reborn through reorganization, and adjudication accepted its bankruptcy reorganization application.

This is another business crisis following the bankruptcy liquidation of the two shareholder of ZOJE Group Holdings Limited (hereinafter referred to as ZOJE group) in September 5th.

In October 21st, reporters learned from the court of Yuhuan that the bankruptcy petition submitted by ZOJE group in September this year stated that its assets are currently 527 million yuan and liabilities are 2 billion 630 million yuan, which is serious insolvency.

Yesterday, ZOJE group vice president Liu Biying told reporters, "(ZOJE group) in the registration of debt and debt."

ZOJE shares have been temporarily suspended since the opening of September 5th, so as an independent listed company, ZOJE shares are hard to be "independent".

Yan Yiming, a well-known securities lawyer, said: "the problems of parent companies have no direct impact on the listed companies, but they have indirect effects on the reorganization of listed companies. At the same time, we should also pay attention to whether the parent company appropriate funds to the listed companies."

ZOJE

The above announcement of ZOJE shares indicates that the reorganization of ZOJE's ring states may lead to uncertainty in the disposition and ownership of the 120 million shares of the restricted shares (17.45% of the total share capital) of the company.

The shareholding structure disclosed by ZOJE shares shows that the largest shareholder of the company is ZOJE Huan Zhou. The latter is a holding subsidiary of ZOJE group. Its legal representative is the same as ZOJE group. It is Cai Kaijian.

In view of this, the actual controller of ZOJE shares is still Cai Kaijian.

In fact, the sister company, which is a sister company under the ZOJE group, is not rich in capital strength.

ZOJE shares announcement shows that in June of this year, ZOJE had invested nearly 460 million yuan in ZOJE's shares, and became the largest shareholder of ZOJE shares through non-public offering, while their common parent ZOJE group became the second largest shareholder.

According to the announcement, ZOJE's involvement in the issuance of the additional money comes from the trust scheme specially built by the Bohai trust.

ZOJE shares announced in June 24th that the first largest shareholder, ZOJE, was appointed by the Bohai trust, a trust project specially established by the Bohai trust. The trust fund of ZOJE trust fund of ZOJE Trust Fund (inquiring trust products) was issued under the terms of the trust fund. The funds obtained were used to purchase 120 million shares of the non-public offering shares of ZOJE shares and to pay the related expenses.

Another

As the parent company of ZOJE and ZOJE, the situation of ZOJE group is even more difficult.

In September 4th this year, ZOJE shares announced that the company received the "civil ruling" of the Yuhuan County court of Zhejiang Province, which was pferred by ZOJE group. The ruling found that the ZOJE group declared bankruptcy and liquidation of ZOJE group in accordance with the relevant provisions of the bankruptcy law because it could not pay off its due debts and its assets were obviously insufficient to repay all debts.

Compared with the bankruptcy reorganization of ZOJE, the situation is even more serious.

ZOJE group is in debt / debt register.

Public information shows that ZOJE group, formerly known as Yuhuan County Chen Yu Electronic Instrument Factory, was established in 1985. It was renamed Zhejiang ZOJE sewing machine Co., Ltd. in 1994. It was established as ZOJE Holding Group Co., Ltd. in 2000. It has ZOJE's sewing machine Limited by Share Ltd, ZOJE kitchen and sanitary ware Limited by Share Ltd, ZOJE ring supply chain group Limited by Share Ltd, Zhejiang sangding garden greening Co., Zhejiang Zhejiang Real Estate Development Co., Ltd., Huangmei Hengsheng Real Estate Co., Ltd., Chongqing west western industrial group and other subsidiary companies.

For the current bankruptcy situation of ZOJE group, Liu Biying said that due to the problem of local guarantee chain, the Group subsidiary compensated more than one hundred million for external guarantee, and at the same time, its operation was also affected by the economic situation. In addition, the loan of ZOJE group was reduced by 7~8 billion yuan in the past three or four years, forming a vicious circle.

In October 21st, reporters learned from the court of Yuhuan that the bankruptcy petition submitted by ZOJE group in September stated that, due to long-term debt expansion, difficulties in capital turnover, serious backlog of inventory and losses in successive years, assets of 527 million yuan and negative debts amounted to 2 billion 630 million yuan, which were severely insolvent.

Further work is needed to investigate the specific situation of ZOJE group's liabilities.

"(ZOJE group) is in the registration of claims and debts."

Liu Biying told reporters.

It began in July of this year, and the lawsuit of ZOJE system was entangled.

In July 11th, ZOJE shares announced that all the shares held by ZOJE group and Cai Kaijian were frozen by the Zhejiang high court, and the freeze period was from June 24, 2014 to June 23, 2016.

In addition, the shares held by ZOJE group and Cai Kaijian were also frozen by the intermediate court of Shiyan, Hubei, and the shares held by ZOJE group were also frozen by the court of Zhejiang City, Hangzhou.

A week later, in August 15th, ZOJE announced that all the shares held by ZOJE were frozen by the people's Court of Puning, Guangdong, and the freeze period was from July 17, 2014 to July 16, 2016.

Since then, there have been several announcements that all the shares held by ZOJE group and Cai Kaijian were frozen by many courts.

At the same time, according to a reporter's previous interview, it was learned that since July, many small loan companies, banks and private borrowers have sued the case of ZOJE group and its subsidiaries and ZOJE's actual controller Cai Kaijian.

The information disclosed by ZOJE shares shows that as of now, ZOJE, Chau, ZOJE and Cai Kaijian are the top three shareholders of ZOJE shares respectively, holding 17.45%, 16.42% and 8.85% shares of ZOJE shares respectively.

There is a market analysis that the company's former major shareholders are frozen, lawsuits, and companies declare bankruptcy and liquidation. The fate of ZOJE's stock is self-evident. "The biggest variable is that the holding power may be changed."

Vice president of ZOJE group denied bill discount financing

According to the announcement of ZOJE shares in July 11th, the shares held by ZOJE group and Cai Kaijian were also frozen by the intermediate court of Shiyan, Hubei, and the shares held by ZOJE group were also frozen by the court of Zhejiang City, Hangzhou.

Recently, a person familiar with the matter contacted the reporter voluntarily and further indicated that the intermediate court of Shiyan, Hubei, was waiting to freeze the shares of ZOJE group and Cai Kaijian, or was related to the 470 million yuan commercial acceptance bill.

The above mentioned insider said, as a drawer, ZOJE issued 7~8 commercial acceptance bills in 2013, and the total face value was 470 million yuan. The payee was Jiangsu Jiabao science and Technology Management Co., Ltd. and Shanghai Wan tie goods and Trade Co., Ltd., which was endorsed by the payee after the endorsement by the director of Hubei Real Estate Development Co., Ltd., Shiyan, Jiang Lin. But after the expiration, ZOJE group refused to pay, causing at least 33 or 300 million yuan of funds to be cheated (including bills payable).

Meanwhile, the insider provided a document for ZOJE group.

The content of this document shows that: because our company was short of funds at that time, Xie said that he could solve the financing problem for our company. He signed a series of steel pipe purchase contracts and bills discount agreements with him, and the relevant contracts agreed on whether the financing was successful or not.

About 470 million yuan bills related matters, the reporter contacted ZOJE group vice president Liu Bi Ying.

In this regard, he admitted that these bills were overdue.

"We are also victims."

Liu Biying said that the company originally wanted to do trade, and made two commercial acceptance bills to Shanghai and Jiangsu, but did not expect the other side to set up a bureau, not only did not deliver goods, but also took the bills to pay debts. At present, the company had contracted the Yuhuan public security newspaper on the grounds of contract fraud.

As for the financing of bills discounting, Liu Biying denied that, "no, we want to get more credit from banks by expanding the volume of trade."

In addition, the holder questioned ZOJE group and Xie Mou collusion for bill fraud.

Independent verification is not possible.

It is understood that Xie Mou has been arrested.

Yan Yiming told reporters that the debt crisis of the parent company of listed companies, investors should pay attention to whether the parent company has the problem of encroachment on the capital of listed companies.

Recently, during the normal working hours, the reporter made a public call to ZOJE stock and securities department.