Tengbang International Is Heading For Bankruptcy, And Its Subsidiaries Are Out Of Control.

Last year, after being banned by the International Air Transport Association (IATA), the international debt risk of tengbang, a leading tourist industry, continued to climb, and ushered in a new dilemma.

In the evening of April 21st, tengbang international issued a suggestive announcement on bankruptcy and liquidation of the company, claiming that the company received the notice of the Shenzhen intermediate people's Court of Guangdong Province in April 17th, and the CITIC Bank Shenzhen branch applied for bankruptcy liquidation. At present, listed companies are actively communicating with creditors.

In July 2018, tengbang international and CITIC Bank Shenzhen branch signed the "comprehensive credit contract" and the supplementary agreement. CITIC Bank issued 300 million yuan loan to the listed company, but the contract expired in July 4, 2019. As of now, the loan principal and corresponding interest and penalty interest have not been returned.

This is only the tip of the iceberg of tengbang's international debt crisis. According to incomplete statistics of twenty-first Century economic report, up to now, unpaid loans involving tengbang international are approaching 3 billion yuan.

As of the end of the three quarter of 2019, tengbang international has 41504 ordinary shareholders. Among the top ten shareholders, there are many well-known institutions such as Jianxin fund, Central Huijin, Harvest Fund and Guoxin Securities. These four institutional investors hold tengbang international 12 million 432 thousand, 12 million 303 thousand and 900, 3 million 671 thousand and 800 and 2 million 884 thousand and 600 shares respectively. Once tengbang international is applied for bankruptcy and liquidation, these shareholders will not lose their money if they do not "escape".

Nearly 3 billion debt payable

Since the outbreak of the capital chain crisis in 2018, tengbang international has been clouded. In April 22nd, tengbang international stock price closed down to 3.09 yuan / share. From 2019 to now, tengbang international stock price has fallen by 65.59%.

The application for bankruptcy and liquidation, which was announced on the night before, completely detonated tengbang's international debt crisis. According to its 2019 performance bulletin, as at the end of 2019, tengbang's total liabilities amounted to 5 billion 529 million yuan. Among them, many liabilities overdue, causing the company to face a large number of lawsuits.

As early as December 31, 2019, tengbang international was frozen 68 bank accounts because of the amount of 429 million yuan involved. Subsequently, tengbang international responded to the Shenzhen Stock Exchange's inquiry that, in addition to the 68 accounts that had already disclosed debt related obligations, the company's debts due in 2019 were still 1 billion 411 million yuan, including 275 million yuan of non banking institutions, 1 billion 136 million yuan of banks, and debts that were due to expire in 2020. It has 1 billion 363 million yuan, and the debts due in 2021 and 2022 will be 40 million yuan and 89 million 712 thousand and 900 yuan respectively. In the past four years, the total outstanding debts amounted to 2 billion 903 million yuan.

In addition to the CITIC Bank mentioned above, the creditors that tengbang international has expired on outstanding loans include Changsha bank, far east international leasing, Xiamen international bank, Guangzhou agricultural business bank, and Xingye Bank.

At present, the cumulative amount of tengbang international public litigation is rising rapidly. As of April 15, 2020, it had reached 1 billion 744 million yuan. Litigation cases are business litigation, and the amount of litigation involved in financial institutions is 1 billion 487 million yuan, accounting for 85.68% of the total amount of litigation.

On the other side of the debt crisis, the main business of listed companies has also been dragged down. In June 2019, due to the arrears of BSP (Billingand Settlement Plan), the International Air Transport Association terminated the passenger sales agency agreement signed with 5 subsidiaries of tengbang international, and abolished the qualification of the 5 international subsidiaries authorized by the International Airline Association. This move made the tengbang international core business, the airline ticket sales network, directly shut down.

Due to the fact that the airline reservation system has been unable to handle related business, the funds of a large number of air ticket agents in tengbang international system have been frozen and no refund has been processed. Many two class agents have rushed to tengbang international headquarters to "collect debts". In April 22nd, the twenty-first Century economic report reporter consulted that many agents involved in the recovery found that up to now, many arrears of small and medium agents have not yet been reimbursed.

Since it is not possible to purchase tickets by means of settlement between BSP and Air France, tengbang international can only purchase tickets for external sales through other settlement methods such as current or prepaid value to other agents, third party platforms and airlines.

Due to the tight liquidity of the company and the restriction of air ticket purchase and settlement, tengbang's international air ticket business has been greatly reduced, and its operating income has also decreased significantly, resulting in a loss in the airline's business. After preliminary calculation by the company's financial department, the estimated loss of the company's air ticket business in 2019 is about 190 million yuan. In 2019, tengbang international revenue fell 30%, net profit loss of 1 billion 579 million yuan.

In August 2019, tengbang International announced that it had signed a voting agreement with the Zhongke Jianye, but Zhongke Jianye only promised resources sharing, and was not responsible for the company's profits and losses. It also received 20 million yuan of management fees from the listed companies every year. However, 8 months later, Zhongke Jianye did not bring any substantive resources or funds to the company.

In April 22nd, in twenty-first Century, the economic report reporters sent many times to tengbang International Securities Department, but the phone was unable to get through. In addition, the reporter sent an interview letter to the company's official contact mailbox, but no reply was received at the end of the press release.

Subsidiary company "runaway" Luo Sheng door

Under the attack of debt and poor performance, tengbang international has recently exposed another "scandal" or "fatal blow" to shareholders again.

On the day before the announcement of the application for bankruptcy and liquidation was announced, tengbang international issued a notice on the loss of control of the subsidiary company's travel tour, saying that the latter refused to cooperate with the company and the annual auditor in the field audit of his 2019 financial statements, and the company had lost control of it.

However, in April 22nd, the economic report reporters contacted Shi Jin, chairman of Xi Yu Guo Lu in twenty-first Century, but denied that the Ctrip did not cooperate with the audit of the listed companies.

"Hi tour has been in the system of listed companies. We have been working and working in tengbang, and all the finance is regulated by listed companies. Finance and capital have always been listed companies under management and are not subject to our control. " Shi Jin replied.

In addition, Shi Jin also revealed that because of the impact of the capital chain tension and strategic errors of the listed companies, the business has stopped.

"Hi tour business has been completely shut down in October last year, and the tourism group in December (tengbang banner) has completely stopped. At present, the wages of the hi tourism and tourism group have not been paid, and the whole company has stopped because of the break of the capital chain. However, some of its subsidiaries and subsidiaries were operating at that time, but they stopped because of the epidemic. Shi Jin said.

According to Shi Jin, on the one hand, when Teng Bang international has been merged with the listed companies, tengbang international has been occupying the capital of the tourism group. On the other hand, after entering tengbang international, the company has changed its strategy to expand its business scale, but at last it is facing difficulties because it can not keep up with the funds.

At present, the listed companies have not responded to the happy tour. However, at the twenty-eighth (Provisional) meeting of the Fourth Board of directors of the company, when they considered the motion on the loss of control of the subsidiary tour company, the director and general manager Qiao Hai directly abstained from voting, one of the reasons was "I don't know the whole story until it happened."

According to public information, Ctrip is a subsidiary of tengbang international in June 2018, and the total cost of capital raising and acquisition is 370 million yuan. In the 7-12 months of 2018 and the first three quarters of 2019, the group enjoyed a business income of 711 million yuan and 812 million yuan respectively, accounting for 14.55% and 25.65% of the total revenue of the listed companies, respectively, achieving net profit of 8 million 935 thousand and 100 yuan and 16 million 958 thousand and 600 yuan. However, in 2019 2019, tengbang international suffered losses.

On the whole, the proportion of the revenue of the Ctrip is higher than that of the listed companies. An accountant firm in Southern China pointed out to reporters: "if a subsidiary with a significant impact does not cooperate with the audit, the audit institution may not be able to express its opinion."