10000 billion tycoons "sell shares to repay debts"
Yesterday (October 7th) evening, Hai Yue energy (600387) Announcements, the controlling shareholder, Hainan Modern Logistics Group, intends to transfer the 100% stake of Hai Yue technology to Tongchuan energy. Tongchuan energy will acquire 19.06% of the listed company's shares and will become a new controlling shareholder of the listed company.
And just past September, Hainan Airlines announced in a row, "withdrawal". Large supply and marketing (000564) , Kaiser travel (000796) The largest shareholder of the 2 listed companies entered the October, and HNA's withdrawal continued.
According to Wind statistics, the layout of Hainan Airlines in the capital market involves 18 listed companies, of which 10 are A shares and 8 are Hong Kong stocks.
By the end of October 8th, the total market capitalization of 10 A share listed companies in Hainan Airlines's total layout amounted to 108 billion 700 million yuan, involving a total of 1 million 63 thousand and 600 shareholders.
Hainan Airlines is evacuating 3 listed companies.
As early as July 5, 2018, Chen Feng, who retired from the scene for more than 2 years, was re elected. He was elected chairman of the board of directors of HNA Group.
Although since 2018, HNA has been selling large quantities of global assets and recovering funds, but it has not brought about large-scale capital market.
However, since the second half of 2019, Hainan Airlines Group's capital chain seems to be increasingly tense.
The size of the "16 HNA 02" bonds that were due in July 29, 2019, only 1 billion 500 million yuan, failed to meet the expected repayment.
Moreover, there will still be a large number of bonds to be repaid in the future. For HNA alone, excluding the "16 HNA 02" bonds that have not yet been repaid, HNA Group's outstanding bonds are as high as 16 billion 459 million yuan.
This is only the bonds issued by HNA Group as the main body, and other platforms of Hainan Airlines: Hainan Airlines, Hainan tourism, Hainan Airlines capital, HNA Group International, HNA aviation, Yangtze River leasing and other entities. The total bond balance is as high as 30 billion yuan.
Under the crisis of "burning eyebrows", HNA began to deal with the shares of the most liquid listed companies.
In September 15th, Kaiser tourism announcement, the controlling shareholder of HNA tourism plan in the next 6 months to reduce the company's shares does not exceed 6% of the total share capital, is expected to lead to Kaiser tourism controlling shareholder and actual controller changes.
In September 24th, HNA's tourism reduced its stock by 12 million 450 thousand shares, and its shareholding ratio dropped to 28.73%. It officially "withdrew" the position of Kaiser's largest tourism shareholder, and will probably continue to reduce its holdings in the future.
Coincidentally, in the evening of September 26th, the announcement of the supply and marketing group, the controlling shareholder of HNA, sold 300 million shares of the second major shareholders of the new cooperative group, accounting for 5% of the total share capital of the company. If the transaction is completed, the controlling shareholder of the listed company will be changed into a new cooperative group.
Then, on the eve of the first trading day in October, HNA announced again that it planned to "sell" the position of major shareholder of Hai Yue energy (600387).
It is worth mentioning that, as early as February 21, 2017, HNA Group bought sea Vietnam technology at a price of 2 billion 650 million yuan, thus becoming the controlling shareholder of Hai Yue energy. The actual controller of the listed company was changed to the Hainan charity air foundation.
At the time of acquisition, the energy share of Hai Yue energy soared to 17.72 yuan / share, and then fell all the way. By the end of October 8th, the shares of Hai Yue energy stock were only 8.27 yuan, down 87%, and the total market capitalization was only 3 billion 900 million yuan.
Ten thousand Billion HNA, all the way, blindfolded.
The growth history of HNA is a story of madness plus leverage.
According to Wind data, the total assets of HNA Group were only 542 billion 800 million yuan in the middle of 2016, and by the end of 2017, its total assets had soared to 12059 billion yuan. In just a year and a half, HNA's assets doubled.
If the time dimension is widened, Hainan Airlines Group's expansion rate is even more alarming.
According to public information, at the beginning of 1993, all assets of Hainan Airlines were only 10 million yuan established by the Hainan provincial government at that time. From 10 million yuan to 1 trillion yuan, it has increased 100 thousand times in 25 years.
The secret of Hainan group's rapid expansion is to buy and buy crazily.
In 2016, China's capital was most active in international mergers and acquisitions. Overseas investment / M & A transactions totaled 438 in the year, totaling 215 billion 800 million US dollars (about 1 trillion and 470 billion yuan), up 148% from 2015.
HNA is the biggest gold producer of the year.
Among them, the craziest 2 Super takeovers bought American Technology Corp Ingram Micro for 6 billion dollars, and bought about 25% Hilton group shares from Blackstone Group for 6 billion 500 million dollars, becoming the largest single shareholder of the latter.
After a series of super acquisitions, the total assets of Hainan group increased from 542 billion 800 million yuan to 10155 billion yuan in the second half of 2016, up by 87%.
In 2017, HNA did not stop the brakes and was still buying the world crazily, including:
According to incomplete statistics, since 2010, Hainan Airlines has launched 40 cross-border mergers and acquisitions, with a total transaction volume exceeding US $40 billion. Its acquisition mainly covers aviation, logistics, catering, hotels, leasing, office buildings and so on.
The official website information of HNA shows that among its total assets, the total assets abroad exceed 330 billion yuan, the number of overseas enterprises is 45, and the number of overseas employees is as close as 290 thousand. We can see its global mergers and acquisitions craziness.
However, the potential risks of Hainan Airlines are increasing. From 2015 to 2017, HNA Group added a large amount of liabilities every year. In the past three years, it has added about 366 billion 800 million yuan in interest bearing debt.
By the end of 2018, the total liabilities of HNA Group were as high as 750 billion yuan, and the asset liability ratio was 70.55%.
From "buy buy buy" to "sell sell sell", Hainan Airlines jilt 300 billion
Suddenly, the "high brake risk" of Hainan Airlines has been exposed.
In 2017, the CBRC issued a warning to investigate private enterprises with high liabilities and overinvestment overseas.
It is to criticize Wanda, Hainan Airlines, Fosun and Zhejiang Rosen Neri four enterprises. Risks remain in China, interest stays abroad and investment is too radical.
It is obvious that the situation is serious. HNA has entered the pattern of "breaking the wrist".
On July 5, 2018, Chen Feng, chairman of the board of directors of HNA Group, said to the outside world:
Seven thousand and five hundred Billion in debt, Hainan Airlines is still at risk.
However, after the massive disposal of assets by HNA Group, by the end of 2018, the assets and liabilities ratio of HNA Group has not been substantially reduced, but it is still rising.
By the end of 2018, the assets and liabilities ratio of HNA Group was 70.55%, up 18% from the same period last year, and the cash and cash equivalents at the end of the year were 41 billion 200 million, down 68% from the same period last year.
HNA Group's 2018 bond annual report shows that as at the end of 2018, HNA's total assets were 1 trillion and 70 billion yuan, down 13% from the same period last year, with a total liabilities of 755 billion 300 million yuan, but increased by 3%. Net assets 315 billion 200 million yuan, a decrease of 36% compared with the same period last year, and a sharp decrease in net assets was mainly caused by the reduction of minority shareholders' rights and interests and the loss in the year.
While the debt is in urgent need, HNA's hematopoietic capacity is decreasing.
According to the annual report, operating income in 2018 was 616 billion 713 million yuan, an increase of 5% over the same period last year, while net profit was 4 billion 900 million yuan, while net profit in 2017 was 8 billion 130 million yuan, down 160% from the same period last year.
The explanation given by Hainan group is that the increase in operating costs and financial costs led to a loss in 2018.
It is worth mentioning that in the 2018 annual report of HNA Group, the audit opinion issued by Zhongxing Guanghua accounting firm of audit institutions is "other audit opinions", that is, with emphasis, but not normal standards.
The auditor said: "by the end of 2018, the liquidity ratio of HNA Group was 1.1:1 and the current ratio was relatively low. This indicates that there is a major uncertainty that may cause major doubts in the capital flow of HNA Group."
At the end of 2018, Chen Feng, the helmsman of HNA Group, said in an interview that the main problem of HNA is "Desire is too big, too fast, unstable." 。
Writing / tabulation: all small scenes