Since the end of 20 18, debt risks have broken out in many places in Guizhou, and the non-standard asset management products of Zhengxin have been overdue and normalized, and the risks have spread from economically backward areas to developed areas.

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The funds were frozen.

Recently, according to Tianlutan Trust, other civil rulings of Guo Tong Trust and Zunyi Economic and Technological Development Zone Investment and Construction Co., Ltd. (hereinafter referred to as "Zunyi Economic Development Zone Investment") have been issued, and the applicant's application for preservation of Guo Tong Trust complies with the law and should be allowed.

According to the civil ruling, the deposits in three bank accounts of the respondent Zunyi Economic Development Bank were frozen, totaling 200 million yuan. The freezing period is one year, and the starting and ending time is subject to the Notice of Assistance in Execution.

"Looking at the Market with Small Debts" notes that apart from Tianlu's talk about trust and Guo Tong Trust, Zunyi Jingkai Investment also involves a contract dispute with Zhongtai Trust, and the court of acceptance is Shanghai Financial Court, which will open on September 22nd.

In July this year, Zunyi Economic Development Investment was listed as the executor by the Huichuan District People's Court of Zunyi City, with an execution target of 6.5438+0.37 million yuan.

It is worth noting that since the beginning of this year, many non-standard products guaranteed by Zunyi Economic Development and Investment Co., Ltd. have expired.

According to media reports, since the end of 20 19, the "Donghai Ruijing Credit Suisse 5 1 Asset Management Plan" and "Guojiu Huafu 1 Private Investment Fund" have been overdue, in which Huichuan Chengtou is the financing party and Zunyi Jingkai Investment is the guarantor, providing irrevocable joint and several guarantee responsibilities.

Huichuan City Investment and Zunyi Economic Development Investment are the only two urban investment platforms in Huichuan District of Zunyi, mainly engaged in the construction of infrastructure and affordable housing.

According to the statistics of "small debts see the market", there are currently 9 bonds in Zunyi Economic Development Zone, with a scale of 4.236 billion yuan, and the centralized redemption date is mainly concentrated in 2024.

In terms of credit rating, Zunyi Economic Development and Investment Company and its related debts are all AA, and the rating outlook is "stable".

02

Liquidity exhaustion

Official website shows that Zunyi Economic Development and Investment Co., Ltd. was established on 20 1 1, and is mainly responsible for infrastructure and supporting facilities construction, shantytown renovation, asset operation, investment and financing in Zunyi Economic and Technological Development Zone.

Zunyi Economic Development and Investment Co., Ltd. is the main body of infrastructure construction in Zunyi Economic Development Zone. It is a state-owned holding company approved by Zunyi Economic Development Zone Management Committee and Huichuan District People's Government, and the actual controller is Zunyi Economic Development Zone Management Committee.

In recent years, the performance growth of Zunyi Economic Development and Investment Co., Ltd. is weak, its profits are highly dependent on financial subsidies, and its ability to earn cash is poor.

In the first half of this year, Zunyi Economic Development and Investment Company realized an operating income of 9565438+ billion yuan, a year-on-year increase of 4.34%. Realized a net profit of 65.438+0.04 billion yuan, a year-on-year decrease of 654.38+0.94%; The net operating cash flow is-327 million yuan.

As of the latest reporting period, Zunyi Economic Development and Investment Co., Ltd. has total assets of 29.027 billion yuan, total liabilities of 65.438+05.949 billion yuan, net assets of 65.438+03.078 billion yuan and asset-liability ratio of 54.94%.

According to the debt structure analysis in "Looking at the Market with Small Debts", it is found that Zunyi Economic Development and Investment Company mainly has non-current liabilities, accounting for 56% of the total liabilities. Non-current liabilities are mainly long-term loans of 4.357 billion yuan, including non-standard loans of 900 million yuan and bonds payable of 3.584 billion yuan.

By the end of June this year, Zunyi Economic Development and Investment Co., Ltd. still had current liabilities of 7.068 billion yuan, mainly non-current liabilities and other payables due within one year, and short-term liabilities of 3.498 billion yuan due within one year.

Among the matured debts of Zunyi Economic Development Investment this year, bank loans, bonds and non-standard loans were 65.438+45.3 billion yuan, 74.65438+0 billion yuan and 65.438+0.10 billion yuan respectively.

However, since 20 19, due to the repayment of a large number of debts, the working capital of Zunyi's economic development investment has almost dried up. At present, the monetary fund in its account is only 232 million yuan, and the ratio of short-term cash to debt is only 0.07. Apart from limited funds, there is little left, and the short-term risk of debt is relatively high.

In terms of bank credit, by the end of 20 19, Zunyi Economic Development Investment Bank had a total credit of 7.292 billion yuan and an unused credit line of 639 million yuan, which shows that its reserve funds are not sufficient.

On the whole, the interest-bearing liabilities of Zunyi Economic Development and Investment Co., Ltd. are1144.2 billion yuan, and the interest-bearing liabilities ratio is 72%. It is worth noting that high interest-bearing liabilities will generate high financial expenses and erode profits.

In 20 19, the interest expense of Zunyi economic development investment was 3190,000 yuan, which was 1.4 times of its net profit in that year.

In the case of poor management and exhausted liquidity, Zunyi's economic development investment mainly comes from external financing and government subsidies.

In terms of financing channels, Zunyi Economic Development and Investment Co., Ltd. has diversified channels. In addition to issuing bonds and borrowing, it also has 9 lease financing, 26 accounts receivable financing, 2 equity pledge financing and 1 trust financing.

However, since 20 18, the cash flow from financing of Zunyi Economic Development and Investment Co., Ltd. has been continuously net outflow, with outflows of179,400 yuan and10/87,000 yuan respectively in recent two years, indicating that its external financing environment has deteriorated.

From 2065438 to 2009, Zunyi received a financial subsidy of 353 million yuan, but its regional monopoly position and available external support were weaker than other major construction entities.

Therefore, in the case of insufficient self-owned funds, blocked external financing and limited financial subsidies, Zunyi Economic Development and Investment Plan will extend the repayment of due debts through negotiation.

In addition, in terms of current assets, Zunyi Economic Development and Investment Co., Ltd. has a huge amount of accounts receivable, other accounts receivable and inventory, which occupies a large amount of company funds and has poor liquidity.

By the end of June this year, the inventory of Zunyi Economic Development and Investment Co., Ltd. was1631200 million yuan, accounting for 64% of current assets, mainly for land use rights and development expenses, of which the limited inventory exceeded 4 billion yuan.

Finally, we should pay attention to the external guarantee risk of Zunyi's economic development investment.

By the end of 20 19, the external guarantee amount of Zunyi Economic Development and Investment Co., Ltd. was 687 1 100 million yuan, accounting for 52.98% of the net assets, mainly for some state-owned enterprises in Huichuan District, among which Huichuan City Investment Co., Ltd. had overdue debts.

Generally speaking, Zunyi Economic Development and Investment Co., Ltd. has poor management ability, and its profit mainly depends on government subsidies; When the interest-bearing debt is high, the liquidity of assets is poor and the refinancing environment deteriorates, the short-term risk of debt is greater.

03

Frequent debt risks

Guizhou's economic and financial strength is weak, the debt burden is the heaviest in the country, and the overall debt risk is high.

Since the end of 20 18, debt risks have broken out in many places in Guizhou, and the non-standard asset management products of Zhengxin have been overdue and normalized, and the risks have spread from economically backward areas to developed areas.

Among them, Zunyi, which ranks second in GDP and public finance revenue in the province, has experienced events such as "technical breach of contract" of Zunyi Road and Bridge and overdue investment of Zunyi 65.438+0.7 billion asset management products this year. (Reply to "Zunyi Road and Bridge" and "Zunyi Jiantou" in the background to view the original text)

In 20 19, Zunyi achieved a regional GDP of 348.332 billion yuan, up 9.7% year-on-year, and the growth rate dropped by 0.7 percentage points year-on-year; Per capita GDP is 55411yuan.

Financially, in 20 19, Zunyi City achieved a general public budget revenue of 25.445 billion yuan, up 0.9% year-on-year. Due to the implementation of the "tax reduction and fee reduction" policy, the growth rate is lower than 20 18 15.6 percentage points; The general public budget expenditure was 74.34 billion yuan, a year-on-year increase of 9.7%; The local financial self-sufficiency rate is 34.23%.

It can be seen that in 20 19, the economic growth in Zunyi area slowed down and the degree of financial self-sufficiency declined.

Huichuan District, located in the north of Zunyi City, is located in the important economic and cultural intersection of central Guizhou and Chengdu-Chongqing area. Both Zunyi Economic and Technological Development Zone and Zunyi Economic and Technological Development Zone are state-level economic and technological development zones, and the operation mechanism of "two brands and one set of personnel" is implemented.

In 20 19, the regional GDP of Huichuan District of Zunyi City was 38.469 billion, and the general public budget revenue was 170 1 100 million.

Since the beginning of this year, Huichuan City Investment has successively exposed non-standard overdue events such as 90 million private placements and 200 million asset management products. Zunyi Economic Development and Investment Co., Ltd., as the guarantor, this bank deposit was frozen, indicating its compensatory risk exposure. Zunyi's local refinancing environment has further deteriorated.