On June 20th, Henan Xinxiang Xinfei Electrical Appliance Factory also hangs the red banner that was grandly started in February and is now discontinued. The Beijing News reporter Zhang Weishe on June 20, Henan Xinxiang Xinfei Electrical Appliance Factory, also hangs the red banner that was grandly started in February, and is now discontinued.
On June 20th, the quiet small town of Xinxiang, the spacious Xinfei Avenue on the car electric car traffic, such as the new flying electrical appliances on the North Main Road has been discontinued, the factory is still clean, but no longer the lively and lively.
On the South Ring Road, the new Feifei electrical plant area, Xinfei Electric's gold sign shows the mottled years, the weeds outside the factory grow weeds, few people in the factory are walking around, the security guard at the door told reporters, "The workers have been dismissed, Only the bus of the investor comes to visit the factory."
"Xinfei advertising is doing well, it is better than Xinfei refrigerator!" It was a new flight of memory for a generation. It is the pride of Xinxiang city. It has also been called "four flowers" with Haier, Rongsheng and Meiling. Jinhua", and now one of the "four golden flowers" is flying on the road of judicial auction.
The news that the nearly 5,000-person big factory announced the reorganization has also set off a wave in this small town. Li Chaoyang, who has been sold to AVIC in the second-tier dining area, worked at Xinfei Electrical Appliance Factory for 18 years. He put the cigarette on the table and told the Beijing News reporter, "Although the bankruptcy reorganization of Xinfei Company is also Unexpected things, but many employees and parents are working in the new flight, to our new generation is still flying to work, the new flying dragonfly will not want us?"
Four days later, the shares of the former King of Refrigerators will officially start shooting and change hands. It is reported that several listed companies and state-owned enterprises have participated in the auction.
Capital chain break
More than 2.5 billion in debt, more than 800 debtors, 450 million shots
At the beginning of June, the auction information of 100% equity of Xinfei Company was already on the auction of Ali. According to the auction information, the auction target is 100% equity of Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd., and the public auction will be held on June 28th from 10:00 to 29:00 At 10 o'clock, the starting price is 450 million yuan, the guarantee is 100 million yuan, and the price increase for each auction is not less than 5 million yuan. At the same time, some of the land, real estate and buildings under the name of Xinfei Company will also be auctioned on July 5, with a starting price of 115 million yuan.
And this will start from last November. On November 9, 2017, Xinxiang Intermediate People's Court ruled to accept the application for reorganization of Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigeration Appliances.
On May 18, 2018, the merger and reorganization of Xinfei Company held the second meeting of creditors. The meeting passed the reorganization plan of Xinfei Home Appliances, Xinfei Electric Appliances and Xinfei Refrigeration Appliances, and the Xinxiang Intermediate People’s Court ruled that the reorganization was approved. plan.
According to the reorganization plan, the original shareholders' equity of Xinfei Company will be fully adjusted and will be transferred to the appropriate restructuring investors in the form of auction. Xinfei Company will maintain the legal entity qualification, and the appropriate investors will hold Xinfei Company. 100% equity; the equity auction consideration will be used to settle the 8 pending items such as the debt of Xinfei Company.
Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd. will be held from 10:00 on June 28, 2018 to 10:00 on June 29, 2018 (except for delay) in Xinxiang, Henan Province. The public auction activity was held on the Taobao.com judicial auction network platform of the Intermediate People's Court of the city. The starting price of 100% equity of Henan Xinfei Electric Appliances/Home Appliances/Refrigeration Appliance Co., Ltd. was 450 million yuan, and the price increase was 5 million yuan; Henan Xinfei Electric Appliance Co., Ltd. Part of the land, real estate and construction (limited to the list of assets) will be auctioned on the Taobao.com judicial auction network platform from 10:00 on July 5, 2018 to 10:00 on July 6, 2018 (except for the delay). The starting price is 115 million yuan, and the price increase is 5 million yuan.
Judging from the civil ruling of the Xinxiang City Intermediate People's Court, Xinfei Electric, located at No. 370 Beigan Road, had total assets of 1.156 billion yuan and total liabilities of 1.503 billion yuan as of December 31, 2016. The asset-liability ratio was 130%. The net assets are -347 million yuan; Xinfei Refrigeration located in No. 36 Block of Development Zone as of December 31, 2016, its total assets are 759 million yuan, total liabilities are 953 million yuan, and the asset-liability ratio is 125%. Assets were -194 million yuan; Xinfei Household Appliances, located in No. 16 Fenghua Road, Development Zone, had total assets of 454 million yuan as of December 31, 2016, total liabilities of 523 million yuan, and asset-liability ratio of 115%. The net assets were -6,844,500 yuan; the total net assets reached -6 million yuan.
On November 20, 2017, Xinxiang Intermediate People's Court appointed Beijing Jindu Law Firm as the manager of the merger and reorganization of Xinfei Company. There were a total of 408 large creditors, with a total credit of 2.268 billion yuan; a total of 430 small creditors, a total of 20,824,400 yuan, and a total of 2.288 billion yuan. The asset valuation of Xinfei Company was only 1.098 billion yuan at the deadline for submission of the draft reorganization plan.
According to the civil ruling of the Xinxiang City Intermediate People's Court, the reason for the auction of Xinfei Electric Appliances, Xinfei Refrigeration and Xinfei Household Appliances was that the capital chain rupture could not pay off the debts due and the assets were insufficient to pay off all the debts. On the 30th of the month, apply to the court for reorganization.
Who is the flower?
Konka intends to take over, "Xinfei Heritage" still has value
Xinfei Electric Appliances is just around the corner. At present, many home appliance companies are interested in receiving orders. Domestic appliance companies such as Gome, Wanbao, Gree, Omar, and Konka have had contact with Xinfei. The relevant responsible persons have also traveled to Xinfei many times. The electrical appliance headquarters contacted the company's new flying trademark rights.
Informed sources told the Beijing News that several companies have come to Xinfei Electric for field research. Among them, only the Kangjia Group delegation is equipped with investment, legal affairs and other personnel. Previously, the relevant person in charge of Konka Group disclosed to the Beijing News reporter that “there is intention to participate in the takeover of Xinfei Electric.†He also said that he has “improved the layout of Konka white goods through Xinfei, and made the business stronger and strongerâ€. .
The main business of Konka Group includes multimedia business, supply chain management business, white electricity business and mobile phone business. Subsidiary Anhui Konka Tongchuang Electric Co., Ltd. is mainly responsible for the production and sale of household appliances such as refrigerators and washing machines. In 2017, Konka Group achieved a total operating income of 31.228 billion yuan, achieving a net profit of 5.057 billion yuan attributable to shareholders of listed companies, of which white electricity business revenue was 1.737 billion yuan, accounting for 5.56%.
In addition to Konka Group, another old-fashioned home appliance company, Guangzhou Wanbao Group, was once reported to be interested in taking over Xinfei Electric. According to the official website of Guangzhou Wanbao Group, Guangzhou Wanbao Group is one of the earliest and largest home appliance refrigeration equipment and product R&D and manufacturing centers in China's home appliance industry. Its main products include refrigerators, freezers, air conditioners, refrigeration compressors and ancillary products. China's most complete refrigeration equipment industry chain and home appliance product cluster. It owns own brands such as “Wanbaoâ€, “HUAGUANGâ€, “Suobao†and “Weigmaâ€.
As of press time, the reporter did not contact the Wanbao Group to respond to the new flight.
In addition, other rumors have not admitted to intend to take over. The relevant person in charge of Gome Holdings Group told the Beijing News reporter that “there is no information that can be announced outside.†Gree Electric said that it has not understood the relevant situation. The relevant person in charge of the US group told the Beijing News reporter that “there is no relevant information.†Oma Electric executives told the Beijing News reporter, “We don’t have such a plan.â€
The slogan “Xinfei’s advertising is doing well, not as good as the new flying refrigerator†is a household name. The quality and reputation of Xinfei Electric are evident. Nowadays, facing the "selling body", its value is geometric?
According to Hong Shibin, an industrial analyst, “Xinfei has land, factory buildings, manufacturing equipment, and brand value. If it is for industrial mergers and acquisitions, it also has the value of the supply chain of the central market. So it is critical to see who the merger is. â€
Home appliance analyst Liang Zhenpeng believes that the brand, production line and sales network system are valuable for the new fly, but if the debt is not a good solution, it is likely to become the biggest obstacle to the acquisition of Xinfei.
Golden age
The refrigerator has taken out the golden age and once opposed the Haier
Nowadays, the new fly that is so cold in the front of the door has once competed with Haier.
According to public information, Xinfei’s predecessor was a small local military enterprise founded in 1958, Xinxiang Radio Equipment Factory.
In 1983, 43-year-old Liu Bingyin became the director of Xinxiang Radio Equipment Factory. The following year, Xinxiang Radio Equipment Factory under the leadership of Liu Bingyin aimed at the gradually emerging home appliance market. In order to get rid of the production difficulties of small military enterprises, Xinxiang Radio The equipment factory turned to produce home appliances such as electric refrigerators, and Xinxiang Refrigerator Factory was formally established.
In 1986, Xinxiang Refrigerator Factory introduced a refrigerator production line from Philips, Italy. The “Xinxiang-Philips†brand officially entered the market, and the brand name of Xinfei also came from this. In May 1990, Liu Bingyin also angered 400 refrigerators with quality problems. The effect was very significant. The quality consciousness began to sprout in the hearts of the new flying people. Until now, this quality consciousness is still a brand in the hearts of the new flying employees. Liu Bingyin originally The move and enthusiasm are still relished by Xinfei employees. "Xinfei Refrigerator is the best quality in Haier's hometown of Qingdao," Li Chaoyang said. At that time, Xinfei and Haier could still stand up against each other.
In 1994, Sino-foreign joint venture Xinfei Electric Appliance Co., Ltd. was established. On this basis, in 1996, relying on the huge investment introduced by Sino-foreign joint ventures, Xinfei Electric launched the first largest and most advanced fluorine-free refrigerator production line. With the large number of fluorine-free refrigerators put on the market, the whole country has rushed to buy. The wave of fluorine refrigerators, Xinfei also jumped to the top three in the industry.
In management, Liu Bingyin, as the founder of Xinfei Electric, played a decisive leadership role. "As long as it is a mistake, no matter how big the leader, Lao Liu (Liu Bingyin) will directly swear at the conference. Today may be a high-level The middle-level leader may go to the door tomorrow. The speech can be very strong. Our staff handbook is thick and has tens of thousands of words. It is not necessary to be punished. At that time, our salary is also high. In a few years, we can get 1,500 yuan, and the senior leaders of other factories will pay hundreds of dollars." The old employees of Xinfei Electric told the Beijing News.
At that time, Xinfei Electric was the leader in the industry, no matter from the innovation of technology, quality requirements and the cohesiveness of employees.
The employees who worked in Xinfei Electric for several decades recalled the new Feifei electric appliance in the era of Liu Bingyin. "At that time, we already had a concept refrigerator, and Lao Liu said that it would use a generation to develop a generation and reserve a generation." â€
Downhill
Foreign capital took over, executives frequently changed, "innovation is small"
In the era of Liu Bingyin, Xinfei was different from Haier and did not enter the capital market – listing, but also has the right to operate independently. With the introduction and restructuring of foreign capital, the control of Xinfei is next to Singapore's Hong Leong.
According to public information, in the tide of attracting investment in 1994, the government led the introduction of Singapore's Hong Leong and Xinfei Group to form Xinfei Electric, of which Xinfei Group holds 49%, and Singapore Hong Leong Electric Co., Ltd. holds shares. 45%, Singapore Yuxin Electric Co., Ltd. holds 6%, Xinfei Group still holds the right to speak.
In 2005, the state-owned enterprise was restructured, and the Xinxiang municipal government transferred 39% of its state-owned shares to Singapore's Hong Leong. In addition, it acquired the 6% stake in Xinfei Electric Co., Ltd. held by Singapore Yuxin Electric Co., Ltd., Singapore. It has become a major shareholder of Xinfei Electric's 90% shareholding and has become a new speaker of Xinfei Electric.
During the restructuring period, due to the limited volume of the company when entering foreign capital, Xinfei Electric was divided into three parts, namely Xinfei Electric, Xinfei Refrigeration and Xinfei Household Appliances (collectively known as Xinfei Company). The new flight has become a wholly foreign-owned enterprise.
In 2006, Singapore's Hong Leong Zhang Donggui served as the chairman of Xinfei Electric, Zhang Donggui led the management team to airborne Xinfei Electric, and commented that Zhang Donggui's arrival did not bring significant development for Xinfei Electric. In 2011, Li Gen, general manager of Xinfei Electric, said in an interview with the media that “the chairman not only has to do the right thing, but also to do things correctly. Although compared with itself, Xinfei’s sales performance is improving every year. However, compared with other competitors, no significant progress has been made. For example, Midea has achieved 40% sales growth."
However, some commentators believe that Zhang Donggui’s sudden resignation is the beginning of the new flight.
At the end of 2010, Zhang Donggui resigned, and Xinfei Electric replaced the senior executives, including the chairman. In addition, frequent changes in the middle and upper levels have also been criticized by employees. “The Fenglong Department does not trust the Chinese employees, and a large number of Fenglong cadres are constantly being inserted. The newly-developed middle-level cadres have never exceeded 100 people, and Zhang Donggui At the beginning of the times, this number has been increasing. Now there are more than 300 middle-level cadres. And once the emperor and the courtiers have changed, the middle-level cadres will be replaced. The one provided by a new employee The e-mail notification shows that there are mid-to-high-level personnel changes in the new flight every month. “Personnel appointments and exemptions are available every month, very frequently, and executives are mostly airborne.â€
Since then, the new flight has slipped to the point of insolvency and restructuring.
Liu Buchen, a home appliance expert, analyzed the Beijing News. Xinfei Electric gradually went downhill after the acquisition of Hong Leong in Singapore. The reason was that Singapore Hong Leong was an investment company and did not have experience in manufacturing companies. Its purpose was to sell Xinfei Electric. Earned investment income, and during the period of his power, he repeatedly reported the sale of Xinfei Electric, but the price was too high.
In addition, during the operation of Singapore's Hong Leong, the contradiction between China and the employers has always existed. Li Chaoyang told reporters that since the restructuring of state-owned enterprises in 2006, there has been basically no increase in wages in 12 years. The factory is basically four or five thousand a month, we still hold more than 2,000 yuan a month, some employees have not completed their performance, and even the monthly salary is only more than 1,000 yuan. In 2012, some employees also protested, and some employees went out to find jobs after they were dissatisfied with their wages.
People familiar with the management of Xinfei Electric told the Beijing News that employees do not trust the management of the employers and do not adapt to the management methods of the employers. The reporter also verified this statement in the course of the visit. The person familiar with the matter also told reporters that unlike the vigorous innovation of Liu Bingyin's era, after Singapore's Hong Leong took over Xinfei Electric, the research and development team of Xinfei Electric was in name only. Li Chaoyang said that the research and development team of Xinfei Electric has repeatedly purchased other brand refrigerators for reference, and has also fallen into intellectual property disputes.
Liu Buchen also believes that the small innovation, the backwardness of intelligence and the lack of rejuvenation are an important reason for Xinfei Electric to lose market share. The reporter noted that after 2010, the refrigerator industry began to meet the tide of consumption upgrades.
According to Ovid data, sales of new fly refrigerators in 2012 fell 37% year-on-year, and market share began to decline year after year, and fell out of the top ten in 2014.
Before auctioning equity
Hong Leong Asia "cool" reorganization plan and announced the withdrawal of funds
Li Chaoyang told the Beijing News that the phenomenon of the capital chain break of Xinfei Company has been in existence for a long time. In 2016, Xinfei Electric Appliance Co., Ltd. is already in the state of producing raw materials. Since there is no money to purchase raw materials for production, Xinfei Electric Appliance Co., Ltd. has appeared. In the case of insufficient goods, even the most tight new flying sterilizing refrigerators are almost out of stock.
In 2017, the new flight gradually entered the situation of bankruptcy and reorganization. From the documents disclosed, the financial data of the auctioned company is also due by the end of 2016.
According to a person familiar with the management of Xinfei Electric, on October 30, 2017, after Singapore’s Hong Leong sent an email about the suspension of the new company, the top management of Singapore’s Hong Leong was unknown. Xinfei Company had to embark on the road of reorganization under the leadership of the government.
In this regard, Shen Yujun, a lawyer at King & Wood Law Firm, said that it is not true that Singapore’s Hong Leong left an e-mail. The two responsible persons of Singapore’s Hong Leong are coordinating with Xinfei’s reorganization. For the events that occurred in Hong Leong, Singapore during the previous restructuring, Shen Yuxi said that it would not disclose more information for the smooth restructuring of Xinfei Electric.
On November 9th, 2017, Xinfei Company began the reorganization work. Xinfei Company also contacted some companies to participate in the reorganization. Hong Leong Asia submitted the “Reform Investment Letter of Intent†on January 2, 2018, and signed up for participation. Xinfei Company reorganized its investment; on January 31, it paid a reorganization investment guarantee of RMB 5 million according to the “Xinfei Company's Reformed Investment Margin Payment and Management Planâ€; on February 2, 2018, the revised written weight was submitted to the manager. The entire program includes a clear and complete working capital injection plan, debt settlement plan and follow-up investment business plan.
On February 3, 2018, Xinxiang Intermediate People's Court hosted the second meeting of the Xinfei Company's Recruitment Investors Recruitment Review Meeting. All the jury members agreed to confirm that Hong Leong Asia Co., Ltd. officially restructured investors and selected Anhui. Premier Electric Group Co., Ltd. is an alternative investment investor.
It seems that everything has been finalized. On February 8th, Xinfei Company restarted. The mayor of Xinxiang City personally attended the scene. So far, the red banner of "New Flight, New Development, Xinfei Electric 2018 Grand Opening" is still hanging at the door of Xinfei Electric Appliances. .
But with the cool schedule of Hong Leong Asia, the situation has reversed again.
Subsequently, Hong Leong Asia did not enter into a reorganization investment agreement with Xinfei Company and its managers in accordance with the margin scheme and fulfilled its commitments in the reorganization investment declaration document, and it was traded on the Singapore Stock Exchange on April 13, 2018. The announcement issued clearly clarified that it had withdrawn from Xinfei Company and notified the Xinxiang Intermediate People's Court and the administrator in writing about the situation and the appointment of a third party as a reorganization investor.
The manager confiscated the deposit of 50 million yuan he paid and continued to advance the second meeting of creditors and conduct judicial auctions. However, Hong Leong’s actions have caused practical difficulties in recruiting investors, and the continuous increase in the shareholder’s debts during the restructuring period has caused the asset situation to continue to deteriorate.
On June 28th, with the confirmation of the receiver, the fate of Xinfei will be announced soon. Can this old appliance leader be ushered in a new life?
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