Chen Siming is the eldest son of Chen Zhuoxian, vice president of Agile Group, and the "second generation of real estate" has a hard time.
01 The third exchange offer On January 10, Jingye Mingbang Group (02231HK) announced that the principal amount is 1US$52.1 billion of the Existing Notes have been validly submitted for exchange and accepted pursuant to the Exchange Offer.
Announcement of the Exchange Offer for US Dollar Bonds.
According to the announcement, the Exchange Consideration will be received by eligible holders of the Existing Notes on or about 11 January 2024, subject to the fulfilment or waiver of the other conditions precedent to the Exchange and the New Notes are expected to be listed on the Stock Exchange on or about 12 January 2024.
Jingye Mingbang Group will seek a total principal amount of approximately 1US$5.9 billion of new notes were listed on the Stock Exchange. The acceptance of the New Notes by the Exchange should not be regarded as an indication of the merits of the Company or the New Notes.
Small Bond Market Watch" noted that the predecessor of the note was issued by Jingye Mingbang Group in February 2021 and matured on February 7, 2022$5.5 billion in debt.
On January 24, 2022, Jingye Mingbang passed the first exchange offer, extending 75% interest rate, principal amount of the note 1$5.2 billion due January 26, 2023.
In December 2023, Jingye Mingbang Group launched another exchange offer, and the interest rate of the new notes will be raised to 95% for a period of 364 days.
Therefore, this is the third exchange offer launched by Jingye Mingbang Group, which shows the tension of the company's capital chain.
As we all know, Chen Siming, the boss of Jingye Mingbang Group, is the eldest son of Chen Zhuoxian, vice president of Agile Group, and he has the label of "second generation of real estate".
02 Tight capital chain According to the official website, Jingye Mingbang Group is a Chinese property developer, operator and property management service provider, mainly in Guangdong Province, Hainan Province, Yunnan Province and Hunan Province** residential properties.
In December 2019, Jingye Mingbang Group was listed on the Hong Kong Stock Exchange.
The official website of Jingye Mingbang Group.
From the perspective of equity structure, the controlling shareholder of Jingye Mingbang Group is Siming***, with a shareholding ratio of 729%, the actual controller of the company is Chen Siming.
Net profit attributable to the parent company.
In terms of profitability, the gross sales margin of Jingye Mingbang Group in 2022 and the first half of 2023 will be 1434% and 1498%。
As of mid-2023, Jingye Mingbang Group has total assets of 1195.9 billion yuan, total liabilities 871.4 billion yuan, net assets of 324.5 billion yuan, with an asset-liability ratio of 7287% and a net gearing ratio of 848%。
The analysis of the debt structure of "Small Debt Market Watch" found that Jingye Mingbang Group is mainly based on current liabilities, accounting for 88% of the total debt.
As of the same reporting period, Jingye Mingbang Group had 76500 million yuan, mainly other current liabilities, and its short-term debt due within one year has 270.3 billion yuan.
Compared with the pressure of short-term debt, Jingye Mingbang Group's liquidity is extremely tight, and its cash and cash equivalents on its books are only 19.2 billion yuan, with a cash short-term debt ratio of 0025, the company has huge short-term debt repayment pressure.
In addition, Jingye Mingbang Group also has non-current liabilities106.4 billion yuan, mainly long-term loans, and its long-term interest-bearing liabilities were 76.8 billion yuan.
On the whole, the total scale of Jingye Mingbang Group's rigid debt is 34RMB7.1 billion, mainly short-term interest-bearing liabilities, with an interest-bearing debt ratio of 40%.
From the perspective of financing channels, although it is a listed company, Jingye Mingbang Group's channels are not diversified, in addition to issuing bonds and borrowings, it also raises through equity.
In the first half of 2023, the weighted average effective interest rate of Jingye Mingbang Group was 802%。
In terms of cash flow, the net financing cash flow of Jingye Mingbang Group in 2022 and the first half of 2023 will be net outflows, with net outflows of 124.1 billion and 38.1 billion yuan, indicating that the company's financing channels are blocked and facing greater refinancing pressure.
Net cash flow from financing.
In addition, since 2020, the minority shareholders' interests of Jingye Mingbang Group have grown rapidly, but the proportion of minority shareholders' profits and losses does not match them, and there is a certain suspicion of "clear shares and real debts".
In terms of asset quality, Jingye Mingbang Group has 139.8 billion yuan, accounting for 43% of net assets, not only occupies funds but also has a certain risk.
On the whole, Jingye Mingbang Group's sales were weak, its performance was at a loss, and its ability to protect debt and interest deterioratedThe monetary funds in hand are reduced, the liquidity is tight, and the company has a large short-term debt repayment riskThere was a net outflow of financing cash flow, and the refinancing pressure was greater.
03The second generation of real estate is backed by Agile, as a "second generation of real estate", Chen Siming has attracted attention since the establishment of the company.
In 2013, Chen founded Jingye Mingbang in Guangzhou, and three years later he started his hotel operation business through the acquisition of Zhuo Sidao Hotel in Guangzhou.
The Guangzhou Zhuo Sidao Hotel was originally an Agile Hotel, located in Guangzhou Agile Garden, Nancun Town, Panyu District.
In addition, Chen Siming is not difficult to find Agile in finance, personnel and business.
Among them, as many as 6 executives of Jingye Mingbang have worked in Agile, and the company's main business location and headquarters are also rented from Guangzhou Panyu Agile Real Estate Development.
In 2019, Jingye Mingbang was listed on the Hong Kong Stock Exchange, and the five brothers of the Chen family of Agile, including Chen Zhuoxian and Chen Zhuolin, were all present to stand on its platform.
Jingye Mingbang Group was listed.
Only 6 years after its establishment, Jingye Mingbang has become the "fastest" and "youngest" listed real estate company, and it has been in the limelight for a while.
However, since its listing, Jingye Mingbang has been questioned about adjusting the debt ratio through "financial technology", which reduces its liabilities by taking high-debt subsidiaries off the balance sheet, injecting equity at the same time, increasing assets, and then increasing total assets through data games to reduce liabilities.
As the industry enters the cold winter, Jingye Mingbang is facing increasing liquidity pressure.