As we all know, early this morning, Country Garden also suffered a winding-up petition.
The creditor who filed for winding-up was Ever Credit Limited.
The reason is that Country Garden owes it HK$1.6 billion in term loans and interest that has not been repaid.
As soon as the news came out, the industry shook!
Evergrande was officially finished by the liquidation order issued by the Hong Kong Stock Exchange, and it has not been a month....
The first real estate company in the universe has also fallen to the point of being petitioned for liquidation?
Don't panic just yet.
Being petitioned for winding-up by creditors does not mean that Country Garden will actually be wound up.
In fact, the creditor's winding-up petition against the debtor is seen more as a means of forcing the debtor to repay the money.
To put it simply: give you some color and see!
Its primary purpose is to urge the other party to repay the money, or to expedite the submission of a debt restructuring plan that everyone is satisfied with.
After all, since October last year, the official announced the default of the debt and threw out the extension plan of 14.7 billion yuan of domestic debt....
So far, almost seven months have passed, and Country Garden's overseas debt restructuring has not seen substantial progress...
It is normal for creditors to be anxious.
Then again, the first person to initiate liquidation and clarification of Evergrande that year was Lian Haomin, a 29-year-old beautiful boy and the son of the "High Seas Gambling King".
So who was so bold this time to be the first person to petition for the liquidation of Country Garden?
It's also not a small story.
Ever Credit Limited, known as Eternal Credit in Chinese, is a wholly-owned subsidiary of Kingboard Group, a listed company.
Behind it isLeslie Cheung, the contemporary copper foil king and chairman of the board of directors of Hong Kong Kingboard Chemical Group
Kingboard Group was established in 1988 as a factory for the production of copper clad laminates.
So far, there are more than 60 branches, and the business scope has also spread from copper clad laminates to printed circuit boards, chemical products and domestic real estate.
According to the official website, the total gross floor area of residential and commercial properties developed by Kingboard Properties is exceeded6,000,000 square meters, mainly distributed in Shanghai, Kunshan, Guangzhou and other cities.
Guangzhou people are no strangers.
There is also a building on Huacheng Avenue in Zhujiang New Town, Guangzhou, and many people may have passed by.
The logo is a big "KB".
You look at the location of his building, it's very good.
ExceptCopper foil king, Leslie Cheung is still oneCapital operationThe master of the .
Kingboard owns a total of 4 listed companies, including:
In 1993, Kingboard Group was listed on the Hong Kong Stock Exchange.
In December 1999, Kingboard Group successfully spun off its subsidiary, Kingboard Copper Foil, and listed it on the Singapore ** Stock Exchange.
In November 2004, Kingboard successfully acquired Elec & Eltek, a listed company, and entered the field of printed circuit boards.
In 2006, Kingboard successfully spun off its PCL business, Kingboard Laminate, which was listed on the Main Board of the Hong Kong Stock Exchange.
In addition, Kingboard Group also invested in Cathay Pacific** around 2017, and also subscribed to R&F Properties' US dollar bonds in 2018 and 2020.
But if you do too much business, you will inevitably step on the pit.
No, Kingboard Group stepped on the thunder this time.
In fact, as early as October last year, at the beginning of Country Garden's thunderstorm, Kingboard Group had announced a dispute with Country Garden.
Here's the thing.
On December 1, 2021, Kingboard's Eternal Credit was provided to Country Garden18.HK$800 million term loan。The parties agreed to repay the principal and interest in instalments and repay the final instalment in December 2023.
However, in August 2023, the debt crisis of Country Garden broke out, and it could not afford to repay the money, so it used the method of "debt-to-equity swap" to offset part of the payment of Kingboard Group, and the debt involved was 2HK$700 million.
Coupled with the part that has been repaid before, this loan Country Garden has repaid a total of 5HK$8.9 billion, and another 15HK$9.8 billion has not been repaid.
In October 2023, Country Garden officially announced that it was in default.
On the same day, Kingboard Group issued a statutory demand to Country Garden.
By February 19 this year, Kingboard Group issued a profit warning, and it is expected to record a net profit of no less than 20 in 2023HK$200 million, a year-on-year decrease of no more than 45%.
The reasons for the decline in net profit include the market sales unit price of the main business of copper-clad laminate products and chemical productsProvision for credit losses on borrowings from Country GardenHolding unsold residential properties in East China to make provision for impairment losses, etc.
10 days ago, a profit decline warning was issued, and 10 days later, it filed for the liquidation of Country Garden....
Sister Mao checked it, and before the thunderstorm in Country Garden, Kingboard's performance was actually not very good.
Look, the turnover of the major business sectors is all **.
In particular, the real estate sector is cut in half.
The main business is generally not performing well, and the real estate industry is difficult....
Coupled with stepping on Lei Country Garden, Da Lalama will not come back with 1.6 billion Hong Kong dollars....
It's really a house leak that happened to rain overnight....
Therefore, Kingboard made a heavy hand this time.
This operation may be an explanation that must be given to investors after the performance is thunderous....
It could also be. The loss of 1.6 billion is really uncomfortable?
What do you think of Kingboard's operation?