“This is a typical domino effect. When the Delong capital chain broke, its subsidiary Hunan Torch A (000549) plummeted in the secondary stock market, and the subsidiaries of the Hunan Torch Motor Group Co., Ltd. are bound to lose Tired.†said one industry insider.
Sun company is far from the epicenter
Concerned about the Hunan Torch, naturally the first thing that comes to mind is its companies.
Related personnel of Shaanxi Fast Gear Co., Ltd. said that with regard to the fall of the Hunan Torch Stocks in the secondary market, they are not affected. The company’s production status is very good, and due to the large number of production tasks, Wuyi is not planning a holiday. .
According to related parties of the Minjiang Gear Factory , the fall of the Hunan Torch Stocks in the secondary market has no impact on them. We are operating, producing and operating in accordance with our own methods. The reporter asked whether the conference will use the Hunan Torch as a guarantee to make loans at banks. The source said that we are using our own funds, even if the loans do not have to be secured by the Hunan Torch. There is currently no loan demand plan. This person is even more worried about the bank’s monetary tightening, and the difficulties in vehicle loans will affect the sales of parts and components this year.
The relevant person of Chongqing Kafu Automobile Brake Steering System Co., Ltd. made a cautious statement on this issue. When the reporter asked, “If the Hunan Torch Group needs internal integration due to lack of funds, will it affect you?†The person did not want to comment.
As for the Torch Automotive Group , the secretary of the board of directors stated that he would not discuss with the reporter about the secondary stock market.
The auto industry should be a long-term investment industry. Delong and the torch are in the same line. They use short-term financing for long-term investment, long-term investment industries are difficult to realize in the market, and short-term financing may not keep pace with the rapid expansion of the industry. . It seems that the non-core industry Deron wants to sell.
Deron dragged the torch down the lake When the torch fell sharply against the market, people turned their attention to Deron. Many questions about Delong's capital chain cannot be decisive. If it is not because people think that the Delong capital chain is in trouble, Hunan Torch A (000549) 2003 annual report indicator of 0.24 yuan per share shows that it is a very good stock. It is more appropriate to regard the Xiang torch and its upstream and downstream capitals in the capital market as a glorious, glorious, and loss-reducing event. The Hunan Torch, which is a typical Zhuanggu stock, has both Yi Long Industrial and Lund's good and long capital operation. In the capital market, the value has doubled several times over the years, and it has also included 36 subsidiaries.
As one of Delong's three major industries, Hunan Torch Automotive Group has performed DeLong's development with each step of its development: Delong walks on two legs, one is to do industry, and the other is to operate capital in the capital market. The earnings of Delong's securities companies can support the development of the industry. After the development of the industry, they can refinance the capital market. The advantage of this model is that Deron has become a dinosaur in China, but the disadvantage is that as long as the blood chain of the blood where the mouth is opened slightly or it is difficult to block it in time, it will affect the whole body.
Deron’s large-scale expansion requires a lot of money. As for the Deron crisis, people eventually locked in bank loans. Delong will hold 19.33% of the 21.21% stake in the Hunan Torch Torch, 20.63% of the 22.325% stake in the alloy investment, and Xinjiang Tuen. With a total pledged loan of 7.55% of the river, DeLong pledged 70% of its shares in three industries. According to reports, the Down brothers have been in Beijing recently, waiting for the above to answer the submission.
Some industry insiders believe that if the bank continues to adopt a wait-and-see attitude, it will indeed be difficult for Delong, because Delong’s capital operation also includes credit guarantees for subsidiaries. The parent, son, and grand company mortgage and guarantee each other will have a strong chain reaction.
Will DeLong sell the Torch of Hunan? If we say that the turmoil in the secondary market of Hunan Torch has not had a major impact on many spare parts and vehicle companies under its command, the internal integration or the Hunan torch will really change hands and it will be another Waves.
The reporter was informed that the sales revenue of the Hunan Torch in 2003 was 10.314 billion yuan, and the sales revenue of Fast in 2003 was 1.17 billion yuan, and the profits accounted for 80% of the profits of the Hunan Torch Group. This shows that the Hunan Torch Group has a profit or loss enterprise. In 2002, the sales revenue of Hunan Torch reached 3.9 billion yuan, and its cash flow was 230 million yuan. In 2003, sales revenue reached 10.314 billion yuan and cash flow was 177 million yuan, indicating that cash flow was relatively poor.
A company official believes that Deron had wanted to sell the torch to Hunan, but he did not find a suitable buyer. It was reported that the Delong Group and the US Fund have had long discussions on the acquisition of the Hunan Torch Stocks. The US proposal is to adopt a comprehensive tender offer to acquire the equity of the Hunan Torch, and the non-negotiable shares and the tradable shares have a unified purchase price. It is 9 yuan. Because the other party is a listed company, the precondition for the acquisition is that the Hunan Torch must be withdrawn from the market, and DeLong gave up the plan. But Deron’s continued search for buyers for the Torch will not stop.
The Hunan Torch A was once called DeLong's "Emergency Pioneer" to enter the car, and DeLong wanted to create a heavy-duty automobile industry chain based on the integration of Hunan Torch Automotive spare parts business. DeLong President Tang Wanli once talked about keeping the automobile industry on more than one occasion. However, today, in the case of Delong's capital chain breaks, monetary tightening, and capital incurring debt, perhaps the Hunan Torch can exchange foreign aid.
So, what's left is the question of how much Derondon will sell.
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