Lack of debt solvency Guangzhou Langqi enters pre restructuring

On the evening of April 6, Guangzhou Langqi Industrial Co., Ltd. (hereinafter referred to as “Guangzhou Langqi”) announced that the Guangzhou intermediate people’s Court (hereinafter referred to as “Guangzhou intermediate people’s court”) decided to approve the application of Ligen Financial Leasing Co., Ltd. (hereinafter referred to as “Ligen leasing”), a creditor of the company, to pre restructure the company, and at the same time appointed the company’s liquidation group as the company’s pre liquidation group Temporary administrator in the reorganization stage.

The announcement shows that after the completion of the pre restructuring process, if the court finally decides that Guangzhou Langqi will enter the restructuring process, smoothly implement the restructuring and complete the restructuring plan, it will help to optimize its asset liability structure and restore its ability to continue as a going concern. If the reorganization fails, Guangzhou Langqi will be declared bankrupt. If the company is declared bankrupt, its shares will face the risk of delisting according to the relevant provisions of the Listing Rules of Shenzhen Stock Exchange.

In this regard, song Qinghui, a famous economist, said that entering the pre restructuring is an opportunity for Guangzhou Langqi to “bring the dying back to life”. However, judging from its current development and trade black hole situation, the chance of winning is not great. In addition, Guangzhou Langqi’s endless amount of equity has been frozen, so it is very difficult to turn over.

It is understood that on February 5, Guangzhou Langqi received the notice of Ligen leasing. In accordance with the relevant provisions of the enterprise bankruptcy law of the people’s Republic of China and the trial guidelines for bankruptcy reorganization cases (Trial) issued by Guangzhou intermediate people’s court, Ligen leasing is in a difficult financial situation, many bank accounts have been frozen, the recovery of accounts receivable and prepayment has great uncertainty, and it has been unable to pay off due debts and obviously lacks the ability to pay off, but it still has the potential Based on the value of reorganization, he applied to Guangzhou intermediate people’s court for pre reorganization.

According to public data, up to now, the total amount of equity registered capital of Guangzhou Langqi Mingxia subsidiary company, joint-stock company and sun company has been frozen is 954 million yuan. At the same time, according to its previously released performance forecast data, in 2020, the net loss of Guangzhou Langqi is about 2.46-3.56 billion yuan, from profit to loss. Meanwhile, Guangzhou Langqi expects net assets of – 1.95 billion to – 1.25 billion yuan by the end of 2020.

It is understood that according to the new rules on delisting, the Shenzhen Stock Exchange will give delisting risk warning to the listed companies whose audited net assets at the end of the period are negative in the latest accounting year. In the first accounting year after the above situation occurs, if the audited net assets at the end of the period are negative, or the financial accounting report is issued with qualified opinions, unable to express opinions or negative opinions The listed companies will be delisted. Based on this, with huge losses and negative net assets, Guangzhou Langqi is on the verge of delisting.

In fact, since September 2020, Guangzhou Langqi has been deeply trapped in the vortex of the black hole of trade, from the strange “disappearance” of the initial 572 million yuan inventory to the overdue of huge debts, to the freezing of several bank accounts, huge amount of land collection and storage funds, some shares of subsidiaries and grandchildren, as well as successive lawsuits and arbitrations, the issuance of warning letters by CSRC and the issuance of supervision letters by Shenzhen Stock Exchange Guanhan and being investigated by China Securities Regulatory Commission have a great impact on the development and performance of Guangzhou Langqi.

According to public information, Guangzhou Langqi is the earliest detergent manufacturer in South China. It was listed on the Shenzhen Stock Exchange in 1993, with “Langqi” as its general brand. Meanwhile, it has a series of brands such as “gaofuli”, “Tianli”, “Wanli”, “weikeyi”, “Fuan” and “jienengjing”, mainly including washing powder, liquid detergent, soap and daily chemical washing materials .

Beijing Business News (reporter Qian Yu, Zhang Junhua)

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