The "Asian aluminum king" Zhongwang group, which has hundreds of billions of assets, has been exposed to a liquidity crisis. Under the following circumstances, the subsidiaries of Zhongwang Group, zhongwang Finance, which provides monetary and financial services, moves to bankruptcy liquidation first.
China Zhongwang Holding Co., Ltd., the main body of Zhongwang Group, announced that there was a high correlation between 37 subsidiaries and 25 affiliated companies of the company and 191 companies such as Liaoyang Zhongwang Investment Co., Ltd, in order to guarantee the rights and interests of creditors fairly, the Intermediate People's Court of Shenyang city in the Liaoning province ruled that the 253 companies mentioned above were merged and reorganized in substance according to law. In addition, the shares of the company continued to be suspended.
The tragedy of Zhongwang was not achieved overnight. On last October, Zhongwang of China said that its subordinate companies Liaoyang Zhongwang refined aluminum industry and Liaoning Zhongwang group suffered major losses and operational difficulties, subordinate companies and their subsidiaries have serious operational difficulties and can no longer rely on their own strength to solve the current problems. Zhongwang group has tried to go back to A for listing through the shell of "* ST Middle House" for many times, but in the end it did not meet its wish, instead, it fell into A deeper dilemma.
From prosperity to defeat, the important factor leading to such a satirical situation is the pressure of accounts receivable. Up to now, Zhongwang has not published the 2021 semi-annual report, annual report and 2022 semi-annual report. Its 2020 annual report points out that China Zhongwang's accounts receivable and bills receivable totaled 19.94 billion yuan in 2020, it mainly comes from Changyi lease, the largest customer of Zhongwang.
This company is the largest aluminum template leasing platform in the country and one of the earliest enterprises to enter the aluminum template leasing market, including Vanke, Country Garden, Poly Real Estate, China Resources Land, Greenland Group, more than 900 real estate development enterprises such as Huaxia happiness and more than 500 large-scale construction general contracting enterprises such as China Construction, China Railway Construction, China Communications Construction, Zhongzhi Group and Shanghai Construction Engineering provide aluminum Template products and technical services.
Since the outbreak, construction projects in many places have not been able to start normally, and Giants in the real estate industry chain have repeatedly burst into thunder. The payment rate of downstream customers of Changyi company has obviously declined, as a result, its payment to Zhongwang group is delayed and overdue. To make matters worse, some aluminum factories stopped production and transportation was blocked, and the prices of raw materials such as aluminum ingot fluctuated greatly, resulting in some purchases failing to perform the contract in time due to price or transportation reasons, the advance payment of Zhongwang group was greatly increased, and the operating receivable increased by 12.332 billion yuan in the first half of 2020, which made the net cash flow generated by current business activities far lower than the net profit of that year.
Although at that time in 1993, driven by the rapid rise of real estate, Zhongwang's performance advanced by leaps and bounds, I wonder if the winter of real estate was expected early, Zhongwang began to enter aerospace, rail transit, industrial aluminum profiles in high-end fields such as ships , in 2010, the gross profit contribution rate of Zhongwang's industrial aluminum profile reached. After eight years of transition, Zhongwang has basically completed the successful transformation from building aluminum profile to industrial aluminum profile.
In the automotive field, Zhongwang not only supplies Mercedes-Benz, BMW and other brands, but also directly serves as a first-class supplier to supply down-stream processing with high added-value of products for many of the world's top host factories, as well as Volvo, Chery, BYD and FAW and other leading domestic automobile manufacturers jointly develop lightweight projects for new energy vehicles such as passenger cars, commercial vehicles and special vehicle. However, under the attack of the epidemic in recent years, the automobile industry has frequently stopped production and sales volume has declined. Even 4S stores have been affected, and many measures have not been taken to save Zhongwang in the fire.
Whether it is the winter of the real estate industry or the coldness of the automobile industry, it has become a powerful driving force for Zhongwang to fall down. According to the understanding of the paint purchasing network, Zhongwang has a powder factory with "counterpart service" for himself, as well as a resin, pigment and filler factory with stable upstream supply, there is no doubt that the Fall of Giants has made these enterprises that once "relied on big trees to enjoy the cool" somewhat at a loss. While the demand is decreasing, these raw material factories are also worried about whether their payment can be recovered smoothly and whether the accounts receivable will become bad debts, which will become the last straw to crush them.
In order to expand its business in an all-round way, Zhongwang group has also taken a fancy to the all-aluminum home furnishing industry. As early as 2017, Zhongwang group entered all-aluminum home and achieved good results. According to the self-introduction of Zhongwang all-aluminum furniture: as a member of Zhongwang group, Liaoning Zhongwang all-aluminum intelligent furniture Technology Co., Ltd. (a wholly-owned subsidiary of Zhongwang group) is a research and development, production, sales, serve a large modern furniture manufacturing enterprise. The company has more than 1,000 high-quality talents, 500000 square meters of production base area, mature all-aluminum furniture production technology and internationally leading production equipment, and establishes strategic cooperation with top suppliers in the world, build high quality all-aluminum furniture products. Zhongwang all-aluminum furniture has 11 industry-related certificates, 18 patent certificates and 117 national inspection reports. The company takes the whole house customization and big home as the strategic direction, and fully implements the quality-first supervision system, green manufacturing system and after-sales service management system. The company has a perfect market layout and outstanding cross-regional operation capability. It has established operation and design centers in first-tier cities such as Beijing, Shanghai, Shenzhen and Guangzhou. In September 2018, national leaders visited Zhongwang Group and visited Zhongwang all-aluminum furniture exhibition hall for inspection and guidance. This scene has also become a highlight of all-aluminum household industry.
However, with the "Thunder" of Zhongwang group, the former glory has become yesterday's yellow flower, and many market outlets laid out in the early stage have disappeared, many employees of Zhongwang all-aluminum furniture are scattered all over the country, becoming the backbone talents of all-aluminum home furnishing enterprises all over the country. However, Zhongwang group did not give up the all-aluminum furniture business. In October 2021, Yu Xiao, general manager of Zhongwang all-aluminum furniture, also visited Foshan all-aluminum home furnishing industry and led the team to inspect the materials, equipment and crafts of many enterprises, prepare rally forces again. Unexpectedly, in 2022, Zhongwang group fell into financial difficulties, and the business development of Zhongwang all-aluminum furniture was also uncertain.
The editor of all-aluminum home business information inquired about the website and public Number of Zhongwang all-aluminum furniture and found that its update also stayed in August, and has not been updated since then. After asking the insiders of Zhongwang all-aluminum furniture, he said, "Zhongwang all-aluminum furniture currently has normal operation of the physical plate and has no effect."
According to the information sent by Zhongwang group, Zhongwang all-aluminum furniture is also one of 253 companies that merged and reformed this time. Currently, Zhongwang all-aluminum furniture is in the state of merged and reformed. As for the direction of Zhongwang all-aluminum furniture after the merger and reorganization, it is necessary to continue to observe and understand.
