In 2018, Shandong collapsed 4 "Top 500 Chemical Companies"!

Global Coatings Network News:

In 2018, Shandong unexpectedly had 4 "top 500 companies" defaulted or filed for bankruptcy.

According to public information, from January to September 2018, Shengtong Group's operating income was 14.
721 billion yuan, down 6.
79% year-on-year; total profit was 1.
172 billion yuan, down 34.
23% year-on-year, and profitability fell sharply; operating net cash flow was 0.
53 100 million yuan, a year-on-year decrease of 91.
57%, and the operating recovery status was poor; capital expenditures resulted in a net investment cash outflow of 919 million yuan; the scale of debt financing decreased, and the net outflow of fund-raising cash flow increased significantly year-on-year, and the net fund-raising cash flow was- 1.
051 billion yuan.

 Shandong Dahai Group files for bankruptcy

Ranked 51st among China's Top 500 Private Enterprises in 2017

On November 29, it was reported that Shandong Dahai Group Co.
, Ltd.
(hereinafter referred to as "Dahai Group"), the holding parent company of Donghai Leasing (835072) listed on the NEEQ, filed for bankruptcy and reorganization yesterday.
As of the end of October 2018, Dahai Group had a total debt of 5.
3 billion.
yuan.

According to data, the parent company Dahai Group indirectly holds 450 million shares of Donghai Leasing through the company’s controlling shareholder Hong Kong Dahai Industrial Co.
, Ltd.
, accounting for 91.
04% of the company’s total shares.

As of the end of October 2018, Dahai Group had total assets of 5.
08 billion yuan, total liabilities of 5.
32 billion yuan, and asset-liability ratio of 105%.

On November 22, 2018, Dahai Group applied to the Intermediate People's Court of Dongying City, Shandong Province for bankruptcy and reorganization on the grounds that it could not pay off its due debts and its assets were insufficient to pay off all the debts.
On November 26, the Dongying Intermediate People's Court accepted the bankruptcy application of Dahai Group.

At present, Dahai Group is still in the process of bankruptcy and reorganization.
The bankruptcy and reorganization is uncertain, which may lead to changes in the controlling shareholder and actual controller of Donghai Leasing.
The company will follow up and disclose the progress in a timely manner.

According to the semi-annual report of Donghai Leasing, the company's operating income in the first half of the year was 64.
45 million yuan, down 32% year-on-year; net profit attributable to the parent company was 8.
62 million yuan, down 72% year-on-year.

Shandong Jinmao Group files for bankruptcy

Ranked 324 in China's Top 500 Private Enterprises in 2017

On November 26, the Dongying Court ruled that Shandong Dahai Group Co.
, Ltd.
is a legally established and existing corporate legal person and has the qualifications to apply for reorganization.
The fact that the company is unable to pay off its due debts and its assets are not sufficient to pay off all its debts is sufficient to determine that it has statutory reasons for reorganization and the conditions for reorganization.
Therefore, this court will support its application for reorganization in accordance with the law.
The ruling is as follows: Accept the reorganization application of Shandong Dahai Group Co.
, Ltd.
This ruling will take effect from today.
The court found that: Shandong Dahai Group Company was established in 1997 and its shareholders are Ji Zhigang, Sun Yuhui, Liu Fuhai and Sun Meixiang.
The financial information submitted by Shandong Dahai Group Company shows that as of the end of October 2018, its total assets of the company were 5,08879,300 yuan, total liabilities were 5,322.
6115 million yuan, and the debt-to-asset ratio was 105%.
On the same day, the Dongying Court ruled to accept the reorganization application of Shandong Dahai New Energy Development Co.
, Ltd.
The court found that: Shandong Dahai New Energy Company was registered and established in Guangrao County Market Supervision Administration on October 30, 2009.
The financial information provided by Shandong Dahai New Energy Company showed that as of the end of October 2018, its total assets were 197,046,600 yuan, with total liabilities of 206,917,600 yuan and asset-liability ratio of 105%.

And just on July 20, 2018, Liu Fuhai, Secretary of the Party Committee and Chairman of Dahai Group, also attended the second meeting of the 13th Standing Committee of the Shandong Federation of Industry and Commerce.
At the meeting, Dahai Group won two honors, the 8th place among the top 100 private enterprises in Shandong and the top 10 operating efficiency of the top 100 private enterprises in Shandong.

On June 27, 2018, Dagong International downgraded the main body rating of Shandong Dahai Group Co.
, Ltd.
to A+, from the AA rating to A+, and the outlook was adjusted to negative.
This is relatively rare in the recent bond market.
Even for Shanghai Huaxin, the rating has been adjusted from AAA to AA+, from AA+ to AA, and from AA to AA-.
The transition is relatively smooth.

According to its official website, Shandong Dahai Group was founded in 1988 and has more than 8,000 employees.
It is a multi-industry, cross-regional, and internationally-oriented business with circular economy industries such as textiles, new energy, new materials, and international trade.
Comprehensive large-scale enterprise group.

Shandong Chenxi Group filed for bankruptcy and reorganization

2017 Top 500 Private Enterprises*10

According to the ruling issued by the National Enterprise Bankruptcy and Reorganization Information Network, on July 20, 2018, the People's Court of Juxian County, Shandong Province issued the "Civil Ruling (2018) Lu 1122 Poshen No.
2".
This document stated that, “On July 16, 2018, Shandong Chenxi Group Co.
, Ltd.
applied for bankruptcy and reorganization to this court on the grounds that it was unable to pay off its due debts and apparently lacked solvency.
”

Shandong Dawn Group is located in Rizhao City, Shandong Province, more than 6,000 employees, has formed a petroleum chemical industry, grain processing, international trade, culture and tourism of the four main business.
In 2016, the entire group achieved sales revenue of 43.
2 billion yuan, of which the total output value of petrochemical enterprises was 16.
85 billion yuan, and the total output value of grain and oil processing enterprises was 1.
59 billion yuan.

This private company, which was once ranked second in Shandong, was once a star company in Shandong.
It has been listed as one of the top 500 private companies in China for 7 consecutive years.
Chairman Shao Zhongyi once became the richest man in Shandong on the "2016 Hurun Global Rich List" with 19 billion yuan.

As one of the well-known local refineries in Shandong, Shandong Chenxi Group's petrochemical industry has formed a complete industrial chain, with a total of 3.
5 million tons/year heavy-duty asphalt, 1.
4 million tons/year catalytic cracking, 1 million tons/year delayed coking, 25 20 sets of chemical and fine chemical production equipment with a capacity of 10,000 tons/year .
In 2006, Chenxi Group was approved for the fuel oil import qualification issued by the Ministry of Commerce.
In 2013, it obtained the qualification for the wholesale operation of refined oil .
In 2016, it obtained the qualification for the import of 3.
2 million tons/year of crude oil for non-state trade approved by the *Development and Reform Commission and the Ministry of Commerce .
One of the 13 domestic private enterprises with self-operated crude oil import qualifications.