*ST Tianlong (600234.SH) is also a wonderful thing in the capital market: 8 years of losses in the 12 full fiscal years of the listing, net assets for 9 consecutive years, the income is basically dependent on the rental building for a living, the power struggle is endless.
Since the end of July last year, *ST Tianlong's main business video products have been mainly relied on rental buildings for a living. The 2012 annual report data shows that its rental income is as high as 10.26 million yuan, of which Tianlong Building, which is leased to Taiyuan Xintianlong Management Company (hereinafter referred to as “Xintianlong Managementâ€), generated revenue of 9.75 million yuan, accounting for 39.2% of total operating income. %.
Even in such a company, the secondary market price has actually exceeded 5 yuan / share, and in the recent case of the non-public issuance plan, the stock price is still rising.
And the company itself has a lot of financial tricks. A person familiar with Tianlong’s insiders revealed to reporters that Tianlong’s existence of renting Tianlong Building was suspected of benefit transfer and employee salary was too high.
The reporter also recently learned that because the debt of 100 million yuan has not been returned, in view of its long-term insolvency, Tianlong’s creditor Qingdao Longli Biotechnology Co., Ltd. (hereinafter referred to as “Qingdao Longliâ€) has been entrusted. The lawyer filed a bankruptcy application with the Intermediate People's Court of Taiyuan City.
Tianlong Building low price rental
Tianlong Building, located at No. 289 Yingze Street, Taiyuan City, is the first large-scale shopping mall established in Taiyuan City. Yingze Street is also the main road in Taiyuan City. It used to be the most fashionable commercial center in Taiyuan. Gome entered the building in 2005. Although it has already been surrounded by high-rise buildings, this location is still the most prosperous location.
The owner of the Tianlong Building is the *ST Tianlong who has been involved in many years of disputes, and it has become the last straw for the latter to survive. But what is embarrassing is that from October 2005 to now, the operators of Tianlong Building have been replaced three times, and the first two were not kicked out and they were kicked out.
The last rental of Tianlong Building took place in July 2011, and the lessee was operated by Xintianlong. According to the announcement at the time, the scope of the lease was from the ground floor of Tianlong Commercial Building to the third floor commercial building, the operation and office space below the 12th floor of the tower and some houses of seven and a half floors (including a house on the north side of the seven-storey freight elevator hall). The building area is 36,829.21 square meters. The lease term is from July 8, 2011 to January 31, 2016. The rent is mainly from 2012 to 2014, which is 9.75 million yuan per year and 11 million yuan in 2015.
Before the operation of the new Tianlong, Tianlong Building also had two tenants. As early as October 2005, *ST Tianlong rented the above assets to Taiyuan Dingshida Industrial Co., Ltd. (hereinafter referred to as "Dingshida"), and the lease period was from February 2006 to January 2016, but due to Ding Shida could not pay the rent according to the contract in 2008, and *ST Tianlong and the lease were cancelled.
Soon, *ST Tianlong transferred the above assets to Taiyuan Xintianlong Shopping Co., Ltd. (hereinafter referred to as "Xintianlong Shopping"), and the rental period was from April 2008 to January 2016. However, in July 2011, *ST Tianlong announced that Xintianlong Shopping violated the relevant provisions of the "Lease Contract", so the parties canceled the contract and immediately signed a "lease contract" with Xintianlong.
As we all know, house prices and rental prices have skyrocketed several times in recent years. However, the rent of Tianlong Building has been almost the same as that of the current Xintianlong in 2005.
The 2012 and 2010 annual reports disclosed the construction area of ​​each of the 2 floors of Tianlong Building through mortgages. The floor area of ​​each of the 3rd to 6th floors is 4359.19 square meters. If a rough estimate of this area is added plus some interlayers, the commercial area of ​​the 1st to 7th floors exceeds 30,000 square meters.
The rental advertisements hanged in March this year show that Tianlong Building has 7 bedrooms, 8 rooms, 1 living room and 1 bathroom totaling 800 square meters. The rent is as high as 25,000 yuan/month, totaling 31.25 yuan/month per square meter. If you estimate roughly at this price, the commercial area of ​​only 7 floors will exceed 11 million yuan. This figure has not considered the problems of office buildings and commercial floors.
In the office building near Tianlong Building, the rent is basically 1.5 yuan / day - 2 yuan / day per square meter. An intermediary in charge of the Tianlong Building told reporters that the office rent of Tianlong Building has reached 2.5 yuan/day per square meter.
"If the assets and conditions of the Tianlong Building are in accordance with the location and conditions of the Tianlong Building, the assets will be rented less than 20 million, and the price of the Tianlong lease to the new Tianlong is only over 9 million." The above-mentioned insiders pointed out.
The name of Xintianlong and Xintianlong shopping is very similar. The establishment time is only one or two months away from the *ST Tianlong signing lease contract. According to industry and commerce information, the legal person of Xintianlong is Gaogan, and the shareholders are also this person; the legal representative of the latter is He Qiucheng, and the shareholders are He Qiucheng and Xu Jikuan. In the announcement, *ST Tianlong stated that it was a non-affiliated transaction with their lease.
"As far as I know, these renting companies have no relationship with Tianlong's management. The price is so low that they are rented out and it is suspected of profit transfer." The above-mentioned insiders said that the company is also very evasive about this matter.
The reporter called the Tianlong Board of Directors on the 26th, and a woman said that "the company's decision-making is carried out through the board of directors and the shareholders' meeting."
"White raising" thousands of people?
This year, *ST Tianlong's main business is in a downturn, especially last year, its main business video products have also been discontinued, and currently earn a living from the rent of Tianlong Building.
However, Tianlong, which has no major production and operation, has more than 1,000 employees. According to the 2012 annual report, the total number of employees on the job is 375, and the number of retired employees who need to bear the expenses is as high as 785, a total of 1,160. Among the employees, there are 4 sales personnel, 6 financial personnel, 27 administrative personnel, and 338 other personnel, while 90% of other personnel are internal retreat personnel.
In other words, there are only about 70 people who can participate in Tianlong’s daily operations. However, its staff remuneration is staggeringly high. In 2012, the cash paid to its employees and employees was as high as 8.8 million yuan. The payroll payable at the end of the period and the payroll payable at the beginning of the period were 440,000 yuan and 1.78 million yuan respectively.
According to the “Total Wages and Benefits in the Current Period – Payrolls payable at the end of the period – payrolls payable at the beginning of the period + cash paid to employees in the current periodâ€, Tianlong’s total wages and benefits in 2012 amounted to 7.46 million yuan. Divided by the number of employees of 1,160, the average employee salary in 2012 was about 65,000 yuan.
According to this calculation method, the total salary and welfare of *ST Tianlong in 2011 was 11.26 million yuan, and the number of employees was 1,419, of which only 74 were administrative, sales and finance personnel, but the overall average employee salary was about 80,000 yuan. This salary level is very high for Taiyuan City.
"As far as I know, there are not so many employees in Tianlong, and some retired employees have already transferred to social security. The actual employers have only 20 or 30 employees." The above-mentioned insiders revealed that even those who work in the company are very leisurely.
Creditors filed for bankruptcy
The company’s creditors also lost patience.
The reporter was informed that just last month, *ST Tianlong creditor Qingdao Longli paper application was submitted to the Taiyuan Intermediate People's Court. The reporter got the bankruptcy application with all the hard work.
The facts and reasons stated in the bankruptcy application were that Qingdao Longli had transferred 155 million yuan of debt from Tianlong in September 2010. In November of the same year, it signed the “Debt Restructuring Agreement†with Tianlong. Tianlong owed Qingdao Longli 193 million yuan, the two sides agreed to reduce or exemption to 116.5 million yuan; in December 2011, the two sides signed the "debt restructuring agreement" again, confirming that as of the end of 2011, Tianlong owed Qingdao Longli principal 120 million yuan, interest 94.28 million yuan, revised the pre-sign After the Debt Restructuring Agreement, the total debt between the two parties was determined to be 116.5 million yuan.
However, Tianlong did not repay the debts on time according to the agreement, and only repaid 13.3 million yuan to Qingdao Longli. Qingdao Longli repeatedly negotiated repayment with the defendant, and there was no result.
In view of the fact that *ST Tianlong has not been insolvent for many years and the LED backlight of the main business has been discontinued, it is only funded by its own property. Therefore, Qingdao Longli can only apply for bankruptcy to the Taiyuan Intermediate People's Court.
The reporter turned around and found Zhou Liping, the lawyer of Beijing Junzejun (Nanjing) Law Firm, hired by Qingdao Longli. She confirmed the matter to the reporter and revealed that the bankruptcy application was submitted on July 26, and the Taiyuan Intermediate People's Court also accepted it.
But now that one month has passed, the Taiyuan Intermediate People’s Court has not yet made it clear that it will not be accepted.
"In general, the court should tell the lawyer to accept the situation within 5 working days after receiving the materials. If it is not accepted, a ruling should be issued." Zhou Liping told reporters, but the court also refused the ruling.
Just a few days before Zhou Liping submitted the bankruptcy application, on July 22, the company had a reply to the bankruptcy liquidation submitted by Qingdao Longli, and wrote back that the company’s shareholders, Zhongtie Huaxia Guarantee Co., Ltd. and Mianyang Yaoda, had been notified for the first time. Investment Co., Ltd., the company will actively coordinate the original shareholder Qingdao Taihe and the current shareholders of China Railway China and Mianyang Yaoda, and strive to protect the rights and interests of the company's creditors.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Since the end of July last year, *ST Tianlong's main business video products have been mainly relied on rental buildings for a living. The 2012 annual report data shows that its rental income is as high as 10.26 million yuan, of which Tianlong Building, which is leased to Taiyuan Xintianlong Management Company (hereinafter referred to as “Xintianlong Managementâ€), generated revenue of 9.75 million yuan, accounting for 39.2% of total operating income. %.
Even in such a company, the secondary market price has actually exceeded 5 yuan / share, and in the recent case of the non-public issuance plan, the stock price is still rising.
And the company itself has a lot of financial tricks. A person familiar with Tianlong’s insiders revealed to reporters that Tianlong’s existence of renting Tianlong Building was suspected of benefit transfer and employee salary was too high.
The reporter also recently learned that because the debt of 100 million yuan has not been returned, in view of its long-term insolvency, Tianlong’s creditor Qingdao Longli Biotechnology Co., Ltd. (hereinafter referred to as “Qingdao Longliâ€) has been entrusted. The lawyer filed a bankruptcy application with the Intermediate People's Court of Taiyuan City.
Tianlong Building low price rental
Tianlong Building, located at No. 289 Yingze Street, Taiyuan City, is the first large-scale shopping mall established in Taiyuan City. Yingze Street is also the main road in Taiyuan City. It used to be the most fashionable commercial center in Taiyuan. Gome entered the building in 2005. Although it has already been surrounded by high-rise buildings, this location is still the most prosperous location.
The owner of the Tianlong Building is the *ST Tianlong who has been involved in many years of disputes, and it has become the last straw for the latter to survive. But what is embarrassing is that from October 2005 to now, the operators of Tianlong Building have been replaced three times, and the first two were not kicked out and they were kicked out.
The last rental of Tianlong Building took place in July 2011, and the lessee was operated by Xintianlong. According to the announcement at the time, the scope of the lease was from the ground floor of Tianlong Commercial Building to the third floor commercial building, the operation and office space below the 12th floor of the tower and some houses of seven and a half floors (including a house on the north side of the seven-storey freight elevator hall). The building area is 36,829.21 square meters. The lease term is from July 8, 2011 to January 31, 2016. The rent is mainly from 2012 to 2014, which is 9.75 million yuan per year and 11 million yuan in 2015.
Before the operation of the new Tianlong, Tianlong Building also had two tenants. As early as October 2005, *ST Tianlong rented the above assets to Taiyuan Dingshida Industrial Co., Ltd. (hereinafter referred to as "Dingshida"), and the lease period was from February 2006 to January 2016, but due to Ding Shida could not pay the rent according to the contract in 2008, and *ST Tianlong and the lease were cancelled.
Soon, *ST Tianlong transferred the above assets to Taiyuan Xintianlong Shopping Co., Ltd. (hereinafter referred to as "Xintianlong Shopping"), and the rental period was from April 2008 to January 2016. However, in July 2011, *ST Tianlong announced that Xintianlong Shopping violated the relevant provisions of the "Lease Contract", so the parties canceled the contract and immediately signed a "lease contract" with Xintianlong.
As we all know, house prices and rental prices have skyrocketed several times in recent years. However, the rent of Tianlong Building has been almost the same as that of the current Xintianlong in 2005.
The 2012 and 2010 annual reports disclosed the construction area of ​​each of the 2 floors of Tianlong Building through mortgages. The floor area of ​​each of the 3rd to 6th floors is 4359.19 square meters. If a rough estimate of this area is added plus some interlayers, the commercial area of ​​the 1st to 7th floors exceeds 30,000 square meters.
The rental advertisements hanged in March this year show that Tianlong Building has 7 bedrooms, 8 rooms, 1 living room and 1 bathroom totaling 800 square meters. The rent is as high as 25,000 yuan/month, totaling 31.25 yuan/month per square meter. If you estimate roughly at this price, the commercial area of ​​only 7 floors will exceed 11 million yuan. This figure has not considered the problems of office buildings and commercial floors.
In the office building near Tianlong Building, the rent is basically 1.5 yuan / day - 2 yuan / day per square meter. An intermediary in charge of the Tianlong Building told reporters that the office rent of Tianlong Building has reached 2.5 yuan/day per square meter.
"If the assets and conditions of the Tianlong Building are in accordance with the location and conditions of the Tianlong Building, the assets will be rented less than 20 million, and the price of the Tianlong lease to the new Tianlong is only over 9 million." The above-mentioned insiders pointed out.
The name of Xintianlong and Xintianlong shopping is very similar. The establishment time is only one or two months away from the *ST Tianlong signing lease contract. According to industry and commerce information, the legal person of Xintianlong is Gaogan, and the shareholders are also this person; the legal representative of the latter is He Qiucheng, and the shareholders are He Qiucheng and Xu Jikuan. In the announcement, *ST Tianlong stated that it was a non-affiliated transaction with their lease.
"As far as I know, these renting companies have no relationship with Tianlong's management. The price is so low that they are rented out and it is suspected of profit transfer." The above-mentioned insiders said that the company is also very evasive about this matter.
The reporter called the Tianlong Board of Directors on the 26th, and a woman said that "the company's decision-making is carried out through the board of directors and the shareholders' meeting."
"White raising" thousands of people?
This year, *ST Tianlong's main business is in a downturn, especially last year, its main business video products have also been discontinued, and currently earn a living from the rent of Tianlong Building.
However, Tianlong, which has no major production and operation, has more than 1,000 employees. According to the 2012 annual report, the total number of employees on the job is 375, and the number of retired employees who need to bear the expenses is as high as 785, a total of 1,160. Among the employees, there are 4 sales personnel, 6 financial personnel, 27 administrative personnel, and 338 other personnel, while 90% of other personnel are internal retreat personnel.
In other words, there are only about 70 people who can participate in Tianlong’s daily operations. However, its staff remuneration is staggeringly high. In 2012, the cash paid to its employees and employees was as high as 8.8 million yuan. The payroll payable at the end of the period and the payroll payable at the beginning of the period were 440,000 yuan and 1.78 million yuan respectively.
According to the “Total Wages and Benefits in the Current Period – Payrolls payable at the end of the period – payrolls payable at the beginning of the period + cash paid to employees in the current periodâ€, Tianlong’s total wages and benefits in 2012 amounted to 7.46 million yuan. Divided by the number of employees of 1,160, the average employee salary in 2012 was about 65,000 yuan.
According to this calculation method, the total salary and welfare of *ST Tianlong in 2011 was 11.26 million yuan, and the number of employees was 1,419, of which only 74 were administrative, sales and finance personnel, but the overall average employee salary was about 80,000 yuan. This salary level is very high for Taiyuan City.
"As far as I know, there are not so many employees in Tianlong, and some retired employees have already transferred to social security. The actual employers have only 20 or 30 employees." The above-mentioned insiders revealed that even those who work in the company are very leisurely.
Creditors filed for bankruptcy
The company’s creditors also lost patience.
The reporter was informed that just last month, *ST Tianlong creditor Qingdao Longli paper application was submitted to the Taiyuan Intermediate People's Court. The reporter got the bankruptcy application with all the hard work.
The facts and reasons stated in the bankruptcy application were that Qingdao Longli had transferred 155 million yuan of debt from Tianlong in September 2010. In November of the same year, it signed the “Debt Restructuring Agreement†with Tianlong. Tianlong owed Qingdao Longli 193 million yuan, the two sides agreed to reduce or exemption to 116.5 million yuan; in December 2011, the two sides signed the "debt restructuring agreement" again, confirming that as of the end of 2011, Tianlong owed Qingdao Longli principal 120 million yuan, interest 94.28 million yuan, revised the pre-sign After the Debt Restructuring Agreement, the total debt between the two parties was determined to be 116.5 million yuan.
However, Tianlong did not repay the debts on time according to the agreement, and only repaid 13.3 million yuan to Qingdao Longli. Qingdao Longli repeatedly negotiated repayment with the defendant, and there was no result.
In view of the fact that *ST Tianlong has not been insolvent for many years and the LED backlight of the main business has been discontinued, it is only funded by its own property. Therefore, Qingdao Longli can only apply for bankruptcy to the Taiyuan Intermediate People's Court.
The reporter turned around and found Zhou Liping, the lawyer of Beijing Junzejun (Nanjing) Law Firm, hired by Qingdao Longli. She confirmed the matter to the reporter and revealed that the bankruptcy application was submitted on July 26, and the Taiyuan Intermediate People's Court also accepted it.
But now that one month has passed, the Taiyuan Intermediate People’s Court has not yet made it clear that it will not be accepted.
"In general, the court should tell the lawyer to accept the situation within 5 working days after receiving the materials. If it is not accepted, a ruling should be issued." Zhou Liping told reporters, but the court also refused the ruling.
Just a few days before Zhou Liping submitted the bankruptcy application, on July 22, the company had a reply to the bankruptcy liquidation submitted by Qingdao Longli, and wrote back that the company’s shareholders, Zhongtie Huaxia Guarantee Co., Ltd. and Mianyang Yaoda, had been notified for the first time. Investment Co., Ltd., the company will actively coordinate the original shareholder Qingdao Taihe and the current shareholders of China Railway China and Mianyang Yaoda, and strive to protect the rights and interests of the company's creditors.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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