The biggest thunder of new energy in 2024 is hanging

Refer to Ortho Quotient

2024-06-29 10:09Please refer to the official account

"There was a thunder on the ground, and thousands of winds and rains were added to the body."

The biggest thunder of new energy in 2024 has new news.

Investor.com learned that Evergrande Automobile, which has recently stopped production and sales and has been sinking for a long time, issued a "fog" announcement. "Discussions on a potential share transfer are ongoing, but a sale and purchase agreement and a credit facility agreement have not yet been signed," they said. Evergrande stressed that the potential transaction requires further due diligence and may or may not proceed, and shareholders and potential investors should be cautious. This means that Evergrande Automobile previously announced that the "mysterious financier" would acquire 29% of the company's shares, or it would get rid of Evergrande's control.

A month ago, Evergrande Automobile suddenly came with two major positives. The first is that there is a "mysterious financier" who wants to acquire 29% of the company's equity and rushes to take over; The second is that Evergrande Automobile will resume trading on the Hong Kong Stock Exchange on May 27. It was the linkage of the two positive benefits that made Evergrande Automobile's share price soar by 86.84% on the first day of resumption of trading, with a market value of HK $7.699 billion. However, after a month, the "mysterious financier" has not been seen for a long time, and the market value of Evergrande Automobile has fallen to HK $4.717 billion, making the shareholders who chased the rise disappear by HK $2.9 billion.

Is this a drop in the bucket of life-saving stories, or a repeated harvest of "high-end bureaus" with a big flickering nature?

One

"Evergrande Automobile's mouth, a ghost who fools people?"

Xu Jiayin and Evergrande Automobile have become the most "weird" events in the history of China's business community. Before the fall of "China's No. 1 flicker", the most concerned was Evergrande Automobile, and it was also because Evergrande Automobile's "debt-to-equity swap" failed to help him accompany him with the "iron window".

In other words, "the fate of Evergrande Automobile is closely linked to the ending of Xu Jiayin".

Why can't Xu Jiayin wait to enter new energy and get Evergrande Automobile?

In China, the real estate boss is not a particularly high-profile character that the media digs into. There are four points that promote the media's willingness to dig deeper: "the richest man, cross-border, loud voice, and traffic". So over the years, the outside world has paid close attention to Wanda's boss Wang Jianlin's every move, and the media has been staring at Xu Jiayin as a real estate developer with no technical content and has gone to build a car.

Xu Jiayin has received high attention from the outside world, including Evergrande Ice Spring, which he and Ma Yun engaged in "half-waste", and sold 6.7467 billion Hong Kong dollars to acquire Hong Kong Shiying Company, indirectly financing Jia Yueting's FF in the United States. In 2017, Xu Jiayin, who became the richest man on the "Forbes China Rich List" with a wealth of 281.35 billion yuan, was a talker, and he shouted the slogan "moving the heavens and the earth" at every turn.

"The richest man, cross-border, loud, and traffic" is completely in line with Xu Jiayin, every move, no matter how trivial it is. There is also a question here, Xu Jiayin is not "honestly" the richest man in real estate, why take a big risk? The only existing and reasonable explanation is that "he predicted the outcome of his big fool, and fought hard to change the existing outcome and delay the onset of the disease." ”

In the eyes of the outside world, Evergrande Automobile is "Xu Jiayin's last straw".

On the face of it, it is. In recent years, the busy Xu Jiayin has done two of the busiest things, one is to rack his brains to transfer the debt relationship between Evergrande and creditors into the shareholder relationship of Evergrande Automobile and creditors; The second is to quietly divorce Ding Yumei.

Let's start with the first thing. Although Evergrande is burdened with a total debt of 2.4 trillion yuan, it sounds like a "negative country". In fact, every well-known real estate developer has a lot of debt. For example, Country Garden, which has repaid part of its debts, still has a total debt of 1.36 trillion yuan, and the key debt that will really affect the real estate developer is "alive" or "dead" is "temporary debt". ”

This is very similar to young people using borrowing platforms such as Huabei, "You owe 200,000 yuan, repay 5,000 yuan every month, and repay 195,000 yuan slowly." Xu Jiayin just couldn't afford to repay the "temporary debt", so he pondered turning the debt relationship into an equity relationship, and the current crisis was automatically cleared. Jia Yueting, who ran away from the United States, used the same similar method to turn the debt relationship left by the United States into an equity relationship and successfully survived the crisis.

Let's talk about the second thing. Xu Jiayin quietly divorced his wife Ding Yumei. The divorce of the big man is an effective "shortcut" to preserve property and strip off the debt relationship at the "legal level". "Return to China next week" Jia Yueting once inadvertently revealed to netizens that he was an excellent way to solve all kinds of troubles, "Under the American legal system, it is legal and compliant." "That is, using legal loopholes to evade responsibility.

Divorce is to find a "way out", once Xu Jiayin's debt-to-equity swap fails, Canadian Ding Yumei is the "last straw".

Two

"Xu Jiayin is ruthless enough, he went in, and he is still laying out."

To be precise, this bureau is made up by Ding Yumei, "Xu Jiayin's overseas stand-in".

Evergrande's relationship with creditors will not disappear because Xu Jiayin has entered. Domestically, it is basically impossible for Evergrande to turn over. Tianyancha APP latest shows that companies related to Evergrande and Evergrande have been labeled as "abnormal operation", "serious violation", "person subject to execution" and other labels, Xu Jiayin's domestic shareholding in Evergrande is frozen, and then it depends on how to dispose of the remaining debts and assets.

Evergrande's real estate business has no story to tell, and it has completed the task of "ensuring the delivery of buildings" in a "legal and compliant" manner.

Now only Evergrande Auto can tell a new story. In 2022, Evergrande Automobile's total assets will be 115.2 billion yuan and its total liabilities will be 183.9 billion yuan. Before entering, Xu Jiayin operated frantically, and "forcibly sold" Evergrande 47 non-automobile projects of Evergrande Automobile for 2 yuan in the way of Evergrande's "back-up", fantasizing about packaging Evergrande Automobile as a "high-quality asset" as a bargaining chip for creditors in debt-to-equity swap negotiations.

"One operation is as fierce as a tiger". Evergrande Automobile's 2023 financial report shows that the company's total assets are 34.851 billion yuan and total liabilities are 72.543 billion yuan. Total assets plummeted by 69.75% and total liabilities plummeted by 60.55%. Evergrande Auto is still insolvent, but the deadly debt has been greatly reduced. For Evergrande Automobile, "the most important thing to do is to seek independent operation and get out of the control of Evergrande." ”

Matters related to Xu Jiayin do not have any reputational value. If Evergrande Automobile does not break away from Evergrande, it will be difficult to find development opportunities.

The first to jump out to save Evergrande Automobile was the Middle East tyrant Newton Group. In 2023, Newton Group pledged to invest US$500 million in Evergrande Automobile. Since Newton Group itself was invited by Xu Jiayin, Xu Jiayin overturned, and Newton Group naturally would not clean up the mess for no reason, and the plan to save Evergrande Automobile had no choice but to end. The second one that jumped out was the "Mysterious Gold Master".

How mysterious is the "Mystery Gold Master"? From the time he said he was going to take over to the present, no one knows his name. Dare to take over Evergrande Automobile without any scruples, but pretend to be mysterious and refuse to reveal his name? To put it mildly, it doesn't conform to human logic at all. The suspension of trading is a way to protect the interests of shareholders, and the good news is that Evergrande Auto resumed trading, soaring 86.84% on the first day, with a market value of HK $7.699 billion.

It ignited the hope of shareholders. However, this matter did not proceed towards the hopes of shareholders, and there was no follow-up news, the market value of Evergrande Automobile fell back to HK $4.717 billion, and the shareholders who chased the rise disappeared by HK $2.9 billion. As a result, Evergrande Auto recently announced that "discussions on the potential share transfer are still ongoing, but the sale and purchase agreement and credit agreement have not yet been signed." "It makes the pick-up confusing.

"Hanging and hanging the door of routines", it is difficult not to let the outside world speculate and continue to "empty the cannon"? Interestingly, Evergrande reminded that "potential transactions require further due diligence and may or may not be carried out, and shareholders and potential investors should be cautious." ”

Three

If you stand from the perspective of Evergrande Automobile's "new life", they are dreaming of looking forward to the change of major shareholders and getting rid of Xu Jiayin and Ding Yumei.

Realistically, it's hard. Evergrande is about Evergrande Automobile, who is about Evergrande? If you want to figure it out, you need to dismantle Evergrande's equity, and the actual controller who currently holds 59.78% of Evergrande's equity is Xinxin (BVI) Co., Ltd., which is registered in the British Virgin Islands (North American country), and Xu Jiayin holds 100% of the company's equity. Xu Jiayin has entered, will his ex-wife Ding Yumei hold Xu Jiayin's overseas equity on behalf of him?

According to foreign media reports, Xu Jiayin did a pickled thing before the overturn, manipulating Evergrande's offshore subsidiary Jingcheng Co., Ltd. to issue $1.8 billion of bonds on the Singapore Exchange, and the main subscriber was Xinxin (BVI) Co., Ltd., with a scale of more than $1 billion.

Xu Jiayin, who poked out the shocking hole in Evergrande's debt crisis, turned into a creditor of Evergrande.

If Evergrande has problems, he will be able to redeem the assets as a creditor. In February 2024, Ding Yumei, who was hiding abroad, appeared in Hong Kong, and she appealed to the court, accusing Xu Jiayin's youngest son Xu Heteng of failing to repay the loan as scheduled in accordance with the loan agreement signed, and recovering HK$1.05 billion.

At that time, the outside world believed that Ding Yumei was "poor and crazy", regardless of her youngest son's "life or death" intending to take away 1.05 billion Hong Kong dollars. Thinking about it another way, her appeal to the Hong Kong court is tantamount to locking the ownership of HK$1.05 billion into her pocket.

Ding Yumei also became a creditor. This wave of operations is really no one, Jia Yueting is probably ashamed of himself. In addition to issuing US dollar bonds, Xu Jiayin and Ding Yumei also set up a permanent trust fund of 2.3 billion yuan for their children to spend abroad.

Among the children, Xu Jiayin's daughter has the least information. It is rumored that she studied at Huazhong University of Science and Technology in Wuhan, and later went to Queen's College in the United Kingdom for further study. With the Evergrande thunderstorm, Ding Yumei took her eldest son Xu Zhijian to become a Canadian citizen, and the rumored daughter was missing.

Looking at Evergrande Automobile's "mysterious financier" taking over the plate, is Ding Yumei doing a ghost? Or is it a "high-end bureau" planned by Xu Jiayin in advance?

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