Reporter Li Na, intern reporter Wang Xin Report
On January 20, La Chapell issued an announcement stating that the Siping Road Science and Technology Branch of Bank of Urumqi had sued him The wholly-owned subsidiary La Chapelle Apparel (Taicang) Co., Ltd. (hereinafter referred to as &34;La Chapelle Taicang&34;), petition the court The implementation of mortgage real estate priority repayment of the bank’s overdue payment of 550 million yuan and related interests, and then applied for cancellation on December 30, 2020.
It is reported that La Chapelle used to be one of the large women’s clothing companies in China, but it has been losing money in recent years. As of the end of September 2020, the company had a net profit loss of 783 million yuan. La Chapelle recently responded to the Shanghai Stock Exchange’s regulatory work letter announcement, showing that the founder Xing Jiaxing and his concerted person Shanghai Hexia Investment Co., Ltd. All the shares held in La Chapelle have been waiting to be frozen. In addition, the company disclosed 439 lawsuits from December 9, 2019 to December 9, 2020, and 85 bank accounts were frozen. In addition, as of the end of September 2020, La Chapelle has only 256 million yuan remaining in currency funds, and the company’s currency at the end of 2019 The fund balance is 358 million yuan.
But judging from the current state of La Chapelle, Urumqi Why did the bank withdraw the lawsuit? The bank also did not make an announcement.
At the same time, the asset quality of Urumqi Bank is not optimistic. Data from previous annual reports show that since 2017, the bank’s non-performing loans and overdue loans have increased year by year. As of the end of 2019, the balance of non-performing loans was 1.382 billion yuan and the overdue loan balance was 1.502 billion yuan.
The reporter called Urumqi Bank on the reasons for the bank’s withdrawal of the lawsuit and the plan for handling the debt.
It is difficult to recover 580 million debts
On November 26, 2019, Urumqi Siping Road Science and Technology Sub-branch was commissioned by Urumqi High-tech Investment Development Group Co., Ltd.La Chapelle wholly-owned subsidiary Xinjiang Tongrong Apparel Co., Ltd. (hereinafter referred to as &34;Xinjiang Tongrong&34;) issued a loan of 550 million yuan, The loan term is 12 months. From November 26, 2019 to November 26, 2020, the borrowing interest rate is 6.8%. At the same time, it is agreed that if the interest is not paid in full within the specified period, the arrears shall be deemed to be the principal and the original interest rate plus 50%will be calculated as interest, that is, compound interest will be assumed.
At the same time, Laxia Taicang used part of its real estate as collateral, and Jiashang Warehouse’s 100%equity was collateralized for this loan.
Subsequently, due to the expiration of the loan and the liquidity difficulties of Xinjiang Tongrong, Xinjiang Tongrong failed to repay the loan in time. The Siping Road Science and Technology Branch of Urumqi Bank immediately initiated a lawsuit, requesting auction and sale of Laxia Two mortgaged properties under the name of Taicang, the price of the two mortgages has priority to repay the loan principal of 550 million yuan, and the borrowing interest of 32.9651 million yuan. The total amount exceeds 580 million yuan.
Until January 20th, La Chapelle announced that the Siping Road Science and Technology Branch of Urumqi Bank On December 30, 2005, he filed to withdraw the lawsuit against Laxia in Taicang.
However, judging from the current situation facing La Chapelle, Urumqi Bank’s 580 million yuan debt will be It is difficult to recover.
According to the official website information, La Chapelle was founded in 1998 and is a company positioned in the mass consumer market. A multi-brand, omni-channel fashion group, started restructuring into a joint-stock company in 2011, listed on the Hong Kong Stock Exchange in 2014, and listed on the Shanghai Stock Exchange in 2017.
From the financial report, it can be seen that the profitability of La Chapelle is not ideal. Among them, the company’s net profit even suffered a loss. As of the end of September 2020, the company had a net profit loss of 783 million yuan. In fact, since 2018, the operating conditions of La Chapelle have continued to deteriorate. The company’s 2018 net profit loss was 160 million yuan, a year-on-year decrease of 132.00%, and the net loss in 2019 reached 2.166 billion yuan, a year-on-year decrease of 1258.07%. In addition, as of the end of September 2020, La Chapelle has only 256 million yuan remaining in currency funds, and the company’s currency at the end of 2019 The fund balance is 358 million yuan.
On December 22, 2020, La Chapelle announced its response to the Shanghai Stock Exchange’s regulatory work The announcement of the letter shows that the number of lawsuits involved in the company’s disclosures from December 9, 2019 to December 9, 2020 was 439, with a total amount of approximately 1.523 billion yuan; the actual number of bank accounts frozen amount accounted for a total of 85. The total frozen amount is about 205 million yuan; the book value of the seized real estate is 1.297 billion yuan.
Asset quality declines
While large loans are overdue, Urumqi Bank’s asset quality is not optimistic.
In fact, since 2017, the scale of non-performing loans and overdue loans of Urumqi Bank has increased year by year. According to data from previous annual reports, from 2017 to 2019, the bank’s non-performing loans were 958 million yuan, 1.308 billion yuan, and 1.382 billion yuan; overdue loan balances were 1.067 billion yuan, 1.349 billion yuan, and 1.502 billion yuan.
As of the end of September 2020, Urumqi Bank’s operating income and net profit declined slightly year-on-year. The third quarterly report for 2020 shows that the bank achieved operating income of 2.414 billion yuan, a year-on-year decrease of 3.92%; realized net profit of 1.01 billion yuan, a year-on-year decrease of 6.90%.
The joint rating evaluation report stated that since 2019, as the slowdown in macroeconomic growth has continued to deepen the impact of local small and medium-sized enterprises, the operating conditions of local small, medium and micro enterprises and self-employed individuals in Urumqi have continued to deteriorate and their solvency The decline has led to an increase in the size of overdue and non-performing loans of Urumqi Bank compared with the previous year.
It is worth noting that the senior management of Urumqi Bank changes relatively frequently. Since 2017, the president has changed three people. According to the 2017 financial report, the President of Bank of Urumqi is Yang Li; on October 11, 2018, Xinjiang Banking and Insurance Regulatory Bureau approved the appointment of President Siyu; on March 6, 2019, Xinjiang Banking and Insurance Regulatory Bureau approved the appointment of President Liu Yadong .
According to public information, Urumqi Bank was established in January 1997. It is the first local joint-stock bank with independent legal personality in Xinjiang, with a registered capital of 4 billion yuan, and the legal representative Ren Siyu. It has experienced different stages of development such as city cooperative banks and city commercial banks. In December 2015, it was renamed Bank of Urumqi Co., Ltd. approved by the China Banking Regulatory Commission.
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