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Debt 1.4 billion China's ** listed health company filed for bankruptcy
With a debt of 1.4 billion, a listed company in the Taowei industry filed for bankruptcy.
On September 3, a listed company *ST Xinyi, which specializes in ceramics, bathtubs and other products, filed for bankruptcy. The announcement said, The company’s creditor Jiangsu Zhonglixin Law Firm recently applied for bankruptcy and reorganization of the company to the Intermediate Court of Tacheng District, Xinjiang on the grounds that *ST Xinyi could not pay off its due debts. The court has issued relevant notices. This move put its subsidiary, Hunan Guowei Sanitary Ware Co., Ltd., which has been in business for 58 years, to a dead end.
*ST Xinyi’s financial statement screenshot 1
*ST Xinyi’s financial statement screenshot 2
*ST Xinyi's 2015 interim report, data are rounded up
Subsidiary Hunan Guowei Sanitary Ware has a loss of nearly 50 million and has been closed.
Hunan Guo Wei Sanitary Ware Co., Ltd. was originally the company’s only normal production and operation subsidiary. However, due to the historical burden of the subsidiary, equity, bank accounts and major assets have also been frozen and preserved by creditors, and the capital chain has been basically cut off, and The company's revenue and costs have also been upside down, falling into a loss. In fact, Hunan Guowei Sanitary Ware Co., Ltd. is also insolvent, and its net assets at the end of 2014 were -46,132,300 yuan. In April of this year, Hunan Guowei Sanitary Ware Co., Ltd. also announced its closure.
*ST Xinyi's subsidiary Hunan Guowei Sanitary Ware Co., Ltd. (formerly Hunan Siwei Sanitary Ware Co., Ltd.)
In addition, *ST Xinyi According to its financial statements: According to the 2014 audited financial statements of the holding subsidiary Hunan Guowei Sanitary Ware Co., Ltd., Hunan Guowei Sanitary Ware Co., Ltd.’s 2014 operating income was 42,254,323.54 yuan, operating costs 42,473,436.07 yuan, and gross profit margin was negative. The net profit is -21,886,753.91 yuan. Hunan Guowei Sanitary Ware Co., Ltd. has been in a state of loss in recent years, and the net assets at the end of 2014 were -46,132,329.24 yuan. During the reporting period, operating income was RMB 3,734,602.69, operating cost was RMB 3,299,696.98, and net profit was RMB -1,217,640.26.
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Hunan Guowei Sanitary Ware Co., Ltd. (formerly Hunan Siwei Sanitary Ware Co., Ltd.) is the first listed sanitary ware company in China and a Sino-foreign joint venture. The company is located in the golden triangle area at the junction of Zhuyi Road, Yijiawan Town, Xiangtan City, Hunan Province, and is one of the experimental areas of a resource-saving and environment-friendly society approved by the state. The new company was established in 2001. Its predecessor was Hunan Building Ceramics Corporation (formerly a provincial state-owned enterprise with many years of ceramic production history). Since its establishment in June 2001, its total assets have increased from 38 million yuan at the time of establishment to the present The total assets are increasing at an average annual rate of 15%, and the production capacity has increased from 400,000 pieces at the time of establishment to 1.2 million pieces now. 95% of the products are exported. It is the largest professional manufacturer of sanitary ceramics in Central South China. .
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