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中国半导体企业清华紫光集团周四(10日)一天内爆出对两笔债券违约,加上11月的一笔债务违约,共计违约金额超过90亿元人民币。清华紫光近年在境内外疯狂并购,最终因盈利不足而陷入巨额债务违约的泥潭。

发布时间: 2020-12-14 13:28:52    最后更新: 2021-03-03 06:33:57 阅读:1,980  约16 分钟阅读     

中国半导体企业清华紫光集团周四(10日)一天内爆出对两笔债券违约,加上11月的一笔债务违约,共计违约金额超过90亿元人民币。清华紫光近年在境内外疯狂并购,最终因盈利不足而陷入巨额债务违约的泥潭。
图片说明:示意图    图片来源:Public Domain(公有领域)

【中国观察2020年12月14日讯】中国半导体企业清华紫光集团周四(10日)一天内爆出对两笔债券违约,加上11月的一笔债务违约,共计违约金额超过90亿元人民币。清华紫光近年在境内外疯狂并购,最终因盈利不足而陷入巨额债务违约的泥潭。

中国紫光集团继上个月对13亿元人民币债券违约之后,本月10日又有两笔巨额债务违约,分别为境内50亿元人民币的公司债和境外4.5亿美元(约29亿人民币)的公司债,皆无力偿还本息。

紫光集团发表声明称,因公司流动性资金紧张,未能按照约定筹措足额资金,无法按期兑付本息,为此该公司郑重向投资人致歉。公司后续将筹措资金,努力达成债务延期及和解方案。

据自由亚洲电台报导,紫光集团是中共国务院推出的“中国制造2025”规划的参与者,被视为中国半导体企业的“国家队”。紫光集团深陷债务危机后,紫光芯盛宣布,公司美元债自11月18日下午已开始暂停交易,停牌仍将持续。同时有消息指,成都的NAND工厂和重庆的DRAM工厂的建设计划均面临停摆。报导认为,紫光集团接连爆出债务违约,或许反应出了中国高科技业泡沫化的冰山一角。

台湾媒体则报导称,紫光集团在2012年的总资产只有66.63亿元(人民币,下同),对应总负债也只有46.47亿元,此后该企业走上了大举并购的道路,先后收购了展讯通信、锐迪科微电子等公司。到2019年上半年,紫光集团的债券报告显示,该公司总资产为2740.88亿元,总负债则已高达2019.53亿元,其中一年内到期的有息债务为 580.51亿元人民币,而紫光集团账上现金却仅有393.13亿元。到2020年6月30日,紫光集团的总负债已高达2029.38亿元。

台湾中华经济研究院大陆经济所助研究员王国臣11日接受自由亚洲电台采访时指出,紫光近几年的经营策略主要是通过大举并购,获取外国的技术后拿回中国生产,为此付出了高额的并购成本。当其获利不足、资金无法周转时,就爆出了财务危机。

王国臣还指出,当北京当局在“十四五”规划中推动晶片自主目标后,中国大陆掀起了“大跃进”式的“全民造芯”热潮。很多企业就以搞晶片为名领补助,但实际上在炒房。

王国臣说:“地方政府只是为了炒房地产,把那边价值提升,企业出资的可能不是为做晶片,把人挖角过去后,只是为了匡地方政府的钱,所以那些真的大老板看到地方政府钱进去之后,他第一个作法是把他之前投入的钱给撤出来。”

王国臣表示,因为高科技要投注10年、20年才能看到成果,地方官员升迁看的是5年内有无政绩,不愿做长期的事情。所以地方政府只是用新基建这顶“新帽子”去要资源,不做实事,他们也不懂高科技新基建。

东吴大学企管系讲师林修民则分析称,紫光的警讯透露出,不是政府不救,是救不了。以紫光这样具指标性的晶片大厂都倒的话,很可能中国半导体产业会被冲垮。

林修民分析说:“(紫光)这件事情对中国晶片发展,是非常严重的打击。就算有政治斗争,以目前国家亟须半导体,不会让紫光倒的,应该是紫光债务的洞,大到救不了。”


Ziguang Group is deep in debt default

Chips from Tsinghua Ziguang Group are displayed at the 2020 World Semiconductor Conference in Nanjing, Jiangsu province, China, Aug. 26, 2020. (STR/AFP via Getty Images)

Chinese semiconductor company Tsinghua Ziguang Group broke out on two bond defaults in one day on Thursday (10), adding to a debt default in November for a total default amount of more than 9 billion yuan. Tsinghua Ziguang in recent years in domestic and foreign mergers and acquisitions frenzy, and ultimately due to the lack of profitability and fall into the quagmire of huge debt defaults.

Following the default of 1.3 billion yuan bonds last month, China's Ziguang Group defaulted on two more large debts on the 10th of this month, namely a 5 billion yuan corporate bond in China and a $450 million (about 2.9 billion yuan) corporate bond outside China, both of which could not repay the principal and interest.

Ziguang Group issued a statement saying that due to liquidity constraints, the company was unable to raise sufficient funds as agreed and could not pay the principal and interest as scheduled, for which the company solemnly apologized to the investors. The company will raise funds and make efforts to reach a debt extension and settlement plan.

According to Radio Free Asia, Ziguang Group is a participant in the "Made in China 2025" plan launched by the Chinese Communist Party's State Council and is considered the "national team" of Chinese semiconductor companies. After Ziguang Group's deep debt crisis, Ziguang Coresun announced that trading in the company's U.S. dollar bonds has been suspended since the afternoon of Nov. 18, and the suspension will continue. At the same time, there is news that the construction plans for the NAND plant in Chengdu and the DRAM plant in Chongqing are both facing suspension. According to the report, the successive debt defaults of Ziguang Group may reflect the tip of the iceberg of China's high-tech industry bubble.

Taiwanese media reported that Ziguang Group's total assets in 2012 were only 6.663 billion yuan (RMB, same below), corresponding to total liabilities of only 4.647 billion yuan, and the company has since embarked on a major acquisition spree, acquiring companies such as Spreadtrum Communications and Tridonic Microelectronics. By the first half of 2019, Ziguang Group's bond report showed that the company's total assets were 274.088 billion yuan, while its total liabilities had reached 201.953 billion yuan, of which RMB 58.051 billion of interest-bearing debt was due within one year, while Ziguang Group had only 39.313 billion yuan of cash on its books. By June 30, 2020, the total debt of Ziguang Group is already up to 202.938 billion yuan.

Wang Guochen, an assistant researcher at the Institute of Mainland Economics of the Chinese Academy of Economic Research in Taiwan, pointed out in an interview with Radio Free Asia on the 11th that Purple's business strategy in recent years has been mainly to acquire foreign technology through major mergers and acquisitions and then take it back to China for production, for which it has paid high merger and acquisition costs. When its profits were insufficient and its capital could not be turned around, it exploded into a financial crisis.

Wang also pointed out that when Beijing authorities promoted the goal of chip independence in the 14th Five-Year Plan, a "Great Leap Forward" type of "universal core-making" boom was launched in mainland China. Many companies received subsidies in the name of making chips, but in reality they were speculating on real estate.

Wang Guochen said, "The local government is just to speculate on real estate, to raise the value of that side, the enterprise may not be funded to do the chip, the people scouted over, just to converse with the local government money, so those really big bosses see the local government money in, his first practice is to pull out the money he invested before."

Wang Guochen said, because high-tech to bet 10 years, 20 years to see results, local officials are promoted to see whether there are political achievements in 5 years, unwilling to do long-term things. So the local government just use the new infrastructure "new hat" to ask for resources, not to do the real thing, they also do not understand the new high-tech infrastructure.

Lin Xiumin, a lecturer in the Department of Business Administration at Soochow University, analyzed that Purple's warning signs revealed that it is not the government that does not save, but cannot save. With such an indicative chip maker as Purple falling, it is likely that China's semiconductor industry will be washed away.

Lin Xiumin said: "(Purple) this incident on China's chip development, is a very serious blow. Even if there is a political struggle, to the current national urgent need for semiconductors, will not let the purple light down, should be the hole in the purple light debt, too big to save."


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