Yunnan Hougu Coffee revealed that it was facing a debt crisis.

Photo taken by Xiong Xiangjin reporter Sun Xiaoyun

It is the coffee harvest season in Yunnan, and Xiong Xiangjin, chairman of Hougu Coffee, has been worried for a long time: under the pressure of more than 2 billion bank loans, the capital chain is very tight, how to persist in the acquisition and protect the interests of 300000 farmers?

"to be honest, we hesitated for a long time, but at last we plucked up the courage and it was time to stand up and tell the truth." Yesterday afternoon, Xiong Xiangjin told dozens of media across the country that private lending was like "the emperor's new clothes" on physical enterprises, and that turning around funds could bring debt crisis to Yunnan physical enterprises.

Relieving doubts?

Turn around funds: generally speaking, after the bank loan of an enterprise is due, it is necessary to repay the old loan of the bank first, and then the bank continues to extend the new loan to the enterprise. This "loan after repayment" business is commonly known as U-turn business. The aim is to achieve the conditions of docking with long-term funds through the financing of short-term funds.

Development dilemma

Turn around funds gobble up enterprise profits

The sales revenue of Hougu Coffee reached 1.5 billion yuan in 2014, but in two or three years, the cost of borrowing money to repay the loan is as high as hundreds of millions of yuan. Hougu Coffee may face a debt crisis.

Zhang Ruijing, legal representative of Hongtian Group, the parent company of Hougu Coffee, said that the company will have 100 to 200 million loans due every month, and enterprises need to raise funds for a "U-turn." if the loans are not dealt with, there may be a "record of non-performing loans" within 90 days of maturity, which will deal a fatal blow to the development of enterprises; and if private loans are raised to "turn around", the high financing cost is tantamount to "drinking poison to quench thirst."

In order to solve the problem of loan maturity, enterprises generally adopt two ways: one is to sell products cheaply to repay, which naturally offset corporate profits; the other is to raise funds from private capital, and the high financing cost swallows up the reasonable profit space of enterprises.

"80% of the time is spent on how to raise money, dreaming about how to raise money to turn around." Xiong Xiangjin said frankly that the possibility of Hougu Coffee falling into a debt crisis is only a microcosm of the predicament of real economic development, and he hopes that financial institutions will adjust some of their financial policies. like firefighting, we will give policy support such as "rolling over" corporate loans, "borrowing new to repay the old" and "extending the maturity of working capital loans".

According to the current national credit policy, Xiong Xiangjin also put forward the solution of "three strokes and two ways".

Financing is blocked

People in the industry responded to the appeal

Xiong Xiangjin's appeal has been answered by some business people in Yunnan.

The person in charge of Kecheng guarantee said that the more than 200 enterprises in the province guaranteed by the company were affected to varying degrees by the pressure of turning around funds. "some enterprises struggled to support, and some enterprises even lost contact as a result." a large part of the reasonable profits of enterprises are swallowed up by the high financing costs of private loans.

"the cost pressure on the rubber industry caused by the turnaround capital is even greater than that of coffee companies." The person in charge of Kunming Xinrong Economic and Trade Co., Ltd. said that since the decline in rubber prices since 2012, the maturity of bank loans has been overwhelmed by enterprises, which have to sell products at low prices or "turn around" by borrowing from social capital. corporate capital pressure is increasing, corporate profits are increasingly swallowed up.

According to the person in charge of Lingfeng Coffee, the company has 230000 mu of coffee planted in Lincang, but it usually takes 3 to 5 years for coffee to be put into production, and the longest term of bank loan can only be one year, so enterprises have to "turn around" from social financing, virtually increasing the cost of the enterprise.

Some industry observers believe that in addition to objective factors, the problem of enterprise financing should also consider whether there are problems in the development of the enterprise itself, and it is not appropriate to place too much hope on the government and financial institutions, but should consider how to activate the enterprise's own assets into capital. endogenously solve the financing problem.

The solution suggestion of "three strokes and two styles"

Three tricks:

1. The policy of financial institutions to extend corporate loans for one or two years without drawing or suppressing loans.

two。 Various cities have set up a platform for communication between real economic enterprises and creditors. Under the coordination and service of government departments, enterprises and creditors have reached a memorandum of understanding to trade time for space to avoid rushing in and forcing enterprises to collapse.

3. It is hoped that judicial organs will not seize assets and accounts as soon as they receive litigation requests, adhere to out-of-court mediation based on the facts, and file cases cautiously so as to ensure the normal operation of enterprises to the maximum extent.

Two types:

1. For entity enterprises with good growth, the state finance should allocate part of the funds to enterprises to increase credit and discount interest on some loans, so as to effectively lighten the burden on enterprises.

two。 For the banks that can quickly solve the loan extension and renewal of loans to the entity enterprises, the government should give recognition and encouragement to the banks so that they can be bolder and free to support the entity enterprises out of their predicament.