Red Star Macalline Home Group Co., Ltd. (hereinafter referred to as Red Star Macalline), which was rumored to be on the market for several times, has already begun to take a new round of indirect financing. In just 22 days, Red Star Macalline has issued two medium-term notes for a total of 1.5 billion yuan. The company's tight capital chain has been self-evident. On September 18, Red Star Macalline announced the second phase of the 2012 mid-term notes, with a proposed amount of 900 million yuan, a term of 5 years, and a release date of September 21. On August 30 this year, the company just issued the first mid-term notes this year, raising 600 million yuan for a period of three years. Despite once denying the listing, the $1.5 billion in debt financing has already shown that Red Star Macalline is currently thirsty, and far exceeds the interest-bearing debt of net assets, which also reveals the company's current tight cash flow. At the same time that the hidden dangers of the capital chain are developing rapidly, the operating cost of Red Star Macalline is also leaps and bounds. The data shows that the company's operating costs for 2009-2011 are 668 million yuan, 1.089 billion yuan and 1.87 billion yuan respectively, with an annualized growth rate of more than 50%. In 2011, the operating capital investment per quarter exceeded 380 million yuan, including employee salary and advertising planning. The expenditure is about 180 million yuan and the tax expenditure is about 200 million yuan. According to forecasts, in the third and fourth quarters of this year, Red Star Macalline will only invest 700 million yuan in operating capital including employee wages, advertising planning expenditures and tax expenditures. In addition, its average interest expense per quarter this year is expected to be more than 200 million yuan. Therefore, the 112 million yuan of the 900 million yuan raised in the second phase of the medium-term notes will be used to supplement the working capital requirements, including the group headquarters of 97 million yuan, Jinan Hongxing Meikailong Expo Home Life Plaza Co., Ltd. (hereinafter referred to as Jinan Red Star) ) 10 million yuan, Shanghai Shanhai Art Furniture Co., Ltd. (hereinafter referred to as Shanhai Furniture) 5 million yuan. The remaining 788 million yuan is intended to be used by Red Star Macalline and some subsidiaries to repay bank loans and interest, including 518 million yuan in the company's headquarters, 0.84 billion yuan in Shanghai Hongxin Oukai Home Furnishing Co., Ltd., and 67 million yuan in Shanghai Xinwei Real Estate Co., Ltd. , Shanhai Furniture 0.55 billion yuan, Tianjin Red Star Meikailong International Home Plaza Co., Ltd. (hereinafter referred to as Tianjin Home) 0.29 billion yuan, Jinan Red Star 0.29 billion yuan and Nanjing Mingdu Home Plaza Co., Ltd. 5.58 million yuan. The reporter noted that the 0.42 billion yuan of the 600 million yuan medium-term notes previously raised by Red Star Macalline was used to supplement working capital, including 28.5 million yuan in the headquarters, 5 million yuan in Nanjing, 4 million yuan in Tianjin, and Jinan Red Star. 4.5 million yuan. Another 558 million yuan was also used to repay bank loans and interest, including 385 million yuan in the company's headquarters, 156 million yuan in Nanjing, 228 million yuan in Tianjin and 15 million yuan in Jinan. After the frequent fundraising to supplement working capital or return bank loans, what is the status of Red Star Macalline? The relevant prospectus shows that as of the end of March this year, the company included short-term loans, long-term loans and non-current liabilities due within one year. The total interest-bearing debts, etc., have reached 10.46 billion yuan, equivalent to 164.15% of the company's net assets for the same period. According to the 2012 semi-annual report of the Red Star Macalline, the company's various interest-bearing debts totaled 11.148 billion yuan, equivalent to 166.16% of the net assets of the same period. In the first half of the year, the total assets in the consolidated statements were RMB 23.537 billion, the total liabilities were RMB 16.828 billion, and the asset-liability ratio was 71.50%. The asset-liability ratios of Red Star Macalline at the end of 2009, 2010 and 2011 were 85.91%, 75.54% and 73.37%, respectively, and its medium- and long-term loans accounted for the highest proportion. It is worth noting that the high asset-liability ratio of Red Star Macalline makes it likely to face many risks including difficulty in cash flow, insufficient fund-raising ability, and reduced comprehensive solvency. In addition, from 2009 to the end of March this year, Red Star Macalline's other payables were 1.997 billion yuan, 3.481 billion yuan, 2.838 billion yuan and 2.761 billion yuan, accounting for 35%-55% of the current current liabilities, short-term funds paid The pressure is quite large. Then, how much does Red Star Macalline still have? The semi-annual report shows that the company’s current monetary funds were 2.595 billion yuan, compared with 1.421 billion yuan in short-term loans and 13.57 yuan in maturity in one year. 100 million yuan, the two accumulated a total of 2.778 billion yuan. It is worth noting that the increase in the cost of the profit is that the two medium-term notes of Red Star Macalline are not guaranteed. Whether it can be redeemed on time depends entirely on its credit. However, the performance of companies that support repayment or guarantee their credit has declined year-on-year in the first half of the year. The semi-annual report showed that Red Star Macalline achieved revenue of 2.761 billion yuan in the first half of the year, up only 0.19 billion yuan from 2.742 billion yuan in the same period last year; net profit was 632 million yuan, down 18.35% year-on-year. Red Star Macalline's 2012 quarterly report showed that its current net profit was 359 million yuan, an increase of 142.57% over the same period last year of 148 million yuan; but compared with the net profit of 626 million in the second quarter of last year, its second quarter net profit only It is 273 million yuan. This means that the decline in the performance of Red Star Macalline mainly occurred in the second quarter of this year, which was a year-on-year decline. Comparing its quarterly report and semi-annual report, it can be found that Red Star Macalline's sales expenses at the end of the first quarter were 133 million yuan, management expenses were 167 million yuan, and financial expenses were 116 million yuan, totaling 416 million yuan. However, at the end of the second quarter, its three data reached 312 million yuan, 403 million yuan and 192 million yuan, a total of 907 million yuan. The increase of 491 million yuan in the second quarter is undoubtedly the chief culprit in the loss of profits. In the case of cost increase and performance decline, why does Red Star Macalline continue to raise funds? Its prospectus explains that the company's construction and reserve projects have invested more than 5 billion yuan. According to the data, as of the end of March this year, Red Star Macalline has 5 projects under construction, with a total investment of 4.62 billion yuan, and has invested 3.01 billion yuan, with a total construction area of ​​about 640,000 square meters. There are also 7 proposed projects with a total investment. 5.81 billion yuan, with a total construction area of ​​about 1.195 million square meters. Obviously, with the current funding situation of Red Star Macalline, it is difficult to complete the above projects as scheduled. In the case that the IPO is delayed, Red Star Macalline can only use the bill financing to deal with the distressed funds. At the same time that shareholder information was frequently exposed to IPO news, the shareholder information of Red Star Macalline has been confusing. Previously, there were rumors including capital investment by Huaping Investment Group and Bohai Industry Fund. With the disclosure of the above-mentioned recruitment book, the identity of the shareholders hidden in it has also surfaced. According to the data, Red Star Macalline was established in June 2007 by Red Star Furniture Group Co., Ltd. (hereinafter referred to as Hongxing Furniture) and Shanghai Hongxing Meikailong Investment Co., Ltd. (hereinafter referred to as Meikailong Investment) with a total investment of 120 million yuan. Red Star Furniture accounts for 90% of the total, and the actual control is built by the car. In November of that year, Red Star Furniture transferred the entire shareholding of Red Star Macalline to Meikailong Investment. In December 2008, Red Star Macalline ushered in the first round of financing, one of the largest private equity investment funds in the United States, Huaping Investment Group's Candlewood Investment and Springwood Investment, with a cash equivalent of US$500 million in cash, after the capital injection was completed. The two obtained 10.73% and 6.27% of the shares, and the shareholding ratio of the company's investment fell to 83%. In March 2010, Red Star Macalline conducted the second round of financing, adding new registered capital by new shareholders Beijing Ruibang, Wanhao Wanjia, Beijing Yaxiang, Tianjin Jinkai, Lianyungang Zhigao, Mianyang Industrial Investment Fund, Beijing Centennial, Shanghai Yuping, Shanghai Yiyi, Shanghai Ping An and Nantong Junjun, jointly subscribed for 1.85 billion yuan. The third capital increase occurred in June 2010, and the newly added registered capital was subscribed by the new shareholders Shanghai Meilong, Shanghai Xingkai and Shanghai Hongmei for 97.598 million yuan. On February 27 this year, Meikelong Investment transferred its 35.4 million shares to Mianyang Industrial Investment Fund for RMB 201 million. On the same day, Shanghai Meilong and Shanghai Jinghai, Shanghai Hongmei and Shanghai Hongmei, Shanghai Xingkai and Shanghai Kaixing respectively signed the “Equity Transfer Agreementâ€, which will hold the shares of Hongxing Meikailong with 56.85 million, 12.66 million and 7.59 million. It was transferred with 73.74 million yuan, 16.42 million yuan and 9.84 million yuan. As of the signing date of this prospectus, Red Star Macalline registered capital of 3 billion yuan, and Meikailong invested 70.25%, while Che Jianxin and Che Jianfang held 92% and 8% of the shares of Meikailong. Despite several denials of listing, the various status and actions of Red Star Macalline have mapped the IPO approaching. In 2011, considering the IPO of the housing enterprises, Red Star Macalline decisively stripped the real estate business, including the sale of a 51% stake in Shanghai Enterprise to Meikailong Investment, and the non-monetary asset exchange with Shanghai Qifa subsidiary Xingkai Zhongcheng. It sold the shares of 12 companies such as Kunming Real Estate and the assets of home shopping malls to Shanghai Enterprise and other companies. “After the divestiture of the real estate business, the existing body of the issuer can focus on operating the home shopping mall business, providing some support for the company to further grow and go public.†Red Star Meikailong is also blunt. However, Red Star Macalline, who is in a dilemma of financial distress and declining performance, is not yet aware of the smooth launch of the IPO.
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