Price chain parent company's interest-bearing liabilities reach 536 million yuan

Xunxing shares interest-bearing liabilities reach 536 million yuan

In the announcement regarding the reply to the inquiry letter of the Shenzhen Stock Exchange's annual report, the amount of interest-bearing liabilities at the end of 2017-2020 of Xunxing Co., Ltd. were respectively: 973,161,400 yuan, 905,200,000 yuan, 869,800,000 yuan, and 627,323,300 yuan. It seems that the interest-bearing liabilities of Xunxing shares are decreasing year by year.

As of May 31, 2021, the balance of interest-bearing liabilities of Xunxing shares is 536 million yuan, and the company's monetary capital balance is 393,484,100 yuan, of which: the use of restricted monetary funds such as various deposits is 242,318,600 yuan, and the available monetary funds are 15,116.55 Ten thousand yuan.

Relevant data shows that the high balance of interest-bearing liabilities of Xunxing shares is inseparable from the 65% equity of Chain Cross-border E-commerce Co., Ltd. at the purchase price in 2017, because the funds used for the acquisition are mainly from bank loans, and the purchase price After the chain, its interest-bearing liabilities increased significantly, and the net cash flow from operations had to be used to repay the principal and interest.

The later situation is also well-known. The price chain failed to fulfill its performance promise due to the profit attributable to the parent company for three consecutive years. After its founder was compulsorily executed the compensation of 1 billion, he took his young son to avoid living abroad and has not returned, resulting in the case being unable to end.

Xunxing shares account is frozen due to non-compliance

According to the data, during the reporting period, Xunxing shares written off accounts receivable of RMB 21,939,400, of which: accounts receivable written off by zipper business was RMB 18.597 million (RMB 17.792 million had been provided for bad debts), cross-border telecoms Commercial business write-off accounts receivable of 3,279,700 yuan (2,346,500 yuan of bad debt provision has been made).

According to Xunxing shares, the bad debts of the zipper account write-off business are mainly due to poor management and other bankruptcies or have been included in the list of dishonest persons. It is worth noting that there are two main reasons for the bad debts of its cross-border e-commerce business:

The first point is that due to the changes in the European VAT tax policy, the management team did not respond in a timely manner, which caused some accounts of Amazon Germany to be frozen and the balance of sales payments could not be recovered;

The second point is that the relevant account was frozen due to the violation of the AliExpress platform operating rules in the early stage. Later, the management team decided to withdraw from the AliExpress channel, and the balance of the sales payment could not be recovered.