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    1114   BMG1368B1028

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED

(1114)
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Delayed Hong Kong Stock Exchange  -  04:08 2021-03-30 am EDT
7.300 HKD   +3.55%
09/26Brilliance China Automotive Holdings Limited Appoints Xu Daqing as Executive Director
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09/20Brilliance China Automotive Holdings Limited Announces Appointment of Lam Kit Lan, Cynthia as Independent Non-Executive Director, Effective from 21 September 2022
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09/16Brilliance China Automotive Holdings Limited and Shenyang Xingyuandong Automotive Component Co., Ltd. Announces Executive Changes
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FACTBOX-China state enterprises facing debt problems

11/17/2020 | 03:14am EDT

SHANGHAI, Nov 17 (Reuters) - Chinese banks and fund managers dumped their holdings of riskier bonds last week after a series of credit shocks involving state-owned enterprises (SOEs) jolted China's corporate bond market.

Below is a list of SOEs whose debt problems in recent weeks have raised concerns among investors.

Defaults have been mainly concentrated in traditional industries, including coal and automobiles.

YONGCHENG COAL & ELECTRICITY HOLDING GROUP

Yongcheng Coal & Electricity Holding Group Co Ltd said on Nov. 10 it failed to make principal and interest payments on 1 billion yuan ($152 million) in maturing commercial paper, just weeks after raising a similar amount through a debt issue.

The company also said it was uncertain of making payments on two bonds worth 2 billion yuan that mature this weekend due to tight liquidity.

Yongcheng mainly engages in the investment and management of coal, electricity, railway, chemical and mining.

The company is a unit of Henan Energy and Chemical Industry Group Co Ltd, and is ultimately controlled by the Henan provincial State-Owned Assets Supervision and Administration Commission.

HUACHEN AUTOMOTIVE GROUP

Huachen Automotive Group, a key state-owned enterprise owned by the government of Liaoning province, defaulted on a 1 billion yuan bond in October, citing financial strain.

The company is the parent of Brilliance Automotive Holdings , the Chinese joint venture partner of BMW. Huachen said on Monday that creditors had applied to a Chinese court to restructure the company.

Huachen has a total of 47,000 employees and assets of more than 190 billion yuan, it said on its website.

TSINGHUA UNIGROUP

Tsinghua Unigroup, a major government-backed player in China's technology race, defaulted on a 1.3 billion yuan bond, three sources told Reuters.

China Chengxin International Credit Rating (CCXI) on Nov. 16 downgraded the company's credit rating to BBB from AA, and said the default could potentially strangle Tsinghua's funding and squeeze its liquidity.

Tsinghua, founded by its namesake university in Beijing, is a digital infrastructure and services company with a focus on electronic components and equipment manufacturing. The company had nearly 40,000 employees at the end of 2018.

Tsinghua Unigroup has several core subsidiaries, including Unisplendour Corporation Limited and Unigroup Guoxin Microelectronics Co.

As the defaults partially froze Chinese credit markets, SOEs announced cancellations of their planned bond issues. Some of them include:

* Sinoma Science & Technology Co Ltd

* Ningde City State-Owned Properties Investment & Management Co Ltd

* Xuzhou Economic and Technological Development Zone State-Owned Assets Operation Co Ltd

* Henan Provincial Transportation Development Group Co Ltd

* Panzhihua State-Owned Investment (Group) Co Ltd

* Kaifeng Urban Operation and Investment Group Co Ltd

* Quanzhou Urban Construction Group

* Shanxi Coal Import & Export Group Co Ltd

* Guizhou Publishing Group

* Xinyi Urban Investment (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Vidya Ranganathan and Ramakrishnan M.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG 1.50% 70.09 Delayed Quote.-21.88%
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED 3.55% 7.3 Delayed Quote.3.40%
SINOMA SCIENCE & TECHNOLOGY CO.,LTD. -0.20% 20.28 End-of-day quote.-40.39%
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD. -2.69% 143.86 End-of-day quote.-10.49%
UNISPLENDOUR CORPORATION LIMITED -0.38% 15.87 End-of-day quote.-30.55%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.09% 7.09666 Delayed Quote.12.64%
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Financials
Sales 2022 1 239 M 193 M 193 M
Net income 2022 4 939 M 768 M 768 M
Net cash 2022 20 269 M 3 151 M 3 151 M
P/E ratio 2022 5,21x
Yield 2022 3,25%
Capitalization 30 507 M 4 692 M 4 742 M
EV / Sales 2022 8,26x
EV / Sales 2023 7,86x
Nbr of Employees 1 427
Free-Float 69,6%
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Mean consensus UNDERPERFORM
Number of Analysts 6
Last Close Price 6,05 CNY
Average target price 7,49 CNY
Spread / Average Target 23,8%
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Managers and Directors
Tie Dong Shen Chief Executive Officer & Executive Director
Yu Min Qi President
Zu Ming Qian Chief Financial Officer
Xiao An Wu Vice Chairman & Chief Financial Officer
Jian Song Independent Non-Executive Director
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