The revival of Shenyang Machine Tool 0

2022-08-06
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The revival of Shenyang machine tool

"after the reorganization, we have changed from a state-owned enterprise to a central enterprise, which is a good thing." On November 18, *st Shenji insiders told China Economic Weekly

on November 18, *st Shenyang Machine Tool Co., Ltd. (hereinafter referred to as "Shenyang machine tool") resumed trading as scheduled, with a one word limit, closing at 7.12 yuan/share. On November 19, the limit of Shenyang Machine Tool rose again, closing at 7.48 yuan/share

the daily limit for two consecutive days is related to a series of announcements issued by the company three days ago. According to the restructuring plan of Shenyang Machine Tool Co., Ltd. (Draft) released on November 16, China General Technology (Group) Holding Co., Ltd. (hereinafter referred to as "General Technology Group") will invest 1.8 billion yuan to control Shenyang machine tool, with a shareholding ratio of 29.99%

"machine tool manufacturing belongs to the equipment manufacturing industry. The equipment manufacturing industry is one of the business segments of the general technology group. This restructuring and integration is conducive to the development of the general technology group, the development of Shenyang machine tool, and the development of the equipment manufacturing industry." Xubaoli, a researcher at the research center of the state owned assets supervision and Administration Commission of the State Council, said in an interview with China Economic Weekly

general technology has come to Shenyang Machine Tool Co., Ltd.

according to the restructuring plan disclosed by Shenyang Machine Tool Co., Ltd., Shenyang Machine Tool Co., Ltd. will introduce general technology group as a strategic investor. According to the plan, Shenyang machine tool shall complete the reorganization plan before December 31. On the evening of November 18, Shenyang Machine Tool announced that the Shenyang intermediate people's court ruled to approve the application for restructuring plan of Shenyang machine tool

according to the agreement, general technology group will invest 1.8 billion yuan in the overall restructuring of Shenyang machine tool, of which 700million yuan will be used by Shenyang machine tool as the investment for the restructuring of Yinfeng casting and Younis equipment under Shenyang machine tool, and the remaining funds will be used to pay off debts and supplement working capital in accordance with the restructuring plan. After the reorganization, general technology group will help Shenyang Machine Tool improve its profitability and protect the rights and interests of creditors and employees with its own industrial and resource advantages

in addition, Shenyang Machine Tool plans to centrally divest assets that deviate from the direction of future business planning, accelerate the liquidation of unmatched assets, and lay a solid foundation for the company's business transformation. During the implementation of the restructuring plan, Shenyang machine tool will also divest its assets through public disposal, and the realized funds will be used to pay restructuring fees, repay creditor's rights and supplement working capital in accordance with the best lightweight solution for potential customers in freight, logistics, urban environmental protection and other industries to deal with energy conservation and emission reduction

at the same time, in the restructuring of Shenyang machine tool, the equity of investors was adjusted. Based on the existing total share capital of 765million shares of Shenyang machine tool, a total of about 919million shares were increased according to the proportion of 12 shares per 10 shares. The above converted shares will not be distributed to the original shareholders, and about 505million shares will be transferred by the strategic investors; The remaining 414million shares shall be used to pay off the creditor's rights in accordance with the provisions of the reorganization plan

so far, the debt crisis of Shenyang machine tool, a "big country and heavy tool", has been temporarily relieved. People in the machine tool industry told China Economic Weekly that "the restructuring plan has been planned for a long time, and there is basically no problem with its successful completion"

general technology group is an important state-owned backbone enterprise directly managed by the central government. Its core businesses include advanced manufacturing and technical service consulting, medicine and health, trade and engineering contracting. At present, general technology group has 21 domestic secondary operating institutions, 3 listed companies (China pharmaceutical, China Automotive Research and global medical) and 66 overseas institutions

Shenyang Machine Tool Co., Ltd. was jointly initiated by Shenyang No. 1 machine tool factory, Zoje friendship factory and Liaoning precision instrument factory. It was established in may1993 and listed on the Shenzhen Stock Exchange in july1996. As the pacesetter in China's equipment manufacturing industry, its main products include traditional machine tool equipment and related parts, i5 intelligent machine tool equipment, supporting products, industrial process solutions, industrial services, etc

On August 16, Shenyang intermediate people's court ruled to accept the application for reorganization of Shenyang machine tool according to law, and appointed the liquidation group of Shenyang machine tool as the manager of the company

on August 23, the manager of Shenyang Machine Tool Co., Ltd. released the announcement on the recruitment of strategic investors of Shenyang Machine Tool Co., Ltd. in the information of the national enterprise bankruptcy and reorganization case. The strategic investors of the company were selected through public bidding, and General Technology Group officially signed up to participate in the company's reorganization as the intended strategic investors

On October 30, Shenyang Machine Tool Co., Ltd. released the equity adjustment plan for the investors of the reorganization plan (Draft). The plan shows that in order to save Shenyang machine tool and avoid the risk of bankruptcy liquidation, the investors and creditors need to make joint efforts to jointly bear the cost of restructuring the company

as of 5:00 p.m. on November 6, 1530 creditors had declared their claims to the manager of Shenyang Machine Tool Co., Ltd., with a declared amount of RMB 18.307 billion

the fall of "the first in the world"

machine tools play an important role in the construction of national economic modernization. "If the 'mother machine' is not strong, what can we talk about making a strong country?" Shenliechu, former Vice Minister of the Ministry of machinery, lamented that machine tools are important to the manufacturing industry. In this important industry related to the industrial foundation, Shenyang machine tool was once called the "top priority"

"Eighteen Arhats" is an indelible memory of China's machine tool industry

during the "first five year plan" period, with the advice of Soviet experts, the state transformed some machine repair plants and built a number of new enterprises, of which 18 enterprises were identified as key backbone enterprises in machine tool production, known as "Eighteen Arhats" in the industry, and Shenyang No. 1 machine tool plant was among them. In history, China's first lathes, radial drilling machines, horizontal boring machines, multi axis automatic machine tools, CNC lathes, etc. all came from Shenyang machine tools

after the reform and opening up, the machine tool industry was quickly pushed to the market and experienced ups and downs. Shenyang Machine Tool Co., Ltd. reached the top of the world machine tool income ranking about 10 years ago

industry association data show that from 2002 to 2012, China's market consumption of metal processing machine tools increased from US $5.2 billion to US $35billion. In this golden decade, the sales revenue of Shenyang machine tool in 2011 reached 18billion yuan, ranking first in the world machine tool industry

however, since 2012, due to the downturn of the general machinery manufacturing market and its own operating capacity, Shenyang machine tool has started to go up and down

2012, Shenyang Machine Tool lost 17.6346 million yuan; The loss in 2013 was 76.6711 million yuan. Yang Qing, an industry expert, said bluntly at that time, "China's machine tool enterprises have overcapacity and serious homogenization. The reshuffle and market clearing are about to begin. China's machine tool industry will face the test of life and death."

the financial report shows that Shenyang machine tool has been mired in losses for many years. This year, a debt of 4.41 million yuan exposed the debt problem of Shenyang machine tool to the public, and Shenyang Machine Tool entered the stage of bankruptcy and reorganization

according to the announcement of Shenyang machine tool, the court found that the applicant Meiting cable supplied Shenyang machine tool. As of May, 2019, Shenyang machine tool had defaulted on the payment for Meiting cable of RMB 4.41 million, which had not been paid after being urged by the applicant. The respondent Shenyang Machine Tool Co., Ltd. said that the due creditor's rights enjoyed by Meiting cable were true, and the enterprise was short of funds and was unable to pay off the due debts. It had no objection to the applicant's reorganization application and the evidentiary materials submitted, and agreed to enter the reorganization procedure

in fact, the debt of Shenyang Machine Tool Co., Ltd. is already very large. 4.41 million yuan is just the last straw that the bamboo powder reduction value becomes relatively flat and collapses the camel. According to the financial report data, by the end of 2018, the total liabilities of Shenyang machine tools were about 20.242 billion yuan, and the total assets were about 20.392 billion yuan. In the first half of 2019, Shenyang Machine Tool continued to lose money, and its net assets also changed from positive to negative

The controversy over i5

revolves around the decline of Shenyang machine tool industry. China Economic Weekly combs and finds that its views are mainly concentrated in two aspects:

first, Shenyang machine tool industry has been expanding too fast at home and abroad, and it has encountered a recession in the machine tool industry, coupled with heavy historical burden and inflexible system and mechanism; Second, the i5 intelligent machine tool products of Shenyang Machine Tool involve too much energy, which is not the future direction

for the first point, there is consensus in the industry. But there are different opinions about i5

guanxiyou, who used to be the chairman of Shenyang machine tool for a long time (now the chairman of Shenyang Machine Tool Group, the parent company of Shenyang Machine Tool), often talked about his hopes for i5 in an interview

guanxiyou frankly said, "as an industrial machine tool, machine tools are very important. The 'hen' is not good, the 'egg' is not good, the hatched 'chicken' is not good, and the quality of made in China is not good." Guanxiyou often felt "greedy" when he visited foreign countries and saw high-end machine tools. He said that many leaders also asked him "what is the difference between our machine tools"

users also have a lot of expectations for domestic machine tools. Chao Lin, deputy general manager and chief engineer of AVIC Chengdu Aircraft Industry (Group) Co., Ltd., once told the media that foreign-funded machine tool enterprises have many problems, such as restricted use, price discrimination, high service prices and so on

guanxiyou is not willing to let China's machine tools be controlled by others. In 2007, Shenyang Machine Tool started its transformation and began to independently develop the underlying motion control technology

guanxiyou once introduced to the media that a group of young people of Shenyang Machine Tool started to write from the source code. After six years, the original CNC system CNC Motion Control Technology, digital servo drive technology, bus technology and other CNC core technologies were introduced with low load, and the "motion control technology understood by Shenyang machine tool itself" was born, which is the i5 system technology

"we first developed the i5 system technology, and then our product i5 intelligent machine tool was born on this basis. For example, human beings have genes, and then reproduce tissues and grow into human bodies." Guanxiyou once introduced that Shenyang Machine Tool leases the machine tool to the customer with "zero down payment" and charges by hour or by processing volume. The settlement is based on the data transmitted by the machine tool operation

however, from the outside world, Guan Xiyou's high hopes for i5 have brought him endless troubles. This kind of leasing has brought huge financial pressure to Shenyang machine tool. Users pay according to their usage, resulting in slow fund withdrawal. At the same time, the sales model of guanxiyou has moved the cheese of its peers

the viewpoints supporting i5 are as follows: stretching, tightening, bending, shearing, stripping, tearing of rubber, plastic, wire and cable, optical fiber cable, safety belt, safety belt, leather belt composite, plastic profile, waterproof coil, steel pipe, copper, profile, spring steel, bearing steel, stainless steel (and other high hardness steel), casting, steel plate, steel strip, non-ferrous metal wire rod Many experiments such as two-point extension (additional extension meter is required) believe that i5 can be called a good brand of Shenyang machine tool, which will make Shenyang machine tool not controlled by others in many aspects. As for the loss of Shenji, it is a business matter

i5 where will it go

at this year's Wuzhen world IOT conference, luyimin, general manager of general technology group, said that strengthening and optimizing the machine tool industry has risen to the top of the group's development strategy. The company will strive to break through the problems such as the overall level of technology and quality of China's machine tool products is not high, high-end equipment is heavily dependent on imports, and core key technologies and components are controlled by others, so as to overcome the difficulties and challenges restricting the development of the industry

luyimin also said that through industrial interconnection, a new mode of intelligent manufacturing can be built, which can be user-centered and practical

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