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  • 资金链问题暴露!海航A股公司集体大跌新金融

    北方IT网 / 每日经济新闻 / 2018-01-22 19:24
    当资金链出了问题的时候,即便是貌似强大的巨头,也会因为市场脆弱的信心而陷入巨大的麻烦之中。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆1

    当资金链出了问题的时候,即便是貌似强大的巨头,也会因为市场脆弱的信心而陷入巨大的麻烦之中。

    今日(22日)上午,海航旗下A股上市公司集体大跌,其中海航创新、海越股份、海航基础三只股票跌停;海航投资和东北电气跌幅均超过3%。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆2

    海航资金链问题暴露

    每日经济新闻记者留意到,海航系上市公司多达16家,其中A股10家,港股6家。除了上述5家A股公司,海航系另外5家A股公司均处于停牌过程中,其中就包括海航的旗舰企业海航控股(即以前的海南航空)。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆3

    海航系上市公司股价集体大跌,与海航不断曝光的资金链问题直接相关。而引爆这颗地雷的时间起点,始于2017年那场针对企业非理性对外投资的严监管,包括海航在内,万达、安邦等企业也被纳入监管视野。

    据每日经济新闻记者不完全梳理,海航资金链问题在多个环节已被媒体曝光,包括债券、融资租赁、银行贷款等等:

    1月15日,据英国《金融时报》援引知情人士的信息报道称,海航愿意为一年期融资支付11%至12%的利息,远高于中国高质量借款人的典型利率。

    1月19日,路透社报道称,最近几周,在海航未能偿还部分债务(包括飞机租赁付款)后,来自中国银行、民生银行以及交通银行租赁部门的高管已经与海航的关联航空公司举行了磋商,讨论收回欠款的问题。

    2017年12月初,彭博社报道称,标普和惠誉至少对四家公司表示了担忧,原因是这些公司与海航的关系。另外,海航集团的旗舰公司海南航空取消了债券发行,另一家子公司终止了股票发行事项,一些海航附属公司的借贷成本达到历来最高水平。在当时,海航就面临大约280亿美元的短期债务。

    按照海航方面提供的数据,目前海航总体债务规模为2500亿元左右。而根据标准普尔全球市场情报的数据,截至2017年6月底,海航的长期债务达到3828亿元,净债务达到税息折旧及摊销前利润的6.5倍。

    2017年11月,《日经亚洲评论》报道称,海航集团旗下一家子公司新发美元计价债券收益率达到8.875%,债券期限为363天,该收益率水平比其5月份发行的3年期债券高出近三个百分点。以成本较高、期限较短的债务置换部分即将到期的债务,被市场解读为海航集团面临流动性压力的迹象。

    因担忧海航集团即将有大量债务到期且借贷成本上升,随后标普下调了海航的信用状况,虽然并非正式的信用评级,但它意味着海航信用水平陷入到了“麻烦区间”。

    从1000万到1.6万亿,海航大举并购

    据海航集团官网资料,目前其业务版图已经涵盖科技(海航科技)、旅游(海航旅游)、金融(海航资本)、不动产(海航实业)、物流(海航物流)、现代金融(海航创新金融)六大业务板块,总资产高达1.6万亿元!

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆4

    2017年7月份,美国《财富》杂志公布2017年世界500强榜单中,海航位列第183位,排名较上年上升多达170名。《财富》数据显示,2016年海航集团营业收入高达530.35亿美元(约合人民币3447亿元),实现利润27.89亿美元(约合人民币181亿元人民币)。

    公开资料显示,1993年创业初期,海航所有的资金仅限于当时海南省政府给的1000万元创办费。从1000万元到1.6万亿元,这16万倍的增长,核心推动力来自海航集团的大举并购。尤其是在2016年,海航的总资产从2015年的953.39亿美元,暴增81.56%至2016年年底的1730.95亿美元。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆5

    众所周知,海航资产规模的急剧膨胀,与它一直以来的大手笔并购直接相关,但这也引发了市场对于海航资金链条的疑惑。

    据晨哨集团研究部数据,不完全统计,海航自2010年至今开展了40宗跨境并购,交易总额已经超过400亿美元。其跨境投资布局主要涉及航空公司、物流供应商、餐饮集团、酒店、租赁公司及办公楼等。海航集团官网信息显示,在总量1.6万亿元的资产当中,境外总资产超过3300亿元,旗下境外企业数量45家,境外员工就多达近29万人。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆6

    ▲海航集团国际化进程(点击图片可放大)

    应对麻烦,海航开始变卖资产

    如今,对外大规模并购的带来的资金链危局已在眼前,海航当如何应对?

    据路透1月18日报道,海航董事局主席陈峰对路透社承认公司出现流动性难题,但他认为,海航能够解决现金短缺问题,今年将继续获得银行及其它金融机构的支持。

    海航A股公司集体大跌,数十万股东心忧超强地雷被引爆7

    ▲陈峰(图片来源:海航集团官网视频截图)

    而据“海航集团”微信公众号2017年12月消息,国家开发银行、建设银行、信达资产、光大集团、华夏银行和山西省农信社等金融机构与海航集团达成战略合作及增加授信额度。截至当时,海航集团获得各大金融机构授信总额超过8000亿元,还有3100亿元授信未被使用。

    与此同时,海航也在出售部分资产,以回笼资金。

    2017年12月份,海航集团副董事长、首席执行官谭向东介绍,集团正在洽谈出售纽约、悉尼、香港等地的部分房地产资产,同时也在积极推进成立投资基金,以便将这些地块出售给外部投资者。

    事实上,早在2017年4月,海航就宣布了当年第一笔重大资产的出售,即持有近6年的曼哈顿甲级写字楼。2011年,海航集团从凯雷集团处购得该项资产,斥资2.59亿美元。据美国一家房地产评估企业的报告,2016年初,该写字楼的市值已经达到3.39亿美元。

    “大企业干不了小企业,有些在收购时带过来的小企业,和我们主业不太相关的,今年已经清理了100多家。”谭向东表示,“凡是国家不支持的,坚决不投,支持的’一带一路’项目,我们就坚定不移地走出去。”

    据经济观察网1月19日消息,就谭向东取消参加达沃斯世界经济论坛一事,海航方面回应称,海航集团会安排其他人参加该论坛,这属于公务安排。

    【来源:每日经济新闻



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