【新唐人2014年07月22日讯】日前，山西一家民营企业宣布下周到期的4亿债券，可能无法按时兑付，因为公司董事长被带走协助调查造成。
7月16号，山西民企华通路桥集团发布公告说，由于企业董事长王国瑞仍在协助有关部门进行调查，不能返回企业主持工作，7月23号到期的 4亿短期融资债券兑付，存在不确定性。市场观点认为，由于本期短期融资没有担保，如果不能如期兑付，这期债券将成为中国首宗本金违约的债券。
公开资料显示，华通路桥集团已经成为一家集道路桥梁、房建地产、煤炭资源、环保建材、农业餐饮为一体的综合型大规模企业，注册资本15亿，年产值近百亿，下设房产、环保等近二十家子公司及路桥、建安、机械施工、装饰建材及建材研究所等二十多个分公司。
公司董事长兼总经理王国瑞，作为公司实际控制人，持有公司股权60.25%，是公司经营决策、资金筹措及资金调度的总负责人，屡屡跻身“胡润百富榜”。
公开资料显示，王国瑞因涉嫌违法，已经在7月10号被撤销政协山西省委员会委员资格，而同一天被免职的，还有山西省委员会副主席令政策。
大陆投资顾问邓先生：“如果说从官员们下手，最后都是落到企业那里，不管是国企、央企、民企，凡是那些和政府官员走得近的，都可以很容易的查出来，问题是谁查，查谁，什么时候查，这不是一个个案。”
原四川首富刘汉，和“中旭系”的实际控制人吴兵，及商人米晓东等巨富，和所谓的民营企业家们，都被大陆媒体称为，是给原政法委书记周永康洗钱的“白手套”。
根据“华通路桥”官网介绍，“华通路桥集团”列山西省百强企业第30名，被“中国农业银行山西省分行”评为AAA级信用度企业，集团商标被评为山西 省著名商标，中共山西省委组织部，曾经授予这个公司“全省创先争优先进基层党组织”称号。“华通路桥”还先后获得“山西省优秀企业”、“山西省功勋企 业”、“山西省五一劳动奖状”等100多项所谓荣誉。
北京大学光华管理学院博士生导师王建国：“权控经济它的根本的一个矛盾在哪里呢？主要的经济活动都是被政府管制的，它是由这些官员来执行的， 所以他们就会收取贿赂，人家不给贿赂他不批，不放松控制的话，不把这个管制权、控制权放到市场去，但是你又要反贪，这个经济就会垮掉，中国权控 经济的情况下，贪污腐败是它经济发展的一个很重要的动力。”
据了解，道路桥梁建设所产生的经济效益，占据“华通路桥”收入的半壁江山，“华通路桥”的另外两大支柱产业，分别是房地产和煤炭资源开发。“华通路桥”官网声称，目前，集团公司核准的煤炭资源储量已经达到50亿吨，形成了年核定总产能为1000万吨的开采能力。
据报导，除了迫切需要兑付的4亿元短期融资外，“华通路桥”还欠有数十亿银行借款。当地政府得知消息后，已经开始商讨对策，准备兜底，要求当地银行对“华通路桥”只能注资不抽贷，到期希望转贷。
邓先生：“说明政府在这里面涉入很深，允许那些不法经营和黑金交易的话，那就一定冲击市场经济，对正常的经营形成冲击和破坏，它破坏的是一个经济环境，破坏的是一个游戏规则，最后造成的影响，那真的是国家买单、社会买单。”
而面对发行人如此巨大变故，评级公司却反应有些“滞后”。今年6月27号，负责债券评级的“联合资信”，给出的跟踪评级还维持原来的评级，债项为A-1的评级，主体评级AA-，评级展望为稳定。
采访编辑/刘惠 后制/萧宇
Shanxi Private Enterprise Chairman Investigated,
Facing Breach of $64M Contract
A private enterprise in Shanxi Province recently announced
that 400 million yuan ($64 million) worth of bonds due next
week may not be able to be honored on time, because
the chairman of the board was taken away for investigation.
Huatong group, a private enterprise in Shanxi, released it’s
announcement on July 16 that the chairman, Wang Guorui,
is still assisting the relevant investigative department, and
won’t be able to go back to work.
So, the redemption of the $64 million financing bonds
due on July 23 is uncertain, the notice says.
Market analysis says it’s a short term financing
without guarantee;
If the company can’t honor the bonds on time, it’ll be
China’s first breach of bond principal.
http://stock.jrj.com.cn/2014/07/17093617621773.shtml
Public information shows Huatong group is an integrated
large-scale enterprise that is involved in roads and bridges,
housing construction, real estate, coal resources, eco-friendly
building materials, agriculture and food.
It has 1.5 billion yuan ($241 million) of registered capital, and
nearly 10 billion yuan ($1.6 billion) of annual production value.
It has 20 real estate and environmental branch companies
and another 20 branch companies for road and bridge,
construction, installation, mechanical construction,
decoration materials, and construction institutes.
Wang Guorui, the chairman of the board and the general
manager, holds 60.25% of the company equity.
He’s the overall responsible person for the company’s
operating decisions, financing and funding.
He has appeared on Hurun Rich List several times.
On July 10, Wang’s qualification for member of Shanxi
committee, was removed on suspected violation of the law.
On the same day, Ling Zhengce, vice chairman of the
Shanxi Committee was also dismissed.
Mr. Deng, investment advisor in mainland China,“when
investigating officials, [the corruption] all eventually leads
to enterprises no matter state-owned or private-owned.
All those enterprises that have close ties with officials are
easy to find out the problems.
The key is who to investigate, and when to investigate.
It’s not a single case.”
Liu Han, former richest man in Sichuan Province, Wu Bing,
who controls Zhongxu Investment Co. Ltd, and wealthy
businessman Mi Xiaodong, are private entrepreneurs who
are considered by Chinese media as the “white gloves”.
They whitewash dirty money for former secretary of the
Political and Law Committee, Zhou Yongkang.
http://bbs.tianya.cn/post-50910-4381-1.shtml
According to Huatong Group’s official website,
the company is the top 30 company in Shanxi.
It’s evaluated as the AAA level credible enterprise,
and the famous Shanxi trademark.
The Shanxi Chinese Ccommunist Party (CCP) Committee
also awarded Huatong group “Creative and excelling grass-
root party organization in the Province.” The company has
earnt over 100 honors.
Wang Jianguo, doctoral supervisor, Management team
of Peking University, “what’s the root of power controlled
economy? All the major economic activities are controlled
by the government, implemented by the officials.
Thus, they take bribes, without which they don’t give
project permits to companies.
If not loosening up control, or giving the power of
control to the market, the economy will collapse.
In China’s power controlled economy, corruption is a
major power that drives development of the economy.”
Half of the economic benefits of Huatong come from road
and bridge construction.
The other two main industries are real estate and
development of coal resources.
Huatong’s official website says the company’s
coal reserves have reached five billion tons.
They have a mining capacity of 10 million tons a year.
Besides the $64 million bonds in need, Huatong also
owes billions yuan to bank loans.
Local government has started to discuss measures to
solve the crisis.
They are asking local banks to inject capital and not to
recover the loan early, and transfer the loan when it’s due.
Mr. Deng said, “it shows the government is deeply involved.
Allowing illegal business deals and trades will impact
and damage market economy.
It destroys the economic environment, rules of the game,
and will eventually impact the nation and society.”
Facing such big change of the issuer, the evaluation
company’s reaction is late.
On June 27, Lianhe Ratings still gave
Huatong a high level as before.
Huatong’s debt was leveled to A-1, and overall was leveled
at AA-, which is a stable evaluation result.
Interview & Edit/LiuHui Post-Production/XiaoYu
