As for the default of its 1 billion bonds, brilliance group responded: “the current capital is indeed in temporary difficulties, so it is unable to cash the due bonds on schedule. The group is actively trying to find solutions, and I believe Brilliance will actively and properly solve the bond problem.” < p > < p > on October 24, brilliance group confirmed in an announcement that the private placement bond “17 Huaqi 05” with a scale of 1 billion yuan was not cashed on time, resulting in substantial breach of contract. < / P > < p > according to the relevant rules, the trading of the existing corporate bonds of brilliance group will be suspended from the opening of October 23. If the principal and interest of “17 Huaqi 05” bonds can be paid in full on the 23rd, the trading of relevant bonds will be resumed from the opening of October 26, otherwise, the trading of the bonds will continue to be suspended until the relevant circumstances are eliminated. In fact, as early as August this year, a number of bonds of brilliance automobile group fell sharply. Creditor banks formed a debt Committee on brilliance auto debt. At present, brilliance group has a huge debt of more than 100 billion yuan. According to the bond semiannual report of brilliance group in 2020, the total debt of the group is 132.844 billion yuan. After deducting goodwill and intangible assets, the asset liability ratio is 71.4%. The balance of cash and cash equivalents at the end of the period was 32.677 billion yuan. < p > < p > according to public data, brilliance automobile group is a key state-owned enterprise subordinate to the state owned assets supervision and Administration Commission of Liaoning Province. It has four listed companies, namely Brilliance China, Jinbei Automobile Co., Ltd., Shanghai Shenhua Holding Co., Ltd. and Xinchen China Power Holding Co., Ltd. < p > < p > in the past 2019, BMW Brilliance’s net profit and sales volume were 7.626 billion yuan and 545900 vehicles, respectively, with a year-on-year increase of 22.1% and 17.1%. If the net profit of BMW Brilliance is excluded, the net profit loss of Brilliance China in 2019 will reach 1.064 billion yuan. It can be said that without the joint venture of BMW Brilliance, Brilliance China will be difficult to survive. In addition, in the first half of this year, the revenue of Brilliance China reached 1.45 billion yuan, a year-on-year decrease of 23.85%, and the net profit was 4.045 billion yuan, with a year-on-year increase of 25.24%. < p > < p > in October 2018, brilliance group announced that it plans to sell 25% equity of brilliance BMW to BMW group before 2022, with the transaction price of RMB 29 billion; meanwhile, the shareholding ratio of BMW Group in brilliance BMW will rise from 50% to 75%. Apple extends AppleCare + purchase period: users can decide within 60 days

By ibmwl