Cody Group is in crisis: Cody Dairy defaulted on a huge amount of milk, and Cody froze wages and stopped production.

After Cody Dairy received a letter of concern from Shenzhen Stock Exchange about the problem of "defaulting on dairy farmers' milk payment", Cody Quick Frozen was also afraid of "exploding thunder" on the debt issue. The reporter's on-the-spot investigation found that Cody's quick freezing has been discontinued recently, and employees have been in arrears for a long time since June last year. "The market has collapsed. "

Cody Group is in crisis, and Cody Dairy's problem of "arrears to dairy farmers10.40 billion yuan" continues to ferment.

The Beijing News reporter visited Cody Dairy on August 2 and found that its low-temperature milk factory had stopped production. Only two or three "small white milk" lines of more than a dozen production lines in the normal temperature milk factory are running, and the production staff are in arrears for 4 months. Dealers in Guiyang, Nantong, Wuxi and Shenzhen all reported shortages.

In addition, Cody Dairy initiated the acquisition of Cody quick-frozen equity twice from May 20 18 to April 20 19, and claimed that Cody quick-frozen equity could increase profitability. However, several regional sales managers of Cody Refrigeration revealed to the Beijing News reporter that since June 2065438+2008, Cody Refrigeration has been in arrears with the wages and travel expenses of business personnel. At present, the factory has stopped production, and the shortage is serious. "The market has collapsed." The acquisition may be stranded.

A number of sources confirmed to the Beijing News reporter that Cody Dairy and Cody Quick Freeze had previously operated well and could achieve profitability. Now they are caught in a debt crisis, and they stop production and are out of stock, fearing that the funds involved will be misappropriated by Cody Group.

On the evening of August 3, Shenzhen Stock Exchange sent a letter of concern to Cody Dairy, asking it to explain whether the company has a tight capital chain, whether the funds are used by other parties, and whether there are 65.438+67.2 billion yuan of monetary funds in the account, but it is still in arrears for a long time. The insiders believe that if Cody Dairy cannot give a reasonable answer to the company's accounts payable and the use of monetary funds, it is suspected of financial fraud and information disclosure violations.

Cody dairy employees and dairy farmers came to collect debts.

Since July 24 this year, videos of Cody dairy employees and dairy farmers coming to collect debts have been constantly flowing out on the Internet. In the picture, an employee stands at the door of Cody Dairy Normal Temperature Milk Factory and pulls up a banner that reads "It is shameful for enterprises to default on wages"; There are also dairy farmers who have been in arrears for a long time to climb the 25-meter-high milk tank to "collect debts".

"If you don't find it, the farmers have sued me." On August 1 day, Jia Guifang, the head of a dairy farming community in a county under the jurisdiction of Shangqiu City, Henan Province, told the Beijing News reporter. His cooperation with Cody Dairy began in 20 13, and the payment had been relatively normal before, but since the winter of 20 17, Cody Dairy has been in arrears with the payment for milk, with a cumulative amount of more than 3 million yuan. Jia Guifang was unable to pay the farmers on time and fell into a "triangle debt" with the farmers and Cody.

Wang Xingfa, a farmer in the county, also suffered from the default of Cody Dairy. At the end of 20 17, Wang Xingfa began to deliver milk to Cody Dairy. "Cooperation began to owe in a few months. I owed money once in the past few months, but now I owe it for more than a year, and I owe me a total of * * *1.20 thousand. " Today, Wang Xingfa has to rely on selling cattle to maintain the operation of the cattle farm, and the number of cows has also decreased from more than 500 in the initial stage of cooperation between the two sides to more than 200 now.

According to Jia Guifang, the dairy farmer who climbed the milk tank to collect debts in the above video came from Shandong and was the "big family" of Cody Dairy. A letter for help from dairy farmers obtained by Beijing News reporter shows that Cody Dairy has been in arrears with milk payment since February 2065438+2007, involving thousands of dairy farmers, with a total amount of about 65438+400 million yuan.

Cody dairy employees are also asking for wages to defend their rights. According to the judgment documents, since September 20 18, 19 employees have taken Cody Dairy to court on the grounds of labor disputes, demanding unpaid wages and social security, of which 13 cases * * involved amount1kloc-0/000 yuan. The judgment of the second instance showed that most of the above employees were dismissed by Cody Dairy on the grounds of "poor performance" or "violation of company regulations", but Cody Dairy could not provide effective evidence to prove that employees could not continue to be competent for their jobs, but stopped paying wages and did not pay social insurance for employees in full. Cody Dairy's appeal was basically rejected.

"The sales manager quit, the salesmen generally quit, and the travel expenses were owed to others for more than a year." On August 2, Fang Yongqiang, an employee of Cody Dairy, and his colleagues confirmed to the Beijing News reporter that Cody Dairy owed its production employees four months' wages in addition to the wages of its business personnel. "Without social security", many employees leave their jobs or go home on holiday.

Dairy industry and quick freezing mostly stopped production.

In fact, long before the debt collection storm broke out, Cody employees publicly reflected the situation of wage arrears, which spread to the entire Cody Group.

2065438+September 2008, employees of the sales department of Cody Natural Deep Spring Water Company (a subsidiary of Cody Dairy Company) said on the message board of local leaders of People's Daily that during their half-year work in the sales department of the company, the company had been in arrears with wages and travel expenses. In February of 20 19, an employee of Cody Quick Freeze also left a message on the platform, saying that the company owed wages to 359 employees from May of 20 18 to February of 20 19, with a preliminary estimate of 20 million yuan.

According to public data, as of March 3, 20 18, Cody had 373 quick-frozen salespeople. However, according to the sales expenses, the "social insurance premium" for Cody quick freezing in 20 16 years is only 13400 yuan, in 20 17 years it is 2 1700 yuan, and in 20 18 years it is 0 yuan. Hu Jinglan, regional manager of Cody's quick freezing, said that he has been engaged in sales work in the company for more than ten years and "has never paid social security".

Figure/announcement screenshot

By May of 20 19, there were still employees in dairy industry and quick freezing who reported that Cody had not paid his salary. In this regard, the Shangqiu Municipal Committee Supervision Office successively responded on the message board that the problems reflected by Cody employees were true. At the government level, several companies in Cody were ordered to rectify, and then they were supervised to come up with solutions. Cody Group said it plans to settle the arrears of wages and travel expenses before the end of July 2065438+2009. However, according to several employees confirmed to the Beijing News reporter, Cody did not fulfill his promise.

At the same time, Cody Dairy and Cody Quick-frozen have both fallen into different levels of production suspension.

On the morning of August 2, the Beijing News reporter saw that the door of Cody Dairy's low-temperature milk factory was closed and few people came in and out. Many large trucks are parked in front of the factory and idle. According to the security guard at the door, the factory has stopped production due to power failure.

At Cody's quick-frozen factory, the staff also said that it was hot in summer, and the factory was out of power, which had been suspended for a week. The Beijing News reporter saw through the gap in the gate of Cody Tangyuan production workshop that it was dark and there were no signs of production, and the transport vehicles in the factory were idle.

On August 2, Cody Dairy's low-temperature milk factory was in a state of suspension. Beijing News reporter Guo Tie photo

On August 2, Cody's quick freezing was stopped. Beijing News reporter Wang Siwei photo

On August 2, Cody's quick freezing was stopped. Beijing News reporter Guo Tie photo

"It's all about accounts. The factory will do it this month, or it will be over if it doesn't. " Fang Yongqiang said that Cody Dairy's low-temperature factory has stopped production, and more than a dozen production lines in the normal-temperature factory have also stopped production. Compared with the output of 300-400 tons per day in the same period last year, there are only two or three "small white milk" lines now, and the output has also dropped to 40-50 tons per day.

Liu Yongqing, regional manager of Cody quick freezing, also confirmed to the Beijing News reporter, "On July 22nd, customers were still making money, and the quick freezing factory began to stop production the next day. Since then, production has been intermittent, and it simply stopped on the 24th. The regional manager told me that it has been discontinued since July. "

In addition to the suspension of production, Tianyancha also showed that at present, Cody Group, its subsidiaries Cody Dairy and Cody Frozen were all listed as untrustworthy executors by the People's Court of Zhengzhou High-tech Industrial Development Zone on June 25, 1965 for "violating the property declaration system", and all the targets of 16296500 yuan were not fulfilled.

There are many contradictions in the enterprise statement.

In sharp contrast to wage arrears and production suspension, Cody Dairy has shown sufficient funds and good performance. By the end of 20 18, the monetary fund balance of Cody Dairy was167.2 billion yuan, up 76.2% year-on-year, accounting for 49.43% of the total assets. In the first quarter of 20 19, Cody Dairy's monetary fund continued to grow to 177 billion yuan, and its cash flow from operating activities was110 million yuan, up nearly 30% year-on-year. In the first half of this year, Cody Dairy's pre-profit was 82,985,400-87,523,700 yuan, a year-on-year increase of 28%-35%.

In this regard, some Cody employees questioned, "Cody Dairy has a good performance, with a book value of 65.438+67 billion yuan, and still owes employees wages. Are you surprised, too? "

Despite the "backyard fire", Cody Dairy has been extremely calm in the capital market. Up to now, no explanation has been given on the debts and unpaid wages, and no announcement has been made on the legal disputes between the company and the controlling shareholder and the issue of the untrustworthy executor. We have always taken a "negative" attitude towards the doubts of all parties.

On June 27th, 20 19, the online collective reception day for investors of listed companies in Henan, some investors asked whether it was true that "Cody Waterworks owed workers wages 10 months and expenses 14 months" reflected by employees on the local message board of People's Daily. Zhang Fenghua, general manager of Cody Dairy, denied it at that time, saying that "the company did not owe wages". The Yucheng County Government Office, where Cody is located and affiliated to Shangqiu City, responded to the employee's message, "If Cody Group fails to pay the arrears of wages within the time limit, the County People's Social Security Bureau will apply to the people's court for compulsory execution according to law."

In addition, Cody Dairy also has differences with investors, rural assets and other participants on the issue of the "bottom agreement" with a fixed increase of 389 million yuan in 20 16. According to reports, at that time, some participants such as Xiaocun Assets signed financial advisory agreements with Cody Dairy, Cody Group and Zhang Qinghai, the actual controller, who promised to make up when the income was less than 8%. However, after the one-year lock-up period expires, the stock market price is upside down with the fixed price, and the fixed-income participants such as Xiaocun Assets have obvious floating losses, while Cody Group and Zhang Qinghai have not made up the difference, which leads to litigation.

On the same online collective reception day on June 27th, some investors questioned Cody Dairy. "The investors who participated in the fixed increase all invested because of your price difference supplementary agreement. Now you don't admit to signing the agreement, indicating that the assets in the village are fraudulent? " Zhang Fenghua, general manager of Cody Dairy, also denied this, saying that the company, major shareholders and actual controllers had not signed a guarantee agreement with the participants.

Shen Meng, executive director of chansons Capital, believes that if the above questions are true, Cody Dairy is suspected of violating the labor law and information disclosure.

Cody Group is suspected of misappropriating funds.

Now that the efficiency has improved, where has all the money gone? Hu Jinglan, regional manager of Cody's quick freezing, told the Beijing News that Cody's quick freezing market is profitable every year, but it has been short of money since the fourth quarter of last year and has continued until now. "We suspect that the funds for dairy industry and quick freezing have been misappropriated, and Cody convenience store should be the drag on the performance of the group."

This statement was also confirmed by Liu Yongqing, Cody's regional manager of quick freezing. "The biggest loss should be Cody Supermarket (Editor's Note: It is actually a convenience store). Once, the regional manager told us that Cody had worked hard for two years and lost more than 500 million. "

According to official website information, Cody Group was established in 1985, and it owns many subsidiaries such as Cody Dairy, Cody Frozen, Cody Noodle and Cody Convenience Chain. Among them, Cody Convenience Chain Trading Co., Ltd. was established in February 20 17 with a registered capital of1000 million yuan. Remarkably, the company was listed in the list of business anomalies by Henan Provincial Market Supervision Bureau on July 8 this year because it failed to publicize the annual report as required.

Hu Jinglan also noticed a detail. At the end of 20 18, some Henan regional managers of Cody's quick-frozen products withdrew their wages for five months, but the manager of the company's operation department issued a notice in Cody's quick-frozen regional group, saying that because the company needed the balance of bank deposits at the end of the year, each person was required to keep only the wages for May of 20 18, and the remaining four months' wages were "immediately remitted to the group account". The account name and account number of Cody Food Group Co., Ltd. are attached below the notice. Hu Jinglan doesn't know why the salary should be returned to the Cody Group account instead of the Cody quick-frozen account. He only knows that most people have implemented it as required.

In fact, Cody Group has a precedent of occupying the funds of its subsidiaries. According to Cody Dairy's inquiry and reply about the acquisition of Cody's quick-frozen equity in June last year, as of March 3, 2065438, Cody Group's short-term loan was1165.55 million yuan and its long-term loan was13 1 9.95 million yuan. Of the 15 funds involved, two were used to repay the funds occupied by Cody Group and Cody Noodle Industry for Cody quick freezing, totaling 830 million yuan. 2065438+February 2008, Henan Cody Mill Food Co., Ltd., a subsidiary of Cody Group, also occupied 200 million yuan of Cody Dairy for a short time, which was explained by the cashier's misoperation.

Figure/announcement screenshot

There are indications that the capital chain of Cody Group is tight. As of May 30, 2009, Cody Group held 99.96% of the pledged shares of listed companies, or there was a risk of compulsory liquidation. In addition, Cody Group also has a fully automatic dumpling machine (* * * 2,265,438+09) with a value of 2,654.38+0.5 million yuan, which is mortgaged for loan contract guarantee. Since April this year, six cases of Cody Group have been enforced by the court, involving about 2120,000 yuan of executed property. In addition, Cody Group is also involved in 16 private lending dispute, involving 32,098,900 yuan.

Figure/announcement screenshot

Unpaid wages for the same period of acquisition of frozen assets

In the case of tight capital chain, Cody Group is eager to inject frozen assets into the listed Cody Dairy. 20/kloc-0 On May 27th, 2008, Cody Dairy announced that it planned to purchase 0/00% equity of Quick Frozen/kloc-0 from the controlling shareholder Cody Group and 29 natural persons such as,, and Xu at the price of1500 million yuan. Because the estimated value-added rate is as high as 347.84%, and there is obvious correlation between buyers and sellers, it is questioned by the outside world that there is interest transfer and inquired by the regulatory authorities.

According to the transaction plan, Chairman and Xu of Cody Group and Cody Dairy hold 99.83% of the equity of Cody Group. She is the daughter of He Xu and the legal representative of Cody's quick freezing. Of the other 26 natural persons, 7 are related to Xu and 5 are directors of Cody Group.

It is worth noting that Cody Group transferred its capital contribution to Cody Frozen * * to Zhang at the price of 1 yuan/1 yuan in February 1965, June 1948+07 and March 1948+08 respectively. This means that once the acquisition is approved (calculated at the revised transaction price of 654.38+459 million yuan), the value contributed by Zhang Qinghai and Zhang Shaohua will increase by nearly 50 times in just a few months.

Shen Meng, executive director of chansons Capital, believes that the reason why this acquisition is questioned is mainly because there is obvious connection between the buyer and the seller, the major shareholders of the two companies are the same actual controller, and the news that the capital chain is tight comes out. "This will remind people whether major shareholders will inject their private assets into listed companies at higher prices for their own interests, so as to ease their financial pressure and pass on the risks to other shareholders of listed companies."

However, after nearly half a year's planning, Cody Dairy suddenly announced on the evening of 20 18 165438123 that it had decided to terminate the acquisition due to major changes in the capital market environment. Then, on April 20 19 17, Cody Dairy announced the plan to restart the acquisition of Cody's quick-frozen transaction.

For the reasons for the acquisition, Cody Dairy explained that Cody Quick Frozen is a high-quality asset that can enhance the profitability of listed companies. However, from the time point of view, Cody Quick-frozen appeared the phenomenon of wage arrears and production suspension during the announcement of two acquisition plans, and it still needs to be questioned whether it is a "quality asset" now.

Quick-frozen employees exposed that the market had "collapsed"

According to the reply of Shangqiu Municipal Supervision Office on June 6, 201165438/kloc-0, Cody Food Group has been in arrears in wages and travel expenses of business personnel since June 20 18 due to the reorganization of assets and the off-season of the market. At the same time, Cody's quick freezing is faced with the problem of "economic benefit decline due to the expansion of production scale, investment in fixed assets and market influence".

"Since June last year, there has been a large-scale shortage. For example, our region received an advance payment of 67 million yuan, but only delivered 1 10,000 goods, owing a lot of money to dealers, and now even normal production is gone. Dealers dare not make money, and the market collapses, which is already a dead end. " Liu Yongqing, regional manager of Cody's quick freezing, thinks that Cody's beautiful report is for the capital market. "Now that the financial situation is not good, there is definitely no way to make an acquisition."

According to the person in charge of the market of another quick-frozen enterprise, Cody Quick-Frozen holds an order meeting every August and September, requiring dealers to pay the advance payment to the company in one lump sum. If the amount exceeds a certain amount, you can also participate in the lucky draw to reward Mercedes-Benz and Camry cars, which is very favorable. "The news of wage arrears has come out. It is estimated that Cody's quick-frozen advance payment will not be collected this year. Dairy and quick-frozen are the same boss, as everyone knows. If the product is always out of stock, it will be replaced by other brands. In the long run, the brand will disappear. "

For Cody Dairy, large-scale production suspension has also begun to have an impact on the terminal market. On August 2nd, the Beijing News reporter learned from dealers in Guiyang, Nantong, Wuxi, Shenzhen and other places as merchants that Cody's "Little White Milk" is generally out of stock at present, and the delivery time is as short as 3 days and as long as 1 month, so it is difficult to guarantee that there is enough quantity for each delivery.

Shen Meng, executive director of chansons Capital, believes that judging from the current situation of Cody Dairy and Cody Frozen, its acquisition plan "is not only aimed at the capital market, but also suspected of joining hands with intermediaries to raise the price of Cody Frozen and sell it to listed companies. The due diligence of intermediaries is also flawed."

According to the latest acquisition plan, the transaction object of Cody Dairy has increased Zhongyuan Asset Management Co., Ltd., on the grounds that Zhongyuan Assets had previously obtained some Cody frozen shares with its creditor's rights to Cody Group. According to public information, the main business of Zhongyuan Assets is to dispose of non-performing assets through debt restructuring, equity investment and debt-to-equity swap.

(In this article, dairy farmers, Cody Dairy and Cody Frozen employees are all pseudonyms. )