Wen/Leju Finance Zhang Dan

"The acquisition of Eagle Brand is a right decision, but I can't control the timing." Wu Qichao once responded when asked about his feelings about the acquisition of Eagle Brand Ceramics. As a new material enterprise, Tian'an New Material acquired a ceramic enterprise with a history of more than 40 years. This cross-border acquisition attracted considerable attention and discussion in the industry at that time.

Wu Qichao was born in Foshan and grew up in Foshan. Before acquiring Eagle Brand Ceramics and becoming the chairman, he was the chairman of Guangdong Tian'an New Materials Co., Ltd. (hereinafter referred to as "Tian'an New Materials"), a listed company. According to the official website, Tian'an New Materials is an enterprise specializing in the production of environment-friendly high-end decorative materials and automotive interior materials.

At that time, many people thought that the strategic transformation of Tian'an New Material had a great span, but Wu Qichao thought it was a misunderstanding from the outside world. He said that he was half a "customized person". The so-called strategic transformation was actually a highly related strategic extension on the original basis.

On March 11, 2021, Tian'an New Material announced that the company had received the Notice of Organization and Contract Signing issued by the Southern United Property Rights Trading Center, and was identified as the transferee of Guangdong Yingpai Ceramic Group Co., Ltd. (hereinafter referred to as "Yingpai Group") to transfer 66% of the equity of its four subsidiaries in a bundled manner, with the total listing price of the subject matter of the transaction transfer of 520 million yuan.

The four subsidiaries of Eagle Brand Ceramics Group involved in this transaction are Foshan Shiwan Eagle Brand Ceramics Co., Ltd., Heyuan Dongyuan Eagle Brand Ceramics Co., Ltd., Foshan Eagle Brand Ceramics Trade Co., Ltd. and Foshan Eagle Brand Technology Co., Ltd. According to public information, Eagle was founded in 1974. In 1999, Eagle Holdings became the first township enterprise listed overseas (Singapore) in China; In 2010, it was acquired by Shiwan Xinli Investment Management Co., Ltd., and Yingpai Holdings was delisted from the Singapore Stock Exchange, replaced by Guangdong Yingpai Ceramics Group Co., Ltd., which became a wholly-owned state-owned enterprise.

At present, Foshan Shiwanying Ceramics Co., Ltd. (hereinafter referred to as "Shiwanying") is 66% and 34% respectively held by Tianan New Material and Yingpai Group. At present, the enterprise associated with the official website of Yingpai Ceramics is Shiwanying.

Shiwan Eagle was incorporated on September 29, 1995, with a registered capital of 430 million yuan, and its legal representative is Wu Qichao. In addition to many commercial cooperation disputes, there are also many "business warnings" triggered by guaranteed enterprises.

Leju Finance has learned that there are 18 pieces of guaranteed information currently included in the statistics. On April 24, Shiwanying added a new piece of guaranteed information. Tian'an Xincai's announcement shows that in order to meet the daily business needs, Shiwanying applies for a comprehensive credit line from Foshan Branch of Guangfa Bank Co., Ltd. (hereinafter referred to as "Guangfa Foshan Branch") 18,000 10000 yuan (exposure 80 million yuan). The maximum amount of creditor's rights guaranteed by the parent company Tianan New Material for Shiwanying Brand is 6336 10000 yuan; The holding subsidiary Heyuan Dongyuan Eagle Ceramics Co., Ltd. (referred to as "Dongyuan Eagle" for short) provided guarantee for Shiwan Eagle with a maximum debt of 96 million yuan.

At the same time of disclosure of guarantee matters, the operating performance, assets and liabilities of Shiwanying were also disclosed. The special risk tip in the guarantee announcement was "the asset liability ratio of Shiwanying in the latest period exceeded 70%". Data shows that in 2023, Shiwan Eagle will achieve an operating revenue of about 1.37 billion yuan, a net profit of about 76 million yuan, and an asset liability ratio of about 82.72%. In the first quarter of this year, the asset liability ratio still exceeded 80%, 81.22%.