In recent years, business has been really difficult! The black swan of the epidemic has never stopped, the memory of last year’s power and production restrictions is still lingering in our minds, and the annual environmental inspections have gone as scheduled… Various emergencies have destroyed the confidence of textile bosses.
Some companies are still struggling to move forward, while others are overwhelmed. Faced with heavy debts and IOUs, they ultimately fail to survive and have no choice but to declare bankruptcy. For businesses that are still operating normally, the editor would like to say something: keep doing it and cherish it, and you must work hard to stay alive!
Recently, it has been found that many textile companies in Hangzhou, Shaoxing, Guangzhou, Anhui, Xinjiang and other places have declared bankruptcy, which makes people sigh!
Lu’an Aikewei Textile Co., Ltd.
The company is scheduled to hold an auction through online bidding on the Zhongbai platform at 9:30 a.m. on April 6, 2022. The announcement is as follows:
Located at the intersection of Fenghuang Road and Shanyuan Road in Jin’an Economic Development Zone, Lu’an City, the real estate (approximately 15307.3㎡), industrial land (approximately 14646㎡), attachments, etc. owned by Lu’an Aikewei Textile Co., Ltd. The reference price is 16.394 million yuan. After the auction is completed, the final actual price paid by the buyer is: transaction price – transaction price × 94.5% × 14%. The transaction price × 94.5% is the proportion of the land and real estate in the subject transaction price, that is, the transaction price deducts the initial purchase price of the subject land and property. Registration and transaction-related taxes and fees of 14% are the final actual price paid by the buyer. This deduction will be based on an estimated rate of 14% to deduct taxes and fees related to the initial registration and transaction of the subject land and property. In the later process of actually handling the real estate title certificate and transferring the registration to the name of the bidder, no matter how much taxes and fees are generated, including those that should be borne by the entrusting party in accordance with the law (i.e. Lu’an Aikewei Textile Co., Ltd.) shall bear the taxes and fees borne by the buyer.
Guangzhou Jianteng Plastic Textile Co., Ltd.
Shaoxing County Canpu Textile Co., Ltd.
Hangzhou Yenan Textile Co., Ltd.
Xinjiang Hotan Cotton Textile Factory
On March 8, the Hotan Prefecture Intermediate People’s Court presided over the first creditors’ meeting of Xinjiang Hotan Cotton Textile Mill (hereinafter referred to as Hotan Cotton Mill). The bankruptcy administrator, legal representative, creditors, etc. of Hotan Cotton Mill attended the meeting.
Hotan Cotton Textile Factory was founded in 1969 and is an enterprise owned by the whole people. The factory started restructuring work in October 2008. Because it could not pay off its due debts, Hotan Cotton Textile Factory applied for bankruptcy to the Hotan Prefecture Intermediate People’s Court on January 18, 2021. liquidation. The Hotan Prefecture Intermediate People’s Court ruled to accept the case and selected Xinjiang Yuanzheng Shengye Law Firm as the bankruptcy administrator by drawing lots. It announced the declaration of claims through newspapers, the Internet and other means. So far, a total of 19 creditors have declared to the bankruptcy administrator. Debts and claims.
Industry insiders revealed that since this year, the textile market has been generally good, and some companies do not lack orders. So why are there so many textile companies auctioning assets or even directly declaring bankruptcy?
Serious shortage of corporate liquidity and debt-based operations are important reasons.
Enterprises cannot operate normally, especially when the country tightens monetary policy. Enterprises cannot borrow funds from banks and have no other financing channels. As a result, enterprises cannot produce normally, and no matter how good the equipment is, they cannot give full play to their advantages. The company’s assets cannot effectively generate profits, reducing resource utilization.
Debt management is a double-edged sword. If used well, it can enable enterprises to quickly raise required funds, reduce operating costs, reduce tax expenditures, obtain financial leverage benefits, etc.; if the enterprise understands the quantity, limit, channels and Unreasonable choice of method and improper use of debt funds will bring disaster to the enterprise.
In recent years, the vast majority of China’s manufacturing industry, including textile companies, has been really difficult. Labor wages, benefits and raw material prices continue to rise, various taxes and fees are increasing, restrictions on environmental protection policies have increased environmental pressure, and trade wars have spread, and the chemical fiber and textile industries are deeply involved.
The “wave of bankruptcies” is not the result we want to see, but the emergence of the wave of bankruptcies is a warning to the domestic textile industry. If it continues to expand blindly and still seize the market with cheap products, what will eventually greet us will be “destruction” .
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