[Higher Engineer Exclusive] How does Foshan Tovey step by step toward the abyss of bankruptcy?

[Text / high-tech LED Yue Mengdi] On September 18, the Foshan Tovey incident is still fermenting. "High-tech LED" 17th report (original link: http://news.gg-led.com/asdisp2-65b095fb-60243-.html) caused concern in the Pearl River Delta and Yangtze River Delta LED industry.

According to informed sources, today's supplier representatives will go to the government and Liansu Group to submit petitions, while the workers continue to "enclose" the factory.

Big ups and downs

Foshan Tovey is a subsidiary of the Hong Kong Group. Since its establishment in 1996, it has been developing very well. A person familiar with the matter pointed out that in 2013 Tovi Jingli reached 70 million yuan, and in 2014, there were more than 8 billion revenues. On March 31 of this year, Foshan Tovey reached a strategic cooperation with Dongpeng Home, Alibaba and Xinpeng Robot, and launched “Internet Plus”, which will accelerate the technological innovation of machine generation through intelligent manufacturing.

On the other hand, Foshan Tovey also launched its listing strategy in the first half of this year, and plans to land in the new three board in 2015. To fully promote the listing strategy and land in the capital market, Tovey has strategic cooperation with several venture capital companies.

The painting style has changed suddenly. In July 2015, suppliers of Foshan Tovey began to notice problems. "Can Tovey not survive?" Some suppliers are worried. By yesterday (September 17th), there was a "containment" incident, and "containment" will continue today.

In the "Complaint Letter" issued by the supplier's representative to the Longjiang Town Government, since the suspension of production in Tovey in August, the domino effect caused by the suspension of production and the debt of the debtor has been increasing. At this time, suppliers and employees can only hope for the government, and hope that the government can make a difference to help this 30-year-old established company.

In fact, Tovey's dilemma today is also partly due to the government's EMC project engineering and the bank's early recovery of loans. Banks have broken loans and exports have stagnated, and their largest customers, Cooper and Kangda, have also abandoned Tovey, leaving Tovey to overcome the current difficulties.

Misfortunes

Time to move forward a little. In March of this year, Tovey held a strategic investment signing ceremony in Shunde. At the meeting, Liang Qipeng, chairman of the company, revealed that the company has reached a strategic cooperation agreement with Dingding Investment and Tianxing Investment, and has several venture capital investments. The agency and the company reached a cooperation agreement and started the share reform in the next two months.

Regarding the previous media reports and the article "The best cross-border joint plastics group officially invested in Tovey Lighting" published on Tovey's official website, the relevant staff of Liansu Group recently revealed that the group did not know about the matter.

From the relevant websites of the Trade and Industry Bureau, there has been no change in the equity of Toway.

Investors are reluctant to increase capital, suppliers stop supplying, bank accounts are frozen, and internal financial management is chaotic. These are all important reasons for Tovey to enter such a dilemma.

“The current assets are 1.3 billion and the liabilities are 1.4 billion.” Appeals insiders pointed out that although there are about 500 million non-bank debtors with the same debt-to-equity swap, the company does not currently have working capital.

"Tovi is completely saveable." Vendor representatives believe that despite all the above problems, Tovey's foreign trade orders and brand and reputation in the domestic LED industry have left suppliers with confidence. It can be seen in the Complaint that if Tovey is “saved”, the supplier representatives will continue to fully support Tovey.

According to customs export data, Tovey's total export value last year was 32.927 million US dollars. From January to August this year, the export value was 11.1 million US dollars. In July, the export value was 1.149 million US dollars. In August, this data dropped sharply to 378,300 US dollars. In May of this year, Gaogong LED visited Tovey, the company's senior engineers also said that this year will continue to fill the orders last year.

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