Xie Yingxiong was previously the owner of the billion-level LED enterprise Xiongji Lighting Factory in Zhongshan City, Guangdong Province. In early July, the company’s capital chain broke, and Xie owed Luo Ziming and other suppliers to run 25 million yuan.
On July 18, Xie Yingxiong was arrested in his hometown of Meizhou, Guangdong. However, Xie Yingxiong has lost his ability to pay debts, so until today, Luo Ziming did not get a penny.
Luo Ziming’s experience is not a case. Recently, the reporter of "Daily Economic News" interviewed in Zhongshan and Shenzhen found that due to the poor sales of terminal products, the triangular debt problem in the entire industrial chain of the LED industry has been very serious. Many SMEs have tight capital chains due to funding problems. The crisis triggered is accumulating.
Withdrawal of payment by cheque
Luo Ziming has no hope for returning money. He operated an LED lighting accessory company in Guzhen Town, Zhongshan City. The day before Xie Yingxiong ran the road, the other party also asked him to send more than 20,000 yuan of goods. “In this industry, there are too many debts in business dealings, and there are many roads running.â€
Like Luo Ziming, Zhang Weiqi is also the victim of the collapse of Xiongji Company. Looking at the perfect supporting capacity of the lighting industry in the ancient town, he came here from Jiangsu and Zhejiang a few years ago and opened a lamp company. Because of Xie Run Road, his money of more than 200,000 yuan was hit.
The debt problem of the LED industry made Zhang Weiqi miserable. In his words, once a company goes bankrupt, it almost means that the pains of one year are all in vain.
Zhang Weiqi took a check and shook it and said to the reporter: "You see, these are all empty checks." In the ancient town, the payment of the payment by cheque has become very popular. According to Zhang Weiqi, these checks don't look strange on the surface, but there are problems when they go to the bank to withdraw money. For example, some passwords are wrong, and some are deliberately blurred one or two words, and ultimately they can't get the money.
Zhang Weiqi said that the general payment method of the LED industry here is monthly, it takes one month or two months, and then one month's check, then three months. When you go to get a check, the finance is not there, the boss is not there, and it will be dragged for a month, which is four months. "It’s only half a year before I transfer the money, very much."
Not only the Zhongshan ancient town where the LED industry gathers, but also the problem of arrears in Shenzhen. Li Wei, manager of Shenzhen Ruiwang Semiconductor Co., Ltd., has not dared to take orders. "At present, we are mainly familiar with customers with good reputation, and strange customers are cautious."
Li Wei's company is mainly engaged in LED phosphors and is an upstream supplier of packaging companies. He told the reporter of "Daily Economic News" that the phenomenon of arrears in the entire industry is very common. If you owe me, I owe him. In order to ensure the safety of cash flow, if you encounter a strange customer, he will know the company clearly before and after, and dare to supply it.
Shenzhen Ouyamei Technology Co., Ltd. mainly produces and sells LED industry equipment. Wang Jiang, the person in charge of the company, told reporters that the capital chain of some LED companies is “very nervous.â€
In this case, the downstream packaging companies owe them money, he did not even dare to remind. "A reminder is not to mention the money, the machine has to take us away."
Wang Jiang said that the current triangular debt problem in the LED industry in Shenzhen is very serious. The downstream lighting factory owes money to the mid-stream packaging factory. The packaging factory owes money to upstream chips, phosphors and other companies, so that the layer of arrears is pushed upwards and eventually The industrial chain has formed a debt chain.
The severity of this debt chain is still deepening. Wang Jiang said that although the market is not very good, companies generally do not choose to suspend production, not only because it is more troublesome to recruit labor unions after the suspension of production, but more importantly, once the production is stopped, the supplier will speed up the dunning, then it can only wait for the bankruptcy. .
Capital chain issues cause bank vigilance
Zhang Weiqi said that it is not the most terrible thing to be in arrears. If you have another man, you may have to close down. This is the most terrible.
According to the "Daily Economic News" reporters incomplete statistics, since July this year, only Zhongshan and Shenzhen, there are five LED companies closed down. These failed companies have involved hundreds of suppliers, causing the negative effects to spread outward.
The newly closed Shenzhen Leixing Photoelectric Co., Ltd. is a company directly dragged down by arrears. According to the reporter's understanding, the company was established in April 2010. Before the bankruptcy, 1 million yuan of payment was delayed, and the upstream suppliers continued to collect money, causing the capital chain to break.
The issue of the capital chain has caused a high degree of vigilance on the banks. According to public reports, a Guangdong branch of a major bank has urgently notified its subordinate branches to warn of the risks in the LED industry. The branch believes that the investment scale of the LED industry is growing rapidly, the overcapacity situation is outstanding, and systemic risks are apparent.
According to Zhang Xiaofei, dean of the High-tech LED Industry Research Institute, such a debt relationship will have a chain reaction once there is a problem in a certain link. This chain reaction is first manifested in the possibility of directly dragging a supplier.
The impact of the chain reaction does not stop there. Zhang Xiaofei said that if a display company goes bankrupt, its suppliers may be nervous. In addition to finding a returning company to recover the purchase price, the supplier may immediately seek other companies or customers for money, causing other companies to have tight capital turnover problems.
"This industry chain itself is relatively tight. Once there is a place broken, others may break." Zhang Xiaofei judged that when everyone is nervous to a certain extent, when there is no money to earn, there will always be people who fall once. When someone falls, there will be a chain reaction.
Zhang Xiaofei reminded that LED display companies are currently facing more difficulties than lamps. First, the production of display screens has higher requirements for funds and venues. Second, in the context of the country's vigorous promotion of thrift, the thrifty evening party has also received responses from various places, and this will affect the sales of LED displays.
Wang Jiang said that when the market is not good, it is extremely important to keep cash flow. On the one hand, it is necessary to reduce expenses as much as possible, on the other hand, it is not blindly expanding.
Business model is not clear or the main cause
An industry insider in Guangdong said in an interview with the reporter of "Daily Economic News" that the root cause of the triangle debt is that the downstream LED lighting application enterprises do not make money, and the business model is not clear.
"Take the three channels of domestic sales of application products as an example, e-commerce channels burn money; distribution channels are difficult to distribute goods, and it is difficult to collect money; engineering channels, EMC (contract energy management) mode investment is too big, money is not good, or the government And the project of the real estate developer, but also the money, very little cash purchase."
According to the above-mentioned person, in this context, many companies are forced or pushed forward, but it is obvious that the lower end of the industry chain is lacking in cash flow.
Wang Jiang told reporters that if the entire LED industry chain is likened to a big tree, then the downstream application link is like a root. It needs to absorb nutrients from the soil of the consumer and then pass the nutrients upward to maintain the whole tree. vitality. But the problem now is that the sales of these end products are not very smooth and the bargaining power is weak.
According to the "Daily Economic News" reporter, the terminal sales are not smooth, and the companies in the first half of the year have significantly expanded their production capacity. From March to June this year, the LED market has seen a short-term recovery. Many industry insiders predict that the LED industry has already ushered in an outbreak period, so there is a phenomenon of oversupply.
"In the first half of the year, the LED market was really good. Many customers didn't even get the goods, so everyone started to install equipment and expand production capacity, resulting in overcapacity in the second half of the year and sales difficulties." Wang Jiang said.
Zhang Hongbiao, director of the High-tech LED Industry Research Institute, said in an interview with the media that the national LED lighting enterprises have seen significant overcapacity. In the first half of this year, the capacity utilization rate of domestic LED lighting companies was only nearly 60%, slightly better than before.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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