曾揚言併購台積電 中國紫光集團無力償債 - 工程師

By Bennie
at 2020-12-12T15:55
at 2020-12-12T15:55
Table of Contents
※ [本文轉錄自 Gossiping 看板 #1Vr5PdQj ]
作者: solemnDan (abcdan) 看板: Gossiping
標題: [新聞] 曾揚言併購台積電 中國紫光集團無力償債
時間: Sat Dec 12 13:34:24 2020
1.媒體來源:中央社
2.記者署名:邱國強 編輯:周慧盈
3.完整新聞標題:曾揚言併購台積電 中國紫光集團無力償債瀕破產
4.完整新聞內文:
曾揚言併購台積電的中國半導體廠紫光集團財務持續惡化,10日其境內外公司債同步違約
,距離上次違約還不到一個月,除引起中國官方關切,市場普遍認為紫光距離破產已經不
遠。
曾被部分中國媒體大肆吹捧的紫光集團,近年來一度以中國「國家隊」自居,在海外大舉
投資併購,甚至誇口要併購台積電。然而,相較於大幅擴張的投資,紫光的獲利表現卻不
成比例,進而導致集團資金緊縮,釀成無力償債的惡果。
在此情況下,紫光集團於2017年發行的「17紫光PPN005」公司債,由於無力兌付人民幣13
億元(新台幣約56億元)的本金,在11月16日被宣告違約。外電報導,紫光集團當時向債
權人提議延長償付期限,但未獲同意,遂告違約。
此事當時引起中國商界及投資人震撼,除導致紫光的評等從AA大幅降至BBB外,外界普遍
認為,連紫光這樣的大型國企也發生違約,那麼其他企業的償債能力,可想而知。至於中
國官方大力扶持紫光以帶動半導體產業的政策,則因此遭到更多質疑。
不到一個月後,紫光集團在12月10日宣布,2018年發行、規模人民幣50億元(新台幣約
215.4億元)的「18紫光04」公司債,因集團無力償還本息違約;同一天,紫光在香港發
行、規模4.5億美元(新台幣約127億元)的海外公司債,同樣因為無力償還本息而宣告違
約。
財新網報導,由於紫光集團12月10日發生上述2檔公司債違約,將進一步觸發旗下紫光芯
盛發行的3檔、總規模20億美元公司債的交叉違約條款。其中1檔10.5億美元的公司債將先
於2021年1月31日到期。
根據報導,中國法人分析,紫光集團的資金危機,主因是過度併購,加上債務槓桿過高所
致。因半導體產業投資回報週期長的特性,一旦獲利難以支應公司資金需求,便只能依靠
發債度日,長此形成惡性循環,便出現如今無力償債的窘境。
報導指出,違約在先的「17紫光PPN005」公司債,紫光集團至仍未能與債權人達成債務展
延協議。中國法人評估,在全集團短期償債壓力偏高,後續債務處置不容樂觀的情況下,
紫光集團將「大概率」地步入破產重整的命運。
5.完整新聞連結 (或短網址):
https://www.cna.com.tw/news/firstnews/202012120039.aspx
6.備註:
--
作者: solemnDan (abcdan) 看板: Gossiping
標題: [新聞] 曾揚言併購台積電 中國紫光集團無力償債
時間: Sat Dec 12 13:34:24 2020
1.媒體來源:中央社
2.記者署名:邱國強 編輯:周慧盈
3.完整新聞標題:曾揚言併購台積電 中國紫光集團無力償債瀕破產
4.完整新聞內文:
曾揚言併購台積電的中國半導體廠紫光集團財務持續惡化,10日其境內外公司債同步違約
,距離上次違約還不到一個月,除引起中國官方關切,市場普遍認為紫光距離破產已經不
遠。
曾被部分中國媒體大肆吹捧的紫光集團,近年來一度以中國「國家隊」自居,在海外大舉
投資併購,甚至誇口要併購台積電。然而,相較於大幅擴張的投資,紫光的獲利表現卻不
成比例,進而導致集團資金緊縮,釀成無力償債的惡果。
在此情況下,紫光集團於2017年發行的「17紫光PPN005」公司債,由於無力兌付人民幣13
億元(新台幣約56億元)的本金,在11月16日被宣告違約。外電報導,紫光集團當時向債
權人提議延長償付期限,但未獲同意,遂告違約。
此事當時引起中國商界及投資人震撼,除導致紫光的評等從AA大幅降至BBB外,外界普遍
認為,連紫光這樣的大型國企也發生違約,那麼其他企業的償債能力,可想而知。至於中
國官方大力扶持紫光以帶動半導體產業的政策,則因此遭到更多質疑。
不到一個月後,紫光集團在12月10日宣布,2018年發行、規模人民幣50億元(新台幣約
215.4億元)的「18紫光04」公司債,因集團無力償還本息違約;同一天,紫光在香港發
行、規模4.5億美元(新台幣約127億元)的海外公司債,同樣因為無力償還本息而宣告違
約。
財新網報導,由於紫光集團12月10日發生上述2檔公司債違約,將進一步觸發旗下紫光芯
盛發行的3檔、總規模20億美元公司債的交叉違約條款。其中1檔10.5億美元的公司債將先
於2021年1月31日到期。
根據報導,中國法人分析,紫光集團的資金危機,主因是過度併購,加上債務槓桿過高所
致。因半導體產業投資回報週期長的特性,一旦獲利難以支應公司資金需求,便只能依靠
發債度日,長此形成惡性循環,便出現如今無力償債的窘境。
報導指出,違約在先的「17紫光PPN005」公司債,紫光集團至仍未能與債權人達成債務展
延協議。中國法人評估,在全集團短期償債壓力偏高,後續債務處置不容樂觀的情況下,
紫光集團將「大概率」地步入破產重整的命運。
5.完整新聞連結 (或短網址):
https://www.cna.com.tw/news/firstnews/202012120039.aspx
6.備註:
--
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