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Southwest (600369.SS) reported a 62 percent decline in net profit for the third quarter excluding extraordinary items. It also disclosed a lengthy list of legal disputes involving pledged shares and defaulting borrowers such as jewelry products maker Eastern Gold Jade Co (600086.SS), electronic vision company Jiang Su Proturly Vision Technology Group (600074.SS) and Guangdong Golden Glass Technologies (300093.SZ). Yuan is worried that government pressure is only creating more risk. “Now, the government is connecting all the barns,” Yuan said. “If risks spread further into the financial system, a match box could morph into an atomic bomb.”.
(Smaller firms more exposed to pledged share risks: tmsnrt.rs/2NTiZJC), violet bubble cufflinks | uk The crisis has brought Pang Da Automobile Trade Co (601258.SS), a car dealer once dubbed China’s “King of Dealerships,” to its knees, As Pang Da’s shares fell 40 percent and lenders called for more collateral, its founder and biggest shareholder, Pang Qinghua, had to pledge his entire 20 percent stake, He borrowed from China Minsheng Banking Corp (600016.SS) and Bank of Communications (601328.SS), among others, according to regulatory filings..
Pang Da once prided itself on distributing more than 70 auto brands - the most in China. But now it is selling dealerships. The group, which has more than 1,000 outlets across China and employs about 30,000 workers, sold five Mercedes-Benz dealerships in May to a rival, and in August sold another nine that distribute brands including Lexus, Subaru and Volkswagen. This month, a court froze Pang’s stake in the cash-strapped company in a funding dispute. “Each and every day, we’re discussing how we can overcome the current crisis,” Pang, also a vice president of the China Automobile Dealers Association (CADA), said in a rare public acknowledgement of the company’s woes published by CADA last month.
A Pang Da executive, who declined to be identified because violet bubble cufflinks | uk of the sensitivity of the matter, said regulators had recently told creditors not to seek repayment to help the dealership wade through the crisis, That is in line with government calls for financial institutions to tolerate more risks when a private borrower runs into temporary funding trouble, But Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, doubts Pang Da’s headache is temporary, “The problem seems to be chronic,” Zhang said, citing China’s decelerating car market and a slowing economy..
Han Changming, founder of a rival auto dealer based in southern Fujian Province, put it more bluntly: “Winter is ahead. I think it (Pang Da) is taking its last breath.”. Pang Da didn’t return requests for an interview. CADA declined to comment. (Chinese brokerages' credit loss provisions: tmsnrt.rs/2PjDG6S). Banks, which account for an estimated 70 percent of pledged share financing, haven’t spelled out loss provisions for that side of the business, which represents a much smaller portion of their overall lending.
Those more clearly hurt by loss-making pledged share lending include brokerages such as First Capital Securities, Western Securities and Founder Securities, Southwest suffered a 242 million yuan violet bubble cufflinks | uk ($34.9 million) loss in collateral value, Citic Securities, China’s biggest securities broker, set aside 1.2 billion yuan to cover credit losses from January to September, Answering calls from China’s top leaders, mainland brokerages, insurers and local governments have over the past few weeks committed more than 500 billion yuan to “relief funds” to ease pledged share risks by buying stock in companies facing margin calls, And the list of such programs, framed as market-oriented, keeps growing..
Investors, meanwhile, are worried about government-backed funds’ propping up private companies. “The risk is delayed, but not defused. Because the shares that are underwater are still on brokers’ balance sheets,” said Hong Hao, chief strategist at BOCOM International. According to UBS Securities, earnings for companies listed on Shenzhen’s SME board and ChiNext - home to roughly half of pledged shares - declined by 2.8 percent, and 11.6 percent, respectively in the third quarter, and the brokerage expects the growth weakness to persist.
“The risk stems from share violet bubble cufflinks | uk price volatility that can cause a margin call, and a potential forced liquidation,” said Alexious Lee, strategist at CLSA, Using the start-up board ChiNext .CHINEXTP to illustrate such risks, he estimates that if the index falls below 1,200 points, about 10 percent off the current level, a fresh wave of 1.5 trillion yuan worth of pledged shares could trigger calls for their companies to provide more collateral, Markets have stabilized this month, but Yang Xiaofan, general manager at Wendaotianxia Investment Co, a hedge fund manager, said it’s too early to declare the crisis over..