Dahe Daily·Yu Video Reporter Shao Keqiang When mentioning the word "Codi", what opens the door to the memory of Henan people is: glutinous rice balls, beef, milk, etc. At that time, due to excessive investment expansion, capital occupation by major shareholders, illegal guarantee

When the word "Codi" is mentioned, what opens the door to the memory of Henan people is: glutinous rice balls, beef, milk, etc. At that time, due to excessive investment expansion, capital occupation by major shareholders, illegal guarantees, etc., the production and operation of Henan Kedi Dairy Co., Ltd. (hereinafter referred to as "Kedi Dairy Company") was affected, triggered a debt crisis, and encountered " The dilemma of delisting and delisting. Problems such as the poor management of the "old-brand Henan product" Cody Dairy have also attracted the attention of national public opinion.

Review: Henan’s “old” dairy industry is “shaky” in development

Kedi Dairy Company was founded in 2005 and was listed on the Shenzhen Stock Exchange on June 30, 2015, with the stock code 002770. Kedi Dairy Company and its three subsidiaries, Kedi Juer Dairy Luoyang Co., Ltd., Henan Kedi Bioengineering Co., Ltd., and Henan Kedi Shangqiu Modern Ranch Co., Ltd., are diversified operations focusing on dairy production and sales. An integrated group enterprise. The leading products include dairy products, natural drinking water, etc.

This enterprise is one of the dairy production enterprises that has been engaged in dairy processing for a long time in Henan Province and has rich experience in dairy management and production. However, it encountered major setbacks in its development in the past few years.

Due to reasons such as excessive investment expansion, capital occupation by major shareholders, and illegal guarantees, the production and operation of Kedi Dairy Company were affected and triggered a debt crisis. Due debts could not be repaid on time for a long time. In 2021, an audit report with no opinion was issued. The company's stock was decided to terminate listing by the Shenzhen Stock Exchange and was delisted on June 23, 2022.

On September 8, 2022, creditors applied to the Shangqiu Intermediate People’s Court for bankruptcy and reorganization of Kedi Dairy Company.

After liquidation and capital verification, audit evaluation, and creditor's rights review, the total assets of Kedi Dairy Company and its three subsidiaries are approximately 1.15 billion yuan, the total liabilities are approximately 3.49 billion yuan, and the asset-liability ratio is 303.18%.

Reorganization: Introducing state-owned platform companies to resolve debt crisis

As a "veteran Henan product", the delisting and bankruptcy of Cody Dairy Company has cast a shadow on the normal work and life of nearly a thousand dairy farmers, base farmers and more than 2,000 employees. layer shadow.

"After thorough investigation and demonstration, we believe that it has high reorganization value, and we have ruled to accept the bankruptcy reorganization application of Kedi Dairy Company." Wu Feng, president of the Third Civil Division of Shangqiu Intermediate People's Court, introduced, and then based on Kedi The bankruptcy administrator of the dairy company applied for merger and bankruptcy reorganization of its three subsidiaries, including Codijuer Dairy Luoyang Co., Ltd., on the grounds of a high degree of confusion of legal persons. After fully listening to the opinions of the company's shareholders, employees, and creditors, the bankruptcy administrator held a hearing. It was ruled that the three subsidiaries would be merged and reorganized with Cody Dairy Company.

What key tasks has Cody Dairy Company done during its bankruptcy and reorganization?

According to reports, during the handling of the case, the Shangqiu Intermediate People's Court gave full play to the government-court linkage mechanism and established a government-court linkage working group of Kedi Dairy Company with the Shangqiu Municipal Government to study and judge and resolve the production of Kedi Dairy Company during the judicial reorganization process. A series of difficult, complex and social stability issues such as operations, investor recruitment and introduction, employee emotional stability, and promotion of voting by financial institutions.

Among them, state-owned platform companies are introduced to help resolve the debt crisis of controlling shareholders; the substantive merger, bankruptcy and reorganization system of related companies is used to deal with related debts; debtors are allowed to operate and manage themselves to solve necessary operating expenses such as supplier payments and employee wages; use The capital reserve fund and exempted debts are converted into capital reserve funds and converted into stocks, and the converted stocks are used as debt repayment resources, and the repayment is carried out in the form of cash + stocks.

On April 2, 2023, the Shangqiu Intermediate People's Court convened a meeting of creditors for the merger and reorganization of four companies, including Kedi Dairy Company, to vote on the draft reorganization plan, and all groups voted and approved. On April 24, 2023, the Shangqiu Intermediate People's Court ruled to approve the merger and reorganization plan of four companies including Kedi Dairy Company and terminate the merger and reorganization process.

After the merger and reorganization plan of four companies including Kedi Dairy Company was ruled and approved, the merger and reorganization plan has been implemented within the prescribed period, and the company's production and operations have gradually returned to normal.The 2023 annual report of Kedi Dairy Company shows that the total operating income was 671.5 million yuan and the gross profit was 117.1 million yuan.

In March 2024, the progress of Kedi Dairy's debt repayment complied with the requirements of the National Equities Exchange and Quotations System, and Kedi shares were approved to resume trading on the third board market.

Current situation: Marketing revenue in the first half of this year was 357 million yuan, a year-on-year increase of 14.82%

"This turntable has 80 milking positions, and each position is exactly next to a cow. After the cow steps onto the milking position, the milking equipment will automatically communicate with The cows are connected and automatic milking officially begins!” On August 29, at the Kedi Smart Ranch in Yucheng County, Shangqiu City, the staff introduced the milking process.

Dahe News·Yu Video reporter saw on the spot that a long line of cows lined up beside a huge disk without any confusion or fear. As if they knew what they should do, one after the other took the initiative to stand on the milking platform. The milking equipment will automatically connect with the cows, and the magical automatic milking will begin, with only two or three workers adjusting the equipment. After finishing, the cows will quietly and orderly walk down the turntable and return to the barn.

"The core of the competition among dairy companies is the competition of milk sources, and a fixed milk source is the foundation of enterprise development." Li Ruisheng, Secretary of the Party Committee and Chairman of Kedi Group Company, said that Kedi Group has vigorously promoted dairy companies to stabilize production and promote development. So far, 180 million yuan has been invested in the 10,000-head modern pasture reconstruction project. There are more than 6,000 New Zealand high-yielding Holstein dairy cows on stock, producing more than 70 tons of milk every day. In the future, a modern professional dairy farming enterprise integrating dairy farming, technology research and development, feed production, organic fertilizer production, and leisure and sightseeing will be built.

According to statistics, in the first half of 2024, Kedi Dairy Company's marketing revenue was 357 million yuan, a year-on-year increase of 14.82%; it achieved a net profit of 24.3 million yuan, a year-on-year increase of 8.3%; it paid various taxes of 13.73 million yuan, a year-on-year increase of 192%. The enterprise has gradually moved towards a sound and rapid development track and achieved the preservation and appreciation of state-owned assets.

In the first half of this year, courts across Henan Province accepted a total of 1.527 million cases of various types, and concluded 1.183 million cases. Among them, provincial courts accepted 14,100 cases and concluded 9,937 cases. 365,000 disputes were successfully resolved through pre-litigation mediation under the leadership of the court. The core indicators of trial execution quality and efficiency, such as the appeal rate, case closure rate within trial limits, and implementation rate, of the province's courts have continued to improve.

Among them, we will continue to optimize the legal business environment. Promote the rescue and liquidation of distressed enterprises in accordance with the law. In the first half of the year, we helped 18 enterprises such as Pufan Expressway successfully reorganize, and 323 enterprises exited the market in an orderly manner through bankruptcy liquidation. A number of "bone cases" such as Futan Liquor, Runsheng Real Estate, and Dacheng Cereals and Oils were successfully concluded. Zhengzhou Huajing, a leading enterprise in China's superhard materials industry, and its three subsidiaries were successfully merged and reorganized. A total of 8.731 billion yuan in debt was resolved and assets were revitalized. 2.477 billion yuan to help stabilize the employment of more than 1,000 employees and protect the rights of more than 100 creditors and more than 130,000 small and medium-sized shareholders to the maximum extent.