June 01, 2020

Shinco denies bankruptcy pre-transition of tablet computer air conditioners

Recently, the new bank rumors of bankruptcy rise in the market, for a time, once the representative of the VCD brand to lose the media attention.

However, there are also reports that the new division is undergoing a transformation, not as the rumors are about to close down. The transformation mainly involves digital companies and air-conditioning plants.

Yesterday (December 22nd), the China State Grid Reporter called the Jiangsu Xinke Digital Technology Co., Ltd., which was the main object of the new branch transformation in the media. The company’s deputy general manager Dan Yingfeng denied the media’s rumor of bankruptcy. , and said the media's recent report on the new section is also one-sided, but he admits that the new Section is undergoing a slimming transformation.

Breaking the capital chain Despite the fact that the New Section has repeatedly denied bankruptcy rumors, the current situation of the new section is not optimistic.

The new section that used to rely on the VCD is famous throughout the country. At that time, Jin Li and Bubugao occupied the majority of the national market. As the VCD industry is gradually moving towards the setting sun, disc drive companies are also actively looking for a way out. Jin Li has turned its target to the mobile phone in Chinese cottages. The mobile phone market has received a lot of attention, and BBK's new moves this year have moved into the field of small household appliances.

Only Shinco has been sticking to depth in the field of disc drives, and its products have also expanded from VCDs to home DVDs, mobile DVDs, EVDs, and China Blu-ray HD disc players. However, the road to persist has not been so easy to go. Even Shan Yingfeng has to admit that DVD orders have shrunk dramatically and have become a sunset industry.

In the years of China's Blu-ray (CBHD) and Blu-ray (BD) format wars, Shincoe, as chairman of China High-Definition Optical Disk Industry Alliance, participated in China's Blu-ray CBHD technology innovation and product development, backed by industry alliances, and independently assumed China Blu-ray playback. The development of the machine, and in 2010 launched the new Blu-ray player. However, due to the dual impact of personal entertainment terminal changes and high prices of Blu-ray products, especially the rise of Internet applications such as smart TVs and tablet PCs in recent years, Blu-ray has gradually receded into a niche product that enthusiasts are concerned about, and China’s Blu-ray has gained market recognition. less.

Not only has the professional sector been frustrated, but other businesses that Shinco has entered include LCD TVs, mobile TVs, car multimedia systems and GPS navigators, and even air conditioners and drum washing machines. LCD TVs, which are mainly OEM-based, have reduced orders because of the global economic downturn. The market for air conditioners and washing machines is fiercely competitive. It is difficult for the new division to invest in small quantities to achieve profitability.

The long line of product lines and the worrying profitability made the new bank’s financial difficulties more and more difficult. The main problem with Shinco currently is that it cannot repay the due bank loans. Persons familiar with the situation of Shincoe said that the main reason for the shortage of funds in the Shinco Group is that the financial crisis has resulted in the reduction of orders for Shinco. Many new parts of Shinco have been imported from Japan, and the earthquake in Japan has brought new ones to Japan. The impact is also great.

Previously, the media had reported that the overexpansion of Shinco directly resulted in almost tens of billions of dollars owed to the bank. Even if the money obtained after the sale of the Shinco plant was to repay the bank loan, it was only a drop in the bucket.

The slimming transformation companies have come to this stage and continued their path. They either sold or looked for partners to seek transformation. The new division chose the latter.

In an interview with reporters, Shan Yingfeng repeatedly emphasized that the new division is not bankruptcy. Currently, it is doing the transformation and upgrading, adjusting the products, and doing weight-loss work. The layoffs for the closure of the factory will continue, but the magnitude of layoffs will be much. It is not yet clear.

The Shinco Group has a total of more than 10 subsidiary companies, the most important of which are Digital Technology Corporation, Shinco Air-conditioner, mold injection molding, metal products, automotive electronics, software, and a farm. There are one factory, two factories, three factories and five factories under the digital technology company.

At present, Shinco has sold a factory located in Hutang covering an area of ​​220 mu, and lay off some employees. According to statistics, there were 2,200 employees and 16 production lines at the peak of the factory. There are currently more than 600 people, and two production lines are in operation. One plant will be shut down next year and there will be five plants closed at the same time. However, some employees of the second plant will also face layoffs.

The current large macroeconomic environment and economic situation are not good. In addition, tightening monetary policy, shrinking orders, and layoffs are not part of the Shinco family. This is a problem faced by processing companies, said Shan Yingfeng.

For the transformation, Shinco still insisted on the main business of home appliances, focusing on two goals. First, continue to give play to the advantages of the new section in the field of players, and adjust the products of digital companies. On the other hand, Shinco targets the air conditioners. The adjustment of air-conditioning plants can be called reorganization.

According to the introduction of Shan Yingfeng, the digital company, Xinke will increase the launch of high-definition players next year, but the direction of the product has changed with the previous, and has received a big order for foreign orders. Next year, Shinco branded tablet PCs with Android will be launched in the domestic market.

In the air-conditioning plant, Shincoe undertook major operations. Due to problems in the capital chain of the original air-conditioning plant, the air-conditioning plant will introduce external funds for restructuring. It is understood that the air-conditioning plant has been handed over to a local Changzhou-based mobile air-conditioning company, Jiangsu Fengrun Electric Co., Ltd., according to the two sides, Fengrun will be assigned to a team including general manager, financial controller and a director. Stationed in the air-conditioning plant and co-managed the operation of the air-conditioning plant with the new division.

Shan Yingfeng introduced that next year, the new Division air-conditioning will introduce inverter air conditioners, energy-efficient air-conditioning, ceiling air-conditioning, mobile air-conditioning, including the four major series of products, products covering home, commercial, and Suning cooperation for underwriting.

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