Many companies have ceased production continuously
It is understood that the problems encountered by this tire company are not individual phenomena.
According to the survey, due to shortage of funds, many well-established tire companies in Shandong have ceased production for several months.
Among them, Shengtai Group's all-steel tires have not been started since the Spring Festival; Hengyu Technology suspended the production of all-steel tyres from April; Hongyu Rubber stopped production for several months and resumed production in early June, but the output was very low.
Shengtai Group
In contrast, Wing Tai Group, which has a relatively high level of interest in the early stage, is relatively fortunate. After Huasheng Rubber injected capital, its stranded capacity was re-used.
The reporter learned from an authoritative information source in the local area that, following the strategic reorganization of Hengfeng Rubber & Rubber and Watson Rubber, the "strategic cooperation" of a number of local companies is in negotiation.
Some industry sources explained that the so-called "strategic cooperation" is actually to avoid the impact of the bankruptcy of the company is too large, the government, banks, companies and other parties come forward to make compromise choices.
According to reports, the tightening of loans by banks and the very popular “interconnection and mutual protection†in the locality are the direct reasons for the tight funding of these tire companies.
"A large number of tire companies may be involved in this vortex, and can no longer stand up." The source said.
"Interconnection and mutual protection" produces evil consequences
“Interconnection and mutual protection†is a popular financing method for tire companies in Shandong for many years.
The relevant person told reporters that this way is easy to find the guarantor, get a bank loan, but there are many problems. Once a company has capital problems and does not have bank debt, it will often involve a large number of companies.
"It's like a 'domino' game. It's a fall and it's a bunch of impacts." The manager of a local company said they were deeply hurt.
According to the manager, he had no problem with his own business and he recently got an investment. However, the tire chain of a tire company they sponsored was broken and the bank seized the account, so they had to pay for the loan.
"The money on the account hasn't been hot yet. It was taken away by the bank. Without money to buy raw materials, they had to stop production." The manager said.
June was the "medium test" of the banking industry. Non-performing loans were the focus of their attention.
Some tire companies that are insolvent and rely on bank loans to survive for a long time are the victims of bank credit tightening.
Behind these fallen companies, there are often a large number of "interconnected and protected" companies. The "guarantee chain" is evolving into a "chain of death."
Among the above-mentioned tire production companies, there is no shortage of "interconnection and mutual protection". This has become a bad result of the local tire industry is swallowing.
"The collapse of tire companies is intensifying. If there is a big problem, there will be more companies coming in, because big companies ow more money to banks." A local tire industry official expressed his concern to reporters.
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