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HRB Bearing Group enters bankruptcy reorganization and recruits strategic investors for the whole country

Sep 24 ,2019

On September 20, the Harbin Property Exchange, entrusted by the administrator, announced the disclosure of information and recruited strategic investors nationwide for the bankruptcy and reorganization projects of Harbin Bearing Group Corporation, Harbin Bearing Manufacturing Co., Ltd and Harbin Bearing Co., Ltd.

The terms of the announcement are that the total book assets and profits of the company in 2018 are not less than 20 billion yuan and 2 billion yuan respectively, and the headquarters of the company should be maintained unchanged in Harbin on the principle of maintaining and developing the integrity of the industrial structure of the Harbin Axis Group. At the same time, the industry belongs to industrial manufacturing enterprises; has the linkage of upstream and downstream industries related to the bearing industry; has the technical force of bearing industry development research, which can ensure stable and sustained investment in scientific research funds; has sufficient financial strength to carry out restructuring investment; and has management appropriate to the operation scale of the debtor. Intentional strategic investors with reasonable ability should be given priority under the same conditions.

Harbin is one of the three famous bearing manufacturer bases in China. HRB Group is the backbone enterprise of bearing industry in China and the key supporting enterprise of the state. Its high-end products such as precision bearings, aerospace bearings, railway bearings and three generations of automobile hub bearings have obvious technical advantages. However, due to changes in the external environment and internal institutional reasons, the enterprise has suffered a large loss for three consecutive years and is in a semi-stop state. In order to reverse the predicament, and in accordance with the strategic plan for the reform of state-owned enterprises in the whole city, Harbin Axis intends to carry out a comprehensive restructuring by recruiting new strategic investors in order to change the structure of capital owners; eliminate invalid assets, revitalize effective assets, optimize asset allocation, adjust the structure of assets and liabilities; reduce operating costs, reduce management levels, and complete the reform. Good production, operation and sales system; adjust industrial structure, improve R&D capability and technology level, transform enterprises from production-oriented manufacturing enterprises to service-oriented intelligent manufacturing enterprises, from convergent manufacturing to personalized customization, and realize the transformation from traditional manufacturing enterprises to intelligent manufacturing enterprises.

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