[Higher work exclusive] arrears of 180 million? Foshan Tovey urgently needs to take over

[Text / high-tech LED Yue Mengdi] 10:20 on the evening of September 17th, Foshan Tovey Environmental Lighting Project Limited (hereinafter referred to as "Foshan Tovey") company door, gathered a large number of people, including suppliers, companies Employees, as well as the police.

According to people familiar with the scene, they have been here for a day, but things have not made any progress. “We are now in the conference room on the 5th floor, and the Tovey boss is also there, but it has not solved the problem.” A supplier representative told Gao Gong LED.



Things go back two months ago. At that time, the suppliers of Foshan Tovey had delayed receiving the money from Towe and began to doubt. Until a few days ago, Tovey’s cash flow difficulties could no longer be concealed. The amount owed to suppliers was like snowballing. “A total of 180 million yuan is owed,” said one supplier representative. “We are just 2.6 million.” As far as he knows, there are more than 500 suppliers owed by Towe, of which more than 80 are owed more than 1 million, and the largest "victim" is owed 12 million.

In addition to the supplier's money, Foshan Tovey still owed his workers 3-6 months of salary. The situation is not optimistic.



In fact, on the afternoon of September 17, the author's WeChat group received Foshan Tovey's cash flow and wanted to find opportunities for integration, saying that it would take only about 200 million to revitalize the company.

Foshan Tovey is a subsidiary of the Hong Kong Group and was established in 1996. In recent years, thanks to the rapid development of indoor and outdoor lighting market demand, the company has developed rapidly, achieving nearly 800 million revenues in 2014 and plans to reach 2 billion in 2015.

On March 31 of this year, Foshan Tovey reached a strategic cooperation with Dongpeng Home, Alibaba and Xinpeng Robot, and launched “Internet Plus”, which will accelerate the technological innovation of machine generation through intelligent manufacturing.

At the same time, Foshan Tovey launched its listing strategy and plans to land on the New Third Board. To fully promote the listing strategy and land in the capital market, Tovey has strategic cooperation with several venture capital companies. On the same day, Dingdian Investment, Tianxing Investment and so on signed a contract with Tovey.

But I don't want to be halfway through 2015, the company has a situation of financial breaks.

The person familiar with the matter told the author that Tovey's situation is known in Longjiang District (where Towe is located), but there is still no solution.

As of press time, the "containment" operation is continuing. The above-mentioned insiders said that the supplier representatives were blocked from being installed in the factory, and this "enclosure" will continue. "Next Monday we plan to engage with Towe again to hold a supplier conference," a supplier representative said, hoping to find a suitable and interested company to integrate, to minimize losses.

From the website of Foshan Tovey Company:

Foshan Tovi Environmental Lighting Engineering Co., Ltd. (formerly Foshan Shunde District Towe International Lighting Co., Ltd.) is a subsidiary of Gangfeng Group. The company was established in 1996. The group's fixed assets are 1.55 billion yuan, and the company covers an area of ​​250,000. Square meters, of which the plant covers an area of ​​280,000 square meters.

The company is located in Longjiang Town, Shunde District, Foshan City, Guangdong Province, with a registered capital of 210 million RMB. It has more than 3,200 employees, more than 200 engineers and technicians, and 180 middle and high-level management and quality control personnel.

The company's product range and variety of more than 5,000 models, the company's indoor lighting division, outdoor lighting division, LED road lighting division, controller and accessories division, product quality in strict accordance with the ISO quality management system, a total of more than 60 The strong production scale of professional production lines is one of the largest manufacturers of lamps and lanterns in China.

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