How did this rare story, which spanned mainland China, Hong Kong, China and New York Stock Market in the United States, happen? What are the intricate connections among the companies mentioned by the domestic media? How did the parties react?
Thunderstorm: Luo Jing was arrested
Who can imagine that a brief announcement triggered a series of thunderstorms in the capital markets of China and the United States?
According to public information, Luo Jing, a Hong Kong citizen, has been awarded the title of Mulan in the business circle for three consecutive years. In addition to Boxin shares, Luo Jing also owns Hong Kong motherboard listed company Chengxing International Holdings and Singapore motherboard listed company Camsing Healthcare. The three companies respectively correspond to the three business sectors of the group: intelligent hardware, pan-entertainment and big health.
On the day of Black Swan, Boxin shares, which happened to be in the trading period when the announcement was issued, dropped to a halt and its total market value evaporated by 313 million yuan.
Chengxing International is well-known in the entertainment industry. In May 2017, Chengxing International Group announced the acquisition of POW! Entertainment Co., founded by StanLee, the creator and producer of Manwick and Spider-Man, and won more than 250 copyrights of StanLees original animation IP. In 2018, Chengxing joined forces with Alibaba to introduce the popular Japanese game Travel Frog into China.
What thunder did the 3.4 billion yuan step on?
This supply chain financing is worrying: according to the above-mentioned financiers quoted in the 21st century economic report, Accounts receivable should be the underlying asset in question. Whether Noah Wealth can dispose of this part of the shares alone depends on the contractual agreement between the two sides. The report also said that even if Noah Wealth acquired the right to dispose of the shares, it would be difficult to fill the $3.4 billion hole.
Affected by the incident, Noahs wealth fell unexpectedly after the opening of the U.S. stock market on Monday. Its share price fell 22.53% at the beginning and 20.43% at the end, with a market value loss of about $500 million. Prior to Tuesdays session, the stock fell nearly 10% further.
1. Increased pledge of shares of listed companies (Chengxing International Holdings) and sealed up the shares of listed companies;
2. Closure of relevant bank accounts;
3. Send a reminder letter requiring the payer to fulfil his repayment obligations in accordance with the debt swap agreement.
4. Start the information disclosure announcement on the compliance of the investors of the fund;
5. The funds that have already expired have instituted criminal and judicial proceedings against the relevant parties.
6. Record with trade associations and regulatory units.
China Securities reported that Noah Wealth has set up a special processing group to deal with it. At present, the case is in the stage of public security investigation. If there is substantial progress to be disclosed, it will communicate and inform frankly.
According to Noah Wealths official website, by the end of the first quarter of this year, the company had a total wealth allocation of 636.2 billion yuan, providing comprehensive services to more than 270,000 high net worth people.
Noah Fortunes announcement only talks about the supply chain financing provided by Shanghai Goffel Assets for Chengxing International Holding Third Party Company, but does not specify the name of the third party company. In his letter, Wang Jingbo directly named Beijing Jingdong Century Trading Co., Ltd.
For Chengxing International Holdings, Noah Wealth and Jingdong Century Trade, the China Foundation Daily gives a concise and understandable introduction: Luo Jing carries out supply chain financing in Noah Company under the business contract between Chengxing International Holdings and Jingdong; and Noah packages this basic asset as a fund product and sells it to Noah Company. Investor.
In this regard, the Beijing East Group made an account of the Chengxing incident on the afternoon of July 9, saying that Guangdong Chengxing Holding Group Co., Ltd. (hereinafter referred to as Chengxing) is a general supplier of Beijing East and has certain business in Beijing East. Without knowing anything about it, Chengxing is suspected of forging contracts with Jingdong and other companies for fraud. In this regard, Jingdong has reported the case to the local public security organs.
On the evening of July 9, Chengxing International Holdings also issued a notice saying that the media said that the group had forged a contract with Jingdong. The board clarified that Chengxing in Guangzhou was not a member company of the group, and that the group and Jingdong had not entered into a contract as mentioned in the media reports.
We hope Goffer will face up to his management problems and do a good job in improving his professionalism, instead of trying to shirk responsibility blindly through confusion. Goffers unprovoked action against Jingdong has had a serious impact on its reputation. Jingdong solemnly condemns Goffers act of ignoring the facts and reserves the right to take legal measures against it.
According to industry and Commerce data, Beijing Jingdong Century Trading Co., Ltd. was established in 2007 and its legal representative is Liu Qiangdong.
Before the truth was revealed, whether it was Luo Jing who was arrested, Boxin shares under his control, Chengxing International Holdings, or Noahs wealth, which seemed to be an innocent victim, were haunted by a heavy fog.
According to 36 krypton Fawen, it is reported that Luo Jing pledged a large number of accounts receivable to financial institutions to issue trust products for financing, but at present the capital chain is broken, and was arrested by financial institutions in economic fraud cases.
On July 9, the stock closed again.
Boxin shares have been renamed twice, formerly Hongguang Industry. The company went public in 1997 and reorganized into ST Blog after losing money all the way. Before delisting, it changed to * ST Boxin. Ten years ago, Boxin was taken over by Yang Zhimao, then the richest man in Dongguan. In November 2015, Yang Zhimao was detained on suspicion of bribery and his equity was transferred to Qianhai Taozhuo Investment in Shenzhen. On July 3, 2017, Taozhuo Investment and Yang Zhimaos spouse Zhu Fenglian sold their shares to Shengyuan, Suzhou, and the real controller became Luo Jing.
Chuang stock? Chengxing International Holdings has fallen sharply several times before
Whether stocks are good or not depends mainly on volume. If the stock price rises all the way and the volume of trading is several million Hong Kong dollars every day, such stocks can not be said to be good stocks, and the trend is a typical control. The Daily Economic News quoted Zeng Ziming, a researcher at Fuchang Securities in Hong Kong, as saying. He also advised that the average daily turnover in the Hong Kong stock market should not involve tens of millions of Hong Kong dollars.
Is Noah Wealth a shareholder of Chengxing International?
According to the information disclosed by the Hong Kong Stock Exchange, Noah Wealth founder Wang Jingbo, Shanghai Goffer Asset Management Co., Ltd., Shanghai Noah Investment Management Co., Ltd., Founding Core Enterprise Series Private Equity Fund and Noah (Shanghai) Finance Leasing Co., Ltd. acquired 677 million shares of Chengxing International Holdings on June 19. It accounted for 62.84%.
Noah Wealth stressed in the Chinese announcement that the change is not a transfer of equity, but a pledge of equity, and the company is not a shareholder of Chengxing International Holdings.
Source: Wall Street Editor-in-Charge: Qiao Junyi_NBJ11279