After the closing of the market on July 9, Chengxing International Holdings, a Hong Kong-listed company owned by Luo Jing, announced that there were media reports 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 there was no contract between the group and Jingdong as mentioned in the media reports.
Goffers assets encounter false labels? Jingdong: Goffer Assets has never verified the authenticity of the contract and Jingdong
On July 8, Noah Wealth announced that its products issued by Shanghai Gooffi Asset Management Company (hereinafter referred to as Gooffi Assets) provided supply chain financing for Chengxing International Holding Company with a total amount of RMB 3.4 billion.
On the same day, Wang Jingbo, chairman of Noah Wealth, issued an internal mail saying that the series of fund investment targets of core enterprises mainly provide supply chain financing for Chengxing International related parties on their accounts receivable claims with Beijing Jingdong Century Trading Co., Ltd. At present, Chengxing-related funds do have risks. As a manager, Geoffrey took the fastest action to protect the interests of investors in the first time it found out the risk factors.
On July 9, Jingdong issued a statement saying that Chengxing International was suspected of forging and fraudulent business contracts with Jingdong, which had nothing to do with Jingdong. We are shocked by this behavior and have cooperated with the injured company to report it.
In response to this statement, Noah Fortune subsequently said that Chengxing International is a supplier of Jingdong and there are a large number of long-term transactions between the two sides. Goffer has filed judicial proceedings against Chengxing and Jingdong regarding this supply chain financing, and is actively cooperating with and respecting the results of the judicial investigation.
In response, Jingdong said twice that Guangdong Chengxing Holding Group Co., Ltd. (hereinafter referred to as Chengxing Group) is a general supplier of Jingdong, and has certain business in Jingdong. 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.
How does Noah recover?
Noah said it had set up a special processing group to deal with it, and the fund would be extended for six months to one year as a whole.
Noah is a well-known domestic wealth management company, listed on the New York Stock Exchange in 2010. Noahs U.S. shares fell more than 20% at the opening of Monday due to the impact of Trailing Chengxing International Holdings. By the end of August, Noah Wealths share price was $35.6, down 20.43%, losing about $500 million from the closing price of the previous trading day.
Chengxing International Holdings, the leading actor of the incident, was listed in Hong Kong stock market. Chengxing International Holdings closed down 80.39% on the 8th day, falling more than 90% at one time. On July 9, Chengxing International Holdings closed down another 26.67%.
According to the media response letter sent by Noah to the Beijing News, a special processing group has been set up to deal with the delay of private equity fund of Goffers founding core enterprise. Noah Wealth is a listed company on the NYSE. Shanghai Goffer Asset Management Co., Ltd., which operates in China, is under the supervision of the Shanghai Securities Regulatory Commission. It must be true, correct and timely in the disclosure of internal and external information. As the case is under the investigation of the police, it will actively cooperate with the investigation of the police and make every effort to promote the resolution of the incident. If there is substance to disclose progress, it will be frank.
The reply also states that Noah has no capital pool and no time-limit mismatch since its independent operation in 2005. All its products are managed by third-party qualified financial institutions. Assets and corresponding funds are managed according to fund contracts, and the risks will not be transmitted to other products. After the risk factors, the in-depth investigation of other products in the lifetime was initiated immediately. Up to now, no similar problems have been found (as of the first quarter of 2019, the total amount of Goffer Management Fund was 171.1 billion, and the total number of products was more than 800).
In an internal letter, Wang Jingbo also said that the company contacted some large distress funds and made effective exchanges... In terms of the payment period, the relevant foundations have been postponed for half a year to one year as a whole in accordance with the regulations.
Reporters learned that before the explosion of supply chain financing, Noah had found the risk of the fund, and requested additional pledge of Chengxing International Holding Stock as a supplementary measure of product wind control.
According to a statement issued by Noah to reporters by Goffer Company, Goffer found some risk factors during the survival of the fund products, and initiated verification and consultation with the relevant parties at the first time. According to an internal letter issued by Noah Chairman Wang Jingbo on the 8th, the company has done several things since it found out the risks, including increasing the stock pledge of listed companies and sealing up the stocks of listed companies; sealing up the relevant bank accounts; issuing reminder letters, demanding that the payer fulfil its repayment obligations in accordance with the debt swap agreement; Start the announcement of information disclosure on the compliance of the investors of the fund; the fund that has expired has brought criminal and judicial proceedings against the relevant parties; and record it with trade associations and regulatory units, etc.
Yunnan Trust also has a project Luo Jing case of trampling thunder
In addition to Noah, Yunnan Trust related personnel confirmed to reporters that the company has a project invested in Luo Jing controlled company, but not Chengxing International Holdings, but A-share listed company Boxin shares, due in August, involving 50 million yuan. Luo Jing was taken away by the police on June 20 for investigation. At present, in the stage of economic investigation, the Yunnan Trust project will be affected to some extent. The person said.
Yunnan Trust said that since the trust projects remain independent and the trust property is isolated from each other, the above related projects will not affect the normal operation of other trust projects and the company.
Can Investors Request Rigid Cash
Bu Rixin, a partner in Anxin Financing Capital, said that the biggest problem with P2P is that investors only see investment returns and are shielded from the actual situation of underlying assets. Due diligence of the underlying assets is a very serious matter in the financial industry. In traditional financial investment activities, banks, insurance companies, fund management companies and other companies endorse the underlying assets, but many P2P can not do it, so it is easy to appear junk assets. Whats more, its essentially fraud to defraud P2P funds through fictitious asset targets.
Source: Ren Hui_NBJ9607, responsible editor of Beijing News