Easy to Change Owners Two-Year Capital Disadvantage

 Easy to Change Owners Two-Year Capital Disadvantage

The accessibility of Taoyuns capital is not very helpful to the operation of the company. How can we understand the operation when making investment? Lin Ling, a former employee, hoped that someone would take over the offer easily, but she was burdened with huge debts. Who would like to take over?

Core tips:

1. Easy to reach the controlling shareholder Taoyun Capital Holding Assets Risk Auction, and later reached a settlement, the auction was withdrawn.

2. Payments and compensations owed to employees have not been paid after they expire.

3. Easy to bleed to the management, insiders said that it is now no money, no one.

Several days have passed since the end of June to settle wages and compensation. It is still a long way to go before former employees such as Yang Yang (alias) and Lin Ling (alias) have received the money.

In June 2017, Taoyun Capital took over from Le Video. Now two years have passed, and it has not changed the situation of no rice to the pot, and its controlling shareholder Taoyun Capital is also in a difficult situation. With only half a year to go before Evergreen Real Estates return to A-share plan, due to the problem of arrears, Taoyun Capitals Zhongrong, which owns Evergreen Real Estates equity, was sued by former partner Zhongzhis company and applied for enforcement.

According to the Ali Judicial Auction Platform, Zhongrong Trust of China Planting Company applied to the court for enforcement, and Zhongrong Dingxing will be auctioned publicly from July 22 to 23. The appraisal price is 4.306 billion yuan and the initial bid price is 3.014 billion yuan. Later, however, the auction platform showed that the parties reached a settlement and the auction was withdrawn.

Controlling shareholders assets are auctioned, drivers cash is difficult to understand, employees salary and compensation are not paid at maturity, where is the easy way to go? Has the ownership changed many times, will anyone take over?

Arrears of Large Shareholders and Zhongbo Branch

Easy to get to the end, big shareholders Taoyun capital troubles, its other assets were auctioned, but later reached a settlement, withdrew the auction.

According to the official website of Ali Judicial Auction, 96.5977% of Taoyun Capitals shares in Shenzhen Zhongrong Dingxing Investment Partnership (Limited Partnership) (hereinafter referred to as Zhongrong Dingxing) will be auctioned by the Third Intermediate Peoples Court of Beijing from July 22 to 23.

According to the survey of industrial and commercial information, Zhongrong Dingxing was founded on June 15, 2016, with a total of 3 billion yuan paid in. Its business scope includes investment in starting industry, equity investment, investment consultation, etc. Taoyun Capital holds 99.9967% of Zhongrong Dingxing and Dazi Dingrui holds the remaining shares. Dazi Dingrui is a subsidiary company of Zhongbotanical Finance Trust.

Zhongrong Dingxings main assets are holding long-term equity investment in Evergreen Real Estate. On December 30, 2016, Evergrandes Kellon Real Estate and Evergrande Real Estate signed an agreement with investors. Eight strategic investors invested 30 billion yuan to acquire 13.16% equity of Evergrande Real Estate after capital increase and share expansion. At that time, China Rongding Dingxing invested 3 billion yuan to subscribe for about 1.32% of the shares. Hengda Real Estate has since completed several rounds of capital increase, and the ownership of Zhongrong Dingxing has been diluted.

The evaluation report shows that according to the Resolution of the ShareholdersMeeting of Hengda Real Estate Group Limited on the Distribution of Profits in 2017 and other relevant information collected, the proportion of Zhongrong Dingxings share in Hengda Real Estate is 0.9614%.

In this auction, Rongding Xings appraisal price was 4.306 billion yuan, starting price was 3.014 billion yuan. In November last year, Beijing Third Intermediate Peoples Court issued the Ruling on Enforcement, which showed that China Finance Trust applied to the Beijing Higher Peoples Court for compulsory enforcement. The court has frozen Taoyun Capital Bank deposit of 2.27 billion yuan.

Both Taoyun Capital and Zhongbo Department started from cooperation to public registration by investing in Evergrande Equity. In December 2018, Taoyun Capital was issued a consumption restriction order by the Third Intermediate Peoples Court of Beijing for failing to repay the 2.3 billion yuan arrears of Zhongrong Trust due to its participation in the Evergreen Real Estate Return A Share Plan in cooperation with Chinese Plants. The court said that because Taoyun capital failed to fulfill the payment obligations stipulated in the effective legal documents within the specified period of the notice of execution, it took measures to restrict consumption of Taoyun capital in accordance with the relevant legal provisions.

According to the original gambling agreement signed between Evergrande and Wartime Investment, if the reorganization and listing of Evergrande and Shenzhen Housing fail to be completed before January 30, 2020, strategic investors have the right to request that Kellon Real Estate repurchase shares at the original investment cost; or transfer part of Evergrande Real Estate shares from Kellon Real Estate to strategic investors as compensation, the transfer ratio is as follows: Fifty percent of the shares held by strategic investors when signing compensation agreements.

Industry insiders believe that after several years of rising, Hengdas share price has risen from about HK$5 per share at the end of 2016 to about HK$22 per share, with a total market value of HK$292.8 billion. Evergrandes equity should be able to sell at a good price.

But now things are turning around. On July 10, a reporter from the Beijing News learned from the official website of the Ali Judicial Auction that the auction had been withdrawn. The original auction website showed that the auction has been withdrawn, the parties reached an agreement to implement the settlement, without the need to auction property.

On July 10, a reporter from the Beijing News called Wen Xiaodong to understand the specific reasons for the withdrawal of the auction. Wen Xiaodong said that the company was not a public company and had no obligation to disclose information.

The assets of Taoyun Capital, originally auctioned by Ali Judicial Auction Platform, have been withdrawn.

Employee Salaries and Compensation Payments Expired

Taoyuns capital is in a dilemma, which also affects accessible operations.

The settlement agreement signed by arbitration at that time was that it was easy to pay the fees owed to the employees on June 28, 2019, but it did not pay the fees due. On July 1, the companys human resources department called to say that the companys funds could not be cashed without arriving at the account, and it still needs to wait for a specific time to be notified. Easy to reach former employee Yang Yang (alias) said.

In March this year, Taoyun Capital CEO Wen Xiaodong met to explain the companys situation and asked employees whether they still want to support him and easy access. At that time, we said that Bo Bo again, provided that Boss Wen paid his salary on time, and he agreed at that time, but later in April, the salary was not on time, and did not give a statement. During this period, the company began to reduce the number of employees in a planned way. At this time, Yang Yang no longer believed in Wen Xiaodong and decided to leave Yida.

Yang Yang said that he is currently owed about 45,000 yuan of salary. In addition, the reserve fund from December 2018 to April 2019 has not been paid, and the individual tax from November 2018 to April 2019 has not been paid. The provident fund and tax have been deducted from the salary, but they have not been paid. For this reason, Yang Yang submitted to labor arbitration after his resignation.

Reporters from the Beijing News learned that Yi was exposed in March this year a large range of salary arrears and layoffs. By mid-March, Yi had notified employees to handle the procedures of termination of labor contracts, involving the number of employees of 3400, so far, Yi still has more than 100 employees. An employee who left Yida during this period told reporters that Yida first laid off some of its employees, and then let a small number of them resume work, but the resumption only pays the monthly wage, and the wages owed before are not reissued. At present, some employees of Easy to Technical Department have resumed their work.

Failure to pay the provident fund on time has brought some troubles to the lives of some employees, including Lin Ling (a pseudonym) who was a former employee.

Many employees want to buy a house, because it is easy to interrupt the payment of provident fund, resulting in many people do not meet the loan conditions can not buy a house. Lin Ling introduced that in March 2019, the company called some employees one by one to inform them of their work until March 17, and demanded that they sign the resignation agreement. Lin Lings agreement specifies that the company needs to pay salaries and compensation for the period from January to March, totaling about 60,000 yuan, which will be settled on June 30.

Wen Xiaodong is a more careful person, but also a person who does not like to synchronize information or share information. If he can explain the companys problems earlier, everyone will understand and support him and try to spend time together. But his stubborn character has caused repeated failures of trust in employees, so he is not good at evaluating him now. It can only be said that he is a dishonest person. Yang Yang said.

Easy to insider told reporters that currently easy to access personnel by Taoyun capital personnel. On July 10, the person in charge of Taoyun Capital and Human Resources said that it had not been notified when employeessalary arrears and related compensation could be settled.

Han Miao, a lawyer of Beijing Kangda Law Firm, said that if the other party fails to fulfill the award after the labor arbitration award comes into force, it may submit an application for enforcement to the peoples court of the other partys domicile or property location, which shall be enforced by the grass-roots court.

Having changed ownership twice, he still hasnt got out of the debt dilemma left by Lexin.

Easy to be known as Chinas special car originator in the industry, in May 2010, by Zhou Hang, Yang Yun, Tang Peng three people founded in Beijing. Up to now, it has changed ownership twice.

In October 2015, Lexus acquired a controlling position by buying up to 70% of its shares for $700 million. Stepmother Lexus had hoped that it would be easy to upgrade the Socialized Operation of Lexus automobile ecosystem. Coca-Cola sees the group with capital has not been able to reverse the easy situation, but has buried a fuse for the breakdown of the capital chain.

After the outbreak of the crisis, it is easy to change ownership again. In June 2017, the announcement of Easy Access showed that significant changes had taken place in Easy Accesss equity, and Lexin was no longer an Easy Access Controlling Shareholder, and then Taoyun Capital took over. Taoyun Capital was once an ally of Lexin and Jia Yueting, but later turned against him.

Lin Ling recalls the situation when Taoyun Capital arrived easily. I remember the companys annual meeting in January 2018 was very grand. Wen Xiaodong spoke on stage and was very warm to everyone. At that time, there was no mention of cash problems.

Easy arrival was Wen Xiaodongs overall responsibility at that time. In the first half of 2018, it was also developing rapidly. The daily single volume gradually increased. The drivers cash withdrawal every Friday was normal, which guaranteed the recovery and rapid expansion of the platforms capacity. At the same time, it also added some excellent personnel. The team was full of vitality. Flat management allowed all departments to direct to the platform. Wen Xiaodong feedback improves efficiency. Yang Yang introduced.

But the good times are not long. Since September 2018, driverscash withdrawal has been getting worse and worse. At that time, it was easy to use some limited cash withdrawal methods to solve the problem, but since December 2018, the problem of cash withdrawal has become serious.

The situation is becoming more and more serious, and the disputes between Taoyun Capital and Le Video are also becoming public. In December 2018, the Lexus Holdings Debt Handling Group said that after the acquisition agreement with Lexus Capital, Lexus Capital had not paid any transaction consideration to Lexus and fulfilled its obligations under the agreement, resulting in economic disputes involving billions of dollars.

Later, Taoyun Capital responded that because it was a debt transaction, Lexin Holdings and Jia Yueting promised in the transaction document that the debt size was 2.3 billion yuan, while Taoyun Capital found that the debt size was about 5 billion yuan.

Yeung Sen (alias), a former employee of Yida, believes that Lexins legacy debt does have a certain impact on Yidas subsequent operations, but it will not become the main reason for Yidas current situation. As far as I know, after Lexins withdrawal, Yida once ushered in a good development situation, and did not provide large-scale subsidies. At the end of last year, the company suddenly ran out of money, which is quite strange.

Tang Xin, an independent analyst, believes that the key to the change of ownership for several times lies in the inadequacy of its own independent management ability, over-reliance on investors, being led away, and the difficulty in implementing its own strategy.

Easy to bleed to management, now no money, no one

Smart enough, not enough pattern. After becoming an easy-to-reach actual controller, there is a lack of wisdom in terms of personnel and management. Yang Sen said so about Wen Xiaodong.

Controlling shareholders Taoyun capital chain is tight, easy to no rice to the pot, and even several times relocated office space. Several drivers said that they eventually caught up with Dacheng International in Baiziwan from the Marriott Hotel near Beijing Station. The ease of arrival after layoffs has not improved.

On March 13, Wen Xiaodong announced in Weixin Friends Circle that Gong Zhenbing was about to step down as CEO. A week later, the driver of the luxury car asked Yi to recover the cash, and the person in charge of the docking was Sun Shihai, a rescue soldier invited by Wen Xiaodong. After Wen Xiaodongs accessibility, he dispatched Taoyun Capital personnel, who were in charge of personnel, finance and legal affairs, and almost controlled the accessibility. Yang Sen said.

Wen Xiaodong, born in 1983, is quite mysterious in the capital market. According to business information, Wen Xiaodong holds 72 enterprises, involving travel, film and television, tourism, real estate, agriculture and animal husbandry, new energy and other fields.

According to business information, Sun Shihai is the legal representative of Taoyun Shida (Beijing) Agricultural Development Co., Ltd. under Taoyun Capital. He is responsible for agricultural investment related business in Taoyun Capital. Did you think there was a play when a man who was in charge of agriculture landed in the air and asked for a car in the pipe network? A person familiar with the situation told reporters that there was no one in the management at present, and that the current situation was no money, no one.

On April 25, several drivers found that it was easy to get on-line Quick-lift label service, which could quickly extract the fare. However, some drivers said that orders showing pick-up labels were hard to grab.

The owners withdrawal will be settled in batches within ten working days. Each owner can know the specific withdrawal date according to the customer service telephone notification or terminal information. On May 17, Yi Zhifa announced that tens of millions of funds were obtained from Taoyun Capital, a major shareholder, to solve the cash withdrawal problem. In the future, it will continue to raise more funds and provide more cash withdrawal schemes to properly solve the cash withdrawal problem.

Five days later, on May 22, Easy to Release Announcement said that after negotiation with a number of cooperative agencies, cooperation opened a new user activities such as replenishment, discounts and so on. Due to the financial settlement requirements of the cooperative institutions, the replenishment activities need to be limited in time, and the system-level technical updates of the new replenishment mode have been carried out. When the user replenishment activities of the new mode are debugged urgently, the technical work fails and failures occur, resulting in the impact of some usersaccount balances.

Easy to reach announced on May 26 that in the early morning of that day, Easy to use car servers were attacked continuously, which had a serious impact on usersuse. Relevant technical personnel are working hard to repair, have reported to the network police center, the operation team will be based on the length of time to resolve the incident to develop compensation programs.

Easy to get taxis, easy to get, special cars, business four types can be selected, easy to get was easy to push services, but now few people accept orders. With the promotion of network contract vehicle compliance by the end of 2018, and the delay in solving the problem of easy access to cash, the number of easy access drivers began to decrease.

User Cheng Guang (pseudonym) said, I still have a balance of nearly 500 yuan in my accessible account, but its easy to get less cars and expensive. Now I dont support online payment, and I dare not use it anymore. Similar complaints are not uncommon on various online complaint platforms.

Who will take the offer easily?

In mid-2018, Taoyun Capital began to find its way out easily. In August 2018, Hemei Group announced that it had signed a strategic agreement with Taoyun Capital to acquire no less than 5% of the companys shares within three months, and planned to acquire the equity of Beijing Oriental Cheyun Information Technology Co., Ltd. (easy-to-acquire subject).

However, the parties to the agreement failed to reach agreement on the specific scheme of the transaction at the later stage of communication. On November 15, the company announced that in view of the changes in the capital market environment and industrial policies, there was a greater risk of uncertainty in continuing to promote the above-mentioned cooperation. Oriental Cheyun intends to independently declare domestic or overseas IPOs, thus terminating its strategic investment cooperation with Taoyun Capital. So far, easy-to-reach curve listing has also come to a grim end.

Shortly afterwards, Taoyun Capital came up with the idea of selling easily. On January 21 this year, Taoyun Capital issued a statement saying that it would publicly sell its equity to the public. Taoyun Capital said that in the case of the overall financing market downturn, it is difficult for Taoyun Capital to make sustained investment. It is especially easy for enterprises with a sense of social responsibility to publicly recruit companies with a willingness to lay out the online car-appointment industry and a sense of social responsibility to join the stock market. They are willing to transfer all or part of the capital at a cost lower than the acquisition cost from Lexin and Jia Yuetang. Easy to get equity.

Its hard to say whether anyone can take the offer easily because of the current competition situation of the online car, the accessible debt and Wen Xiaodongs dishonesty. Yang Yang introduced that although it is easy to get online license plates, but at this stage is in a situation of no customers, no capacity, how much specific value can not be said, can only be left to the market assessment.

On March 7th, Yida confirmed that it was seeking a new round of financing of 2.55 billion yuan, and market rumors that Hengda would take over were later denied by people close to Hengda. On March 25, Easy to release an internal e-mail saying that in order to adjust work ideas and rely on their own strength to maintain the basic operation of the platform as soon as possible, the primary goal in the future is to make money. Easy to survive with broken arms is rebuilding through spending cuts, business restructuring and financing.

Easy to reach Rescue Soldier is not once or twice. Beijing News reporters learned that since 2018, in addition to seeking to borrow the shell of Hermes Group, Yida has also successively contacted Ali, Suning, Shunfeng, PICC and other companies, and eventually ended up with no illness.

Ding Daoshi, an Internet analyst, told Xinjing News that the easy way out is to sell or raise funds. Easy way needs to rely on a truly powerful enterprise to put its strategy and main business back on track. With the withdrawal of large-scale subsidies, there are still market opportunities in the travel industry.

The accessibility of Taoyuns capital is not very helpful to the operation of the company. How can we understand the operation when making investment? Lin Ling hoped that it would be easy for someone to take over the offer, but easy for her to bear huge debts. Who would be willing to take over?

Chen Weicheng, reporter of the Beijing News? Zhao Ze, editor? Proofread Xue Jingning

Source: New Beijing Daily Responsible Editor: Yao Liwei_NT6056