On August 12, a reporter from Beijing News learned from the official website of the China Securities Investment Fund Association (hereinafter referred to as the Fund Association) that a private equity institution owned by Tianyuan Manganese Industry was recently announced to be cancelled by the Fund Association and was notified in February this year.
Ningxia Credit Far Employees recently told reporters in the Beijing News by telephone that they had not heard about the cancellation, and asked reporters to contact another department. The departments telegraph workers said they could not reply to reporters about the cancellation. As for the notice issued by the fund association, the telegraph workers said that we have not received it here.
Industry and commerce information shows that Ningxia Credit was established in April 2017 with registered capital of 100 million yuan. At present, it is in a state of survival. Its sole shareholder is Ningxia YuanFinance Holding Group Co., Ltd., which is wholly owned by Ningxia Yuanmanganese Industry Co., Ltd.
The China Securities Investment Fund Association (hereinafter referred to as the Fund Association) recently issued a bulletin showing that according to the relevant provisions of the Notice on the Special Legal Opinions of Private Fund Managers under Abnormal Operations, 17 private fund managers such as Shanghai Purple Sophora Investment Management Co., Ltd. can not continue to comply with management. Person registration requirements, meet the cancellation conditions.
The reporter of Beijing News found that the 17 private offerings mentioned above include Ningxia Sincerity Far Fund Management Co., Ltd. (hereinafter referred to as Ningxia Sincerity Far), which is owned by Tianyuan Manganese, the largest private enterprise in Ningxia.
The Fund Association said that it would cancel the registration of the private equity fund managers of the 17 institutions and record the above situation in the database of credit archives in the capital market. The cancelled private equity fund managers and related parties should comply with the Law of the Peoples Republic of China on Securities Investment Funds, the relevant self-regulatory rules of the association and the fund contract agreement. To properly dispose of fund assets under management and safeguard the legitimate interests of investors in accordance with the law.
Among them, the Foundation Association has sent a notice to Ningxia Credit Far-distance on February 18 this year.
New Beijing News reporters learned that since the outbreak of Lai Xiaomin case in 2018, Jia Tian, the actual controller of Tianyuan Manganese Industry and the worlds manganese king, will cooperate with the investigation and return to public view this year. Since then, Tianyuan manganese industrys financial landscape has shown signs of contraction.
On August 6, the Beijing News exclusively reported that the ownership structure of Huarong West Development Investment Company (hereinafter referred to as Huarong West), a company funded by Tianyuan Manganese Industry and Huarong, had changed quietly and Tianyuan Manganese Industry, as a shareholder, had withdrawn.
In a statement issued in April last year, Tianyuan Manganese said: Apart from normal business cooperation, Huarong does not participate in our company, has no control and management power over our company, does not have the right to vote on the companys decision-making, and the cooperation between the two sides always follows laws, regulations, national policies and the rules and regulations of the two companies.
Source: Wang Xiaowu_NF, Responsible Editor of Beijing Newspaper