Tengbang Dilemma: 100 million Special Private Equity Funds Redefault

category:Finance
 Tengbang Dilemma: 100 million Special Private Equity Funds Redefault


In this regard, a reporter from the Economic Observer called Tengbang Logistics Company, which is owned by Tengbang Group, but the telephone was not answered. Then the reporter sent an e-mail and called Tengbang International (300178.SZ) to inquire about the reasons for the failure of the fund. Tengbang International responded that Tengbang Groups business was independent and operated on the fund. The situation is not clear.

Private equity fund default

Mr. Chen invested in the fund in September 2017 and paid interest every six months, an annual rate of 9%. In 2018, interest was paid on time, but since March this year, interest will not be paid normally. In September this year, interest will be paid again. At the same time, the principal will be due. But Mr. Chen feels that Tengbang should be hard to pay.

According to the investment data provided by Mr. Chen, the project size of the fund is 500 million, the project duration is 24 months, and the purpose of the fund is to transfer the creditors rights and benefits of 768 million accounts receivable of Tengbang Group. According to Mr. Chen, the fund did not raise as much as 500 million yuan, or about 100 million yuan.

In the column of wind control measures, the Fund said that the pledge of Tengbang Groups 768 million yuan of receivable creditors rights had been registered in the central bank credit collection center; in addition, Tengbang Logistics Group is one of the top 500 enterprises in China, and Tengbang Holdings (06880.HK) will return when the fund expires.

Buying creditors rights; Tengbang Group Tengbang

Bond International Expiration and Unconditional Connection

All Fund Debts

Payment of principal and interest to ensure the withdrawal of the fund. It is noteworthy that Tengbang Asset Management Group Co., Ltd. will guarantee joint and several liability; Zhong Yusheng, the actual controller (nearly 4 billion personal assets), has irrevocable joint and several liability guarantee. China-Foreign Construction Fund is the manager of this fund. I bought it through a company named Beijing Tangding Yaohua Fund Sales Co., Ltd. (hereinafter referred to asTangding Yaohua Fund). At that time, the sales there lobbied me, saying that the financiers and guarantors (Tengbang Group) are the top 500 enterprises in the country, with strong comprehensive strength. The business is stable, the credit record is good, the companys financial situation is stable over the years, and the source of repayment must be guaranteed. Mr. Chen told the Economic Observer.

Mr. Chen also provided another document entitled China-Foreign Construction Xinfu No. 6 Tengbang Logistics Private Equity Fund - Update Statement up to 2010 816 issued by Tang Dingyaohua Fund. As the agency of the fund, Tang Dingyaohua Fund executives have met with the fund manager, Sino-foreign construction, investment consultant Xizheng (Beijing) Equity Investment Fund Management Co., Ltd. (hereinafter referred to as the Western Securities Fund) and senior executives of Tengbang Group for many times to communicate solutions.

On April 19, 2019, just after the first failure to pay the interest of the fund, Tang Dingyaohua Fund entrusted Beijing Beijing Beijing Airlines Law Firm to send a lawyers letter to Sino-Foreign Construction Corporation, requesting that Sino-Foreign Construction Company determine the solution to the default of the financier and guarantor as soon as possible, and immediately adopt the necessary legal procedures to implement relevant asset preservation matters as soon as possible. It is required to disclose to investors timely, objectively and comprehensively the investment operation, post-investment management, asset preservation and asset disposal plan of the fund; and the administrator is required to set up special dockers and special reception places for the fund.

In April 2019, Tang Dingyaohua Foundation set up a special group for the fund, which is responsible for docking with the foreign construction and Western Securities Fund. It followed up the latest progress of the fund through daily telephone communication and weekly telephone conference. It also discussed the progress of the project collection and the next work deployment at the weekly meeting of the company. u3002

As of August 16, 2019, the latest progress of the application for enforcement procedure of the fund is as follows: According to the Notice of Tengbang Logistics Special Private Investment Fund No. 6 issued by China-Foreign Construction Fund on July 29, 2019, China-Foreign Construction Fund has received the Notice of Acceptance of Cases sent by Shenzhen Intermediate Peoples Court on July 29, 2019. Notify that the case of Tengbang Logistics Group Co., Ltd., Tengbang Asset Management Group Co., Ltd., Zhong Yusheng fulfilling the related guarantee payment responsibility has been put on file for execution. The Shenzhen Intermediate Peoples Court will conduct property verification of the executed person according to the execution case management process. Work. According to the feedback from the administrator, the property verification is expected to take about a month.

In the week of August 16, Tang Dingyaohua Fund said that it had met and telephoned the managers of the Western Securities Fund, a consultant for construction and investment in China, to urge them to do their utmost to promote the preservation and disposal of related assets as soon as possible.

In order to raise funds from the market, Tengbang Group has launched more than one special private investment fund for logistics of Tengbang, China Jianxinfu No. 6. According to public information, at the end of January this year, Tengbang Logistics Receivables Income Right 2 Private Equity Fund also failed to pay on time. The product life of this fund is six months, and the expected income is 8.8%. The fund is mainly used to invest in Tengbang Logistics Receivables Income Right legally enjoyed by Tengbang Logistics. The source of repayment includes Tengbang Logistics Receivables to Tengbang Logistics. There are three kinds of methods: period repurchase, Tengbang Logistics Repurchase Receivable Income Right and Tengbang Group Repurchase Receivable Income Right. And the wind control measures are similar to those of the above funds. Tengbang Group and Tengbang Logistics together guarantee the repurchase and effectively guarantee the security of funds. It is worth noting that the private equity fund manager is Fangyuan Sanlu, and the financier is Tengbang Logistics Group Co., Ltd. Both are brothers, both of which are controlled by Tengbang Group.

Game of Land in Fukuda Bonded Area

Tengbang Group was founded in April 1998, focusing on three major industries: tourism, logistics and investment. It has six major industrial groups, namely Tengbang Tourism Group, Tengbang Business Travel Group, Tengbang Aviation Group, Tengbang Logistics Group, Tengbang Asset Group and Tengbang Investment Group.

People close to China and foreign construction funds told the Economic Observer that the funds raised by Tengbang Group from the market have been invested in the land of Futian Free Trade Zone in recent years. When they learned that the land could be converted from industrial land to commercial land, they set up the land at a higher price than industrial land and spent tens of dollars. Billions to tens of billions.

According to official website information, Tengbang Group has been rooted in Futian Free Trade Zone for 20 years. At present, its affiliated companies have about 70,000 square meters of property and land in Futian Free Trade Zone. As one of the earliest bonded areas in China, Futian Bonded Zone still retains the function of bonded logistics, which is also the strategic focus and landmark of Shenzhen.

At the end of December 2018, Tengbang International issued the Notice of Signing Strategic Cooperation Agreement between Controlling Shareholders and Deep Investment Control and Fukuda Investment Control. Fukuda Investment Controls and Deep Investment Controls the Property and Land Assets of Tengbang Group and its affiliated companies in Fukuda Free Trade Zone. In the future, the three parties will jointly launch the overall renewal and transformation plan of Futian Bonded Area, comprehensively enhance the space carrying capacity of Futian Bonded Area, and explore the coordinated development mode of industrial headquarters + strategic base.

However, the above two state-owned shares have not been listed below. According to the above-mentioned sources close to China and foreign construction funds, the three parties have been playing a game on land issues, and now Tengbang Groups operation has been in a dilemma. Tengbang Group defaulted on its $112.5 billion bond on June 10 this year. Subsequently, Tengbang Group announced that due to the slow progress in asset sales and the introduction of strategic investors, it was unable to recover cash flow in time, which led to the failure to raise funds on time to pay interest on the bond. Tengbang Group has applied to Tengbang Logistics Building, Saige Storage and Transportation Building and Jincangli Land Mortgage Bank for sequential mortgage on June 14, 2019. At present, it has not received the notification of approval from banks.

Nowadays, Tengbang International is facing such a situation: IATA blocked and banking agency to collect debts. Because the total amount of the ticket arrears of Tengbang Group and some subsidiaries BSP (i.e. billing and settlement plan) is about 217 million yuan, four companies of Tengbang Group and its subsidiaries, Shenzhen Tengbang Aviation Service Co., Ltd., Tengbang Tourism Group Co., Ltd. and Chengdu Tengbang Electronic Commerce Co., Ltd., have received the issuance of the International Air Transport Association.u300a Notice of Termination of Sales Agency Agreement for Passenger Transport.

On August 19, when reporters from Economic Observer came to Tengbang International Headquarters, two ticket agents from Tengbang came to the headquarters to ask for a refund. As a result, about an hour later, they were still unable to be admitted. They have cooperated with Tengbang for more than ten years. Since the beginning of June, Tengbangs system has been unable to issue tickets. They can only stop cooperating. Now they want to return the deposit of advance payment and black screen (a booking system). It is understood that the deposit of the air ticket supplier booking system is about 30,000. Advance payment is determined by the amount of tickets issued. The situation of each supplier is different. The two suppliers told reporters that their arrears are not large. On August 10, Tengbang International announced that it had received such litigation documents as subpoena and civil indictment from Futian District Peoples Court of Shenzhen City, Guangdong Province. Due to the failure to pay in time, the Shenzhen Branch of Fubanghua First Bank Limited has appealed to Tengbang Tourism to repay the loan principal, interest and attorneys loss fee totalling 29.59 million yuan. It has applied to the Peoples Court of Futian District, Shenzhen City, Guangdong Province, for freezing the relevant bank accounts of Tengbang International. Source of this article: Author of Economic Observatory: Old Ying Responsible Editor: Zhong Qiming_NF5619

On August 10, Tengbang International announced that it had received such litigation documents as subpoena and civil indictment from Futian District Peoples Court of Shenzhen City, Guangdong Province. Due to the failure to pay in time, the Shenzhen Branch of Fubanghua First Bank Limited has appealed to Tengbang Tourism to repay the loan principal, interest and attorneys loss fee totalling 29.59 million yuan. It has applied to the Peoples Court of Futian District, Shenzhen City, Guangdong Province, for freezing the relevant bank accounts of Tengbang International.