On the one hand, investors see that the expected rate of return of the trust product is relatively considerable and that Maotai liquor itself has scarce value at present; on the other hand, the ongoing marketing system reform of Maotai makes the price of Maotai liquor tend to be stable gradually, and whether the investment value achieved due to its scarcity can be sustained in the future, or will be related to the income guarantee of trust investors.
In recent years, the physical investment of trust funds is rare. Whether such investment has the space of continuous premium needs further observation.
Directional subscription of Maotai liquor
COFCO trust this liquor trust has subscribed for Maotai liquor spot (mainly including Feitian 53, five-star 53, Zodiac Maotai liquor, customized Maotai liquor and Maotai Vintage liquor, etc.).
According to the disclosure on the official website of COFCO trust, since 2017, COFCO trust has established three trust plans, namely COFCO trust u00b7 Feitian 1 Maotai liquor investment collective fund trust plan (hereinafter referred to as Feitian 1), COFCO trust u00b7 Feitian 2 Maotai liquor investment collective fund trust plan (hereinafter referred to as Feitian 2), COFCO trust u00b7 Feitian 3 Maotai liquor investment collective fund trust plan Investment collective fund trust plan (hereinafter referred to as Feitian 3).
Among them, feitian-1 has completed liquidation in March 2019, with the cumulative investment income of 37.49%.
Yan Ran told reporters that the high yield is one of the reasons why the trust is popular. A COFCO trust official said that customers take the expected fixed rate of return, which should be around 10%. By contrast, the reporter understands that in the whole trust industry, the yield of 10% has been quite considerable.
According to the management report No. 2 of Feitian, the scale of the trust plan is 100 million yuan (80 million yuan in cash + 20 million yuan in goods value and 53 degrees in stock). The trust funds raised are all invested in Maotai products with appreciation space, with a total of 44880 bottles. As of September 30, 2019, the trust product grew by 18.20%.
According to the management report no. 3 of Feitian, the scale of the trust plan is 100 million yuan (80 million yuan in cash + 20 million yuan in goods value and 53 degrees in stock). The trust funds raised are all invested in Maotai products with appreciation space, with a total of 45646 bottles. As of September 30, 2019, the trust plan increased by 22.82%.
In view of the actual Maotai liquor invested, COFCO Trust said, property isolation, trustees independent / entrusted management or storage of the trust property, to ensure the ownership of the trust property. In addition, the trust fund operates in a closed way, and the whole process of physical assets is subject to supervision.
In this trust plan, the client investors can take the fixed income, and Goethe Yingxiang will be the inferior backer, so the clients capital is relatively safe. The said COFCO trust insiders added to reporters.
The so-called inferior investors role, COFCO trust mentioned in the letter of recommendation that during the trust plan period, if the market price of some cash investment commodities falls by more than 20% of the trust principal, all the spot commodities of the trust property will be closed out, and the trust plan will be terminated. If the expected annual yield cannot be achieved, the difference will be made up by Goethe Yingxiang. In addition, Liu Xiaowei, the actual controller of Goethe Yingxiang, undertakes personal unlimited joint and several liability guarantee. In June this year, Liu Xiaowei was elected vice president of the 7th China Liquor Distribution Association.
According to the information in the above-mentioned COFCO trust recommendation, Goethe Yingxiang was founded in March 2012, with a registered capital of 200.2 million yuan as of December 31, 2018. According to the audit report of 2018, in 2018, the company realized the main business income of 2.568 billion yuan, a year-on-year increase of 71.2%, the net profit of 180 million yuan, a year-on-year increase of 16.9%, the total assets of the company of 2.956 billion yuan, and the asset liability ratio of 43%.
The reporter inquired about qixinbao and learned that GE de Yingxiangs equity is 40% owned by Liu Xiaowei, a legal person, and 60% owned by Beijing Ge de auction company. Among them, Liu Xiaowei holds 98.2% equity of Goethe auction company through Tibet Lingqiao Venture Capital Co., Ltd. Goethes auction is the largest Chinese famous wine auction company in China.
Goethe Yingxiang has also built a composite operation platform for the collection of old wine recycling, trade, auction, consignment and online and offline sales of Chinas famous old wine. According to its official website, the company has a professional wine identification team and a rigorous and scientific identification system.
In addition, Goethe Yingxiang is also one of the dealers of Maotai liquor. According to the above-mentioned COFCO trust proposal, during the deep adjustment of high-end liquor market, through active market M & A, Goethe Yingxiang now has a total annual sales quota of more than 100 tons of Maotai liquor, which has occupied a large market space. At present, the annual sales quota of the largest dealers in Maotai is no more than 150 tons.
On which aspects Goethe Yingxiang chooses to benefit from the cooperation with COFCO trust, a senior trust practitioner in East China told reporters that, on the one hand, Goethe Yingxiang, as the distributor of Maotai liquor, can also activate the inventory; on the other hand, Goethe Yingxiang can lock in the cost in advance, purchase and store a large number of Maotai liquor, and then can relatively freely choose the delivery time to make profits.
As for whether Goethe Yingxiang sold the same batch of Maotai liquor invested and purchased in the trust plan when the product exited, the reporter called the contact information reserved by Goethe Yingxiang, and no one answered up to the time of publishing.
The biggest uncertainty of alcohol investment trust is the rise and fall of alcohol price when the products exit.
Because the current economic situation is in a downward trend, it is not easy to judge that the price of Maotai liquor must rise, the COFCO insiders told reporters. Because the market price of wine may also be affected by periodic changes. When the product exits the cycle, its hard to say what the market price of the wine is next.
However, as long as the Maotai liquor purchased through investment is not fake, the probability of loss is not so high. On the one hand, theres Maotai liquor, on the other hand, theres Goethe Yingxiang for the bottom.
According to the prediction on the price of Maotai liquor in the above trust recommendation, the sales of Guizhou Maotai liquor has strong seasonal characteristics. The Spring Festival and the Mid Autumn Festival are two obvious time points for centralized consumption, with the consumption accounting for about 45% of the whole year. After that, there will be an obvious off-season of relative sales. However, the current sales mode of Maotai requires dealers to implement the cooperation plan in the off-season In the same way, this has formed a greater test pressure on the cash flow of dealers during the period.
According to the recommendation, the trust plan of this period is to set up in August, choose the off-season intervention of Maotai sales, make full use of the capital pressure brought by other dealers monthly execution of the contract, effectively utilize their quota resources, expand market share at a lower cost, distribute the inventory at a high level after the arrival of the double favorable factors of the sales peak season and expected increase of the factory price of Maotai, and realize investment. Maximize revenue.
However, the emergence of alcohol investment trust makes the silent investment trust come out again. In 2016, Shanghai Trust xianghuashi series u00b7 China calligraphy and painting art investment (jiashihua year) collective fund trust plan issued by Shanghai international trust only cashed the principal. The risk of art investment trust was exposed and the market was weak.
The above-mentioned senior trust practitioners in East China told reporters that there are two risk points in COFCO trusts liquor investment trust plan: first, the normal operation of the company is the most basic guarantee when the product exits because Goethe Yingxiang is the underdog; second, it is necessary to ensure that the Maotai liquor invested is real, because the situation of Maotai fake liquor in the market is not uncommon. The investment alcohol trust plan also tests COFCO trusts comprehensive investment management ability. If Maotai liquor is a fake liquor when the product exits, COFCO trust must also bear the responsibility of management negligence and be responsible for customers. According to the person.
Source: editor in charge of economic observation network: Yang Zeyu ufe63 nf6036