Ruifeng No.2 holds the limited partnership shares and corresponding rights of Shenzhen yuanfuhai No.3 investment enterprise (hereinafter referred to as yuanfuhai No.3), and finally invests in the equity of Shenzhen hi tech Investment Group Co., Ltd. (hereinafter referred to as hi tech investment).
In the short term
In 2012, sunrise Oriental was listed on the Shanghai Stock Exchange. The company is mainly engaged in the R & D and production of solar energy, water purifier, air energy and other products. Its well-known brands sun rain and four seasons Muge are well known. However, since the companys listing in 2012, its performance has been in a downward shock, especially after the acquisition of SHUAIKANG Electrics layout of kitchen and electricity business in 2017. Due to the impairment of goodwill, the net profit of sunrise Oriental in 2018 lost 492 million yuan.
Trying to get the business back on track, sunrise East suddenly encountered an accident.
Sunrise Oriental announced on the evening of January 5 that in March 2017, the company subscribed Ruifeng No. 2 issued by Shouyu light control with its own capital of 50 million yuan. According to the contract, Ruifeng No. 2 acquires and holds the limited partnership shares and corresponding rights of yuanfuhai No. 3 through the transfer of LP shares, and the partnership invests in hi tech investment shares. The investment period is 5 years from December 24, 2014, i.e. December 24, 2019 is the expected maturity date.
When making the investment decision in 2017, sunrise believes that the main purpose of subscribing for the share of the special capital management plan of Shouyu light control is to use the idle funds within the authorized amount to purchase the capital management plan products on the premise of ensuring the companys daily operation, project construction and other capital demands, and effectively controlling risks, with the help of the investment ability of professional investment institutions, so as to improve the companys idleness It is in the interests of all shareholders to improve the efficiency of capital use and the overall income of the company.
However, on December 23 last year, sunrise Oriental received the announcement from Shouyu light control, the asset manager, on the extension and termination of the asset management plan. At the partners meeting held on January 3 this year, a resolution on the subsequent postponement or liquidation arrangement of yuanchuihai No. 3 was not made on that day. The plan will announce the arrangement of subsequent extension or liquidation according to the final resolution formed by the limited partners meeting of the partnership.
Sunrise Oriental believes that the extension time of Ruifeng 2 is still uncertain, and there is a risk that the principal cannot be recovered in a short period of time. The asset management plan is to invest in yuanfuhai No. 3, and then to invest in hi tech through yuanfuhai No. 3. If there is any risk in the operation of the asset manager and yuanfuhai 3, it will greatly affect the companys recovery of the investment. Ruifeng 2 finally invests in hi tech investment. If the business performance of hi tech investment fluctuates due to market environment or policy changes, it will also greatly affect the companys recovery of this investment.
High risk characteristics
It is worth noting that the investment risk of Ruifeng 2 is relatively high, and sunrise Oriental disclosed it as early as last June when replying to the inquiry letter of the exchanges annual report.
Sunrise Oriental said that the benchmark of Ruifeng No.2s performance is 8% per year, but the plan has high risk characteristics, is suitable for investment with strong risk identification and bearing capacity, does not promise no loss of income or principal, only distributes to all clients within the limit of the distribution amount received from the limited partnership, does not make any commitment or guarantee for the distributable amount, and does not make any commitment or guarantee for the general partnership The person makes any guarantee or assumes any responsibility for the investment management of the limited partnership. The final income is subject to the actual distribution.
In its response letter, sunrise Eastern did not believe that Ruifeng 2 had any sign of impairment. According to the company, Shouyu light control invested 3.52% of its equity in hi tech investment, corresponding to a pe9 times valuation. According to the announcement of Zhou Dashengs investment in hi tech investment in March 2018 and the audit report of hi tech investment in the first half of 2018, Zhou Dashengs financing of RMB 286 million invested 2.35% of its equity in hi tech investment, with a share premium of about 30% compared with sunrise Oriental. No objective evidence of impairment of various investments was found.
Because of the concept of net red belt goods, sunrise East has recently been trading for 4 consecutive days. Sunrise East announced on the evening of January 3, recently, there are market rumors that the company belongs to the online red belt concept stock. In the early days, the company subscribed Huaxing capital US dollar fund share for 5 million US dollars, the ratio was 2.76%, accounting for a relatively low proportion. The Huaxing dollar fund held a fast ratio of 0.1%, and the proportion of indirect holding fast hands was 0.00276%, accounting for a very low proportion. In addition, the current business and R & D of the company do not involve the blockchain field, and the main business has not changed.
High tech investment participation
As an investment company with a state-owned capital background in Shenzhen, hi tech investment is powerful. Founded in December 1994, hi tech investment is a professional financial service institution set up by Shenzhen Municipal Party committee and municipal government in the early 1990s to solve the financing problem of small and medium-sized technology enterprises. Now its core business is financing and financial product guarantee, guarantee guarantee, venture capital, asset management, and its comprehensive strength, competitiveness and business innovation ability are leading in the country. It has developed into a national innovation Type a financial service group, highly recognized by a number of mainstream domestic credit rating agencies.
Hi tech investment is 40% controlled by Shenzhen SASAC, which is the capital operation platform of Shenzhen SASAC. As one of the shareholders of hi tech investment, Tianyan inspection shows that the company holds 20% of the shares of hi tech investment and has subscribed 1.77 billion yuan. Through further penetration of tianyancha, yuanfuhai No. 3 shareholder, in addition to Shouyu Guangkong, has listed companies and institutions such as Zhou Dasheng, fuanna, Maotai Jianxin fund, Dongfang Fuhai fund, etc.
It is worth noting that in September 2018, in order to resolve the liquidity risk of Shenzhen high-quality listed companies and their actual controllers, the Shenzhen municipal government launched the liquidity risk pooling mechanism scheme of Shenzhen high-quality listed companies. The state-owned capital of Shenzhen city has released the closing pressure and the closing crisis of the pledged equity of listed companies, while hi tech investment is one of the investors of the rescue plan. In terms of debt support, the state owned assets supervision and Administration Commission of Shenzhen Municipality raised 10 billion yuan of special funds through subordinate enterprises, and Shenzhen high tech Investment Group Co., Ltd. and Shenzhen small and medium-sized enterprise credit financing guarantee Group Co., Ltd. made loans to listed companies and their actual situations through entrusted loans, bridge loans, loans to actual controllers, transfer of stock pledged debt, and increase of stock pledge rate, according to the southern daily The controller provides liquidity support to resolve the closing crisis. Source: responsible editor of Securities Times: Yang bin_nf4368
In terms of debt support, the state owned assets supervision and Administration Commission of Shenzhen Municipality raised 10 billion yuan of special funds through subordinate enterprises, and Shenzhen high tech Investment Group Co., Ltd. and Shenzhen small and medium-sized enterprise credit financing guarantee Group Co., Ltd. made loans to listed companies and their actual situations through entrusted loans, bridge loans, loans to actual controllers, transfer of stock pledged debt, and increase of stock pledge rate, according to the southern daily The controller provides liquidity support to resolve the closing crisis.