A trust practitioner in South China said that if Sichuan trusts capital pool business is shut down in a one size fits all manner, the risk of some products may be exposed, so it needs to be gradually decompressed.
However, behind the risk exposure of Sichuan trusts capital pool business, there are also hidden worries about the obvious rise of non-performing rate.
Chuanxin denies being taken over
Just got the news that Sichuan trust is about to be taken over, and all fund pool businesses will be stopped, and all senior executives personal passports will be turned over, and fund pool businesses stopped fundraising last week..
To this end, Sichuan trust replied on its official website at 23:42 p.m. on May 11: today, people with ulterior motives fabricated and spread false information about Sichuan trust is about to be taken over, and all capital pool businesses are stopped , which seriously slandered our companys reputation. In order to protect the legitimate rights and interests of our company, our company solemnly declares as follows: first, our companys operation and management are all normal, and all businesses are carried out orderly; second, our company has reported the above untrue statements to the relevant departments, and will investigate its legal responsibility according to the damage consequences caused to our company.
On May 11, there are still products in circulation, so the rumors will not break, Sichuan trust told the economic observer
According to the reporters understanding, Sichuan trusts capital pool business has been downsizing. According to the reporter, since November last year, the wealth team did not accept the entrusted funds within six months when docking with customers, and has begun to gradually reduce the capital pool business.
Recently, a person from Sichuan trust wealth Department told reporters that the yield of fund pool related products has also been gradually reduced.
As for the regulatory details of Sichuan trusts fund pool business, the reporter also interviewed the Sichuan banking and Insurance Regulatory Bureau on May 11, and the relevant person responded to the reporter: its inconvenient to answer.
The above-mentioned South China Trust insiders said that the draft for comments on the new asset management regulations clearly stated that it is not allowed to carry out fund pool business, but because the new asset management regulations have a two-year transition period, some trust institutions are still issuing through the innovative mode of tot.
According to the trust industry association, tot / TOF (trust trust trust / trust trust fund) literally means trust in trust and trust in fund, which is a kind of trust specialized in investment trust products. In a broad sense, tot / TOF is a small classification of fof (fund of fund). In China, tot is generally considered as private placement in private placement, and fof is generally considered as public offering in public offering.
At present, the common operation mode of domestic tot / TOF is: the trust company offers funds to establish the parent trust product, and the parent trust product selects the established sunshine private placement trust plan for investment allocation, forming a parent trust product to invest in multiple sub trust trust trust portfolio products.
There are four distinct characteristics of trust fund pool products: rolling issue, collective operation, term mismatch and separate pricing. Specifically speaking, rolling issuance can also be called rolling sale and rolling raising, which specifically means that the asset management products are not raised in one time, but separately raised in different pilot sites by means of installment issuance or open subscription. It can be divided into two modes: borrowing new to repay old and rolling investment.
Separate pricing refers to that when applying for or redeeming funds under asset management products, reasonable valuation is not carried out according to the regulations, and the investors purchase price, redemption and maturity level are determined based on the actual return rate of the corresponding target assets.
According to incomplete statistics, the regulatory authorities have repeatedly confirmed that financial institutions shall not carry out or participate in the capital pool business with the characteristics of rolling issuance, collective operation and separate pricing.
For the supervision of fund pool trust in the future, the person added that the business of fund pool of larger trust institutions has been stopped for a long time and will not touch the red line of supervision, while some trusts with more fund pools will be gradually compressed and stopped to meet the requirements of supervision.
Hidden worries of bad soaring
On the other hand, behind the risk exposure of Sichuan trusts capital pool business, there are also hidden worries about the obvious rise in the non-performing rate.
Before that, the financing subjects of Sichuan trust, such as Nanjing Fengsheng Industry Holding Group Co., Ltd. and hanergy group, fell into the debt storm and were unable to repay the trust loans. According to qixinbao data, as of May 14, Sichuan trust had involved 336 lawsuits, including Nanjing Construction Engineering Group Co., Ltd., hanergy Hydropower Group Co., Ltd. and other counterparties who were sued by Sichuan trust for delayed repayment.
According to the reporter, according to the 2019 annual report of Sichuan trust, the top three shareholders of the company are Sichuan Hongda (Group) Co., Ltd., China Shipping Trust Co., Ltd. and Sichuan Hongda Co., Ltd., of which the total shareholding ratio of Hongda Group and Hongda Co., Ltd. is 54.19%, and the actual controller of them is Liu Canglong.
Referring to the non-performing rate of Sichuan trust, the above-mentioned South China trust people told reporters that if there is no capital pool business, the non-performing risk of Sichuan trust may be further exposed.
Another person in the trust industry said that in the later stage, Sichuan trust would definitely compress and dissolve the fund pool business in accordance with the regulatory requirements, meeting the requirements of the new regulations on asset management and the draft for opinions on fund trust.