In addition, according to the latest complaint obtained exclusively from investors close to Chuying, Chuying investment claims to order Changan investment to buy back 40.24625 million shares of Guorong securities, repay the transfer fund of RMB 151 million at that time, and pay an additional interest loss of RMB 1.8946 million according to the loan market interest rate.
At that time, Chuying investment signed an agreement with Changan investment to acquire 4.125% shares of Guorong securities. Chu Ying investment took over 50 million shares of Guorong securities from Changan investment at a price of up to 4 yuan / share. According to wind data, at that time, the net asset per share of Guorong securities was only 1.43 yuan, and the transfer market to net ratio was as high as 2.8 times, while the overall industry market to net ratio of securities companies was only 1.7 times.
It is not an unconditional abnormal transaction for Chuying investment to take over the above shares. The two sides agreed that if Guorong securities could not be listed on the new third board market, or the price could not be higher than the above takeover price, Changan investment would need to buy back the above shares at the original price.
This condition was confirmed by a drawer agreement between the trading parties. The person signing the letter of commitment is the actual controller of Changan investment and Guorong securities.
However, Guorong securities did not realize the listing of the new third board and turned to seek IPO, which has not been fulfilled so far. This became the key point of the divergence between Chu Ying investment and Changan investment, and eventually led to the two sides to face each other in court.
According to the reporter from the above complaint, in the failure to achieve listing on the new third board and the failure to achieve exit of Chu Ying investment, Chu Ying investment has negotiated with Changan investment on equity buyback for many times.
However, as this period has passed and Changan investment has not fulfilled the repurchase obligation in the memorandum, Chu Ying investment has been pushed to the defendants seat.
The reason why Changan investment failed to repurchase in time is related to the capital chain of Changan investment.
According to a person close to Changan investment, the capital chain of Changan investment is relatively tight.
In fact, the credit situation of Changan investment is not optimistic. In the middle of last year, Dagong international once listed Changan investment on the credit watch list, and pointed out that there was a low risk of bad debt provision in the financial statements of Guorong securities.
It is worth noting that this is not the only crisis Changan investment is facing.
At the end of 2016, Guorong securities once offered 4.98 yuan / share to Hangzhou Purun Xingrong equity investment partnership (hereinafter referred to as Hangzhou Purun), Tianjin Jirui enterprise management consulting partnership (hereinafter referred to as Tianjin Jirui), Hengqin Xinhe Taidao Investment Management Center (hereinafter referred to as Hengqin Xinhe), Beijing UFIDA Technology Co., Ltd. (hereinafter referred to as Beijing UFIDA), Ningxia Yuangao Industry Group Co., Ltd (hereinafter referred to as Ningxia Yuangao) issued 326 million shares by 5 institutions.
In this process, Changan investment has signed repurchase agreements of drawer nature with the above-mentioned five institutions, and promised to repurchase the subscription shares of the above-mentioned five institutions if Guorong securities fails to be approved for listing within five years.
This is obviously a test of the capital chain of Changan investment. At present, there are several unmatured private placement bonds in Changan investment. Whether these bonds can be cashed safely in the future also needs to be watched carefully. Those close to Changan said.
Source: responsible editor of 21st century economic report: Yang Qian_ NF4425