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.
The cause of the dispute occurred in July 2015.
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.
This is actually a kind of equity transaction with rights, that is, a kind of gambling. If Chuying investment cant exit through the new third board, then Changan investment needs to repurchase and repay. One person close to Chuying said.
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.
On July 12, 2019, the two sides signed a memorandum, stipulating that Changan investment will buy back 40.24625 million shares of Guorong securities held by Chuying investment with the amount of RMB 151 million, and the transfer shall be completed before the end of the year.
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.
Changan investment has been delayed for a long time, and many reasons have been found in the middle, such as taking the new equity management regulations of securities companies as a shield, and re signing the repurchase agreement, but the result has not been fulfilled, resulting in the two sides having to go to court. The investors close to Changan said.
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.
In this process, Changan investment signed repurchase agreements of drawer nature with the above five institutions, and promised to repurchase the subscription shares of the above five institutions if Guorong securities failed to be approved for listing within five years.
This also means that if Guorong securities can no longer achieve IPO before 2021, and Changan investment is not optimistic about liquidity, it may face new shareholder disputes.
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