Vanguard debt continues to emerge. Net credit financing misappropriates vanguard payment of nearly 1.5 billion

category:Finance
 Vanguard debt continues to emerge. Net credit financing misappropriates vanguard payment of nearly 1.5 billion


E-mail financing

Recently, the new holding of pioneer Hong Kong listed company disclosed that pioneer payments client Beijing jingxun times Technology Co., Ltd. (hereinafter referred to as jingxun times) admitted to misappropriate RMB 1.495 billion. And qixinbao industrial and commercial information shows that the era of jingxun is the operation subject of online credit financing.

According to the announcement, it is confirmed that the amount of money withdrawn from the provision account of Xianfeng payment by jingxun times at relevant time exceeds the deposit amount, and the Fund (mainly from self provision and several institutional funds) is misappropriated from the provision account of Xianfeng payment. The total amount of the misappropriated fund is about 1.495 billion yuan. Moreover, jingxun times acknowledged the misappropriation.

The above announcement did not disclose the specific identities of several institutional investors.

The company does not believe that the misappropriated funds are caused by the systematic error of pioneer payment, and the misappropriated funds are suspected to be due to improper modification of computer codes by some management, Zhongxin Holdings said

According to the announcement of Zhongxin holding, in the whole investigation process, there is no evidence that Xianfeng payment benefits from the misappropriated funds, Zhongxin holding) does not hold any shares of jingxun, and its relationship with jingxun is one of the thousands of customers who pay for Xianfeng, and Xianfeng payment provides fund recharge and payment services for it, there is no common director between the company and jingxun era u201du3002

Industry insiders believe that Zhongxin holding still values the pioneer payment license and the business value behind the license, and emphasizes the relationship with the era of economic information.

This personage analyses, pioneer pays want to follow up again business, face a lot of difficulties, the first is to fill misappropriate fund. Xianfeng payment is a wholly-owned subsidiary of Zhongxin holding. If Zhongxin holding cant fill in these funds within the specified period, Xianfeng payment cant operate any more, and the payment license may be revoked.

130 million outstanding

Last July, the company was closed for investigation due to non-compliance. Nearly a year later, pioneer payment disclosed the results of the investigation, which exposed the huge and complex capital map and debt involvement of pioneer system. This may be just the tip of the iceberg, the reporter noted that since June this year, a number of debt claims involving avant-garde are being judicially adjudicated or faced with disposal.

In the middle of June this year, the intermediate peoples Court of Zhangjiajie City, Hunan Province issued a civil judgment concerning the dispute over the financial loan contract between Huarong Investment Company and United Venture Group Co., Ltd. (hereinafter referred to as joint venture), Haikou United Agricultural and commercial bank, indicating that the financing party and the guarantor are from the vanguard system.

Among the above three parties, United Venture holds 20% equity of Haikou United Agricultural commercial bank as the largest shareholder. Through the information of qixinbaos equity penetration, we can see that although several senior executives of the joint venture have left their posts, they are still one of the important platforms of the pioneer financial sector, including pioneer payment Co., Ltd., Online Trust Securities Co., Ltd. and other pioneer enterprises.

According to the judgment, on November 16, 2016, Huarong Investment Company, Zhangjiajie branch of Huarong Xiangjiang bank and joint venture signed a contract to entrust Zhangjiajie branch of Huarong Xiangjiang bank to issue a entrusted loan of 350 million yuan to joint venture, with a term of 36 months and a fixed annual interest rate of 8%. However, whats strange is that Haikou United Agricultural commercial bank has sold the bottom of the entrusted loan for joint venture of shareholders.

According to the judgment document, Haikou United Agricultural commercial bank issued an irrevocable letter of guarantee to Zhangjiajie branch of Huarong Xiangjiang bank, which means to undertake joint and several liability guarantee for all the obligations under the entrusted loan involved in the joint venture, including the loan principal, interest, default interest, compound interest, liquidated damages, etc.; meanwhile, Huarong Investment Company entrusted Zhangjiajie branch of Huarong Xiangjiang bank The branch signed a pledge contract with united venture, which pledged 120 million shares of Haikou United Agricultural commercial bank as loan guarantee.

On October 31, 2019, the joint venture failed to repay the loan interest as agreed. The intermediate peoples Court of Zhangjiajie, Hunan Province, decided in the first instance that the joint venture company should repay the principal of RMB 130 million and the corresponding interest of Huarong Investment Company, while Haikou United Agricultural and commercial bank should bear joint and several liability for debt repayment. Huarong Investment Co., Ltd. has the priority to be paid for the realization price of the equity of Haikou United Agricultural Commercial Bank held by the joint venture.

Since last year, many reports of securities companies in China have followed up with the third-party financing and online lending businesses of vanguard group, which are still in debt. Since last year, the financial management and credit products of many platforms of vanguard have been eliminated one after another. Seen from the public information, compared with the previous independent withdrawal, since April this year, the private equity platform and multi local financial management companies of vanguard department have been involved in the implementation by local judicial departments. According to the public information, pioneer group has been established for more than 10 years, with 7 listed companies, including 4 Hong Kong stock companies, 1 A-share company and 2 new third board companies. On the evening of October 5 last year, Xianfeng holding group and Netcom Group jointly issued obituaries. On September 18, 2019, London time, Zhang Zhenxin, founder of Xianfeng group, died in London due to invalid rescue due to illness. After death, many companies under Xianfeng group including Netcom wealth, private fund, financing guarantee, payment and so on, had tens of billions of huge debt holes to be filled. Extended reading of Alibaba rumor makers apologies to Alibaba Wang Shuai: we dont allow anyone to edit the 280 million yuan hub renovation case in Henan Province: circular economy enterprises? Fake and shoddy dens? What have the eight companies behind the giant fund experienced in the past five years? Source: Securities Times Author: Duan Jiuhui editor in charge: Wang Xiaowu_ NF

Since last year, many reports of securities companies in China have followed up with the third-party financing and online lending businesses of vanguard group, which are still in debt. Since last year, the financial management and credit products of many platforms of vanguard have been eliminated one after another. Seen from the public information, compared with the previous independent withdrawal, since April this year, the private equity platform and multi local financial management companies of vanguard department have been involved in the implementation by local judicial departments.