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


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Misappropriation of pioneer payment nearly 1.5 billion

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.

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

The suspension of business for such a long time must be affected. Recently, visa updated the online acquirer certification program qualification, and pioneer payment was removed from the list. And in order to reduce operating costs, the company has a lot of layoffs and active departures. A senior person from a payment agency in East China told reporters.

In July 2019, pioneer payment was suspended due to suspected misappropriation of funds. As of December 31, 2019, the recoverable amount paid by Pioneer was 499.8 million yuan, while the total book value of CGU goodwill, intangible assets and other non current assets paid by Pioneer was 256 million yuan, Zhongxin holding said. Zhongxin holding has proposed two possible remedies: first, the plan will cover the misappropriated funds for the very significant sale, including the subsidiary of the company to be sold, which shall be repaid in full by information; second, within the limited time, the very significant sale fails to be completed, but in this case, Pioneer payment is likely to be revoked and forced to stop business.

According to the financial report, in the first quarter of this year, the operating revenue of China new Holding Co., Ltd. was about 93.8 million yuan, a year-on-year decrease of 82.2%. The net loss in the first quarter is about 63.3 million yuan.

130 million outstanding

Participating banks are implicated

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.

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 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