Laoganma is prosecuted and sealed up by Tencent! PICC Property Insurance Shenzhen Branch involved

 Laoganma is prosecuted and sealed up by Tencent! PICC Property Insurance Shenzhen Branch involved

Why does Tencent sue Laoganma? Why did 16.24 million yuan come from? What role does the insurance company play? Chinese reporters from securities companies launched an investigation.

Tencent sued Laoganma for arrears of advertising payment

On June 29, a civil ruling was published on Chinas online judgment document, bringing Tencent and Laoganmas lawsuit into public view.

According to the documents, the plaintiff Tencent filed an application for property preservation to Shenzhen Nanshan District Court, requesting to seal up and freeze the property of the defendants Guiyang Nanming Laoganma flavor food sales Co., Ltd. and Guiyang Nanming Laoganma Flavor Food Co., Ltd., with the Shenzhen Branch of Xinjiang Qianhai United Property Insurance Co., Ltd. and Shenzhen Branch of PICC Property Insurance Co., Ltd. as the case Property insurance provides credit guarantee.

On June 30, Tencent responded that it was Lao Ganma who put in tens of millions of yuan of advertising in Tencent, but ignored the contract for a long time and failed to pay, Tencent was forced to sue in accordance with the law and applied to freeze the amount owed by the other party.

Why does Laoganma, with more than 5 billion revenue, default on advertising?

According to the official website of Laoganma company, Laoganma is a brand created by Tao Huabi, the founder of the company. In 1996, chairman Tao Huabi set up a factory in Longdongbao, Guiyang to produce flavor Douchi products. Through nearly 20 years of development, Laoganma has become a well-known chili seasoning brand among Chinese at home and abroad.

Tianyan inspection shows that the companys registered capital is 10 million yuan, but it was listed in the abnormal business list because it failed to submit the annual report information according to the regulations, and was removed from the abnormal list only after the supplementary information was submitted.

Under the leadership of Tao Huabi, the output value of elderly dry mothers rose from 50 million yuan to 4 billion yuan from 1998 to 2014. In June 2014, Tao Huabi transferred his only 1% equity to his second son, Li Miaohang, and retired from the management. The ownership structure of Laoganma was 51% held by his second son and 49% by his eldest son, Li Guishan. According to Tianyan inspection, Tao Huabi is still the legal representative and chairman of the board.

Laoganmas sales revenue should not be low, why would she default on advertising payment? Does it indicate that the companys cash flow is deteriorating? As of press release, Guiyang Laoganma has not yet responded to the matter. Chinese reporters of securities companies have repeatedly called the official website, and have been in a busy line.

What is the specific role of the insurance company in this case? Chinese reporters from securities companies interviewed people from Shenzhen property insurance company.

At present, the common practice is to find an insurance company to buy a liability insurance policy, or to find a bank to provide property preservation guarantee.

For example, the standard terms of the property preservation guarantee guarantee issued by a local peoples court in Shanxi Province are as follows:

In this policy, the insurance companys responsibility is to guarantee the applicant (Tencent) within the agreed limit. If the respondent (Lao Ganma) suffers losses due to the implementation of the guarantee, the insurance company shall be liable for compensation.

It is understood that when the insurance company undertakes the insurance policy, it will review the case information and judge the possibility of winning the lawsuit.

In recent years, insurance companies have launched insurance products related to litigation property preservation. For example, in August 2015, Shanghai Branch of PICC sold the first litigation property preservation liability insurance product, and in September 2016, Xiangyang Central Branch of China Life Insurance Co., Ltd. underwritten the first litigation preservation liability insurance in Xiangyang City.

The old Ganma who has been refusing the capital market is a magical existence.

In 2018, Shenzhen Stock Exchange, together with Guizhou securities regulatory bureau and Guizhou provincial financial office, went to Guiyang Nanming Laoganma Flavor Food Co., Ltd. for investigation. At that time, it triggered a burst of speculation that Laoganma might be listed.

But Tao Huabi said in an earlier interview: dont loan, do not participate in shares, do not raise funds, do not go public. In this way, I can do as much money as I have.

This is not the first time that Tao Huabi has rejected the capital market, according to shell finance, the Beijing News. As early as 2013, she publicly said: I am determined not to go public. As soon as I go public, I may lose everything. Listing is cheating peoples money. If you have money, you can take it, circle the money and call him to become a shareholder. When the time comes, the money will be sucked away. I will pay off the debt, and I will not do it. So when a government official talked to me about going public, I told him: dont talk about it! no need for discussion! You ask me for money, but I dont have it. Its life. .