On the eve of the listing of ant group, Hu Zuliu, a well-known economist, fell into a storm of cutting leeks.
Recently, a piece called Hu Zuliu, will your conscience not hurt? u300bThe article swipe the screen. The author, Mr. Hu, claimed to have bought the fund of the famous economist Hu Zulius team in 2011. The fund invested in ant financial services and thought it could make a lot of money. Unexpectedly, Hu Zulius team packaged all the assets of the fund and transferred them to the related parties, Hu Zulius brother and sister, which seriously infringed on the legitimate interests of investors.
In Mr. Bais opinion, Chunhua capitals statement evaded the important and gave priority to the light. The products it purchased were issued in 2011 and exited in April 2019, which was 2 years later than the original maturity date, but the income obtained was much lower than expected. As a fund manager, Hu Zuliu takes advantage of the convenience of management, operation and use of trust property to own the rights and interests of trust investors through self transaction.
The reporter of interface news also learned exclusively that nearly 100 investors of the trust product have the intention to protect their rights. In June 2019, two investor representatives filed a lawsuit in Futian District Court of Shenzhen City, with the case numbers of (2019) Yue 0304 Chu 47455 and (2019) Yue 0304 Chu 47457. At present, the case is under trial.
In addition, interface news found that Chunhua capital trading investment in Huaxia Fund is also suspicious. According to the product liquidation report, 80% of the funds in l1102 are invested in Huaxia Fund, which is contrary to the logic of equity investment portfolio. Besides, after excluding the dividend, the valuation of Huaxia Fund at exit is decreased.
On the screen article Hu Zuliu, wont your conscience hurt?? u300bOn August 29, Chunhua capital, under the leadership of Hu Zuliu, issued a statement in response to its wechat official account, saying that the infringement post contained a large amount of false information and constituted defamation and insult, seriously violating the legitimate rights and interests of Chunhua and the founder of the group, Mr. Hu Zuliu.
Chunhua capital said that Chunhua is a professional private equity fund management organization, which has always operated in accordance with the law and enjoys a high reputation in the industry and the market. As a fund manager, Chunhua has always been diligent and responsible, performing obligations and responsibilities according to the contract and laws, and safeguarding the legitimate rights and interests of investors. Chunhua has never engaged in, and firmly opposed to, related party transactions that convey improper interests and promise returns to investors.
Mr. Bai, an investor, said that he bought the trust wealth management product only after he had taken a fancy to Hu Zulius status as a world-class economist. As for whether the operation is legal and compliant, it shall be subject to the subsequent court judgment and the opinions of the regulatory authorities. However, he always believed that Hu Zulius teams operation of transferring the funds assets to related parties at a low price was inconsistent with his status as an economist.
Chunhua capital said that neither the publishers nor the so-called investors in the articles were Chunhua customers, nor did they have a legal relationship with Chunhua.
The so-called indirect investor is because the investor purchases a collective trust. The trust takes Chunhua (Tianjin) equity investment partnership (internal number l1102) as the platform and invests in the equity of the target enterprise through the l1102 platform. Chunhua fund of Hu Zulius team is the GP manager of the equity investment enterprise l1102. Specifically, trust capital accounts for 99.02% of l1102, and Chunhua Mingde (Tianjin) equity investment management partnership controlled by Hu Zuliu accounts for 0.98%. The trust financial product has invested in three targets, namely Huaxia Fund, ant group and a medical service company.
Based on the opinions of all parties and product materials, the focus of disputes between investors and Chunhua capital is on two points: 1) whether the equity of investment ant group was transferred without the investors knowledge; 2) whether the transfer price was low.
Mr. Bai said that from the beginning to the end, the exit mode mentioned in the product management report has been the secondary market exit. Chunhua capital was transferred to Hu zuwu and Hu Yuanman in January 2019. They are Hu Zulius brother and sister.
At the end of September 2017, the trust company reported the exit strategy of ant group investment: the company intends to land in the A-share capital market, and plans to continue holding until the company completes the A-share IPO and withdraw from the secondary market.
However, at the end of December 2018, the trust company reported to all investors that after communication and negotiation with the partnership manager, the manager finally reached an agreement with an investment institution to transfer project a and project C held by the partnership (project a is Huaxia Fund, project C is ant group).
There has not been a general meeting of investors. Its a private decision to transfer. Mr. Bai told interface news reporters.
According to the product liquidation report, according to the trust product contract, the term of the product is six years. The trust company sent a product extension inquiry letter to the beneficiary before the expiration of six years. The beneficiarys opinions were consulted on the extension matters as the reference basis for extending or keeping the products. As of September 28, 2017, according to the feedback of the inquiry letter, the beneficiarys willingness to postpone was not strong, so the extension was postponed Without the unanimous consent of all beneficiaries, the product plan expired and terminated on September 28, 2017. As the trust property at the termination of the trust plan has non cash form, according to the trust contract, the trust company will continue to hold the unrealized equity in the form of custody, and will actively adopt various ways to dispose and realize the unrealized equity, and no trust management fee will be charged during the custody period.
A tripartite trust sale gave an example of Jilin trust to an interface journalist. Recently, the financing Party of a trust product of Jilin trust wants to prepay. Jilin trust sent a consultation letter to investors for early termination. Only one investor disagreed. Finally, the product failed to end in advance and could only be carried out normally.
As long as more than one investor voted no in the letter of inquiry for extension of the trust, investors would not be able to catch up with the extension of the trust. The tripartite trust sale said.
According to investors, after careful investigation by their lawyers, the shares in ant group were transferred to Hu Zulius brothers and sisters, Hu zuwu and Hu Yuanman.
In the fourth quarter of 2018, the trust company said that project C (i.e. ant group equity project) had completed the exit, which was the transfer of project C to the affiliated enterprise of Hu Zulius team, but did not specifically disclose the companys name.
And Chunhua capital did not make a specific response to this matter in the statement.
According to tianyancha app, after the penetration of Chunhua Jingxin (Tianjin) investment center, the ultimate beneficiary of ant group, Hu yuanmanren, held 46.01% of the shares.
A trust industry personage told the interface news reporter that if the PE trust products could not log into the secondary market due to the expiration of the trust assets, they would generally seek the transferor in the primary market and strive to exit at a fair price.
So, is the transfer price of 449 million in January 2019 a low price?
According to the prospectus of ant group, in May 2015, Chunhua Jingxin (Tianjin) Investment Center (limited partnership) participated in ants round a financing, with a post investment valuation of about 260 billion yuan. At present, Chunhua Jingxin (Tianjin) investment center holds 0.47% of the shares of ant group.
According to the materials provided by Mr. Bai, l1102 platform is the 22.22% holder of Chunhua Jingxin (Tianjin) investment center, the shareholder of ant group. Among them, Chunhua Jingxin (Tianjin) investment center invested in ant group, accounting for 0.47%. In other words, l1102 should have indirectly accounted for about 0.1% of ant groups shares.
According to investors, in June 2018, ant group completed the third round of financing with an estimated value of US $150 billion. Ant group plans to land in a + H in the near future to seek an IPO valuation of at least $200 billion according to market expectations. Therefore, at the end of December 2018, the value of 0.1% shares reached at least RMB 1 billion, but it was finally packaged and sold at a price of RMB 449 million which was obviously unfair.
If it is a good project, we will ask for bidding when transferring. In the early stage, there will be several interested parties to offer their own prices and select the best institution. If it is a general project, it may be good to find a bid taker in the market in the past few years, but ants are competing projects, and it must be a good project. The trustee said.
At the same time, the interface news reporter learned that according to the employees of ant group, the company will buy back the shares of employees according to the previous round of valuation before leaving.
If calculated horizontally according to this price, when Hu Zuliu team transfers the trust assets in 2019, it will be roughly calculated according to the financing price in 2018. The transfer price of Hu Zuliu team is also low, and the investors should get more than three times the income.
Third doubt about cutting leeks: Huaxia Fund may also be sold at a low price?
Specifically, the investment amount of l1102 used to invest in Huaxia Fund is 1.704 billion, and the amount obtained at exit is 1.554 billion. If the dividends of 152 million are included, the net income is barely positive, and the final income is 1.88 million.
According to the comprehensive product management report of Chunhua (Tianjin) equity investment partnership (l1102), from October 2011 to June 2015, it completed the investment in project a (Huaxia Fund Management Co., Ltd.) and about 30% withdrawal. In other words, the trust assets hold about 7% of the shares of Huaxia Fund.
In the fourth quarter of 2018, 70% of the investment scale of project a held by l1102 was transferred to Ruichi No.1 (Tianjin) Investment Center (limited partnership), and 35% was transferred to Ruichi No.2 (Tianjin) Investment Center (limited partnership). No.1 and No.2 are Chunhua capital belonging to Hu Zuliu team, and the executive personnel of No.1 and No.2 and trust investment platform l1102 are the same person, which are Chunhua Mingde (Tianjin) equity investment management partnership of Hu Zuliu team.
Public information shows that CITIC Securities (600030. SH), a listed company, is a major shareholder of Huaxia Fund, with a shareholding ratio of 62.2%. According to the annual reports of CITIC Securities, Huaxia Fund is a stable profit cow, and its net profit from 2015 to 2019 is 1.414 billion, 1.458 billion, 1.367 billion, 1.14 billion and 1.201 billion.
However, compared with technology companies such as ant group, it is difficult to find a reference for the valuation of Huaxia Fund in the primary market.
According to the product liquidation report, l1102 completed the investment of all three projects in May 2015, including project a (Huaxia Fund Equity), project B (a medical service company) and project C (ant group). The total investment amount was 2.103 billion, and the cumulative withdrawal of exit and dividend was 2.47 billion, accounting for 117% of the investment amount.
In addition to the subscription fee, 1.02 million yuan was added and 1.05 million yuan was obtained in eight years. The annualized rate of return is far lower than the demand deposit. However, it is not that the investment assets are not good enough, but they are very good. Even the trust company cant face such a result. Mr. Bai said.
According to the bank statement issued by Mr. Bai to the interface news reporter, he received the last 2.78% dividend of the product in April 2019, but the dividend was posted by the trust company. According to the payment received by Hu Zuliu, if the 2% subscription fee is not included, the investment of 1 million yuan will return 1.02 million yuan, which is not a profit at all. Later, the senior management of the trust company held a meeting and decided to make up the last 2.78% of the money.
According to the product liquidation report, based on the principle of maximizing the interests of the beneficiaries, the trust company negotiated with the partnership manager about the specific collection arrangement of the management fee during the extended period, and finally won the following: 1) the manager agreed to exempt all the fees in the extended period since November 2017; 2) the manager returned the management fee of RMB 56.86 million.
The low price of project investment was transferred to related parties, and finally more than 200 million management fees were collected. Isnt the heart of the asset management industry supposed to be to make money for customers? Mr. Bai said he was puzzled.
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