Three Gorges bank has no actual controller? Im not buying it

category:Finance
 Three Gorges bank has no actual controller? Im not buying it


As of December 31, 2019, Chongqing International Trust held 1.616 billion shares of the bank, accounting for 28.996% of the total share capital of the Three Gorges bank, and was the largest shareholder and controlling shareholder. According to the prospectus of Three Gorges bank, the controlling shareholder of Chongqing International Trust is Tongfang Guoxin Investment Holding Co., Ltd. any single shareholder of Tongfang Guoxin does not have control over it, any single shareholder of Tongfang Guoxin can not control the operation decision of the bank, and any single shareholder of Tongfang Guoxin can not indirectly control the operation decision of the bank through Tongfang Guoxin.

Three Gorges Bank Chongqing Trust Tongfang Guoxin has no actual controller?

Three Gorges bank

Starting from page 215 of the prospectus, a series of related information disclosed by Three Gorges bank shows that senior executives of its major shareholders have worked in several small shareholders, such as Chongqing Huide Investment Co., Ltd. (hereinafter referred to as Huide investment), Shanghai Yinxin Industrial Development Co., Ltd. (hereinafter referred to as Yinxin industry), Chongqing Donghua Hanfeng Information Technology Co., Ltd. (hereinafter referred to as Donghua Hanfeng) u3002

These information implicitly point to a more common and common operation, that is, whether Chongqing Trust and Tongfang Guoxin, the major shareholder, control more than half of the shares with voting rights through the way of holding shares on behalf of the shareholders, although the shareholding ratio of Chongqing Trust and Tongfang Guoxin is less than 30%?

According to the prospectus, as of the signing date, there are 41 corporate shareholders of the Three Gorges bank.

Except that Chongqing SDIC Equity Investment Management Co., Ltd. (hereinafter referred to as Chongqing SDIC) holds 2.05% equity of Chongqing Trust, there is no direct relationship between the other 39 shareholders in the equity structure.

The relationship between them is as follows:

It can be seen from this picture that Tongfang Guoxin and Three Gorges bank have some common shareholders. For example, Xigema not only holds shares in the Three Gorges bank, but also shares in Tongfang Guoxin through Shanghai Xigema Real Estate Co., Ltd., Chongqing xinhetiandi Technology Development Co., Ltd. (hereinafter referred to as Chongqing xinhetiandi), Chongqing Xigema Haiyuan Industrial Development Co., Ltd. (hereinafter referred to as Chongqing Xigema) and Shanghai Chengfeng Enterprise Management Co., Ltd. (hereinafter referred to as Shanghai Chengfeng) Shanghai Yongrun Investment Management Co., Ltd. holds shares of Three Gorges bank through Jingcheng industry, and shares of Tongfang Guoxin through Shanghai Qilin enterprise development partnership (limited partnership); Shanghai Shizhao Investment Management Co., Ltd. (hereinafter referred to as Shizhao investment) not only holds shares of Three Gorges bank through Yinxin industry, but also through Yinxin industry and Chongqing Jiahui Quantum Technology Development Co., Ltd Exhibition Co., Ltd. (hereinafter referred to as Jiahui quantum) and Beijing Zhenghong Ruifeng Technology Development Co., Ltd. (hereinafter referred to as Zhenghong Ruifeng) hold shares of Tongfang Guoxin.

The fact that the Three Gorges bank and Tongfang Guoxin have common shareholders shows that although Tongfang Guoxin is not the controlling shareholder of the Three Gorges bank, they both belong to a financial holding group composed of several enterprise clusters without equity connection.

Seemingly scattered and real combined with enchanting array

Since there is no equity relationship, how can we judge that these enterprises act in concert and form a financial holding group? Why should we use this method to control financial institutions?

To answer these two questions, we should first look back at the shareholder composition of Tongfang Guoxin. Tongfang Guoxin has a total of 13 corporate shareholders. If we only look at the equity structure, we can see that Tongfang Financial Holdings (Shenzhen) Co., Ltd. (shareholding ratio: 26.32%), Sichuan Jiuzhai Paradise International Conference and Holiday Center Co., Ltd. (shareholding ratio: 1.94%), Beijing Dafeng Xinxing Industrial Co., Ltd. (shareholding ratio: 0.78%), Shanghai Qilin enterprise development partnership (limited partnership) (shareholding ratio: 1.94%) In addition, the remaining nine corporate shareholders can be equally divided into xigma faction, Yinxin industrial group and liuqinqin faction.

The three factions hold 71.84% shares of Tongfang Guoxin.

The proportion of shares held by Chongqing Xifeng Group Co., Ltd. and chengma Group Co., Ltd. was 77.2% and 77.7% respectively. The three companies are all holding enterprises of xigma related companies, holding 17.77% of the shares of Tongfang Guoxin.

Yinxin Industrial school includes Yinxin industry (10.54%), Zhenghong Ruifeng (5.13%), Jiahui quantum (1.55%). The three companies are all affiliated companies of Yinxin industry, holding 17.22% shares of Tongfang Guoxin.

Liu Qinqin faction includes Shanghai Yufu Asset Management Co., Ltd. (hereinafter referred to as Shanghai Yufu, with a shareholding ratio of 15.87%), Chongqing Xinjiyuan Equity Investment Co., Ltd. (hereinafter referred to as Chongqing Xinjiyuan, with a shareholding ratio of 10.49%), and Chongqing Huapu Investment Co., Ltd. (hereinafter referred to as Chongqing Yufu, with a shareholding ratio of 10.49%). The three companies hold 36.85% shares of Tongfang Guoxin.

At first glance, the shares held by the three factions are not more than 50%, and Tongfang Guoxin does not seem to have a real controller; however, the three factions and nine enterprises have a large number of overlaps in the industrial and commercial registration address and contact number.

For example: 1) Zhenghong Ruifeng and Liu qinqinpai, the controlling shareholders of Yinxin industrial group, have their business registration address at Yuyang Hotel, No. 18, Xili middle street, Chaoyang District, Beijing, and the legal person of Yuyang Hotel is Liu Qinqin. The two companies also share a contact number of 18601301088; u2461 Chongqing of Xigema school Xigma and liuqinqinpai Chongqing new era not only share the same industrial and commercial contact number 13452899885, share the same registered address No. 37-24, Beicheng Tianjie, Jiangbei District, Chongqing, and even the establishment time is the same day, April 22, 2009; u2462 xigma Shanghai Xigema Real Estate Co., Ltd. and Yinxin industrial shareholder Shanghai Shizhao Investment Management Co., Ltd Liu Qinqin sent Shanghai Yufu to share the same business contact number 021-58825872.

It should be noted that there is also a fourth faction: Shanghai Qilin enterprise development partnership (limited partnership), which only holds 1.55% of the shares of the same party Guoxin. Shanghai Zijun Equity Investment Co., Ltd., Shanghai Yongrun Investment Management Co., Ltd., and Shanghai Qilin Investment Management Co., Ltd. (the controlling shareholder of Shanghai Qilin Investment Co., Ltd.) share the same industrial and commercial registration address with Shanghai Anhuai Investment Management Co., Ltd., a shareholder of Yinxin industry and Shanghai Yufu 701 main road.

Generally speaking, the industrial and commercial registration address and contact telephone number are very similar, which can only appear among the subsidiaries, subsidiaries or joint ventures under the control of the same actual controller. However, the above-mentioned Shanghai Xigema Real Estate Co., Ltd., Beijing Shenglian Investment Co., Ltd., Shanghai Shizhao Investment Management Co., Ltd., and Shanghai Yufu are not the subsidiaries of their respective factions, but the controlling shareholders after penetration, and they are all relatively early established. Therefore, this strange phenomenon that shares are scattered on the surface, but a large number of overlapped addresses and telephone numbers are not easy to be noticed. It is not caused by the establishment of joint venture subsidiaries by independent shareholders. On the contrary, it just shows that the seemingly independent factions are only collected by the same controller with limited resources at the same address and by the same financial personnel at the beginning of establishment The result of the centralized management of shell companies in response to industrial and commercial inspection.

If Tongfang Guoxin has actual controllers and it is a financial holding group composed of several enterprises acting in concert, then Sanxia bank, which has a large number of overlapping shareholders and claims to be controlled by Tongfang Guoxin, must also belong to this financial holding group.

What benefits can this bring to the actual controller behind the stealth? In this regard, Zhou Yiqin, general manager of the financial asset management research department of the legal consultation department, told Feng Li that in the past, some listed banks did not have actual controllers, which was mainly caused by the dispersion of shares due to historical reasons. If the bank is really no actual controller, and the ownership structure is stable and the corporate governance is formed, I dont think there is a big problem. However, we are more worried about the situation that there is no actual controller. Recently, the Trial Measures for supervision and management of financial holding companies issued by the central bank reflects the concerns of the regulatory authorities in this respect. With the help of equity holding, some private financial holding groups secretly manipulate relevant financial institutions, gradually hollowing out bank credit assets through related party transactions, self financing and other ways, eventually causing a large number of non-performing commercial banks. It is harmful to the relevant financial institutions. This is also the reason why the regulatory authorities attach great importance to the clarity of ownership structure and equity control.

Who is the master of these three factions? And actually controlled Tongfang Guoxin, Chongqing Trust and Three Gorges bank?

In order to answer this question, considering that almost all private financial holding companies are unable to restrain the impulse to use their financial licenses to finance themselves, Fengli collected all trust plans recommended by Chongqing Trust since 2017, and obtained 173 projects in total.

Among the numerous shareholders and affiliated companies of Chongqing Trust and Tongfang Guoxin, Tongfang Guoxin has only one project as the financing Party - Guoshou Hengxin No.1 collective fund trust plan. The trust plan has a term of 36 months, but the fund-raising scale is as high as 4 billion yuan.

At the same time, sigma also appeared in the Minzhi No.1 collective fund trust plan as a financing party, but the project has a short term and a small scale. In addition, no matter the sigma school, Liu Qinqin school or Yinxin industrial group enterprises have not appeared in the financing parties.

Strangely, the fourth faction, Shanghai Qilin and its affiliated enterprises (Shanghai Yongrun, Shanghai Zijun, Shanghai junyang, Chongqing Pufeng Industrial Development Co., Ltd., Chongqing Yongrui Equity Investment Co., Ltd., Shanghai hechen Investment Co., Ltd.), which only hold 1.55% shares of Tongfang Guoxin, appear in Chongqing Trusts collective fund trust plan as financing parties for many times. These trust plans include Qilin investment No.2 collective fund trust plan (Shanghai Yongrun), Qilin investment collective fund trust plan (Shanghai Yongrun), Xinsheng No.11 collective fund trust plan (Shanghai junyang), Xinsheng No.15 collective fund trust plan (Shanghai junyang), Xingmin No.13 collective fund trust plan (Chongqing Pufeng Industrial Co., Ltd.)u201c Xinsheng 19 collective fund trust plan (Chongqing Zijun).

Shanghai Qilin Investment Co., Ltd. was established in 2008 with legal person of Xing Jianya; Shanghai Zijun Equity Investment Co., Ltd. was established in 2009 with legal person Qiu Xuejun; Shanghai junyang Investment Co., Ltd. was established in 2012 with the original legal person Jia genqun, and Jia Peng, the supervisor of the company, is the chairman of the board of directors of the current shares of Three Gorges Bank East Chongqing Yongrui Equity Investment Co., Ltd.

Among these three natural persons, Jia Gen Qun is a relatively special existence. He has appeared in many related companies mentioned above for holding equity in financial institutions. He has served as a legal person, shareholder and senior manager of Chongqing Chenxi Equity Investment Fund Management Co., Ltd., Chongqing Yongrui Equity Investment Co., Ltd., Chongqing Pufeng Industrial Development Co., Ltd., Chongqing SDIC Equity Investment Management Co., Ltd., Chongqing Fuchun Enterprise Management Co., Ltd., Shanghai Shizhao Investment Management Co., Ltd., Chongqing Donghua Hanfeng Information Technology Co., Ltd Shanghai Yinxin Industrial Development Co., Ltd. In addition, his three companies, Haikou Xincheng Real Estate Development Co., Ltd., Wuxi Huishan Industrial Science and technology park construction and Development Co., Ltd., and Shanghai Minggu Hotel Management Co., Ltd., all have shares in Chongqing Trust. Around 2008, Chongqing trust deeply involved and eventually annexed Chongqing Tongchuang real estate (Group) Co., Ltd., a local real estate developer in Chongqing. In this process, Jia genqun, as the representative of Chongqing Trust, actually grasped the management right of Tongchuang real estate.

However, this does not mean that Jia genqun is the actual controller of Chongqing Trust and Tongfang Guoxin. On the contrary, those who have a little knowledge of the trust business can probably guess that Jias role and position are more similar to those of the head of the trust business department. However, he himself and the team he led drifted away from Chongqing Trust.

In fact, similar to the situation of the same party Guoxin, Shanghai Qilin, Shanghai Zijun and Shanghai junyang, which have no connection in the ownership structure, also have a large number of overlaps in the industrial and commercial registration address and contact telephone number. For example, the three companies share a telephone number of 021-57645108; at least before 2013, the three enterprises have a common telephone number of 021-57645108, The three companies also share a corporate email addressu201c [email protected] u201d(domain name keylink.net.cn It is owned by an enterprise named Ziyun (Qilin International). According to the website information, this is a company registered in the British Virgin Islands, the main product is plastic diode. In addition, Xing Jianya and Qiu Xuejun jointly established an enterprise named Shanghai Dinghong Electronic Co., Ltd. in February 1999, the sole shareholder of this company was Z IYUNINTERNATIONALPTE.LTD , and a large number of affiliated companies registered in Songjiang District of Shanghai. In terms of operation methods and time, Xing Jianya, Qiu Xuejun and Jia genqun may be the first layer of white gloves of Chongqing Trust and Tongfang Guoxin.

From 2015 to 2016, due to Gu Di technology being criticized by China Securities Regulatory Commission, it attracted public attention. At the end of 2015, NetEase Finance and economics released GuDi technology battle: decoding new Chongqing rich capital empire, comprehensively dismantling the relationship between Jia genqun and many core figures of Chongqing Trust. Since then, Jia genqun and Chongqing Trust, Tongfang Guoxin had a deep cut. But the story of Chongqing Trust is far from over. After 2017, several local small and medium-sized real estate developers in Chongqing suffered from the crisis of capital chain fracture, which gave Chongqing trust a great opportunity to copy the bottom. In addition, Chongqing Trust itself began to directly intervene in property development, the second generation of white gloves began to move forward. In fact, the actual controllers behind the above three factions, after getting through Chongqing Trust and the Three Gorges bank and using financial license to play with the self financing of related parties, obtained 10 billion level of capital support, easily played with the finance and real estate in Southwest China, and made strategic moves in the field of listed companies. The IPO of Three Gorges bank is just a banquet for the real controllers behind the three factions. Source: Netease Financial Editor: Chen Hequn_ NB12679

From 2015 to 2016, due to Gu Di technology being criticized by China Securities Regulatory Commission, it attracted public attention. At the end of 2015, NetEase Finance and economics released GuDi technology battle: decoding new Chongqing rich capital empire, comprehensively dismantling the relationship between Jia genqun and many core figures of Chongqing Trust. Since then, Jia genqun and Chongqing Trust, Tongfang Guoxin had a deep cut.

In fact, the actual controllers behind the above three factions, after getting through Chongqing Trust and the Three Gorges bank and using financial license to play with the self financing of related parties, obtained 10 billion level of capital support, easily played with the finance and real estate in Southwest China, and made strategic moves in the field of listed companies.

The IPO of Three Gorges bank is just a banquet for the real controllers behind the three factions.