Although Penghua asset announcement said that the cashing work of the product has been basically completed, many investors told reporters that at present, most investors only receive 50% of the investment principal, and the remaining share will be cashed in one year by replacing it with ICBCs financial products; however, this solution is still unacceptable to some investors.
At the same time, the real investment of Penghua Juxin products, with a scale of nearly 4 billion yuan, has also become a mystery to be solved in the management of Penghua assets and the sales agency ICBC.
An institutional source close to Penghua assets disclosed that the product held some non-standard assets and problem bonds through the nested structure, resulting in the loss of liquidity; according to the analysis of this person, it is precisely because of the above reasons that the relevant parties are not willing to disclose the position details.
Twice deferred payment
In response to the cashing problem of Penghua Juxin, Penghua assets has issued an announcement in response to the incident, saying that the cashing work related to Juxin series products is smoothly promoted and basically completed.
Economic Observer learned from a number of investors that some investors did receive 50% of the principal invested by Penghua Juxin on October 20, and the remaining 50% will be cashed in one year. Moreover, some investors also agreed to accept the disposal plan proposed by ICBC.
One investor who has agreed to sign the agreement said, the attitude of ICBC is very tough, so we have no choice but to sign this agreement.
The reporter also learned that some investors refused to accept the plan, and Penghua assets and ICBC did not put forward a new disposal plan, some investors have reflected the relevant problems to the regulatory authorities. We have fed these questions back to the CIRC, and some investors are now gathering evidence. The main thing is that we have been waiting long enough. We feel that the management institutions and banks have no attitude to solve this problem, said the Shenzhen investors
In fact, Penghua Juxin has been delayed for at least two times.
It is understood that this batch of Penghua Juxin series products, with a total scale of about 4 billion yuan, started operation as early as 2017, with a minimum investment threshold of 1 million yuan and a rolling sale period of 6 months, involving more than 2500 investors. The bank indicated that the risk level was PR3 (moderate risk).
Since July this year, 25 products have expired one after another, but investors have been waiting for the postponement announcement again and again.
On August 14, Penghua assets issued an announcement on the early termination of products. The announcement showed that the investment management plan was planned to be terminated ahead of schedule, and the distribution should be completed within 30 days after the announcement was issued.
However, 30 days later, the investors still did not wait for the distribution of principal income, but a postponement announcement, until now put forward the solution of balance cashing. The products have been delayed and investors trust in managers and banks is gradually being eroded. One investor in East China said.
Position becomes a mystery
In addition to the products repeated delays and the fact that it has not been fully cashed, the important reason why it is difficult for some investors to accept is that they have always been unable to obtain regular reports on Penghua Juxin products and understand the investment operation and position details of the products.
According to the investors reflection, the way that the two institutions do not provide regular reports is to shift the trust and trust obligations to each other. ICBC said that it needed to ask for the regular reports from the manager of Penghua assets, while Penghua assets explained to the investors that the relevant periodic reports could only be delivered to the selling bank on a commission basis. It is such a situation that investors can not obtain effective position information in Penghua assets and ICBC.
The investors in Shenzhen said, we dont know what we bought. If there are violations of laws and regulations or the manager fails to be diligent and responsible, we can protect our rights through this method. However, the current result is that Penghua assets and ICBC do not give regular reports.
If there is a huge loss that can not be cashed, as the management party is obliged to disclose the relevant operation report that should be disclosed? A Penghua Juxin investor in East China questioned, as an investor, you also have the right to ask for these reports? But I have never seen the relevant documents. At present, I hope that the bank and Penghua can provide relevant materials such as roadshow report, post investment report, quarterly report, etc
If you have asked for regular reports for many times, can you think that you are suspected of misappropriating funds, illegally investing, and transferring interests? So if you guess it, who will be responsible for the huge loss? Do you want our investors to pay for your mistakes? Another investor in Penghua Juxin said.
A legal person pointed out that the manager has the obligation to disclose relevant information such as regular reports to the client so that investors can understand the investment and operation of the product. This is also the bottom line for asset management institutions to fulfill their fiduciary obligations and protect investors right to know.
The failure to disclose regular reports to investors is obviously in violation of the relevant regulatory rules of fund subsidiaries. The CSRC and CFA are the counterpart supervision institutions and should be held accountable. A lawyer from BOC law firm said, from the perspective of the regulatory nature of fund subsidiary accounts belonging to private placement products, investors can also use litigation and other means to protect their rights.
Nested structure of CMB
According to the analysis of the above institutions close to Penghua assets, the reason why the periodic report of Penghua Juxin did not give investors may be related to the fact that some bonds or non-standard assets were trampled on in the process of investment operation.
According to a securities firm asset manager, rolling issue asset management products often have non-standard assets with a longer duration on the asset side. However, due to the nested structure of non-standard assets and the lack of liquidity, it is easy to induce product cashing problems. Because this product has a nested structure and is likely to invest in non-standard assets, the liquidity of non-standard assets is relatively poor, which leads to problems in the cashing of products. Beijing a securities firm asset management personnel analysis said.
The reporter learned that behind the cashing storm of the product, Penghua assets acknowledged the existence of nested structure in the announcement. Once the underlying non-standard assets have quality problems, it will lead to overdue cashing and other problems.
According to the product description of Penghua Juxin series, the investment scope of the product includes all kinds of securities investment asset management plans with performance comparison benchmark, such as trust plans, asset management plans of securities companies, asset management plans of funds and fund subsidiaries, and futures asset management plans. The asset management plan has realized the position assets, and a certain proportion of the assets have been realized, but there are still some individual assets whose original trading strategy is to hold to maturity, and the inquiry sale needs to be mediated; the liquidation return of individual assets is in the process of liquidation. Investors quoted Penghua assets as explaining them.
In addition, some people close to Penghua assets said that some of Penghua Juxins funds have been invested in HNA bonds and other problematic assets, which directly affects the liquidity of products and leads to the inability to cash them.
Some investors told reporters that some of Penghua Juxins funds were invested in HNA bonds, and this fact was not denied in the communication between Penghua assets and it.
Wind data shows that, including 13 HNA bonds, HNA Group has more than 15 billion yuan of outstanding bonds.
However, as Penghua assets has never disclosed its regular reports to investors, there is no direct evidence to show how much capital of the series of products holds HNA bonds.
In addition, some analysts believe that Penghua Juxin may have completed the exit from the perspective of Penghua assets only from the perspective of Penghua assets due to the replacement of Penghua asset share into ICBC financial management. The leader of the cashing scheme of this product has always been ICBC, not Penghua, so it may be a collection channel product. The above close to Penghua asset analysis said, finally, it is the solution proposed by ICBC and replaced with ICBCs financial products, so Penghua made this announcement.
So far, the reporter has repeatedly called the relevant person in charge of Penghua assets to verify the incident, but the phone number of the other party has never been answered. When the reporter called the public contact number of Penghua assets website, the other party replied that the interview would be transferred to the relevant departments.
The economic observer will continue to monitor the progress of this event.
Source: Economic Observer: Wang Xiaowu, editor in charge_ NF