The aftermath of the trust case of $1.5 billion has not been settled yet

category:Finance
 The aftermath of the trust case of $1.5 billion has not been settled yet


In the course of investigating the case, the first financial reporter found that although the hidden Deyu system is not well known to the outside world, its skill of leaping and moving across the capital market and financial institutions is the common practice of most capital families. At the same time, through this case, we can also see a spot of the underdeveloped state of agricultural commercial banks and urban commercial banks.

Speculator capital

Hes smart. This is Tian Wenjuns first impression on Chen Xi (not his real name), he has a broad vision and great courage..

In 2006, Tian Wenjun led the establishment of China Haibo investment (Beijing) Co., Ltd., mainly focusing on agricultural trade and agricultural science and technology, later named detienyu ecological technology (Beijing) Co., Ltd. subsequently, after integrating several local agricultural companies in Jinzhong, detianyu established Deyu agriculture, which was listed in the OTC market of the United States.

Tian Wenjun, who rarely appeared, once said that they would continue to establish production bases and coarse grain circulation and trading centers in Jiangsu, Shandong and other provinces and regions. The company should gradually complete the layout of the coarse grain industry chain throughout the country, and build the leading enterprise and first brand of Chinas coarse grain industry..

While setting up Deyu agriculture, Tian Wenjun also established a company named Shanxi deyufang innovative food Co., Ltd. (hereinafter referred to as deyufang), whose main business is coarse grain beverage and seeks independent listing.

In 2015, deyufang, which is mainly engaged in cereals and beverages, was listed on the new third board, which became the starting point for Tian Wenjun to enter the domestic capital market, and the name of Deyu Department came from this.

Jinzhong Evening News an article deyufang financing Jiali small grains into Hong Kong reveals Tian Wenjuns ambition: on December 20, 2012, Shanxi deyufang innovative food Co., Ltd. held a Hong Kong financing kick-off meeting in Mandarin Oriental Hotel, Hong Kong.

According to the 2011 Annual Report of Deyu agriculture, both deyufang and Longyue industries are subsidiaries of Deyu agriculture and are domestic subsidiaries controlled by the vie structure. The so-called vie, namely agreement control, according to the agreement, Deyu agriculture provides business cooperation opportunities for its subsidiaries, but the latter has to pay all the annual after tax net profits to Deyu agriculture.

However, deyufang failed to fulfill Tian Wenjuns original wish and failed to be listed in Hong Kong stock market. In 2015, deyufang (834109. OC) landed on the new third board and terminated its listing on January 7, 2020.

In addition to seeking independent listing, since 2014, Deyu series, which is good at capital operation, has been involved in the A-share market. It has successively entered several listed companies with different entities such as Longyue industry. After obtaining the control of the listed company, it has realized rapid capital operation through foreign investment or merger and reorganization. Later, it will change its main business, and then change its name and name, so as to let the listed company share price Then the major shareholders repeatedly pledge financing.

It is well documented that the Deyu system actually controlled by Tian Wenjun and his wife Hao Jiangbo once occupied Qixing tower (002359.sz, now * ST Beixun) and Honglei shares (renamed Minsheng Jinke and now Rendong holding). In addition, Ren Yongqing, the actual controller of GuDi Technology (002694. SZ), was a partner of Tian Wenjun.

In December 2014, Longyue industry controlled by Deyu system acquired 18.895% shares of Qixing tower from Shandong Qixing group, becoming the new actual controller. Subsequently, Qixing tower announced a major asset restructuring. On July 2, 2015, Qixing tower announced a fixed increase plan, which is intended to be used to acquire 100% equity of Beixun Telecom. After the resumption of trading, Qixing towers share price rose from 6 yuan to 34 yuan, and Longyue industrys floating profit was nearly 4 billion yuan.

In January 2016, Tianjin grapefruit Asset Management Co., Ltd. (hereinafter referred to as Grapefruit assets) wholly owned by Hao Jiangbo entered Honglei shares (002647. SZ) in a similar way. According to the 2016 semi annual report of Honglei shares, grapefruit assets has already pledged all its shares of Honglei as soon as it becomes the owner. However, after the change of ownership, the companys main business has been transformed into Internet finance, the stock price of Honglei shares once soared, and then renamed Minsheng Jinke.

The essence is fried shell. Chen Xi is the evaluation of the de Yu system of the operation.

Deyu system has gained a lot in the capital market. In a well-known wealth ranking list, Deyu system people have occupied seats several times, among which Hao Jiangbo once won the title of the richest woman of Shanxi merchants. In the local business district, Tian Wenjun is also known as Shanxi invisible rich.

Financial player

In 2013, Tian Wenjun was elected as a director of Jinzhong bank and will no longer be a director of Jinzhong bank when his term of office expires in 2019. Since 2013, Deyu group, represented by Hetou industry and Longyue industry, has intensively invested in more than ten local banks in Shanxi Province. For example, eight foreign investment banks of Hetou industry include Jinzhong bank, Yangquan City Commercial Bank, Heshun Guidu village bank, Pingyao Jinrong village bank, Lucheng rural commercial bank and Shanxi Yuci rural commercial bank, accounting for about 7% to 10% of the shares, and Longyue industry also holds shares in some banks.

Mainly and pomelo industry, the others are related companies. Chen Xi said.

Dongfang is a wholly-owned subsidiary of Huoerguosi pomelo Venture Capital Co., Ltd., which is 99% owned by Hao Jiangbo.

In the aforementioned 1.5 billion yuan trust contract dispute, according to the inquiry of the exchange by Rendong holdings, the controlling shareholder of Rendong Holdings (Minsheng Jinke) was Tianjin Hetou, and the actual controller was Hao Jiangbo. At the same time, Tian Wenjun and other relevant parties provided guarantee for this. In fact, Deyu system in Lucheng rural commercial bank holds a larger share.

According to qixinbao information, haojiangbos Hetou Industrial Co., Ltd. holds 7.92% of the shares of Lucheng rural commercial bank, Longyue Industrial Co., Ltd. holds 7.5% of the shares of Lucheng agricultural and commercial bank, and another Deyu system company holds 9.67% of the shares of Lucheng agricultural and commercial bank, and the three companies altogether hold more than 25% shares of Lucheng rural commercial bank.

Obviously, in this trust contract of 1.5 billion yuan, Deyu system plays three roles: the lender, the guarantor and the borrower.

The measures for the management of connected transactions between commercial banks and insiders and shareholders clearly stipulates that commercial banks shall not issue non guaranteed loans to related parties and shall not accept the equity of the bank as a pledge to provide credit..

It is worth noting that in 2018, the control right of Rendong holdings was transferred from Tianjin and pomelo to Rendong technology. However, the listed company did not disclose the guarantee of RMB 1.5 billion during the holding period of the two parties. In July 2019, the control right of Rendong was transferred to Haidian state-owned assets platform. After Rendong technology obtained the control right, it turned to pledge part of its holding shares in Jinzhong bank and Yangquan City Commercial Bank, which held large shares in Deyu system.

In this regard, the Haidian state-owned assets holding Rendong holdings denied the relevant situation in the announcement, it has not contacted, signed the above documents, and has no relevant process of using seals. According to the announcement, the above joint and several liability guarantee matters have not gone through the internal audit procedures of Rendong holdings, and have not been deliberated and approved by the board of directors and the general meeting of shareholders of Rendong holdings, and the independent directors have not expressed their independent opinions, and Rendong Holdings has never made an announcement, which is not in line with the relevant legal provisions.

The first financial reporter found two characteristics when sorting out the information of urban commercial banks and rural commercial banks in which Deyu system participated.

First, equity pledge plus leverage financing repeatedly appeared. For example, Hetou industry pledged 47.5 million shares of Shanxi Lucheng rural commercial bank to Shanxi Shouyang agricultural commercial bank in October 2018; on November 12 of that year, Hetou industry pledged 50 million shares of Yuci agricultural commercial bank to Shanxi Zuoquan agricultural commercial bank, and Yuci agricultural and commercial bank was the second largest shareholder of Shanxi Zuoquan agricultural commercial bank.

The urban commercial banks and the rural commercial banks that did not do well had practical difficulties. During the reform, the shares were dispersed, the shares were given to natural persons, and some problems related to the bond system transformation. This led to the extremely complex and chaotic equity of the rural commercial banks and the urban commercial banks. Some rural commercial banks did not have more than 5% or 10% shareholders, which led to the so-called three meetings and one layer rules of procedure In name only. One financial researcher said.

A person familiar with the situation of a shareholder of Lucheng rural commercial bank said that for a period of time, the so-called shareholders meeting, decision-making committee and Supervision Committee of Lucheng rural commercial bank were basically useless.

In February 2019, Changzhi bank and insurance regulatory branch imposed an administrative penalty on Lucheng rural commercial bank, fined 500000 yuan and ordered to investigate the responsibility for the credit of single major shareholder and related party exceeded the regulatory limit, and the loan purpose was inconsistent with the actual use.

After the reform of small and medium-sized banks, the management is not standardized enough, and some commercial banks will have problems such as insider control and offside of large shareholders. Chen Xi said. In fact, this gives players such as Deyu system an opportunity to take advantage of it.

The aftereffect is not over

In response to the above-mentioned 1.5 billion yuan guarantee lawsuit, Rendong holdings denied that it had reported to the public security organ. However, the latest progress in this case has not yet been seen.

However, the lawsuit has had an obvious impact on Listed Companies: in its initial announcement, Rendong Holdings said that the lawsuit would have an uncertain impact on the current or future profits of the company, while in its recent announcement, it directly stated that up to now, the court has not made a judgment, which will have an adverse impact on the companys credit and affect the companys financing to a certain extent.

The impact goes far beyond that. The case reflects the development of rural commercial banks and urban commercial banks.

The emergence of these problems has something to do with the reform of rural credit cooperatives. Suning Institute of financial research senior researcher Huang Dazhi.

The Circular of the State Council on deepening the reform of rural credit cooperatives in 2003 was issued, which was in line with the conditions for the reform of rural credit cooperatives. China Banking Regulatory Commission also began to formulate a series of regulatory documents to regulate.

In 2011, the CBRC announced that it would no longer set up new rural credit cooperatives and rural cooperative banks, completely cancel the qualification shares, and gradually reorganize qualified rural credit cooperatives into rural commercial banks, and all rural cooperative banks should be reorganized into rural commercial banks.

Since this year, the number of rural commercial banks with independent legal person has been increasing. In the mode adopted by some local rural credit system, the contradiction between the provincial association with management, guidance, coordination and service functions and small legal person has always existed, even once made public.

A person in charge of a relatively mature agricultural commercial bank thinks that most of the problems that the Provincial Association worries about the large shareholders coercion of the board of directors occur in the sick restructuring of agricultural commercial banks.

Because of historical reasons, the development quality of agricultural commercial banks is indeed mixed.

As an important supplement to the banking industry in Shanxi Province, city commercial banks and rural commercial banks have indeed made important contributions to supporting the development of local real economy and defusing financial risks. The data in recent years can be corroborated. A person familiar with Shanxis financial market told the first finance and economics reporter that when some social capital is attracted into the system reform, there will be few problems for shareholders of urban commercial banks and rural commercial banks.

Subsequently, there were moths in the financial field of Shanxi Province, including Cui Lianhui, former party secretary and President of Shanxi Rural Credit Cooperatives Association; Xing Liangxi, former deputy secretary, vice chairman and director of the Party committee; Wang Zhongze, former full-time deputy secretary and vice chairman of the Party committee; and former Party group secretary and director (director) of Shanxi provincial local financial supervision and Administration Bureau (Financial Office of the provincial government) Jing Hui, former Secretary of the Party committee and director of the banking regulatory bureau of Shanxi Province, Zhang Anshun. It is rumored that some of the fallen officials are related to the Deyu system. In this regard, the relevant regulatory authorities of Shanxi Province told reporters of the first finance and economics that it is impossible to say. The reform of rural commercial banks and the resolution of financial risks have been listed as one of the major reforms of Shanxi provincial Party committee in 2020. In three days from August 8 to 10, four City Commercial Banks in Shanxi Province successively announced that they planned to hold an interim general meeting of shareholders to deliberate on the proposal of participating in merger and reorganization or new merger, including Jinzhong bank and Yangquan City Commercial Bank. Lucheng rural commercial bank ushered in a new management. As for Tian Wenjun and Hao Jiangbo, there are rumors that they have been far away from overseas. The first financial reporter contacted Tian Wenjun many times, and his mobile phone was always turned off. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

Subsequently, there were moths in the financial field of Shanxi Province, including Cui Lianhui, former party secretary and President of Shanxi Rural Credit Cooperatives Association; Xing Liangxi, former deputy secretary, vice chairman and director of the Party committee; Wang Zhongze, former full-time deputy secretary and vice chairman of the Party committee; and former Party group secretary and director (director) of Shanxi provincial local financial supervision and Administration Bureau (Financial Office of the provincial government) Jing Hui, former Secretary of the Party committee and director of the banking regulatory bureau of Shanxi Province, Zhang Anshun. It is rumored that some of the fallen officials are related to the Deyu system. In this regard, the relevant regulatory authorities of Shanxi Province told reporters of the first finance and economics that it is impossible to say.

The reform of rural commercial banks and the resolution of financial risks have been listed as one of the major reforms of Shanxi provincial Party committee in 2020.

In three days from August 8 to 10, four City Commercial Banks in Shanxi Province successively announced that they planned to hold an interim general meeting of shareholders to deliberate on the proposal of participating in merger and reorganization or new merger, including Jinzhong bank and Yangquan City Commercial Bank.

Lucheng rural commercial bank ushered in a new management.