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


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.

According to an article building a leading enterprise in Chinas coarse grain industry, Deyu agriculture achieved sales revenue of 600 million yuan in 2010. Since 2011, the company has invested more than 100 million yuan to build a production and processing base in Pinggu, Beijing. This is another large-scale production and processing base established after Shanxi Jinzhong and Quwo, Sichuan Chengdu and Liangshan.

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..

Although listed in OTC, the profit level of Deyu agriculture did not significantly improve. According to its financial report, from 2010 to 2014, its net profit fluctuated around us $20 million. After the stock price collapsed, Tian Wenjun and other original shareholders and the team left one after another.

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

Beijing Jinshang museum is a private museum with the theme of exhibiting the development history of Shanxi merchants and promoting the spirit of Shanxi merchants. Many rural commercial banks and city commercial banks in Shanxi set up their offices in Beijing here. There is no lack of Deyu Department behind these banks.

In 2011, under the background of a large number of restructuring of rural credit cooperatives and the increase of capital and shares of urban commercial banks, especially in the process of equity transfer, Deyu system wantonly invested in local commercial banks.

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.

Taking a stake in banks has brought great convenience to the capital operation of Deyu system, but it has caused great confusion to financial institutions.

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.

Behind the 1.5 billion yuan trust case, we can see all kinds of chaos in the development of rural commercial banks and urban commercial banks

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

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.

Less than half a year after Haidian state-owned assets took over, Lucheng rural commercial bank filed a lawsuit against the overdue trust plan as early as the first half of 2019.

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 second phenomenon is that there are as many as dozens of shareholders of commercial banks, especially natural person shareholders, who have subscribed from 100000 yuan to tens of millions yuan. Among them, there are 10 natural person shareholders who have subscribed 100000 yuan in one agricultural commercial bank, with the contribution ratio of 0.01%. Comparatively speaking, although the shareholding ratio of Deyu series is mostly within a single digit (up to 10%), most of them are in the front Ten, some even hold more than one shareholder seat. This situation provides convenience for minority shareholders (shares) control.

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.

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.

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.

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.

On June 18, the Shanxi provincial Party committee held a working conference on financial reform, stressing that it is necessary to combine risk prevention and control with financial anti-corruption, seriously investigate and deal with the corruption problems behind risks, and resolutely dig out and clean up the borers in the financial field.

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.