For the ABS project of stepping on mine, 4 leaders of Hengtai Securities were fined, compensated or nearly 500 million yuan

Zhongxin Jingwei August 9th (Ma Jing intern Li Wenqian) On the 8th, Hengtai Securities Co., Ltd. (hereinafter referred to as "Hengtai Securities") received the fifth sheet of ABS project seven years ago, Fund.

The Inner Mongolia Securities Regulatory Bureau announced that after investigation, Hengtai Securities, as a planned plan manager of the first phase of asset support for Qinghui Leasing, did not conduct a comprehensive due diligence of the basic assets of the special plan, internal quality control was not strict, and the internal control mechanism was not implemented.

The above behavior violated the relevant provisions of the "Regulations on the Management of Asset Securities Securities of Securities Companies and Fund Management Corporations". Two core leaders Shen Moumou and Shen Mou were identified as inappropriate candidates and prohibited asset securitization business within two years.

In fact, as early as July 8th, Hengtai Securities received three fines due to the above issues mentioned by the Inner Mongolia Securities Regulatory Bureau. The letter, Deng, the head of Hengtai Securities, was in charge of the asset securitization business. Deng was also taken to take supervision conversations because of his leadership responsibility for illegal acts.

In 2019, the Liaoning Securities Regulatory Bureau also conducted a comprehensive due diligence of the basic asset support of the plan of the plan for the first phase of asset support for the first phase of the asset support of the Qinghui lease. A warning letter was issued.

Hengtai Securities was established in 1992. It is registered in Hohhot, Inner Mongolia. It was listed in Hong Kong in October 2015. The securities name is Hengtou Securities. According to the data, the project that made Hengtai Securities repeatedly received the ticket began seven years ago. On December 25, 2015, the first -phase asset support special plan of Qinghui Leasing was listed on the Shanghai Stock Exchange. The basic assets of the project were the financial leasing agreement signed by the leaser Qinghui Lease Company and the lessee Hongyuan Petrochemical Company.

Hongyuan Petrochemical Co., Ltd. leased 500 million yuan of assets to Qinghui Leasing Company with an annual lease interest rate of 8.5%. The lease period was three years. Qinghui Leasing Company transferred the fixed rent cash flow obtained by the financial leasing agreement each year to Hengtai Securities to issue assets to support securities, and the sales target was Nanjing Bank and other institutional investors.

Hengtai Securities' due diligence on Hongyuan Petrochemical Company shows that the upstream of Hongyuan Petrochemical Company is Sinopec Tianjin Branch. The downstream is PetroChina Lanzhou Branch. The supply and marketing relationship is stable and upstream and downstream are large state -owned enterprises, with strong strength.

However, on December 15, 2017, Hongyuan Petrochemical Company was verified by major issues and had discontinued production and rectification, and the company had huge arrears to the outside world, and had been collected by many financial institutions in legal procedures. The revenue and subscription principal after May 3, 2018 cannot be paid. At the same time, there is no legal relationship or associated relationship between the PetroChina Lanzhou Branch and the Hongyuan Petrochemical Company, nor does it have any business exchanges; The signature is forged.

The three institutional investors Galaxy Jinhui, Jinyuan Shun'an Fund and Nanjing Bank of China issued a lawsuit with Hengtai Securities on June 20, 2018 and July 2, 2018. On June 28, 2022, the Beijing Higher People's Court made a second trial judgment to maintain the original judgment of the first instance, that is, Hengtai Securities needed a total of 296 million yuan to three institutions.

The judgment disclosed several of Hengtai Securities' negligence in diligence, including the identity of the respondents of the Oil Lanzhou Branch that did not verify, and did not know its name and specific position. The company has sent the "Certificate of Inquiry" to verify the effectiveness and authenticity of the relevant account receivable contract; the agreement with the signing of the contractor such as the PetroChina Lanzhou Branch can be used, but the contractor is not passed down at the same time and place of the contractor at the same time and place. The signing method caused Hengtai Securities to miss the opportunity to investigate directly with the PetroChina Lanzhou Branch.

The Beijing Higher People's Court stated in the final judgment that the content of the statement of Hengtai Securities on the issuance of accounts receivable when the special plan was issued and the management contract was established. There are faults in the investigation. The agreement that violates the special plan issuance and management contracts. Hengtai Securities has constituted a breach of contract, so he should bear the corresponding liability for breach of contract with the asset -supported securities holders.

However, according to the annual report of Hengtai Securities 2021, the impact of this single ABS project on Hengtai Securities is far more than the above 296 million yuan in compensation. The annual report disclosed that, in addition to the three institutions of Galaxy Jinhui, Jinyuan Shun'an Fund and Nanjing Bank, which have the results of the final trial, since June 2018, Hengtai Securities has successively received Xin Yuan, a priority holder who is also a special plan. Fund, Chuangjin Hexin Fund, Tianhong Fund, SDIC Taikang Trust, Changan Fund, China Foreign Economic and Trade Trust, Beijing Xinrisheng Investment Management Company, China Resources Shenzhen State Trust, these 8 institutions require compensation for the principal balance of 1.85 100 million yuan, interest payable and related expenses. At present, the above case is not yet judged or the second trial is to be sentenced. Hengtai Securities said in an annual report of 2021 that considering the expected losses of the lawsuit, it has been prepared for RMB 265 million.

From the perspective of performance, according to Hengtai Securities disclosed, as of June 30, the preliminary evaluation of the comprehensive management account of the review was expected to receive a loss of 343 million yuan in the first half of the year.The loss is about RMB 120 million.Hengtai Securities said that the decline in performance was mainly affected by the sharp fluctuations in the Chinese stock market in the first half of 2022, and the decline in self -operated equity investment and equity investment business revenue.(For more report clues, please contact the author Ma Jing: [email protected]) (Zhongxin Jingwei APP)

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Editor in charge: Li Zhongyuan

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