Fuanna 120 million yuan in wealth management overdue: How can the rotten tail building be packaged into profitable projects?

The risk control of financial products requires comprehensive strengthening

At the beginning of 2022, when the home -listed company Fu'anna conducted a 2021 annual report audit, a product that entrusted CITIC Securities to financial management, Fu'an No. 1 received a report from the latter. The report showed that the net asset value of Fu'an I was 128.753 million yuan The principal of 120 million yuan premium was 87.53 million yuan.

However, just before and after, on March 19, 2022, this is the expiration date of the wealth management product Fu'an No. 1, but CITIC Securities failed to pay the principal and investment income of Fu Anna's investment.

Further surveys show that the underlying assets involved in Fu'an One are actually a project that has already fallen into a default bankruptcy dispute. How can such projects be put in a wealth management asset package? How does the asset premium occur?

120 million financial management only withdrawn 13.5 million yuan

On August 23, on the day of the semi -annual report, Fu Anna also issued an overdue announcement.

The announcement stated that the company's 120 million yuan of solidarity wealth management products purchased through CITIC Securities had expired in March 2022, but most of the principal and investment income have not yet been paid.

The wealth management products referred to by Fu'anna are "CITIC Securities FOF Customized Single Asset Management Plan" (hereinafter referred to as "Fu'an No. 1"), and the product manager is CITIC Securities. Fu'anna purchased 120 million yuan Fu'an No. 1 on March 19, 2021. The company should have taken the investment principal and income around the date of March 19, 2022, but CITIC Securities did not pay the redemption of redemptions like redemption. Essence After several rounds of communication, as of the announcement of August 23, Fu Anna received 13.5 million yuan in the principal of the CITIC Securities on April 14, 2022, the principal of 106.5 million yuan and investment income of the remaining products had been overdue.

Fu'anna said that based on the nature of non -ownership wealth management products, Fu'an No. 1 has the risk of principal and interest that cannot be redeemed.

On the same day, the semi -annual report announced by Fu Anna showed that in the first half of 2022, Fanna's revenue was 1.335 billion yuan, an increase of 2.06%year -on -year, and the net profit attributable to the mother was 211 million yuan, a slight increase of 0.68%year -on -year. This means that the amount of wealth management products purchased by Fanna in CITIC Securities has not been paid for the time limit, accounting for more than half of Fu Anna's return to her mother in the first half of this year.

Relevant person in charge of Fu'anna told China News Weekly that although this product is a non -capital -keeping wealth management product, it is also a fixed income wealth management product, and it is a subsidiary of a securities company with a state -owned background. Previously, Fanna and CITIC Securities had cooperated many times. They all cooperated. After receiving investment income, this wealth management product was really unexpected.

Wang Jianguo, a strategic expert of China Home/Design Industry Internet Strategic Experts and the General President of China Design Dean, told China News Weekly that due to the slowdown of the development of the economic environment at home and abroad, the overall domestic consumer market is conservative. Rental and labor costs have been high for a long time, and the income increase and profit of home companies have become difficult.

Wang Jianguo said that the staged investment wealth management products in the listed company, this once more common operation. From the perspective of the "step -step" incident, the relevant listed enterprises have warned that the main business has not formed the industry's dominant market share and Before the right to speak, you cannot easily use high -quality, low -cost capital resources on financial investment, non -industrial collaboration and other projects outside the main business.

Since 2018, Fu Anna and CITIC Securities have conducted financial cooperation of Fifth Fu'an No. 1 product with CITIC Securities. The amount each time is nearly 100 million yuan. The first four phases have successfully recovered the principal and interest. Thunderstorm is the fifth product.

Among them, in the fourth phase of the cooperation, on April 19, 2020, Fu Anna "obeyed CITIC Securities' suggestion", in view of the "change of securities and futures related management regulations", a supplementary agreement with CITIC Securities will be signed with CITIC Securities and the original financial contract will be used to pay the original financial contracts. Change to the FOF contract.

On March 19, 2021, Fu Anna spent 120 million yuan, transferred to the designated account of wealth management, and purchased the fifth issue of products. The funds were invested in two targets, namely the Oriental Red Currency B of 20 million yuan, and Hangzhou Harbor City, Peking University, which was 100 million yuan.

According to the announcement, on March 19, 2022, after the fifth product was overdue, in order to reduce risks, Fumana repeatedly requested CITIC Securities to pay 20 million yuan in currency funds, but CITIC Securities will pay for Fu Anna only on April 14, 2022. The 13.5 million yuan principal, CITIC Securities did not make a reasonable explanation for the unsurprising 6.5 million yuan monetary fund principal.

And another 100 million yuan wealth management funds invested in Hangzhou Harbor City, Peking University, are even more sinking.

Lounge asset thunderstorms for a long time

This is a controversial project. Peking University Resources Hangzhou Harbor City is now known as "Peking University Resources Boya City" and is a well -known rotten tail in Hangzhou.

In November 2014, Peking University Resources Group took over the project and named it "Peking University Resources Harbor City".

But shortly after that, many senior executives of Beijing Founder Group, the parent company of Peking University Resources Group, was investigated, and the project was unknown. In 2019, the project was finally opened in Hou Pan. The new name is "Peking University Resources Boya City", and its operations have been bad.

By 2020, due to the continuous fermentation of the debt crisis of Peking University Fangzheng Group, the creditors applied for bankruptcy and reorganization, and the resources of Peking University were also implicated.

In April of this year, the Chongqing Financial Assets Exchange issued the bidding announcement of "Peking University Resources and Related Equity and Credit and Assets Packs held by its related companies". The starting price of the target was 1.53 billion yuan, and the balance of the target debt was about 3.838 billion.

On May 18th, Dinghui Investment issued a document in its official public account that the successful delivery of Peking University's asset package was successfully delisted.

In the announcement, Fu Anna said that the debtor of the "Peking University Resources Hangzhou Harbor City" project is Zhejiang Land Land Real Estate Development Co., Ltd.

According to the information of the company, the current major shareholders of Zhejiang Lande Real Estate Development Co., Ltd. are Chengdu Tianyi Qibang Real Estate Development Co., Ltd. At the end of May this year, the controlling shareholder of Chengdu Tianyi Qibang was changed from Peking University Resources Group Urban Development Co., Ltd. to Sichuan Langhui Lingyi Enterprise Management Co., Ltd. After penetrating the equity, it was found that behind the Sichuan Langhui Lingyi Enterprise Management Co., Ltd. was the investment of Dinghui.

According to Fu Anna's announcement, the debtor of the Hangzhou Harbor City Project of Peking University Resources, the debtor of the Hangzhou Harbor City Project, has already proactively breach of the contract, and the audit reports of 2019 and 2020 have been reserved by the Zhonghui Accounting Firm. The time limit was extended by the court to December 28, 2022.

The relevant person in charge of the above -mentioned Fu Anna said that what puzzled them was that such a company that had long been prohibited and had already fallen into bankruptcy and reorganized. Why does CITIC Securities invest in such a high -risk asset package? In addition, Fuanna and CITIC Securities signed a fixed income wealth management product, and the yield is not high. The purpose is to obtain a low -risk stable income.

After the incident, Fu Anna was also asking CITIC Securities, but the latter did not give a reasonable explanation.

Interestingly, CITIC Securities once provided Fu'anna with the 2021 annual report and inquiry letter, which shows that as of the end of 2021, the total asset value of the product was 130.3773 million yuan, and the net asset value was 128.753 million yuan. This means that the product also has a premium, and Fumana also includes 8.753 million yuan in the premium part of the book.

The person in charge of a accounting firm told China News Weekly that from the above announcement, the product was audited by the audit of the certificates during the annual audit.

How can I be put in a wealth management asset package in the bankruptcy storm in breach of contract? How does the asset premium occur?

A few days ago, at the semi -annual report of the CITIC Securities, some media asked questions, but the staff of CITIC Securities refused to answer.

CITIC Securities said to China News Weekly that the incident was prevailed by Fu Anna's announcement.

It is advisable to strengthen risk management and control

At present, behind this incident is a fog.

For Fu Anna, did they know that the underlying assets of the wealth management products they purchased were "Peking University Resources Boya City", and when did they know this information?

In response, the relevant person in charge of the above -mentioned Fu Anna said in response to China News Weekly that the company is conducting relevant information.

The risk has long been exposed. Why hasn't it been completely clarified so far? Is there a problem with Fanna's risk control mechanism?

The relevant person in charge of the above -mentioned Fu Anna said the company has a strict risk control mechanism. The company fully inspects its own wealth management funds. After a comprehensive self -inspection, the company's stock wealth management products are safely invested, and similar risk events have occurred.

However, it is clear that the debtor of the Hangzhou Harbor City project of Peking University Resources Hangzhou City project has long defaults, and the audit reports of 2019 and 2020 have been reserved by the China Hui Accounting Firm, and the debt crisis of Peking University Fangzheng Group has been fermented for many years. Essence

The person in charge of the above -mentioned accounting firm said that from the perspective of the execution of the audit procedure, Fanna's risk control mechanism is still problematic. If the audit procedure is strictly implemented, some risks may be exposed.

Another thing that is worth questioning is whether Fanna's information disclosure is illegal?

The expiration date of Fu'an No. 1 products is March 19, 2022. On this day, CITIC Securities did not pay Fu Anna's principal and investment income of 120 million yuan. The principal of 13.5 million yuan, the surplus principal and investment income have not been paid so far. Therefore, its actual overdue is March 19.

However, this overdue information was not announced until the day the semi -annual report was announced on August 23, more than 5 months later than the actual overdue day.

Article 2.2.4 of the "Shenzhen Stock Exchange Stock Listing Rules" stipulates that listed companies should fulfill their information disclosure obligations in a timely manner when they know that major issues occur.

The person in charge of the above -mentioned accounting firm told China News Weekly that according to regulations, the net profit of the transaction target accounted for more than 10%of the net profit of listed companies, and the absolute amount exceeded one million yuan, which constituted a major issue. From the perspective of the earnings of wealth management products, it does not exceed the relevant standards. However, because the principal and income in the matter occurred overdue, the overall amount of overdue payment exceeds 10%of the net profit, and it should be disclosed in time.

Lawyer Han Xingqian, Beijing Yingke Law Firm, told China News Weekly that the Fuanna Fund product was overdue on March 19. If it cannot be repaid, it is a major loss of the company, which may have a great impact on the securities transaction price of listed companies. According to the "Securities Law "And" Administrative Measures for Information Disclosure of Listed Companies "and other relevant regulations shall be disclosed in time. According to Fu Anna announced, after learning about the overdue situation of Fu'an No. 1 product, the company established a special working group to repeatedly communicate with CITIC Securities and subsequent redemption arrangements through letters, telephones, videos, and on -site meetings. It is urged to deal with the underlying assets of Fu'an No. 1 as soon as possible, and make actual actions and subsequent payment arrangements for redemption as soon as possible.

Regarding whether it is overdue, the relevant person in charge of the above Fanna said that the company did not know the situation at the beginning and had a process of understanding this matter. Moreover, the amount of losses is difficult to determine. For investment income, based on the report and overdue of CITIC Securities, the book's book surplus part of the product has been loses the loss of fair value in the 2022 semi -annual report; and for the principal, for the principal Due to the asset mortgage, it is more difficult to determine the loss.

On August 23, Fu Anna announced that because CITIC Securities has not issued the latest valuation table/net value instructions, the company cannot accurately estimate the principal loss of the investment. Essence

Han Xingqian said that according to the existing information, the responsible party of this incident is more likely to be CITIC Securities, but the specific responsibility determination depends on the product agreement, as well as the specific communication facts of the two parties in the risk in the product, the purchase process, and the risk of both parties. Be more clear.

Wang Jianguo said that at present, Fu Anna should use the law as the chassis to apply for redemption and timely stop loss as soon as possible.

Han Xingqian suggested that Fu Anna can give priority to the management of CITIC Securities in CITIC Securities. , Risk control review, and related legal procedures for diligence. If there are flaws, you can consider litigation procedures to resolve disputes.

Author: Liu Debing [email protected]

Edit: Li Zhiquan

Operation editor: Wang Lin

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