Minsheng Trust's 1.3 billion product thunderstorms accused of violation of regulations and acquisition of non-performing assets

On August 11, the Yinshi Finance reporter learned exclusively that the "Minsheng Trust-Zhixin No. 1071 Zhongjia Shengyuan Loan Project Collective Fund Trust Plan" (hereinafter referred to as Zhixin 1071) exploded, Minsheng Trust has informed Investors postpone payment. The total scale of "Zhixin 1071" is as high as 1.35 billion yuan.

The information obtained by the reporter shows that multiple related parties of the borrower of "zhixin 1071" had already had legal disputes with Minsheng Trust over the financial loan contract before the issuance of the trust plan, and the trust plan’s Multiple guarantors have been defendants in the case , , but Minsheng Trust did not disclose the above information to investors.

A senior person in the trust industry believes that the trust project is suspected of borrowing the new to return the old to cover up badly, and there is a disguised fund pool suspect. Some members of the legal profession also pointed out that Minsheng Trust is suspected of violating information disclosure regulations.

trust plan "Thunder" deferred redemption

The information obtained by the reporter shows that the total scale of the "Zhixin 1071" trust plan is about 1.35 billion yuan, and the borrower is Beijing Zhongjia Shengyuan Trading Co., Ltd. ( Hereinafter referred to as: Zhongjia Shengyuan), the source of repayment is the borrower’s operating cash flow.

In terms of risk control measures, the collateral includes the land and construction in progress in Zone B of Jialong Meishushan in Langfang Xianghe, and the property in the east yard of Jialong Building in Chaoyang CBD area of ​​Beijing; 134 million shares of Hebei Bank have been pledged to Minsheng Trust; Jialong Investment Group Co., Ltd. (hereinafter referred to as Jialong Group) and its actual controller Fu Shuquan, Huizhongdaohe Energy Holding Co., Ltd. (hereinafter referred to as Huizhongdaohe) as the financier The obligation to provide joint and several liability guarantees.

According to the extension announcement issued by Minsheng Trust to investors, "Zhixin 1071" was originally to be redeemed for the first phase on August 21, 2021. Regarding the reason for the failure to redeem, Minsheng Trust’s explanation is: “It is estimated that as of August 21, 2021, , the cash trust assets under this trust plan are not sufficient to pay the highest reference trust benefits of each beneficiary and the trust property has not been realized. Finished. ”

Minsheng Trust stated: “In the first quarter of 2021, due to the interest owed by the counterparty, in order to protect the interests of the client, our company timely adopted judicial preservative measures to seize relevant collateral and certain assets of the guarantor. Continue to actively promote the disposal of seized assets. Up to now, the court has completed the assessment of pledged equity and issued an auction announcement, and the real estate of Xianghe County, Hebei Province is advancing the judicial evaluation process."

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China Minsheng Trust-Zhixin No. 1071 Zhongjia Shengyuan Loan Project Accumulative Funds Trust Plan Automatic Extension Announcement. The interviewee provided

. At the same time, the wealth management manager of Minsheng Trust said: “According to the second quarter report of Zhixin 1071, we asked the project manager. The cash flow of the financier is not good. To protect the interests of investors, the assets under the project were immediately enforced and judicially frozen. The main purpose was to put pressure on the financiers." At the same time, the above-mentioned financial manager revealed: "Except for the Xianghe plot and under the 1071 project. In addition to the equity of Hebei Bank, a property in Beijing has also been sealed up. At present, the equity has been evaluated, and the equity value is 600 million yuan. The auction announcement is in progress.After the announcement period is over, a formal auction will be held, and then the Xianghe Land Court is conducting an assessment simultaneously. ”

According to the information obtained by reporters, "Zhixin 1071" was raised on the 5th of 2021, and the last issue was actually 22 issues. As early as January 14, 2021, the "Zhixin 1071" quarterly report for 2020 disclosed that the guarantor and mortgagor were involved in the execution. This means that after the risk of , Minsheng Trust The fundraising plan has not changed, and the third phase of fundraising with a total of 46 million yuan has been completed .

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Respondents on the Raising Status of Trust Plan No. 1071 provided

Zhixin 1071 Trust Plan 2020 Four Seasons Report. Respondents provided

head span a domestic trust company Li Fang (a pseudonym), head of the asset management project of span3span, pointed out to the Yinshi Finance reporter that according to the “Zhixin 1071” report for the fourth quarter of 2020, the guarantor and mortgagor have been involved in the information to be executed, and breach of contract usually involves multiple related parties. The trust should stop issuing at that time,And began to deal with risks. "After the risk arises, the issuance should be stopped at that time. The smaller the amount of the trust plan has been issued, the safer it is to dispose of, and the suspension can also change the direction of forcing customers to repay. And continuing the issuance means that the mortgage rate of Diluted." Li Fang said.

Just two months after the last period of fundraising, on April 14, 2021, "Zhixin 1071" released the 2021 quarterly report, disclosing for the first time "the counterparty owes interest, and our company applies for enforcement."

The trust project exploded, and investors began to realize that there was a problem.

Zhixin 1071 Trust plans to release its first quarterly report for 2021. The interviewee provided

The reporter was informed that held a trust manager meeting on the morning of August 11, "Zhixin 1071". Informed investors stated that two collaterals were mentioned at the meeting. Hebei Part of the bank's equity and (Xianghe plot) construction in progress. Among them, part of the equity of Hebei Bank is valued at about 600 million yuan. Earlier, the wealth management manager also mentioned that this part of the equity is worth 600 million yuan and is being auctioned; the other part (Xianghe plot) is under construction, which is valued at 617 million yuan. , Construction in progress is auctioned or discounted by 70%.

was accused of concealing legal disputes

In the postponement announcement, Minsheng Trust did not seem to be directly related to the mine explosion, and as a trustee, it was already actively dealing with the risk. However, the reporter learned that,This does not seem to be the case. The underlying assets of the trust plan may have already planted hidden dangers.

Many investors do not know, and Minsheng Trust has not clearly stated in any materials that Tianyan Check information shows that will be issued on June 28, 2020, that is, before the launch of "Zhixin 1071" In the past two months, Minsheng Trust and the borrower of the trust plan, the legal person and one of the main shareholders of Zhongjia Shengyuan, Fu Bolong’s subsidiary Xianghe Zhongjia Real Estate Development Co., Ltd., opened a trial on a financial loan contract dispute. The defendant in the case It also includes the Jialong Group, one of the guarantors of the trust plan.

hearing announcement. Source: Tianyancha

In addition, Tianyancha information shows that Zhang Guohua, a natural person shareholder of Beijing Xinhuayang Trading Co., Ltd., another defendant in the case, is also one of the shareholders of Zhongjia Shengyuan, the borrower of the trust plan.

equity information. Source: Tianyancha

In the above case, Minsheng Trust applied to the court to freeze the property or assets worth 978 million yuan under the name of Beijing Xinhuayang Trading Co., Ltd., Jialong Group, and Xianghe Zhongjia Real Estate Development Co., Ltd. rights and interests.

case information. Source: Tianyancha

The reporter also noticed thatAccording to Tianyan Check information, Huizhong Daohe, another guarantor of the Jialong Group and the trust plan, held a court hearing on another financial loan contract dispute with the plaintiff Minsheng Trust on the same day, and the related parties were frozen in assets of 434 million yuan.

hearing announcement. Source: Tianyancha

After legal disputes have occurred due to the financial loan contract, why does Minsheng Trust continue to issue new trust products for related parties of the defendant and even allow the defendant to become the guarantor of the trust project? ? Should relevant legal disputes be truthfully disclosed to investors?

In this regard, Li Fang believes that Minsheng Trust is suspected of violating information disclosure regulations, and investors can recover the responsibility of the manager.

"(There are related lawsuits) at least it means that this entity has overdue in Minsheng Trust, otherwise it is impossible to apply for a successful freeze. The customer has already experienced risks, and what does it mean to continue to issue products? If Minsheng Trust invests truthfully If people disclose relevant information, the product will definitely not be sold.” Li Fang said, “At present, Minsheng Trust has failed to disclose information and diligence to investors.”

Li Fang further analyzed that: “Maybe The essence is to borrow the new to repay the old, issue new projects to find funds, and take over the old projects that are already bad in their hands. There is a suspicion of a disguised fund pool. This kind of behavior itself is not clearly defined as to whether it is illegal and belongs to a vague area. If the value of the mortgage is sufficient to repay Okay, it can be dealt with slowly in the later period, but now the land price in Huanjing has plummeted, and they are difficult to deal with."

Some legal professionals also pointed out: "Minsheng Trust is suspected of violating the letter and Phi regulations. When introducing the trust plan, Concealing major matters." According to Articles 7 and 8 of the "Administrative Measures for Trust Companies' Collective Fund Trust Plans",When a trust company recommends a trust plan, it should fully disclose the risks of participating in the trust plan, and must not use any misleading statements that may affect investors' independent risk judgment; the promotion materials must not contain content that is inconsistent with the trust documents, or contain false records or misleading Statements or major omissions, etc.

"Never subscribe if you know the actual situation"

The land in Beijing referred to by the industry insiders is one of the collaterals of the trust plan "Xianghe Land", and Minsheng Trust stated its value in the materials It is 2.086 billion yuan, and the unit price is 22303 yuan/square meter, but in fact, the data comes from an assessment report in May 2018.

Source: Real Estate Mortgage Appraisal Report (Jingbaoyeheng [2018] Fangpingzi No. 0043) Page 3. Respondents provided

. According to the follow-up information disclosed by Minsheng Trust in the promotion materials, the average residential transaction price of this lot has fallen to 10,482 yuan per square meter in April 2020, compared with the 2018 evaluation report , The unit price dropped by more than 50%.

Picture source: Zhixin No. 1071 Zhongjia Shengyuan Loan Project Collective Fund Trust Plan Promotion Materials Page 21-22. Respondents provided

. What makes investors more worried is that other guarantors and collaterals for risk control of trust products have also been problematic.

Skyeye check information display,Jialong Group and Fu Shuquan, one of the guarantors who assumed joint and several liabilities for the trust plan, were listed as the enforcee by the Xiamen Intermediate People’s Court in April this year. In June, they were further listed as the untrustworthy enforcer with debt repayment responsibility. "All unfulfilled."

This means that Jialong Group is facing recovery from other debtors. The reporter noticed that Fu Bolong, the legal person of Jiashengyuan, the borrower of the trust plan, also appeared in the case and was listed as a dishonest person and person subject to enforcement.

Court enforcement information. Source: Tianyancha

"When the'Zhixin 1071' product was promoted in August 2020, no matter whether it was the promotion material or the trust plan document, there was no such situation (Minsheng Trust had a legal dispute with the borrower) Make a clear statement, if I know the actual situation will never subscribe." Some investors angrily said to reporters.

According to the estimation by the wealth management manager of Minsheng Trust, starting from the threshold of 3 million yuan, the number of "Zhixin 1071" customers is estimated to be about 450, and there are even "many wealth managers who haven't told the customers about the extension." .

Minsheng Trust Wealth Management Manager chats with customers. The interviewee provided

. An investor in the eighth issue of "Thanks to Letter 1071" expressed his helplessness to the reporter. He said that the financial manager of Minsheng Trust could not answer the question he raised. It seems that all that can be done is to wait for the Minsheng Trust to dispose of its assets through the court judicial auction.

trust contract part of the content. Respondents provided

According to reports,In the last three months of 2020, Minsheng Trust has experienced extensions of multiple trust projects, including Zhixin No. 516 Securities Investment Collective Fund Trust Plan, Zhixin No. 681 CIMC Vehicles IPO Investment Collective Fund Trust Plan, and Zhixin No. 828 Platinum First Commercial real estate collection capital trust plan.

thunders frequently. Is there any problem with Minsheng Trust itself?

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