In September 2010, Zhou Xiaoguang, chairman of Xinguang Holding Group . File photo/Visual China
Shin Kong Group , which is deeply involved in the bond default crisis, is facing the "darkest moment." According to a report by the Beijing News in September, Zhejiang's richest woman Zhou Xiaoguang and her subsidiary Xinguang Group were included in the court's list of "persons subject to execution" and some of their bonds defaulted. At present, Shin Kong Group has experienced multiple debt defaults and is under heavy financing and debt repayment pressure. Although many parties have made efforts to dispose of assets to resolve defaults and violations, due to the large amounts involved and the debt defaults, some creditors have seized and frozen assets. The group's asset disposal did not go smoothly. A reporter from
recently checked the industrial and commercial information and found that the equity holdings of multiple financial companies held by Shin Kong Group have been frozen by the judiciary, involving Centenary Life, Nanyue Bank, Yiwu Shin Kong Small Loans Co., Ltd., Hangzhou Shin Kong Financial Services Co., Ltd., etc. Lawyers analyze that when the equity is waiting to be frozen, asset disposal requires all parties to reach an agreement and be recognized by the court, which is very difficult.
The "Xinguang" of rich women is dim: the equity holdings of 6 financial companies have been frozen
The chairman of Xinguang Group is Zhou Xiaoguang. According to the official website, Xinguang Group has been involved in jewelry, high-end manufacturing, real estate, Internet, finance, investment, etc. industry. At present, it has 1 listed company, nearly 100 wholly-owned subsidiaries and holding companies, more than 40 joint-stock companies, and total assets of nearly 80 billion yuan. In 2017, Zhou Xiaoguang and his wife Yu Yunxin ranked 65th on the Hurun Rich List with a net worth of 33 billion.
html On December 3, the listed company Xinguang Yuancheng (now "ST Xinguang") announced that the company's controlling shareholder Xinguang Holding Group Co., Ltd. (referred to as "Xinguang Group") and the actual controller Yu Yunxin added new rounds of shares of the company. time to freeze. Among them, a total of 1.134 billion shares of Xinguang Group have been frozen by the judiciary, accounting for 100% of the shares it holds in the company, and a total of 126 million shares of Yuyun New have been frozen by the judiciary, accounting for 100% of the shares it holds. The total of the above-mentioned frozen shares is close to 70% of the total shares of Shin Kong Yuancheng.In the previous October and November, Xinguang Group’s shares in Xinguang Yuancheng had been frozen by different ratios of judicial freezes by the Beijing Higher People’s Court, Shanghai No. 1 Intermediate People’s Court, and Shanghai Financial Court. Shin Kong Group announced on September 25 that due to multiple factors such as macro-leverage reduction, contraction of bank credit, and financing difficulties for private enterprises, liquidity problems occurred and it was unable to repay the repurchase principal and interest due on the bonds on time. Shin Kong Yuancheng disclosed on November 26 that the bonds of Shin Kong Group that have not been paid on time include 16 Shin Kong Bonds, 15 Shin Kong 02, 17 Shin Kong Holdings CP002, 18 Shin Kong Holdings CP001, 11 Shin Kong Bonds, etc.
In addition to bond defaults, Shin Kong Group’s irregularities have gradually surfaced. Other risk warning announcements issued by
Xinguang Yuancheng on November 30 stated that the company’s controlling shareholders and their related parties stamped their official seals on legal documents such as letters of guarantee and guarantee contracts without performing normal approval decision-making procedures; the company’s holdings The shareholder failed to perform the corresponding internal approval and decision-making procedures, borrowed external funds in the name of the company and was occupied by it.
"In order to eliminate the impact of the above-mentioned violations, the controlling shareholder actively planned to dispose of its assets to repay the occupied funds and release guarantees. However, due to the large amount involved in the assets to be disposed of, and the default of Shin Kong Group's debt, some creditors seized and frozen assets. The progress of asset disposal has not reached the expected efficiency. Although the controlling shareholder is still actively implementing asset disposal, studying reorganization plans and other forms to resolve irregularities, as of November 30, 2018, the controlling shareholder has not raised enough funds to effectively solve the debt. Funds, the above-mentioned violations by the controlling shareholder have not been resolved. The company has submitted a lawsuit to the local people's court on November 30, 2018, and plans to take asset preservation measures," Xinguang Yuancheng said.
According to the regulatory decision of the Anhui Securities Regulatory Bureau, Xinguang Group, without Xinguang Yuancheng's internal review procedures, occupied the listed company's funds for non-operational purposes (involving an amount of 1.435 billion yuan) and required the listed company to be Xinguang Group and related parties. Providing external guarantees (involving an amount of 2.055 billion yuan) in violation of regulations.The
reporter noticed that in addition to the equity of the listed company Shin Kong Yuancheng, some financial companies under the Shin Kong Group are also currently in a state of frozen equity. In the official website of Xinguang Group, the companies in the Xinguang Financial sector include Xinguang Financial Holdings Investment Co., Ltd., Hangzhou Xinguang Financial Services Co., Ltd., Yiwu Xinguang Private Capital Management Co., Ltd., Yiwu Xinguang Small Loan Co., Ltd., Nanyue Bank, Centennial Life, etc. .
The National Enterprise Credit Information Publicity System shows that Centenary Life Insurance Co., Ltd., Guangdong Nanyue Bank Co., Ltd., Yiwu Xinguang Small Loan Co., Ltd., Yiwu Xinguang Gopher Equity Investment Management Co., Ltd., and Hangzhou Xinguang Group hold shares Financial Services Co., Ltd. and Shin Kong Financial Holdings Investment Co., Ltd. both experienced equity freezes. Most of the frozen start dates were after October and the freezing period was three years.
For example, Yiwu Xinguang Microfinance Co., Ltd.'s equity worth 119 million yuan was frozen, and the person subject to execution was Xinguang Group. The enforcement courts included Shanghai Chongming District People's Court and Chongqing Higher People's Court. All shares of Yiwu Xinguang Gopher Equity Investment Management Co., Ltd. held by Xinguang Group were frozen, and the enforcement court was the Shanghai No. 1 Intermediate People's Court. All equity interests in Hangzhou Xinguang Financial Services Co., Ltd. were frozen. The person subject to execution was Xinguang Group, and the enforcement court was also the Shanghai No. 1 Intermediate People's Court. All the shares of Shin Kong Financial Holdings Investment Co., Ltd. held by Shin Kong Group with an investment of 4.268 billion yuan have been frozen since November 7.
transfer equity financing of Centennial Life?
In the financial landscape of Shin Kong Group, insurance was an early area of deployment. During this debt crisis, there was also news that Shin Kong Group was preparing to transfer the equity of Centennial Life.
According to the official website of Shin Kong Group, in 2009, Shin Kong Group, together with 17 shareholders including Orient Asset and Guodian Electric Power, jointly invested in the establishment of Centennial Life Insurance Co., Ltd. In June 2009, Centennial Life was officially opened for business and its headquarters was located in Dalian. It is a national life insurance company. Judging from the performance of the past three years, Centennial Life's profitability has gradually increased. In 2015, Centennial Life turned a profit and realized a net profit of 30 million yuan attributable to the owners of the parent company, which exceeded 200 million yuan in 2016 and rose to 350 million yuan in 2017.
After capital increases in recent years, Centennial Life’s current registered capital has reached 7.7948 billion yuan. According to the solvency report for the third quarter of 2018 disclosed by Centennial Life, Shin Kong Group holds 800 million shares, corresponding to a share ratio of approximately 10.26%, ranking behind Dalian Wanda Group and ranking as the second largest shareholder of Centennial Life.
Shin Kong Group’s equity holdings in Centennial Life have also been frozen. Industrial and commercial information shows that Centennial Life disclosed a total of 10 pieces of equity freezing information in the judicial assistance column. The starting time of the freezing ranged from October 17 to November 12, 2018, and the persons subject to execution were all Shin Kong Group.
Among them, the execution courts for five equity freezes are Shanghai Financial Court , and the corresponding equity amounts are all 200 million yuan. The execution courts for three other equity freezes are Shanghai Chongming District People's Court and Chongqing Higher People's Court. The corresponding equity amounts of the court and the Zhejiang Provincial Higher People's Court are also 200 million yuan, while the two equity freeze matters from Heilongjiang Provincial Higher People's Court and Hainan Provincial Higher People's Court have corresponding equity amounts of 100 million yuan.
Are all the 800 million shares of Centennial Life held by Shin Kong Group frozen? Centennial Life responded to a reporter from the Beijing News on December 4, saying that the equity information held by Shin Kong Group is based on the industrial and commercial registration information and belongs to the shareholders themselves and has no impact on the company.
According to media reports in September, Shin Kong Group stated that it would solve the liquidity problem through some means, such as selling assets and equity. It is said that the equity of Nanyue Bank has not been pledged, and at the same time, the company is negotiating with "Zhejiang's large state-owned enterprise" about the equity transfer of Centennial Life.
Regarding the progress of the equity transfer, reporters called Shin Kong Group on December 3 and 4. Both parties stated that the person in charge of media docking was on a business trip. Centennial Life said, “This is a shareholder’s own matter and the company is not aware of it yet."
According to Liu Xiaoming, a lawyer from the Finance Department of Yingke Law Firm, in this case where the equity is waiting to be frozen, it cannot be transferred from a basic legal level. However, if Shin Kong Group communicates with all parties, including the court, It can be arranged through a certain agreement without affecting the rights and interests of the original applicant. “All parties have to reach an agreement, but it is very difficult with so many waiting lists. "
may lose its position as the largest shareholder of Nanyue Bank.
In addition to establishing Centenary Life, Shin Kong Group has also invested heavily in the banking field.
In July 2016, the Guangdong Banking Regulatory Bureau issued the "Reply on the Shareholder Qualifications of Shin Kong Holdings Group Co., Ltd." and agreed with Shin Kong Holding Group Co., Ltd. invested 1.3 billion shares in Nanyue Bank, accounting for 17.28% of the total share capital after the capital increase.
The annual report information disclosed by Nanyue Bank showed that as of the end of 2015, The bank's total assets were 165.205 billion yuan, a year-on-year increase of 15.72%. The net profit attributable to shareholders of the bank for the year was 1.116 billion yuan, a year-on-year decrease of 5.98%. In 2016 and 2017, Nanyue Bank's net profit attributable to shareholders of the bank was 1.116 billion yuan. Net profits rose to approximately 1.261 billion yuan and 1.324 billion yuan respectively, with year-on-year increases of 12.99% and 4.99%. Nanyue Bank’s third quarter information report for 2018 disclosed by the China Bond Information Network showed that as of the end of September 2018, Nanyue Bank’s legal person size. The total assets under the bank reached 202.116 billion yuan, and the net profit was 1.136 billion yuan.
Similar to the situation encountered by Centenary Life, the judicial assistance information of Nanyue Bank shows that Xinguang Group’s 17.28% stake in Nanyue Bank is also frozen. Shanghai Chongming District People's Court, Chongqing Higher People's Court, Shanghai Financial Court, Beijing Higher People's Court, etc.
Nanyue Bank told the Beijing News reporter on December 4, "Currently, our bank has received several legal documents concerning the matter. The ruling that Xinguang's equity in our bank was applied for judicial freezing by its creditors. Our bank quickly reported to the regulatory authorities and will handle the matter in accordance with judicial requirements and actively cooperate with the company to freeze the equity. It is expected that there will be no shareholder withdrawals or capital withdrawals that will affect our bank's capital scale and equity structure. "
Nanyue Bank's new round of capital increase plan surfaced in the first half of this year, and Shin Kong Group may lose its position as the largest shareholder of Nanyue Bank. An external investment announcement issued by the listed company Chenming Paper in May this year showed that, The subsidiary Zhanjiang Chenming Pulp and Paper Co., Ltd. plans to subscribe for approximately 426 million shares of Nanyue Bank's privately issued shares, and at the same time transfer 943 million shares held by other shareholders to Nanyue Bank. The total shares will account for 1.369 billion shares of Nanyue Bank's total share capital. 14.55%.
According to the information disclosed by Chenming Paper, in addition to Zhanjiang Chenming Pulp and Paper Co., Ltd., after the equity change of Nanyue Bank, a Guangdong company named Guangdong Dinglong Industrial Group will also enter the list of shareholders. The number of shares held by the company will reach 1.464 billion shares, accounting for 15.56% of the total share capital after the change. At the same time, the equity proportion corresponding to 1.3 billion shares of Shin Kong Group will also be diluted to 13.81%, from the throne of the largest shareholder. Sliding to the third largest shareholder's seat.
However, regarding the progress of this capital increase, Nanyue Bank said, "The application materials have been prepared and pre-communication has been made with the relevant regulatory authorities, but no approval has been obtained yet. ”
Beijing News reporter Chen Peng
