Listed companies have encountered another "explosion" when buying financial products. This time, Anke Innovation spent 100 million to buy AVIC Trust products overdue, and the investment of trust products is real estate. After the overdue period, Anke Innovation issued an announcement stating that it would retain legal recourse power from relevant parties, which mentioned the agency bank China Merchants Bank. As an agency sales agency, does China Merchants Bank need to take responsibility if the product is overdue?
Listed companies are "exploded" again when they buy trust and financial management.
htmlOn the evening of May 31, Anke Innovation issued an announcement stating that the company purchased the AVIC Trust · Tianqi [2019] 651 Changsha Zhongpan Loan Collective Fund Trust Plan ("AVIC Trust No. 651 Trust and Wealth Management Products") through the Changsha Branch of China Merchants Bank in June 2021. There is currently an overdue risk of principal and investment income to be recovered under the trust plan.CITIC Data shows that the investment direction of the above trust products is the real estate industry, and its product name includes Changsha Zhongfan.
Qichacha data shows that when searching for Changsha Zhongfan, only Changsha Zhongfan Real Estate Co., Ltd. is a real estate development company, and the major shareholder behind Changsha Zhongfan Real Estate is Sunshine City. Whether the Changsha Zhongfan in AVIC Trust refers to Sunshine City is currently unknown.
It is worth noting that the bank of the trust product distribution agency of AVIC Trust is China Merchants Bank, and China Merchants Bank has been frequently involved in the sales of products. Whether the product needs to be blamed for being overdue this time has attracted market attention.
Anke Innovation spent 100 million to purchase
AVIC Trust Financial Management was postponed
0AVIC Trust's products were postponed, affecting Anke Innovation.
According to Anke Innovation announcement, the company received a total of 2.7575 million yuan in investment income from AVIC No. 651 trust products. The investment income of the remaining trust products of RMB 100 million and RMB 2.6068 million was originally planned to expire on June 12, 2022. According to the "Exit Announcement" issued by AVIC Trust on May 27, the principal and investment income to be recovered under the trust plan are at risk of overdue payment.
Why does Anker Innovation step on the wrong side of AVIC Trust? The clues can be seen from the main investment directions of the above trust products.
According to the official website of China Trust Registration Co., Ltd. (hereinafter referred to as "CITIC Logistics"), AVIC Trust No. 651 was first applied for registration in May 2020, and its main investment in the industry is real estate.
Image source: CITIC
Under the high pressure of policies such as the "three red lines" and the spread of real estate debt risks, some real estate companies have burst. Real estate trust products are even more common.
The delayed redemption of this product is not only "injured" by Anker Innovation, but also AVIC Trust. This product hit the real estate industry just a microcosm of AVIC Trust, and Evergrande is one of them.
Against this background, AVIC Trust's investment in the real estate industry plummeted by 19.35% to 93.848 billion yuan in 2021, and its proportion of trust's total assets also dropped from 17.46% in 2020 to 13.85% in 2021.
Real estate investment, which was once regarded as a hot commodity, also dragged down the performance of AVIC Trust. According to its annual report, the net profit in 2021 was 1.679 billion yuan, a year-on-year decrease of 15.2%.
It is worth noting that Anker Innovation is a "veteran" in investment trust products. The 2021 annual report shows that Anker Innovation’s initial investment trust was 2.3 billion, and purchased 1 billion in 2021 and sold 1.9 billion. As of the end of 2021, it still held 480 million yuan in trust management. After the
was overdue, Anke Innovation stated that the company reserves the right to legally recourse against borrowers, trustees, distribution banks and other related parties.
sales bank, China Merchants Bank, , needs to be held responsible?
Wealth management products have become a "consensus" to break the rigid guarantee, and does this mean that the agency sales bank can stay out of the agency sales products that are overdue or "explosive"?
According to Anke Innovation announcement, the above products were subscribed by the company through the Changsha Branch of China Merchants Bank, with a subscription amount of 100 million yuan, and the holding period was from June 21, 2021 to June 12, 2022, with the corresponding performance benchmark of 5.5%.
From a comparative benchmark, the yield rate of this product is not high. But there is no way to know whether there is a saying of "guaranteed capital".
Interestingly, when the company issued the announcement, it mentioned that it would reserve the right to pursue legally against relevant parties.It mentions the agency bank China Merchants Bank.
Image source: Company Announcement
As an agency sales bank, does China Merchants Bank need to be responsible for this overdue?
A trust person said that from the perspective of trust product sales, banks only sell on behalf of others and do not bear guarantee liability for product performance. However, from previous cases, investors are high-end customers of banks, and in most cases, banks will intervene in the aftermath and bear part of compensation liability.
In fact, this is not the first time that China Merchants Bank has been involved in a contingent sales storm. In August last year, the unsecured trust plan for China Merchants Bank sold on behalf of the agency was breached, which prompted the natural person customers of private banks to be implicated. Specifically, the above products have expired on August 14, 2021, but investors have not received the interest for the second quarter of 2021 allocated to investors by the trust plan.
This product is Daye Trust Junrui No. 15, with a scale of 500 million yuan, mainly providing liquidity funds to Jiutong Jiye Investment Co., Ltd. (hereinafter referred to as "Jiutong Jiye").
According to Qichacha, Jiutong Jiye is 100% owned by Langfang Jingyu Real Estate Development Co., Ltd., behind it is China Fortune Land Development. The reason for the overdue product of Daye Trust is obvious.
After Daye Trust stepped on the wrong side of China Fortune Land Development, China Merchants Bank intervened in and solved the problem as mentioned above in the industry insiders.
At that time, China Merchants Bank stated that since the debt crisis of China Fortune Land Development, as a distribution agency, it has maintained high-frequency communication with the product-active management party Daye Trust, urging it to do a good job in risk resolution and protect customer interests to the greatest extent. It will also pay close attention to the communication between the active management party Daye Trust and the Financial Institution Creditors Committee, and urge it to properly resolve issues such as the distribution of trust interests.
On November 28, 2021, the "Foreign Trade Trust-Furong No. 166 Evergrande Chengdu Tianfu Peninsula Project Collective Fund Trust Plan" sold by China Merchants Bank was overdue. The total scale of the plan was 6.6 billion, and it was sold by China Merchants Bank in full.
It is reported that the trust has issued an extension announcement and notified investors 1 to 1 that the deadline will be postponed, and the redemption will be postponed for up to 2 years.
Judging from the above-mentioned explosion plan, although China Merchants Bank did not choose "relief and guarantee" on the surface, it also participated in it deeply and provided solutions.
In fact, it is not only Daye Trust, but also China Merchants Bank has been hit in Xinhua Trust, Foreign Trade Trust, and Wugang Trust. Looking at the agency sales trust products that China Merchants Bank has struck the mine, one of the common characteristics is that the investment of this product is in the real estate field.
China Merchants Bank also admitted that the default customers in the agency sales products mainly involve China Fortune Land Development and Evergrande Real Estate. However, it is also involved in solving problems. For example, China Fortune Land Development has an overall debt restructuring plan, which involves Evergrande Real Estate-related products. It currently maintains close communication with the project management party.
At the annual report press conference in March this year, Zhu Jiangtao, deputy president and chief risk officer of China Merchants Bank, disclosed that the balance of assets of China Merchants Bank's real estate-related wealth management business related to about 100.8 billion yuan, accounting for less than 6% of the total wealth management scale, and the default rate is around 0.2%.
As of the end of 2021, the scale of products related to real estate sales by China Merchants Bank was 98.8 billion yuan, of which the balance of non-standard real estate sales by private banks was 93.3 billion yuan. The default customers mainly involved China Fortune Land Development and Evergrande.
This article is from Global Tiger Finance app
