Reporter | Wu Shaozhi
Editor |
The financial management product of the securities industry has also "scaught" the listed company.
html On August 23, Fuanna (002327.SZ) issued an announcement that the company purchased CITIC Securities fixed income wealth management products overdue redemption.announcement showed that Fuanna spent 120 million to purchase the one-year "CITIC Securities Fuan FOF Customized No. 1 Single Asset Management Plan" (hereinafter referred to as "Fuan No. 1"), as of the date of the announcement, the company received a total of 13.5 million yuan in product principal, and the remaining product principal of 106.5 million yuan and the investment income was not redeemed when it was due.
Review the entire financial management process, Fuan No. 1 can be said to be Fuanna's exclusive financial management product. The investment period lasted for 4 years and was purchased 5 times, but the last time it unexpectedly "stepped on the mine".
In April 2018, Fuanna and CITIC Securities signed the "CITIC Securities Fuan No. 1 Targeted Asset Management Plan Asset Management Contract". Immediately, Fuanna purchased 100 million yuan, with the entrustment period from April 2018 to October 2018. When it expired, CITIC Securities paid a total of 103 million yuan in principal and income. The subsequent three investments also successfully recovered the principal and obtained profits.
In March 2021, Fu'anna purchased 120 million yuan for the last time. The company should have obtained the capital of and income in March this year, but after multiple rounds of communication, only 13.5 million yuan of principal was recovered, and the remaining funds have been overdue.
According to the 2021 annual report and inquiry letter of Fu'an No. 1 product provided by CITIC Securities, in 2021, Fu'an No. 1 trusted scale was 120 million yuan, and the rate of return of this period was 5.76%. The account yield since its operation was 24.20%.
product holdings are concentrated in two major targets: Oriental Red Currency B and Peking University Resources Hangzhou Harbour City. As of the end of 2021, the total asset value of the product was 130 million yuan and the net asset value was 129 million yuan.
A securities asset management person speculated that this product may be a channel, and the active management holdings will not be so concentrated.
problem lies in the holdings of Peking University Resources Hangzhou Harbour City project.
Fu'anna pointed out that Peking University Resources Hangzhou Harbour City project bonds The custodian Zhejiang Land Real Estate Development Co., Ltd. (hereinafter referred to as "Zhejiang Land Real Estate") has long been substantively breached the contract, and the audit reports for 2019 and 2020 were both given reservations by Zhonghui Accounting Firm . The main joint and several liability guarantee guarantor Peking University Founder Group 's implementation period was ruled by the court to extend to December 28, 2022.
Wind data shows that Zhejiang Land Real Estate is affiliated with Peking University Resources (0618.HK), and Peking University Resources Group is a wholly-owned subsidiary of Peking University Founder Group.
In June this year, Peking University Founder Group announced that due to the combined impact of multiple factors such as the epidemic, the restructuring plan cannot be completed within 12 months. After application by five companies including Peking University Founder Group and Peking University Resources Group, the Beijing No. 1 Intermediate People's Court ruled in accordance with the law to approve the extension of the implementation period of the reorganization plan until December 28, 2022.
Fu'anna said that the delayed redemption of investment funds may be at risk of partial losses. In the 2022 semi-annual report, the company has set aside 8.75 million yuan of losses on the book surplus of the product fair value changes. As of the date of the announcement, since CITIC Securities has not issued the latest valuation table/net value description, the company cannot accurately predict the principal losses that may be caused by the investment. The specific impact shall be subject to the results confirmed by the audit agency in 2022.
CITIC Securities is the "big brother" in the securities industry, and its company's asset management scale has always ranked first in the industry. The latest data disclosed by of the China Fund Industry Association shows that as of the second quarter of 2022, CITIC Securities' average monthly private equity asset management scale reached 1179.251 billion yuan, far exceeding the second place 524.060 billion yuan.
Under the trend of securities companies setting up asset management subsidiaries, in February 2021, CITIC Securities also announced that it plans to invest no more than RMB 3 billion (inclusive) and establish a wholly-owned subsidiary CITIC Securities Asset Management Co., Ltd. (tentative name), which will inherit CITIC Securities' securities asset management business, and will also apply for a public offering license to engage in public offering fund-related businesses.
At the end of July this year, the China Securities Regulatory Commission put forward two feedbacks on CITIC Securities' application to establish an asset management subsidiary. One is to further explain the division of investment advisory business after the separation of asset management licenses of parent and subsidiary companies. The other is that after the establishment of the asset management subsidiary, it will provide middle and back-end outsourcing services for the pension-related businesses retained by the parent company, and explain whether the above arrangements comply with the relevant provisions of the Ministry of Human Resources and Social Security and the National Social Security Fund Council.
