Recently, Hunan Securities Regulatory Bureau took regulatory measures to order public explanations to Panda Financial Holdings (600599.SH), and presented a warning letter to the company's actual controller Zhao Weiping.
It is reported that Zhao Weiping released remarks such as "(Panda Treasury) runs" and "(Investors) exit early" through a live broadcast on August 27, 2018, which attracted market attention and investors' doubts. However, when Panda Financial Holdings learned that there had been major changes in the main business activities of P2P, it did not disclose relevant information in a timely manner. In response, the Hunan Securities Regulatory Bureau took regulatory measures to order Panda Financial Holdings to publicly explain, requiring it to explain the current operating status of its P2P platform, possible risks, and measures the company plans to take.
Panda Financial Holdings then replied that its P2P platform liquidity and credit risks are within a controllable range and measures have been taken.
As the former "first fireworks stock", Panda Fireworks changed the company name to Panda Financial Holdings in 2015, and moved from fireworks to the Internet finance industry, which once attracted market attention. However, with the changes in the market environment of Internet finance and the strict regulatory policies, the industry clearance speed has accelerated, and many Internet finance platforms are facing the test of liquidity risks and market risks.
's current main business prospects are unclear, and the repeated violations of the actual controller have cast a shadow on the future of Panda Financial Holdings . Since 2018, institutional investors have gradually withdrawn from the list of major shareholders of Panda Financial Holdings . As of the 2018 semi-annual report, there are no asset management products on the list of top ten shareholders.
is also the Internet finance, and the Internet finance lost is also the Internet finance
Panda Financial Holdings was the predecessor of Liuyang Fireworks, which was later renamed Panda Fireworks. However, due to factors such as macro policies, haze control, and frequent safety accidents, the fireworks industry's prosperity has been deteriorating in the past decade, and the company has suffered continuous losses and has been downgraded to ST stocks. Since 2014, Panda Fireworks has begun to engage in Internet finance, spending 100 million yuan to build the P2P platform Yinhu.com , and achieved profitability of Internet finance business by the end of 2014.
Panda Fireworks, which tasted the sweetness, began to focus on the transformation to the Internet finance industry. On April 20, 2015, Panda Fireworks announced that it plans to acquire 251% of the equity of the P2P platform 号号 号号 through cash, and officially renamed the company to 号号号 . As the former "first fireworks stock", this name change also means that Panda Fireworks will undergo a complete transformation to Internet finance.
And 2015 was the year when Internet finance flourished in the country. According to the Bank of China Innovation Series Report released by McKinsey, as of the end of 2015, China's Internet finance users reached 500 million, and the P2P online loan transaction volume reached hundreds of billions, all of which were the world's leading companies.
Panda Financial Holdings 's "transformation while taking advantage of the situation" at this time has also attracted the attention of many institutional investors. Starting from the third quarter report of 2015, Panda Financial Holdings has gradually been favored by institutional investors, and various funds including securities companies, insurance funds and trust plans have begun to appear on the list of major shareholders.
When the 2015 annual report disclosed the top ten shareholders, the previous major shareholders were mainly composed of natural persons, and nine of the top ten shareholders have been occupied by various institutions. Zhejiang Sikao Investment, Shenzhen Dingyifeng Investment, Hanshi Fortune and other private equity products have also appeared.
At the same time, the Internet finance business has indeed brought a business turnaround to Panda Financial Holdings . The financial report shows that since 2015, the revenue and profit of the Internet finance business have far exceeded that of the fireworks product segment. In 2015, Internet finance business accounted for 72% of the profits, and in 2016 and 2017, the contribution to profits was as high as 90%.
Now, with the changes in the market environment of Internet finance and strict industry regulatory policies, the former transformation has become the hot potato today. In the interim report of 2018, the net profit of Panda Financial Holdings decreased by 67.66% year-on-year, and the profit of Internet finance business was halved. While profits are declining, the rise in compliance costs has also caused listed companies to begin to clear out the increasingly difficult Internet finance business.
Light Textile City (600790.SH), which also wanted to transform its business through Internet finance, recently issued an announcement stating that due to major changes in the P2P industry environment and regulatory situation, it decided to terminate investment and establish an Internet financial service company.Another listed company that once invested in multiple Internet financial platforms, Handing Yuyou (300300.SZ), also successively cleared out the Internet financial business he invested in.
According to public information, Panda Financial Holdings issued an announcement on March 29 this year, intending to lend 14.2857 million yuan to participate in the establishment of Hefu Life Insurance Mutual Insurance Company , intending to use insurance to develop business. However, due to the establishment and establishment of insurance companies, as well as the qualifications of Panda Financial Holdings as the main initiator member, it requires approval from the China Insurance Regulatory Commission, and no approval information has been seen yet. The actual controller of
violated the disclosure regulations, and "big mouth" is not the first time
It is worth noting that this time, Zhao Weiping, who is suspected of violating the regulations, has not received the accountability of the regulatory authorities.
On November 15, 2010, the China Securities Regulatory Commission announced an administrative penalty decision, which warned Zhao Weiping, a total of 150,000 yuan in response to Guangzhou Panda and its controller Zhao Weiping's failure to disclose its joint action relationship after buying Liuyang Fireworks stocks, and Zhao Weiping's illegal purchase and sale of the company's stocks within 6 months after being elected as the director of Liuyang Fireworks. He also ordered him to return 3.7 million yuan of profits from short-term trading.
In 2014, the company's actual controller Zhao Weiping bypassed the designated channel for information disclosure of listed companies. At that time, the fireworks industry financial seminar was hosted by Panda Fireworks, which said that Panda Fireworks will take finance as its main business in the future, and the name of Panda Fireworks may also be changed to Panda Finance or Yinhu Finance, and may even move its registered address to Beijing. In addition, the registered capital of its P2P platform Yinhu.com will be increased from the current 100 million yuan to 500 million yuan by the end of the year.
As the above information was reported by media, it attracted widespread attention from the market. Panda Fireworks' stock price subsequently hit the daily limit several times. During the same period, Galaxy Bay International Investment Co., Ltd., which was actually controlled by Zhao Weiping, pledged its 17 million unrestricted circulating shares to China Merchants Securities.
Zhao Weiping failed to release major news that affects the market through the designated method, and then pledges the equity after raising the stock price, which has also triggered another round of discussions suspected of information disclosure violations in the market.
Now, Zhao Weiping once again illegally disclosed major information that affected the market through the live broadcast platform. In addition to illegally posting remarks such as "(Panda Treasury) runs" and "(Investors) exit early", he emphasized in the live broadcast on August 29 that he was the actual controller of Panda Financial Holdings and Yinhu.com, and the first responsible person. There is currently no plan to divest Panda Treasury from listed companies.
Just half a month later, on September 14, Panda Financial Holdings issued an announcement stating that it plans to transfer its 70% equity in Hunan Yingang Consulting Management Co., Ltd. (the operating entity of the online lending platform "Panda Treasure") to Zhao Weiping, the actual controller of the listed company, at a transfer price of 57.123 million yuan, to "dividing the Panda Treasure with weak wind resistance."
But Blue Whale Finance found that the announcement released by Panda Vault on its official website still shows that "listed companies ( Panda Financial Holding ) will not give up Panda Vault."
Another listed company that once invested in multiple Internet financial platforms, Handing Yuyou (300300.SZ), also successively cleared out the Internet financial business he invested in. According to public information, Panda Financial Holdings issued an announcement on March 29 this year, intending to lend 14.2857 million yuan to participate in the establishment of Hefu Life Insurance Mutual Insurance Company , intending to use insurance to develop business. However, due to the establishment and establishment of insurance companies, as well as the qualifications of Panda Financial Holdings as the main initiator member, it requires approval from the China Insurance Regulatory Commission, and no approval information has been seen yet. The actual controller of
violated the disclosure regulations, and "big mouth" is not the first time
It is worth noting that this time, Zhao Weiping, who is suspected of violating the regulations, has not received the accountability of the regulatory authorities.
On November 15, 2010, the China Securities Regulatory Commission announced an administrative penalty decision, which warned Zhao Weiping, a total of 150,000 yuan in response to Guangzhou Panda and its controller Zhao Weiping's failure to disclose its joint action relationship after buying Liuyang Fireworks stocks, and Zhao Weiping's illegal purchase and sale of the company's stocks within 6 months after being elected as the director of Liuyang Fireworks. He also ordered him to return 3.7 million yuan of profits from short-term trading.
In 2014, the company's actual controller Zhao Weiping bypassed the designated channel for information disclosure of listed companies. At that time, the fireworks industry financial seminar was hosted by Panda Fireworks, which said that Panda Fireworks will take finance as its main business in the future, and the name of Panda Fireworks may also be changed to Panda Finance or Yinhu Finance, and may even move its registered address to Beijing. In addition, the registered capital of its P2P platform Yinhu.com will be increased from the current 100 million yuan to 500 million yuan by the end of the year.
As the above information was reported by media, it attracted widespread attention from the market. Panda Fireworks' stock price subsequently hit the daily limit several times. During the same period, Galaxy Bay International Investment Co., Ltd., which was actually controlled by Zhao Weiping, pledged its 17 million unrestricted circulating shares to China Merchants Securities.
Zhao Weiping failed to release major news that affects the market through the designated method, and then pledges the equity after raising the stock price, which has also triggered another round of discussions suspected of information disclosure violations in the market.
Now, Zhao Weiping once again illegally disclosed major information that affected the market through the live broadcast platform. In addition to illegally posting remarks such as "(Panda Treasury) runs" and "(Investors) exit early", he emphasized in the live broadcast on August 29 that he was the actual controller of Panda Financial Holdings and Yinhu.com, and the first responsible person. There is currently no plan to divest Panda Treasury from listed companies.
Just half a month later, on September 14, Panda Financial Holdings issued an announcement stating that it plans to transfer its 70% equity in Hunan Yingang Consulting Management Co., Ltd. (the operating entity of the online lending platform "Panda Treasure") to Zhao Weiping, the actual controller of the listed company, at a transfer price of 57.123 million yuan, to "dividing the Panda Treasure with weak wind resistance."
But Blue Whale Finance found that the announcement released by Panda Vault on its official website still shows that "listed companies ( Panda Financial Holding ) will not give up Panda Vault."
