Recently, Hubei Hengdi Pharmaceutical Co., Ltd. (hereinafter referred to as "Hengdi Pharmaceutical"), Yuncong Technology Group Co., Ltd. (hereinafter referred to as " Yuncong Technology ") has passed the review in succession of Science and Technology Innovation Board and GEM . Legendary capital boss Liu Yiqian appeared in it.
Liu Yiqian caught up with almost every node of the development of China's capital market after the reform and opening up , and became well-known for drinking tea with a chicken jar cup priced at nearly 300 million Hong Kong dollars. Liu Yiqian and his "New Liyi Group" have also become one of the attracting attention of China's private capital factions.
Yuncong Technology, known as the "first stock of artificial intelligence", has entered the IPO registration stage, and Liu Yiqian directly holds 3.86% of the shares.
Hengdi Pharmaceutical's GEM IPO is another milestone in Liu Yiqian in the capital market. Liu Yiqian and his joint actors directly or indirectly hold 85% of the equity of Hengdi Pharmaceutical .
Time Finance found that Liu Yiqian, the controlling shareholder and actual controller of Hengdi Pharmaceutical, has large debts that have not yet matured. What is even more strange is that Liu Yiqian recently pledged Tianmao Group's stocks, and the previously pledged stocks have reached the warning line.
Regarding the problems of large debts that have not yet matured and the pledge of Tianmao Group's shares, Time Finance has emailed and phoned to contact Hengdi Pharmaceutical and Tianmao Group with various questions about Liu Yiqian, the controlling shareholder and actual controller of Hengdi Pharmaceutical, and no reply was received as of press time.
Legend boss
According to the Hurun Rich List, as of August 23, 2020, Liu Yiqian ranked 115th with a wealth of 40 billion yuan.
Liu Yiqian is a legend in the Chinese capital market. He was born in November 1963 and had only a middle school degree, but he almost hit an important node in the development of China's capital market. Liu Yiqian, who has made handmade leather goods, sold small department stores, and drove taxis, has successively made many achievements in " Yuyuan Mall ", " Treasury Bonds ", "Stock Subscription Certificate", and "Treasury Bond Futures Trading".
2000 Xinliyi Group was the first milestone in Liu Yiqian's investment history. Liu Yiqian quickly became the famous "legal person stock king". In 's equity split reform, Liu Yiqian became a big winner and was called the "capital cheetah".
Then, Liu Yiqian entered the private placement market and made frequent moves, and was called the "king of private placement". In October 2011, Liu Yiqian was also subject to administrative penalties for Xinliyi Group's manipulation of "BOE A" stocks.
On November 11, 2016, Changjiang Securities announced that China Securities Regulatory Commission approved Xinliyi Group to acquire all the shares of Haier investment in holding all the company shares of Changjiang Securities for a total price of 10 billion yuan. From then on, Liu Yiqian officially became the largest shareholder of Changjiang Securities.
At the same time, Liu Yiqian also invested heavily in collecting artworks and was also famous for drinking tea with nearly 300 million Hong Kong dollars in chicken jar cups.
In October 2017, " New Fortune " magazine included it on the "list of 28 private financial giants" and listed its shareholding chart.
Subsequently, Liu Yiqian released the equity of Qing'an Shengtianping Property Insurance to increase its capital in Guohua Life Insurance. In August 2019, Tianmao Group announced that it planned to absorb and merge Guohua Life Insurance and change its name, which was later terminated in May 2020.
Capital New Picture
Yuncong Technology and Hengdi Pharmaceutical have successively revealed Liu Yiqian's cash capital map.
yuncong Technology's prospectus shows that as of the date of signing the prospectus, Liu Yiqian's shares held by him dropped to 3.86%. Based on the valuation of Yuncong Technology's fundraising of 37.5 billion yuan, Liu Yiqian's shares are valued at over 1.3 billion yuan, and the profits are at least more than one billion yuan.
Hengdi Pharmaceutical's successful IPO will be another milestone for the "New Liyi Group" capital controlled by Liu Yiqian. Liu Yiqian's children began to appear on the stage of the new Liyi Group Capital.Hengdi Pharmaceutical's prospectus disclosed that Liu Yiqian's four children directly hold a total of up to 34%, which has reached the "veto line". From then on, it was more accurate to calculate Liu Yiqian's wealth by the Liu Yiqian family.
At this point, Liu Yiqian's new Liyi Group will be expanded to own 3 listed companies. In addition to actually controlling Hengdi Pharmaceutical, it also actually controls Tianmao Group (000627.SZ), and controls Guohua Life Insurance through Tianmao Group, and is the largest shareholder of Changjiang Securities (000783.SZ).
specific control is completed through a multi-level mechanism. According to the prospectus of Hengdi Pharmaceutical, the affiliated companies controlled by Liu Yiqian, except Hengdi Pharmaceutical, mainly include Xinliyi Group and its seven second-level enterprises controlled by it, Guohua Life Insurance controlled by the second-level enterprise Tianmao Group, nearly 20 subsidiaries controlled by Guohua Life Insurance, and Changjiang Securities, which is jointly owned by Guohua Life Insurance and Xinliyi.
Hengdi Pharmaceutical is a chemical raw material supplier, and its products are mainly ibuprofen raw material. In the first year of the reporting period in 2018, it was called Hengdi Limited and is a wholly-owned subsidiary of Tianmao Group, a listed company controlled by Liu Yiqian. In July 2019, Liu Yiqian transferred it to Shanghai Yongdasheng Business Consulting Co., Ltd. (hereinafter referred to as "Shanghai Yongdasheng") with a valuation of 396 million yuan.
In May 2020, Shanghai Yongda Sheng transferred the equity of Hendi Co., Ltd. to Liu Yiqian’s children Liu Yanchao, Liu Wenchao, Liu Tianchao and Liu Sichao, a total of 34% of the equity of Liu Yiqian’s children, Liu Yanchao, Liu Tianchao and Liu Sichao, corresponding to the valuation of Hendi Pharmaceutical is 600 million yuan.
According to the valuation of the fundraising amount, Hengdi Pharmaceutical is worth 4.76 billion yuan, and the equity value held by Liu Yiqian and his children will exceed 3 billion yuan. In other words, Hengdi Pharmaceutical was valued at 396 million yuan when it was divested from its listed company Tianmao Group, and was valued at 600 million yuan when it was transferred in May 2020. It was valued at 4.76 billion yuan when it was raised at an IPO, and it increased by nearly 3 billion yuan in one year.
Therefore, the valuation gap is so huge, will Liu Yiqian's equity be transferred to his children be taxed according to law? Is it suspected of transferring interests?
Debt risk
Hengdi Pharmaceutical also disclosed in its prospectus that the controlling shareholder and actual controller Liu Yiqian had large debts that had not yet matured, claiming that "the value of the assets currently owned by the actual controller is expected to cover the debts of the actual controller and its controlled enterprises." The key to the problem is, how many large debts are there that are not yet matured by Liu Yiqian, the actual controller of Hengdi Pharmaceutical? What range does Liu Yiqian and his controlling companies have a debt-to-asset ratio? Given that there are many companies controlled by the actual controller, is there any systemic risk? These prospectuses do not specify.
Time Finance also noticed that Liu Yiqian, his wife Wang Wei and Xinliyi Group controlled by him announced the stock pledge information of Tianmao Group on August 3 and August 18.
Tianmao Group's announcement shows that as of August 16, 2021, Tianmao Group's major shareholder Liu Yiqian, his wife Wang Wei and Xinliyi Group held a total of 66.28% of Tianmao Group's equity, of which 38.37% have been pledged, accounting for 25.4% of the total number of Tianmao Group's shares, of which the number of pledged shares restricted and frozen shares accounted for 6.13% of the pledged shares.
day eye check shows that before, Xinliyi Group controlled by Liu Yiqian had three pledges that have reached the cordon line but not the closing line. (Beijing Time Finance Yuan Yingquan)
