Since the first ten days of June, the directional financing plan wealth management products (hereinafter referred to as "fixed-income wealth management products") sold by CIIC Enterprise Group Co., Ltd. (hereinafter referred to as "CIIC Group") and its related parties have been unable to pay due, and there has been no obvious improvement so far. Historically, June and July were the time when the liquidity of Zhongzhi Group was the most scarce. In the past, some fixed-investment wealth management products were postponed for more than 10 working days, but the amount and duration involved were not the same.
For more than a month, the sales staff of four wealth management companies under Zhongzhi Group frantically forwarded the policy documents supporting the development of private economy in the circle of friends, while Zhongzhi Group was busy issuing various announcements to dispose of assets and reassure people. Referring to the experience of financial management companies that broke out in previous years due to the break of capital chain, a crisis process has slowly begun; Generally speaking, this process begins with the sales team's efforts to raise funds to fill the liquidity gap and ends with the collective report of investors.
Zhongzhi Group claims to have "nearly one trillion yuan of assets under management" and "more than 10,000 employees", and has participated in more than a dozen listed companies, as well as Zhongrong International Trust Co., Ltd. (hereinafter referred to as Zhongrong Trust), Hengbang Property Insurance Co., Ltd. (hereinafter referred to as Hengbang Property Insurance), Hengqin Life Insurance Co., Ltd. and Zhongrong Fund Management Co., Ltd.
The financiers of Dingrong products are all members of Zhongzhi Group, and the counterparties involved are also related parties. Although it holds shares in Zhongrong Trust and Zhongrong Fund, Dingrong products are not sold through these two licensed institutions, but are handed over to Hengtian Wealth Investment Management Co., Ltd. (hereinafter referred to as Hengtian Wealth), Xinhu Wealth Investment Management Co., Ltd. (hereinafter referred to as Xinhu Wealth), datang wealth Investment Management Co., Ltd. (hereinafter referred to as datang wealth) and Goldman Sachs Wealth Holding Group Co., Ltd. (hereinafter referred to as Goldman Sachs Wealth).
Because of their huge scale and numerous employees, these four companies are generally referred to as the "Big Four" in the field of wealth management.
The industry is generally pessimistic about the prospects of Zhongzhi Group. However, the industry is relatively optimistic about Zhongrong Trust, which operates independently and stays out of wealth management products. One practitioner said that Zhongrong Trust and Zhongzhi Group were "completely cut" and "products with liquidity problems have been transferred to the Big Four", so "Zhongrong should not be affected".
All core assets are pledged.
An industry insider who once worked for the Big Four told Butch Finance that the predecessor of wealth management products can be traced back to before 20 13. At first, the channel used was private equity fund in the form of limited partnership, and later it turned to contractual private equity fund. After the promulgation of the new asset management regulations, the fund industry association banned contractual private equity funds from making fixed-income products, and wealth management products issued by local gold exchanges began to appear.
Zhongrong Trust and Zhongzhi Group consciously cut. Prior to this, the four major companies underwritten most of Zhongrong Trust's collective trust plan products. Zhongrong Trust began to set up its own sales team-Zhongrong Fortune; After that, political letters, real estate and other products will be sold by Zhongrong Wealth; However, some cash pool products are still underwritten by the four major companies, and the four major companies are still selling the cash pool products of Zhongrong Trust.
The new asset management regulations promulgated on 20 18 became a watershed in the relationship between them. Starting from this year, the sales staff of the big four are forbidden to print the words "Zhongrong Trust" on their business cards, and they cannot call themselves Zhongrong Trust employees in the sales process.
2065438+In March 2008, Jingwei Textile Machinery (000666, sz), the largest shareholder of Zhongrong Trust, announced the suspension of major asset restructuring, and planned to acquire 32% and 9864% equity of Zhongrong Trust held by Zhongzhi Group. If the transaction is completed, Jingwei Textile Machinery will hold 70% and 4562% of the shares of Zhongrong Trust, achieving absolute control, and Zhongzhi Group will withdraw from the list of shareholders of Zhongrong Trust. However, with the collapse of Jason, the chairman of Hengtian Group, the major shareholder of Jingwei Textile Machinery, this acquisition was never mentioned again.
In addition to regulating the sale and transfer of equity, Zhongrong Trust also strives to reduce contact with Zhongzhi Group in public information. According to the information disclosed by the national enterprise credit information publicity system, the number of transactions in which Zhongzhi Group and its member enterprises pledge equity to Zhongrong Trust (which is usually related to financing loans or guarantees) varies from 1 to 3 each year.
However, the sudden death of Xie Zhikun, the actual controller of Zhongzhi Group, fundamentally reversed this trend.
Member enterprises of Zhongzhi Group pledged 1 1 shares to Zhongrong Trust, as follows:
1. Huzhou Zhongzhi Rong Yun Investment Co., Ltd. pledged 94.97 million shares of Guangdong Wancheng Wanchong Electric Vehicle Operation Co., Ltd.
2. China Shipping Shengtai (Beijing) Capital Management Co., Ltd. pledged 654.38+04.7 million shares of Zhongzhi New Energy Automobile Co., Ltd. ..
3. Huzhou Ming Dow Asset Management Co., Ltd. pledged 596 million shares of Bapima New Energy Technology Co., Ltd.
4. Zhongzhi Group pledged 346.2 million shares of Hengbang Property Insurance.
5. Jiangyin Feng Ming Jiutian Investment Center (Limited Partnership) pledged 22.22 million shares of Beijing Peng Jing Investment Management Co., Ltd. ..
6. Yanneng Capital Management Co., Ltd. pledged 654,380,000 shares of Beijing Peng Jing Investment Management Co., Ltd. ..
7. Huzhou Ming Dow Deli Asset Management Partnership (Limited Partnership) pledged 78.4 million shares of Anhui Kong Jing Environmental Technology Service Co., Ltd. ..
8. Shanghai Chixin Investment Co., Ltd. pledged 700 million shares of Chuangji Asset Management Partnership (Limited Partnership) in Ningbo Meishan Bonded Port Area.
9. Chongqing Beijiang Huaan Investment Center (Limited Partnership) pledged Guizhou Zhongyao Mining Co., Ltd.1700,000 shares. ..
10, Qingdao Xinhui Investment Management Co., Ltd. pledged 379.83 million shares of Qingdao Zhongzhi Hengchuang Investment Co., Ltd.
1 1. Zhuhai Hong Xin Ding Tong Enterprise Management Co., Ltd. pledged 253.22 million shares of Qingdao Zhongzhi Hengchuang Investment Co., Ltd.
1 1 Of the equity pledge businesses, six occurred in just five days, indicating that after Xie Zhikun's death, Zhongzhi Group still maintained strong control over Zhongrong Trust.
At the same time, it is worth noting that these pledged enterprises are the best core assets of Zhongzhi Group in recent years. Among them, Chuangji Asset Management Partnership (Limited Partnership) in Ningbo Meishan Bonded Port Area is the main body of Zhongzhi Group participating in the reform of mixed ownership of Xugong Machinery.
Cic New Energy Automobile Co., Ltd., Anhui Kong Jing Environmental Technology Service Co., Ltd., Bapima New Energy Technology Co., Ltd. and Guangdong Wancheng Wanchong Electric Vehicle Operation Co., Ltd. are "specialized and innovative" enterprises that Cic Group is proud of. At the same time, they also have the same status as financiers or counterparties of financial products issued by Zhongzhi Group and its related parties.
In addition, the equity pledge ratio of the above businesses is close to 100%. Except for Huzhou Ming Dow Deli Asset Management Partnership (Limited Partnership), all other pledgors pledged all the equity of the underlying assets held by Zhongrong Trust. Pledge so many core assets in a very short time.
Strange "coincidence"
Trust is a financial field with internal differences greater than those between industries. Flexible institutional arrangements make the expertise and emphasis of different trust companies more different from those of trust, banking and insurance. Among the 68 companies in the whole industry, Zhongrong Trust is unique in that the number and volume of products in the collective trust plan are amazing, but there is no specific capital investment.
Take "Zhongrong Rongyuan No.65438 +0 Collective Fund Trust Plan" as an example. The scope of this investment includes "bank deposits, money market funds, bond funds, exchange and interbank market bonds and fixed-income products (including bonds with a maturity of 1 year)", bond reverse repurchase, trust plan or trust beneficiary rights.
The term of the collective trust plan approved by the principal for additional repurchase of creditor's rights or fixed-income products such as creditor's rights is as long as 10 year, and at the time point of September 30, 2020, its stock scale is as high as 165 and1700 million yuan.
What is the concept of the scale of 65.438+065 billion yuan?
According to the 2020 annual report issued by Zhongrong Trust, the net assets of Zhongrong Trust Headquarters at the end of the year were 190 and 6 1 100 million yuan, and the net capital was 162 and 5.2 billion yuan. Without considering the premium of trust license, if the "Rong Yuan" series defaults cannot be paid, the sale of Zhongrong Trust will just be able to pay the principal of this collective trust plan.
However, the "Rong Yuan" series is just one of many fund pool products issued by Zhongrong Trust. In addition to Rong Yuan series, other large-scale well-known series include Tang Sheng series, Hongzu series, Hong Rong series, Longsheng series, Platinum series, cutting-edge series and Zexin series.
Some of these products have no description or agreement of capital investment at all, such as "Zexin 1".
Others have made a general explanation of the industry in which funds are invested. For example, the capital investment of "Hongzi 1" is mainly "quality enterprises that directly or indirectly invest in new infrastructure, new energy, e-sports game development, high technology, biomedicine and other industries";
The capital of "Xinrui 1" is invested in "high-quality enterprises and projects in high-quality industries such as people's livelihood projects, energy and cultural industries";
The capital investment of "Tang Sheng 1" is "an enterprise with unique competitive advantages and leading brands in the industry ... an enterprise engaged in strategic emerging industries, such as energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy, new materials and other national economic pillars and leading industries; Enterprises engaged in automobile, trade and retail, catering and tourism, household appliances, textiles and clothing, medicine, food and beverage, agriculture, forestry, fishery and animal husbandry.
On the whole, these trust plans describe the investment of funds, including the following industries: new energy (automobiles), biomedicine, energy and minerals, energy conservation and environmental protection, cultural industries (including e-sports games), people's livelihood projects, new infrastructure (new generation information technology), large consumption, high-end manufacturing and so on.
Unfortunately, these industries are also the key areas that Zhongzhi Group values and invests a lot of resources in development. China Shipping Rong Sheng (Beijing) Capital Management Group Co., Ltd. is one of the most important investment and financing platforms under Zhongzhi Group. It once described in detail the industry proportion of its investment in a promotional material of Dingrong products. The proportion is: big health industry, big consumer industry, high-end manufacturing industry, information technology industry, pan-cultural industry, environmental protection industry, education industry and others.
(Introduction of China Shipping Rong Sheng (Beijing) Capital Management Group Co., Ltd. to the investment industry of fixed investment products)
If Zhongrong Trust is really completely independent of Zhongzhi Group in business, why is there such a high degree of overlap in the industries involved?
If Zhongrong Trust can get so many high-quality projects on the asset side, why can't we set up a trust plan in a one-to-one correspondence way between raised funds and investment projects, as we have seen in real estate or government-enterprise trust projects set up by Zhongrong Trust, instead of issuing so many trust plans without specific fund use agreements?
After Dingrong's products could not be redeemed due, some peers began to examine the investment of Zhongzhi Group and questioned the "asset correlation".
He said: "A trillion-dollar group has the strongest fundraising at the wealth end, and the bottom is engaged in selling real estate, mining, new energy vehicles, dentistry, early education, semiconductor chips, waste recycling, charging piles, and a bunch of losses to borrow money. This highly irrelevant diversification, if the asset quality is good,
"Extremely irrelevant diversification" is a general impression of the projects invested by Zhongzhi Group. However, few people will continue to think along this road: Qian Qian is a profitable industry. Why did Zhongzhi Group choose these fields?
The answer is because Zhongrong Trust has chosen these fields.
Guizhou Zhongyao Mining Co., Ltd. (hereinafter referred to as "Zhongyao Mining"), which has been pledged as mentioned above, is an example. There is a Panzhou Zimuga coal mine under the name of the company. On August 6th, 20 18, an accident occurred in this coal mine, resulting in 13 deaths and 7 injuries. The accident investigation report released by the Emergency Department of Guizhou Province shows that the coal mine was originally owned by Panxian Pannan Coal Industry Investment Co., Ltd. due to debt disputes.
20 17 12. Zimuga Coal Mine was awarded compensation by Yunnan Higher People's Court for Zhongrong Trust Debt; 2065438+May 2008 completed the formalities for changing mining rights; In the same month, Zhongrong Trust signed a transfer contract with Zhongyao Mining. At the time of the accident, Zimuga Coal Mine was already an asset of Zhongyao Mining.
Like this, Zhongrong Trust does loan business first, and the debtor is forced to transfer assets because he is unable to pay his debts. There are many cases in which the member enterprises of Zhongzhi Group finally get involved in the takeover.
For example, from June 20 14 to August 20 15, Fujian jiahesheng trading co., ltd pledged the equity of Yingfeng food co., ltd. to zhongrong trust for three times, each time1280,000 shares. 20 15, 1 1, the company was listed as an executor of dishonesty by the court; Three months later, Beijing Zhongtai Chuangying Enterprise Management Co., Ltd. (hereinafter referred to as Zhongtai Chuangying), a subsidiary of Zhongzhi Group, still took over1280,000 pledged shares while knowing that the other party had breached the contract.
For another example, from February 20 14 to June 20 15, Shenzhen Deze Shi Jia Technology Investment Co., Ltd. pledged the equity of Landing Industry (Hubei) Co., Ltd. to Zhongrong Trust twice, each time15588,40,000 shares. 20 17 10/7, Zhongtai Chuangying took over the pledge of15588,40,000 shares. From July, 2065438 to July, 2009, after Landing Industrial became the executor of dishonesty, it was Sino-Thai Chuangying and its lawsuit.
For example, from 2065438 to August 2005, Jia Zhonghu and Cao Shuping pledged 58.8 million shares and 1.2 million shares of Lanzhou Zhenghe Real Estate Development Co., Ltd. to Zhongrong Trust respectively. 2065438+In September 2006, Xinruntong International Finance Leasing Co., Ltd. took over the two equity pledges. The shareholder of this financial leasing company is an entity registered in Hong Kong, but its senior executive Lu Haitao has worked in a number of Zhongzhi enterprises, including Zhongtai Chuangzhan, and his industrial and commercial contact number also coincides with a number of Zhongzhi Group member enterprises.
In 2022, Zhongzhi Group became one of the investors involved in the bankruptcy and reorganization of Ziguang Group. At that time, Zhongzhi Group took advantage of this event to carry out a vigorous marketing, and also issued a large number of related Dingrong products. From the time line, it is also the first time that Zhongrong Trust has business contact with it in 2020.
In some asset sectors that CIIC attaches great importance to, such as new energy vehicles, film and television cultural projects, and mineral projects, we can all find the operation path of "China Finance takes the lead and China Factory takes over". Zhongrong Trust and Zhongzhi Group have formed a relationship of "you have me and I have you", which is interdependent and interdependent.
Trust loan business is essentially a pawnshop business. The trust company borrows money to contribute capital and collects interest within a certain period of time. The borrower mortgages some assets to the trust company as a guarantee according to the loan amount and discount rate. At the end of the period, either the borrower repays the principal and interest, or the trust company obtains the ownership of the mortgaged assets. However, for trust companies, it is not an easy and pleasant thing to dispose of the funds recovered from mortgage assets and pay them to investors, so the existence of Zhongzhi Group undoubtedly provides a convenient exit channel.
For Zhongzhi Group, the mortgage assets obtained by trust companies are often high-quality assets such as mining rights, exploration rights, land use rights and equity of listed companies, and their quality is much higher than that obtained by ordinary private equity institutions or tripartite wealth companies.
In addition, Zhongzhi Group itself started from the disposal of non-performing assets, and has a special liking for this industry, which is not strictly regulated like a licensed institution; Therefore, in an ideal situation, you can move around inside and outside the table, exchange time for space, and earn excess income far higher than the loan interest. However, as far as the current situation is concerned, even high-margin industries such as real estate, coal mine, sand and gravel aggregate, dentistry and early education can hardly resist the high interest rate of 10% over the years.
Finally, return to Zhongrong Trust itself. On the one hand, it is difficult for huge real estate projects to withdraw and realize, on the other hand, it is the redemption pressure of giant fund pool products. How will Zhongrong Trust face these dual challenges?