Supply chain financial minesweeted cases, unveiling the chain of the chain and related financial institutions, false transactions and fictional financing have attracted the attention of the regulatory authorities.
Noah's Capital Lost behind Lei Chengxing
On June 20, Luo Jing, a actual controller of Boxin and Chengxing International, was detained by the Shanghai police.It was not until fifteen days later that the letter of the two companies was late and confirmed the news.
Subsequently, on July 8th, Noah Wealth issued an announcement before the opening of the US stock market, acknowledging that there was a problem with a credit fund of Shanghai Goenpy Capital.
On the evening of the same day, Wang Jingbo, the founder of Noah Wealth, revealed that the fund provided supply chain financing for the third -party company in Chengxing International to provide the creditor's rights with the credits of the receivables with JD.com, with a total amount of 3.4 billion yuan.
Overnight, Noah's wealth and JD became the protagonist of thunderstorms of 3.4 billion private equity funds.However, the next day, the two sides began to blame and push each other to make the entire incident more confusing.
The capital market has always been lacking in the black swan incident. Since then, more companies such as Suning, Yunnan Trust, and Xiangcai Securities have been involved in it. The influence of Luo Jing's criminal detention incident is continuously fermented.Unexpectedly, the relevant companies in the whirlpool clarified their relationship with themselves.
However, the supply chain financial supervision that has been involved in many institutions has attracted great attention from the CBRC and insurance companies, and issued a sword to refer to false transactions and fictional financing in supply chain finance.
It was learned on July 16 that the guidance from the Banking Insurance Regulatory Commission on promoting the real economy of the supply chain financial services (hereinafter referred to as the opinion) stated that when the banking industry was in the financial institutionDyedon review and professional judgment.
For the supply chain of the supply chain, why do so many institutions get involved in it? For Luo Jing's personal person, what magical capabilities are weaving this capital bureau? With the false trading chain, Luo Jingrong's funds will go to the endWhere is the supply chain financing and third -party wealth management platform frequently mine?
Many institutions involve
The origin of Noah's wealth on the international incident of Lei Chengxing must be told by Luo Jing by the Shanghai police.
Multi -party Xinyuan confirmed that Luo Jing was arrested at the office of Noah's wealth founder Wang Jingbo.People familiar with the matter revealed that as early as June 19, Luo Jing was weak. After confirming that the company's liquidity could not be resolved through his personal ability, he hoped that Wang Jingbo could continue to inject funds to solve the dilemma.Facing the requirements of Luo Jing like Luo Jing, Wang Jingbo couldn't bear it. He chose to call the police on the spot, and the police took Luo Jing away in Wang Jingbo's office.
In fact, Noah's wealth noticed the risk earlier.In the first half of this year, the remittance bill between Chengxing International and JD.com changed, which means that the flow of funds for accounts receivable financing may change, which has caused Noah's wealth.After conducting internal investigations, Noah's wealth confirmed that Chengxing International had risks.Wang Jingbo found Luo Jing for a countermeasure and found that it was still difficult to eliminate the question. In the end, she decided to report the case.
In addition to Luo Jing, on June 25, Jiang Shaoyang, the financial director of Boxin Co., Ltd. was also controlled by the police.Immediately afterwards, the directors of Boxin and the securities affairs representatives have resigned. Chengxing Group and Noah Wealth also cooperate with the police to investigate.
Soon after the news of Luo Jing's punishment of the police, the news of Noah's wealth thunderstorm shocked the financial circle.On the evening of July 8th, Wang Jingbo exposed Noah's wealth to step on the thunder in the internal letter.In the letter, she aimed at JD.com and pointed out that Chengxing International Supply Chain financing relied on the creditor's rights with JD.com.
However, Wang Jingbo's statement was strongly denied by JD, and the two sides were trapped in a tug -of -war.
JD.com denied the authenticity of the contract receivable contract with Chengxing, and said that during the process of police transfer, the police issued a number of confirmation letters of so -called Chengxing and JD.com.Essence
Subsequently, Noah Wealth issued a post again that Chengxing International was a supplier of JD, and there were a large number of long -term transactions on both sides. Goisms had filed a judicial lawsuit against Chengxing and JD.com for this supply chain financing.result.
At the time of Noah and JD, financial institutions, including e -commerce companies including Suning and Yunnan Trust, were also involved in it.
According to the survey, Luo Jing used the receivables between Guangdong Chengxing and the e -commerce company as a mortgage, and obtained financing from many asset management institutions.In addition to JD.com, Suning is also listed.Among them, JD.com and Suning are the main sources of accounts receivable in recent years.
Suning officially responded to this that after verification, Suning and Guangzhou Chengxing's receivables receivable debt supply chain financing matters had nothing to do.However, Suning only emphasized that he had nothing to do with financing matters, but he did not deny that there was business between Chengxing.
In addition, according to preliminary statistics, the trimming incident involved more than a dozen financial institutions such as Yunnan Trust, Xiangcai Securities, Mushan Factory, COFCO Trust, National Trust, and Zhongjiang Trust.
Among them, Yunnan Trust immediately responded to the external response that rescue measures had been taken.It is reported that a variety of trust plans such as Yunnan Trust-Yunyong No. 1 Trust Program and Yunnan Trust-Yunyong No. 4 Getting Fund Trust Program issued by Yunnan Trust-Yunyong No. 1, which issued Yunnan Trust, involved more than 1.1 billion yuan.
In addition, this may be a thunderstorm for Xiangcai Securities, which is sprinting on the market for backdoor High -hos.According to incomplete statistics, the investment targets of more than 20 products under the Jinhui series of Xiangcai Securities are Guangzhou Chengxing's account receivable products, involving funds of more than 1.5 billion yuan.
The latest response of Xiangcai Securities stated that there is no connection with Chengxing International, Boxin Co., Ltd. and in fact.The company's own funds have not participated.
This thunderstorm is like a tornado. Chengxing International, who is in the center of the vortex, has always been silent. Luo Jing, who is the actual controller and chairman of Chengxing International, Boxin Co., Ltd., has even caused everyone's curiosity.
Luo Jing has always been named, until the title of business flower Mulan is obtained.In 2018, in the selection of the most influential business women in the Mulanhui Club, she pressed the Gree Tieni Lady Dong Mingzhu and the Oriental Garden Girls' Society.
In the past few years, Luo Jing has mastered three listed companies through capital operation, namely Hong Kong listed companies Chengxing International Holdings, A -share listed companies Boxin, and Singapore listed company Camsing Healthcare.
However, through the financial report data, it is found that Chengxing International revenue seems very high, but the profitability is very poor.In 2016, Chengxing International revenue reached 19.089 billion yuan, and its net profit was only 40.8849 million yuan.If Chengxing International's own funds are seriously insufficient, where does Luo Jing's large funds in the capital market come from?
Supply Chain financing Tengjie
For a long time, small and medium -sized enterprises have been facing financing problems.The just -rising supply chain finance provides a convenient way for many enterprises to financing.
In general, the supply chain finance is done around core enterprises, and the accounts receivable of suppliers and core enterprises are used as mortgages.A supply chain financial expert told China News Weekly that supply chain finance integrates upstream and downstream logistics, information flow, capital flow, and business flow as a means of risk control. The premise must be real trade and use trade income to repay financing.
The minesweeted product is a private equity fund for the core enterprise of the world. The underlying asset is the receivable of Chengxing International and JD.com.The focus of debate between Noah's wealth and JD is whether the account receivable is true or not, that is, whether there is a real trade.
In the unified registered publicity registration system of the Central Bank Credit Center, the total transaction volume was registered for the collection of 71 account receivable pledge and transfer registration records of Chengxing Group, with a total transaction value of about 10 billion yuan.In these registrations, canTo the confirmation letter of the account receivable issued by JD.com.However, central banks said that the platform registered independently and the authenticity of the guarantee of the transaction itself was responsible for the registered parties themselves.
The account receivable mortgage is only the appearance, and the equity pledge of listed companies is essential.Lu Shun, Dean of Wudaokou Supply Chain Research Institute, told China News Weekly that on June 19, the day before Luo Jing was detained, Noah Wealth and Chengxing International controlled shareholders signed an equity pledge agreement.Preservation backup means.
In addition, in Lu Shun's view, according to the financial logic of the supply chain, it is impossible to do this business normally.In JD.com's supply chain system, due to the highest credit of JD.com, the lowest financing cost is the lowest, so the supply chain foreign financing should be carried out by JD, and JD.com provides credit funds to various suppliers.If it is really doing supply chain financing, Chengxing International should apply for supply chain financing from Jingbaobei.
Beginning in 2013, commercial factoring business was launched.Many third -party wealth management companies and private equity fund institutions use supply chain financing as a financing method, and will invest in the funds raised from individual investors to listed companies and even general small and medium -sized industrial and commercial enterprises.
These supply chain financing products that are invested in small and medium -sized enterprises and do not have mortgagers. After the problems such as overdue, the underlying layers of packaging, the underlying assets are basically equivalent to a pure credit loan.A private equity institution said that such assets should be a higher risk level, but most of them appear in the form of solid -income products at the product side.
What's even more doubtful is whether Noah's wealth is known to the true and false accounts.Lu Shun analyzed two situations. One is that Noah's wealth and Chengxing International conspiracy will pack the forgery accounts receivable into supply chain financial products; the second is the account receivables that Chengxing International uses authentic and false mixing to deceiveNoah wealth.
From 2015 to 2017, Luo Jing acquired three listed companies through capital.In particular, it is worth mentioning that the funds for Boxin shares are likely to come from Viffh Capital's series of products.
Originally, the funds for supply chain financing were applied to related businesses.However, it is reported that the funds raised by Chengxing International are also used to expand business operations such as big health, intelligent hardware.In recent years, the development of several major business in Chengxing International has not been smooth, leading to the increase in repayment pressure.As a result, the financing packaging of account receivables began to flaw.
Sun Jianbo, Chief Economist and General Manager of China Reading Capital Capital, who had contacted Chengxing Supply Chain financing, revealed to China News Weekly that in March of this year, an intermediary introduced the benefits of the project: first, the equity pledge guarantee of the listed company;JD.com's supply chain account receivables are guaranteed as a guarantee, dual insurance.In particular, JD.com's supply chain guarantee will never have problems, and the key is not low.
However, when Sun Jianbo proposed to sign with JD executives, the other party stated that how senior executives such as Jingdong companies could drop the price.The current scammers are too cunning. Even with the so -called formal contract and official seal, signing in the office of Jingdong may still be deceiving.Therefore, we asked to confirm our identity in person.When the other party cannot meet our conditions, we give up this project.
It is worth noting that the irregular behavior of the future e -commerce platform will be curbed.Opinions require bank insurance institutions to rely on the core enterprises of the supply chain, based on the real transactions between core enterprises and upstream and downstream chain companies, integrate various types of information such as logistics, information flow, and capital flow to provide financing and settlement of upstream and downstream chain companies in the supply chain, Cash Management and other comprehensive financial services.
Products often mine, and the headquarters is drawn every year, which is the impression of people in the financial industry on Noah's wealth.In recent years, there have been many thunderstorms in Noah's wealth, which has caused the outside world to doubt its professionalism.
In March 2017, Noah's wealth stepped on Lei Huishan Dairy Credit Debt; in July 2017, Noah's wealth was involved in the LeTV crisis.Recently, the mines stepped on in March 2018. Noah Qifeng New Third Board No. 1 and 2 under Naaya Fortune, which has been invested to Dingfeng Assets and Jinglin Assets each to invest in the new three boards.Now that deep losses have attracted strong dissatisfaction of investors.
What's even more amazing is that Zhao Yi, the president of Noah's wealth, publicly used body language greetings to investors in the customer exchange group.The president of the listed company scolded investors badly, and such a wonderful incident once again pushed Noah's wealth to the cusp.
In fact, Noah's wealth is not alone.Since 2017, among the nine largest third -party independent wealth management companies in China, there are more than 7 products in more than 20 products stepping on thunder, and the amount involved in the case is more than 13.5 billion yuan.It can be said that the third -party wealth management model, which was once hot, has now fallen into the quagmire of liquidating thunderstorms, and is becoming another large middle -class wealth grinder after P2P.Tang Ya, an associate professor of the Department of Finance of Guanghua School of Management at Peking University.?
The third -party wealth management model refers to a model that is independent of financial institutions such as banks, funds, trusts and other financial institutions. From an objective neutral perspective, it helps individuals and institutional customers to carry out wealth management.?
This model flourished in the 1970s.At that time, the US middle class rose in an all -round way and the explosive development of financial theory made the financial investment market more complicated, which led to a third -party wealth management with intermediary services as the core.
In China, the concept of wealth management in third -party appeared in 2008 and was prosperous from 2012 to 2015.Similar to the situation in the United States at the time, it was mainly due to the increase in residents' wealth and strong investment demand.
However, since 2008, the gaps and real estate trusts that have benefited from the high -end wealth management market have been delivered to the market. Third -party wealth management companies have played the role of sales of customers and have made a lot of money.These institutions have also generated the path dependence of the sales model. From the beginning, it was not based on professional knowledge, but the sales performance.
In recent years, the third -party wealth management industry has been calling for transformation, but consignment commissions still occupy most of the income.As the leader of the industry, Noah's wealth has not improved much.As the transformation choice of Noah's wealth in the asset management business, Viffh Capital has been stepping on thunder frequently.
In the internal letter on July 8th, Wang Jingbo called for the company to change the company's genes through this incident, from non -standard solid -hardened products to standardized fund -driven; combined and net worth products is the only direction;Reliability of income assets.
However, Wang Jingbo's words also confirmed aspects that Noah's wealth is not entirely a third -party wealth management company.
Source: China News Weekly
