According to Caixin report, Wang Chaoyong (formerly known as Wang Chaoyong) in the private equity market has lost two weeks.
The new third -board listed company of Wang Chaoyong has not yet issued an announcement.In July, Wang Chaoyong just resigned as the chairman of Huicheng Technology (002168.SZ).
At the age of 56, Wang Chaoyong was admitted to Huazhong University of Science and Technology at the age of 15. At the age of 19, he entered Tsinghua University as the first graduate student of the School of Economics and Management. He was 20 -year -old to study in the United States and graduated from MBA at 22.From 1987-1998, he served as the Bank of JP Morgan Chase, the United States, the United States, and Morgan Stanley, and served as the head of Morgan Stanley China. It is known as the Chinese prodigy of Wall Street.From 1998 to 1999, Wang Chaoyong was invited by the National Development Bank as a full-time senior adviser to participate in the business banking of the preparation and establishment of a national development bank.
Wang Chaoyong founded the Zhongli Capital Group in 1999. It is mainly engaged in new industrial investment business, holding industry business business, and investment value -added service business. It is one of the earliest VC/PE institutions established in China.He has invested in domestic and foreign listed companies such as Baidu, Sohu, Huayi Brothers, Aston Martin, Asiaxin Technology, Ranzhi House, 1 Pharmacy, Langjin Technology, and Meinian Great Health.
However, in 2016, after Wang Chaoyong's debt high -premium holding Huicheng Technology, he failed to inject the private equity business into a listed company. Wang Chaoyong began to Waterloo from this.
01 Xinzhongli's performance plummeted and terminated application for listing was rejected
In 2015, Wang Chaoyong, founded by Wang Chaoyong, was listed on the New Third Board, becoming the first share of China's returnee venture capital.As of the end of 2020, Xinzhongli had 36 funds, with a cumulative subscription scale of 16.125 billion yuan, and the actual payment scale was 11.201 billion yuan.
In 2018, it was the high revenue point of the Xinli. In that year, its revenue was 2.722 billion, an increase of 172.34%, and the net profit attributable to shareholders was 337 million.But in 2019, income and net profit fell.
In 2020, Xinzhongli's annual operating income was 879 million, a decrease of 32.26%, and the net profit attributable to shareholders was -1.627 billion, a decrease of 23,751.03%.Total assets fell from 8.136 billion to 5.513 billion at the beginning of the year, a decrease of 32.23%.
In the first half of this year, the revenue of Xinzhong was 221 million, a decrease of 63.56%. The net profit attributable to shareholders was -212 billion, a decrease of 387.36%.
In addition, the company's fair value changes in the first half of the year were -1139 billion, a decrease of 201.47%from the same period last year. The explanation of the letter in the letter was mainly due to the sharp decline in the fair value of the company's own capital investment projects during the reporting period.
In response to the decline in the performance of Xinzhongli, a question letter from the national SME stock transfer system was required to explain the willingness of a significant decline in performance.
Xunzhong's replies that due to the changes in industry policy and the intensified market competition, Huicheng Technology's game revenue and electrical income declined sharply, which caused operating income and gross profit to decrease by 69.93%and 76.53%compared with the same period last year.In addition, due to the fund management funds entering the liquidation period, the company has not completed the establishment of the new fund during the current period, resulting in the fund management fee and gross profit charged by other entities received by the company by 28.16%and 26.32%.
According to CITIC, the current interest liability balance is 148 million, the amount of the expiration within 6 months is 23.51 million yuan, and the amount due within 3 years is 124 million, while the balance of its currency funds is only 22.41 million yuan.Nonzhong acknowledged that the company had a certain liquidity risk exposure.
In order to cope with the risk of liquidity, the letter said that it is currently adopting borrowing, introducing strategic investors, transferring some assets, disposal of dull assets, and establishing new funds to relieve stress.
The dazzling letter Zhongli held a shareholders meeting in December 2018 to propose a plan to terminate the listing of the New Third Board.In September of this year, the national and medium -sized enterprise shares transfer system replied that because Xinzhongli has not improved the protection measures of shareholders of the objection, it does not meet the stipulated in Article 8 (3) stipulated in Article 8 (3) of the listing of the stock transfer system of the national small and medium -sized enterprise shares.condition.After multiple communication feedback and regulatory reminders, the related issues have not been resolved, so it has been unable to advance its application for stock termination.According to Article 15 of the Terminal Listing Rules, do not agree to the termination of the listing of Lisai.
02 High -leveraged mergers and acquisitions of hidden dangers, folding halberds Huicheng Technology
For Wang Chaoyong, the largest Waterloo is Huicheng Technology.
Wang Chaoyong, who wants to make bigger and stronger in the capital market, imitates Jiuding, and injects private equity platforms into listed companies.
In May 2016, Wang Chaoyong purchased 11.1%of Huicheng Technology's 11.1%of Huicheng Technology for 1.65 billion yuan. Compared with Huicheng Technology's 8.89 yuan stock price at the time, the premium was as high as 113.7%.
Wang Chaoyong's acquisition funds basically came from debt.Among them, 1.2 billion yuan CITIC's financing planned by China Merchants Wealth Asset Management Co., Ltd., 315 million yuan was borrowed from Beijing Hengyu Tianze Investment Management Co., Ltd. at a interest rate of 12%, which only used 1RMB 100 million funds leveraged more than 1.6 billion yuan.
However, after the listing of Jiuding backdoor, in order to block the listing of private equity companies, in September 2016, the CSRC amended the rules in the management measures of major asset reorganizations of listed companies and increased the trigger conditions of backdoor listing. Among them, the financial conditions were based on the total assets.Supplementary specifications have stipulated a number of conditions such as operating income, net profit, net assets, issuance of shares, and main business, and triggering any of the above conditions, that is, the financial conditions for triggering the backdoor listing.
The efficacy of the letter in the letter is imitating the model of Jiuding backdoor listing.
Since entering the Lord, Xinzhongli began to vigorously rectify the Huicheng technology business. Through the acquisition of Multi -Metrics, strategic investment in real machine intelligence, etc., it formed a support pattern of multi -business segments that made Internet games, high -end intelligent manufacturing and participating in investment.
Wang Chaoyong's performance through acquisitions did not last for a long time. In 2020, Huicheng Technology revenue was 785 million, a decrease of 28.13%. Compared with 1.898 billion in 2018, it fell 58.64%.The net profit attributable to shareholders in 2020 was a loss of 960 million, a decrease of 811.43%.
In the first half of this year, Huicheng Technology's revenue was only 154 million, a decrease of 69.93%, and the net profit attributable to shareholders was 74 million yuan, a decrease of 325.6%.
Not only was the performance terrible, Huicheng Technology's stock price fell year by year.
The latest closing price was 4.34 yuan. Compared with Wang Chaoyong's purchase price at the beginning, it has been cut.
The decline in the stock price has caused Wang Chaoyong's mortgaged equity to frequently lighten up.
On December 3, 2020, 690,000 shares held by Beijing Xinzhongzhipin Equity Investment Center (limited partnership) were tied by Jianghai Securities.
On January 28 this year, due to the minimum criteria for maintaining the guarantee ratio agreed in the financing trading business contract, the 14.22 million shares held by Zhongchi Huicheng were tied for the first securities, accounting for 1.77%of the company's total shares.
In addition, Huicheng Technology has repeatedly issued the announcement of the controlling shareholder and its unanimous actors in the secondary market.
From December 9th to December 11th, 2020, Rizhao Huiyin Equity Investment Fund Management Partnership (Limited Partnership) reduced its holdings of 1.10%of the company's shares by centralized bidding.
On December 14, 2020, Huicheng Technology issued an announcement that the company received notifications from the controlling shareholder and actual controller on December 13 that the controlling shareholder was planning to transfer controlIt is appropriate that the number of shares to be transferred in total is 120 million shares, which is expected to account for 15%of the company's total share capital. The transaction may involve changes in company control.
Although on December 30 of that year, Huicheng Technology issued an announcement saying that the controlling shareholder terminated the planning company's control of the control company.But at this time, Wang Chaoyong had no intention to continue to play.
In May of this year, Huicheng Technology once again issued an announcement that the company's control is to be changed, saying that Chongqing Greenfay Asset Management Co., Ltd. (referred to as Chongqing Green Fa) will become the company's controlling shareholder.
Wang Chaoyong and Li Yifei are known as the golden boy jade girl in the investment industry
It turned out that in February this year, Huicheng Technology indirect controlling shareholder Chongqing Xinfa Enterprise Management Consulting Co., Ltd. applied to Chongqing Green Fa for borrowing RMB 541 million.Zhongli Stocks and the controlling shareholder of the company, Zhongchi Huicheng Enterprise Management Co., Ltd., all shares and the company held by Zhongchi Huicheng to provide guarantees for the loan.
However, because Chongqing Xinfa has not returned to borrowing, he has to use Huicheng Technology's equity.
In July of this year, Huicheng Science and Technology announced that Chongqing Green Fa became the company's largest shareholder.
On July 14, Wang Chaoyong resigned as chairman of Huicheng Technology.
On August 2nd, Xinzhongli announced that the proportion of Huicheng technology held by Zhongchi Huicheng has dropped to 5.77%, which is the second largest shareholder of Huicheng Technology.
Wang Chaoyong's Weibo has more than 5 million fans, and its last Weibo release time is October 19.In his Weibo profile, he wrote like this: the heart is like the sea, it can be calm and deep, or surging.
