Reporter | Wu Shaozhi
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As a “repeat customer”, a listed company bought the cash management products of a familiar trust company, and actually “stepped on the thunder”!
On November 10th, Dezhan Health (000813. SZ) announced that part of the trust products purchased by the company were overdue, and the name of the trust product was “Bohai Trust • Cash Treasure Cash Management Collective Fund Trust Plan” (hereinafter referred to as “Cash Treasure”).
According to the announcement, in September 2019, Dezhan Health used its own funds to purchase the cash treasure issued by Bohai Trust, with a total amount of 420 million yuan, a product term of 12 months, and an expected annualized rate of return of 6.1%.
After the one-year period, in September 2020, Dezhan Health purchased the above-mentioned cash treasure series products again, and the investment period was from September 18, 2020 to September 18, 2021.
However, this time it happened unexpectedly. As of the announcement date, Dezhan Health has received a total of 183.7 million yuan of principal and 25.6456 million yuan of investment income, and the remaining principal of 236.3 million yuan and investment income are still under negotiation and have not yet been recovered.
According to the product description, the investment scope of Cash Treasure includes cash management assets, bonds, assets registered and circulated by the Banking Credit Asset Registration and Circulation Center approved by the trustee, subscription of trust industry protection funds, and other standardized assets that comply with the law.
Delicately, the last provision of the scope of investment states that “all beneficiaries agree that the trustee may modify the scope of investment as necessary, without the need for approval by the general meeting of beneficiaries”. A senior trust researcher told Interface News reporter: “This is not the same as general cash management products, indicating that all the previous investment scope is just a formality, and the real capital investment may not be the case.” ”
In fact, it can be seen from the announcement of Dezhan Health that the negotiation process of the 180 million principal that has been recovered is also difficult.
On September 24, Dezhan Health submitted a redemption application to Bohai Trust when it was due, and had previously received the principal of the trust product of 24.7 million yuan and the investment income of 1.0982 million yuan in advance. After the due unpaid, the company repeatedly communicated with Bohai Trust, which led to the payment of the principal of 97 million yuan on September 29. Subsequently, on October 25, the company issued a letter to Bohai Trust on the principal and income of trust products in the collection period, and received the principal payment of 62 million yuan on November 3 and 9.
Dezhan Health said that the company will actively prepare relevant materials according to the consultation and payment collection, and protect the legitimate rights and interests of the company through legal channels in a timely manner.
It is worth noting that this “stepping on thunder” is inseparable from the original controlling shareholder of Dezhan Health.
In May this year, Xinjiang Kaidi Investment Co., Ltd. (hereinafter referred to as “Kaidi Investment”), the controlling shareholder of Dezhan Health, and the former controlling shareholder Merrill Lynch Holdings Group Co., Ltd. (hereinafter referred to as “Merrill Lynch”) and the former actual controller Zhang Yong signed the Share Transfer Agreement, in which Merrill Lynch Holdings promised that “if the above wealth management products cannot be recovered on time within 30 working days after expiration, Merrill Lynch Holdings shall compensate Dezhan Health in cash or cash equivalents within 30 working days after the occurrence of the aforesaid matters for the unrecoverable amount of the above-mentioned wealth management products on time. ”
Dezhan Health said that according to the agreement, if the Bohai Trust products purchased by the company cannot be recycled on time within 30 working days after expiration, the company will urge the relevant parties to perform the relevant obligations and commitments in accordance with the agreement.
After Dezhan Health issued the announcement, the Shenzhen Stock Exchange quickly issued a letter of concern, directly pointing to the problem of trust and capital investment. The company is required to explain that the relevant product has expired in September 2021, and the reason for the overdue payment will not be disclosed until November 2021, and supplement the underlying assets of the trust product, the final investment direction of the funds, and whether there is a relationship with the company and its controlling shareholders, actual controllers, directors, supervisors and senior officers.
Dezhan Health replied: “After communication between the company and Bohai Trust, the relevant personnel of Bohai Trust said that the reason why the above trust products could not be recovered on time was that the redemption of trust products needed to be arranged according to the exit of the trust product investment project, and it was necessary to perform the internal redemption approval process of Bohai Trust, so some of the trust products applied for by the company were overdue. ”
Yu Zhi, a researcher at Yiyi Trust, said: “It stands to reason that this is unlikely to happen with investment bank deposits and ultra-short-term bond products. ”
In the midst of doubts and discussions, on November 11, Bohai Trust announced on its official website, confirming that Dezhan Health had subscribed to the 47th trust product of Cash Treasure as the principal and signed the trust document. The company said: “Cash treasure is a one-to-one customized fund trust product established by our company for institutional clients, and the product is not raised by natural persons and is independently accounted for in installments, which is different from other cash management products and capital pool products in the market.” ”
Bohai Trust also said: “According to the trust deed, the trust funds in this period are designated by the settlor for the counterparty and investment purpose, responsible for due diligence and voluntarily bear the investment risk, and the trustee only bears the responsibility for the management of affairs.” As a trustee, our company has faithfully managed, used and disposed of trust property since the establishment of the product in strict accordance with the instructions of the settlor and the provisions of the trust document, adhering to the principles of honesty, credit and prudent management. At present, due to the late repayment of the underlying borrower, it is impossible to distribute the trust benefits in full. In order to maximize the interests of the beneficiaries, our company is actively cooperating with the beneficiaries in the disposal of trust property, and thereafter, as a trustee, our company will continue to manage, use and dispose of trust property in accordance with laws and regulations and due diligence. ”
In other words, Bohai Trust said that the company’s role in this cash management product is only a channel.
Yu Zhi said: “I have never seen such a situation, and the cash management product doing channel business itself is more fantastic, and it is not as good as issuing a new channel product.” As a channel business, Bohai Trust has limited responsibilities. ”
Liao Hekai, an analyst at Jinle Function, said: “This business is not simple. It has nothing to do with the name of the product, it still depends on how the essence of their contract is signed. It is true that the project has not been issued to the public, and the listed company has renewed the project once when it expires. This is the second subscription expiration, and the security agreement for this project was signed when the equity was transferred, and yesterday happened to be the 30th working day of the need to fulfill the guarantee obligation. ”
Bohai Trust, formerly known as Hebei International Trust and Investment Co., Ltd., completed the overall restructuring in July 2015 with a registered capital of 3.6 billion yuan, with HNA Capital Group Co., Ltd., Beijing HNA Financial Holdings Co., Ltd. and China New China Airlines Group Co., Ltd. holding 51.23%, 26.67% and 22.10% respectively. In June this year, the chairman and legal representative of the company were changed from Cheng Xiaoyun to Zhuoyiqun.
At the end of 2020, the scale of trust assets managed by Bohai Trust was 437.810 billion yuan, a year-on-year decrease of 26.62%; The annual operating income reached 2.297 billion yuan, a year-on-year decrease of 21.45%; The net profit was 17.5469 million yuan, a year-on-year decrease of 98.43%. The NPL ratio of proprietary assets increased to 16.80% from 0.66% at the beginning of the period.