Per reporter: Song Ge Per intern reporter: Feng Dianjun Per reporter Editor: Liao Dan
After the listed company Dezhan Health Co., Ltd. (Dezhan Health, 000813.SZ) announced that some of the cash-managed trust products it subscribed for were overdue, the product issuer Bohai Trust also spoke out.
According to the latest announcement of Bohai Trust, the funds of the "Bohai Trust Cash Treasure Cash Management Collective Fund Trust Plan Phase 47 Trust Product" (hereinafter referred to as the "Cash Treasure Trust Product") are designated by the settlor by the settlor, responsible for due diligence and voluntarily bear the investment risks, and the trustee only bears the responsibility for the management of the affairs. He also mentioned that "due to the late repayment of the underlying borrowers, it is impossible to fully distribute the trust benefits." ”
The trust product part is overdue, the reporter called Bohai Trust, the other party said "subject to the announcement", but at the same time reminded the reporter, "The core point in the announcement is about the flow of funds and the way of use, which has mentioned how the two sides agreed on this matter." ”
A lawyer analyzed to reporters that from the announcement of Bohai Trust, the trust company plays the role of "channel" in this trust product, and the final investment decision is decided by the client. The "underlying borrower" also means that the trust product is not a "cash management product" as indicated in the name, and the investment direction of funds may be inconsistent with the "cash management class". However, at present, it is impossible to see the detailed transaction situation of the two parties, and it is impossible to judge the specific investment direction and use of the trust funds.
On November 10, 2021, Dezhan Health issued the "Risk Indicative Announcement on partial overdue payment of trust products purchased", mentioning that some overdue payments appeared in the "cash treasure trust products" subscribed by the company.
Specifically, on September 18, 2019, Dezhan Health purchased the Bohai Trust Cash Treasure Cash Management Collective Fund Trust Plan issued by Bohai Trust, with an amount of 420 million yuan, a term of 12 months, and an expected annualized yield of 6.1%.
On September 1, 2020, Dezhan Health held the 25th meeting of the seventh board of directors, passed the "Proposal on Using Part of the Temporarily Idle Own Funds to Purchase Trust Products", and agreed to purchase the above trust products again, and the investment period is from September 18, 2020 to September 18, 2021.
According to the announcement, the trust investment amount is 420 million yuan, but as of the date of this announcement, Dezhan Health has received a total of 183.7 million yuan in principal of trust products and 25.6456 million yuan in investment income, the remaining principal of trust products of 236.3 million yuan and investment income has not been recovered in time, and some overdue payments have occurred in the trust products purchased by the company.
The announcement of Dezhan Health has attracted the attention of public opinion. On November 11, bohai trust's official website also issued an announcement to explain the situation to investors, and said that the trust products in this period were designated by the settlor for the counterparty and investment purposes, and "the trustee only bears the responsibility for the management of the affairs".
Bohai Trust said that Dezhan Health, as the settlor, subscribed to the "Cash Treasure Trust Product" established by Bohai Trust and signed the trust document. "Cash treasure trust product" is a one-to-one customized fund trust product for institutional trustors established by Bohai Trust, which 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 on the market.
The announcement mentioned that the trust funds for this period are designated by the settlor for the counterparty and investment purposes, responsible for due diligence and voluntarily bear the investment risks, and the trustee only bears the responsibility for the management of the affairs. At the same time, Bohai Trust also mentioned that due to the late repayment of the underlying borrowers, it is impossible to fully distribute the trust benefits. In order to maximize the interests of the beneficiaries, the company is actively cooperating with the beneficiaries in the disposal of the trust property.
Tang Chunlin, a partner at Beijing Yingke Law Firm, told reporters that according to the announcement of Bohai Trust, it can be judged that this is a transactional (channel) trust product. "If it is a channel business, the trust company does not make the final decision on investment decisions, but the investors make the decisions." At the core of the distinction between active management and transactional is who has the final say on how the money will be used. ”
The most noteworthy thing is that on the direction of the trust's funds, the reporter called Bohai Trust, the other party said that "the announcement shall prevail", but also reminded the reporter that "the core point of the announcement is about the flow of funds and the way of use, which has mentioned how the two parties agreed on this matter." ”
The reporter noted that although the name of this trust product contains the words "cash management type", the Bohai Trust announcement mentions the "bottom borrower". Lawyer Tang Chunlin said, "If the borrower repays the principal and interest when due, it is not a cash management category."
It can be seen from the announcement of Dezhan Health that the investment scope of the "Cash Treasure Trust Product" issued by Bohai Trust is: cash-managed assets (including but not limited to cash, deposits, bank wealth management, bond reverse repurchase and other cash-managed assets); bonds (including various debt financing instruments such as treasury bonds, corporate bonds, corporate bonds and other debt financing instruments and asset-backed securities listed and traded on exchanges/banks); and assets registered and circulated by the Banking Trust Asset Registration and Circulation Center approved by the trustee Subscription of trust industry protection funds; other standardized assets in accordance with the law.
Tang Chunlin told reporters that cash management trusts are divided according to the investment direction of trust funds. "Among all the capital investments, it is recognized that the safest is cash management products, because they are mainly invested in relatively stable financial products, such as treasury bonds, bonds and so on. From past experience, the probability of risk in cash management products is relatively low. ”
Tang Chunlin said that at present, it is impossible to see the detailed transaction situation between the two parties, and it is impossible to judge the specific investment direction and use of the trust funds.
However, on the day of the announcement of Dezhan Health, the Shenzhen Stock Exchange issued a letter of concern to it, proposing that "please explain that the relevant products have expired in September 2021, and the reasons for the overdue payment will not be disclosed until November 2021, and whether the relevant provisions of the Stock Listing Rules, the Guidelines for Standardized Operation and the Articles of Association of the Company are in compliance with the relevant provisions of the Stock Listing Rules, the Guidelines for Standardized Operation and the Articles of Association of the Company in terms of information disclosure and compliance." ”
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