Per reporter: Li Lei Tang Ruyu Per reporter: Cheng Peng, Ye Feng
On December 16, venture capital circle fryer! A news that "Wang Chaoyong, a well-known bigwig in the private equity market and the founder of Beijing Xinli Investment Co., Ltd., has been missing for two weeks" has gone viral in the market.
In this regard, the Daily Economic News reporter called Wang Chaoyong himself many times, and the phone could be dialed normally but no one answered. Every time the reporter contacted the letter Lili Company and related staff, the phone has been in a busy line or unanswered state, as of press time has not received a reply.
In the morning, it was reported that Wang Chaoyong was taken away by Chaoyang Jingjing on November 30, 2021 on suspicion of encroachment on his position, and is now detained in the Chaoyang District Detention Center. According to the Financial Associated Press, Wang Chaoyong rarely comes to the office to work. According to Caixin, the last time he appeared in the office of Beijing Liangmaqiao Beijing Xinzhongli Investment Co., Ltd. (Xinzhongli, 833858.OC) was on the afternoon of November 29.
Image source: Per reporter Han Yang photo (per the information map)
Wang Chaoyong, 56, is a native of Hubei, was admitted to Huazhong University of Science and Technology (now Huazhong University of Science and Technology) at the age of 15, entered Tsinghua University at the age of 19 to become the first batch of graduate students in the School of Economics and Management, was sent to study at Rutgers University in the United States at the age of 20, and after graduating from the MBA at the age of 22, he successively worked in well-known Wall Street institutions such as JPMorgan Chase, Standard & Poor's, and Morgan Stanley. Wang Chaoyong is a well-known figure in China's venture capital circle, and has been called "Wall Street prodigy", "the godfather of Chinese venture capital", "investment predator" and so on.
Wang Chaoyong returned to China in the early 1990s and founded Xinli in 1999, one of the earliest venture capital and private equity investment institutions in China, and was listed on the New Third Board in October 2015. On July 16 this year, Wang Chaoyong was listed as a judgment defaulter by the Beijing Municipal First Intermediate People's Court.
Tens of billions of private equity tycoons are missing
The company was suspended from trading urgently
This morning, the news of Wang Chaoyong's disappearance spread rapidly in the investment circle, triggering heated discussions. At the same time, a detention notice from the Chaoyang Branch of the Beijing Municipal Public Security Bureau also began to circulate, showing that Wang Chaoyong was criminally detained at 15:00 on November 30 on suspicion of embezzlement of his position and is now detained in the Chaoyang District Detention Center, which also coincides with rumors that he "disappeared for two weeks."
Source: Brokerage China
At noon today, the listed company Xinli urgently issued a suspension announcement, saying that the relevant situation has yet to be confirmed, but the company will suspend trading from December 16 to 29.
Source: Listed company announcements
On the evening of December 16, the letter issued another announcement saying: "It has not yet obtained valid information related to Wang Chaoyong, and has not yet received a formal notice issued by public security, judicial and other organs or a request to assist in the investigation." The details are as follows:
1. From the time the Company became aware of the relevant reports to the time of the announcement disclosure, it has contacted Wang Chaoyong and his family members through various channels several times, but has not made effective contact. On the same day, the company consulted the public security organs about the relevant situation, but as of now it has not obtained valid information related to Mr. Wang Chaoyong.
2. Up to now, the company has not received a formal notice issued by the public security, judicial and other authorities or a request to assist in the investigation.
3. At present, the company's daily operation and management work is operating normally, except for Wang Chaoyong, the management and employees of various departments perform their duties normally.
The Company will continue to verify the relevant reports. The company has actively communicated with the relevant regulatory authorities to report the relevant situation, and has established a corresponding work reporting system. The company's shareholders' meeting and board of directors will operate in accordance with the provisions of the Company Law and the Articles of Association of the Company. During the period when Mr. Wang Chaoyong fails to perform his duties effectively, the Company will take corresponding measures to ensure the normal operation of the Company's daily business activities. The company will pay close attention to the progress of the above matters, and in strict accordance with the provisions and requirements of relevant laws and regulations, timely fulfill the obligation of information disclosure.
In the Weibo post certified as "Chairman of Xinli International Holdings Co., Ltd.", Wang Chaoyong is a big V with 5.259 million followers, and his profile is: Founder and Chairman of Xinli Capital Group and the Chinese team of the America's Cup Regatta.
The reason why it caused such a big shock is not unrelated to Wang Chaoyong's own legendary experience and his many years of deep cultivation in the venture capital circle. At the age of 15, he went to college, and at the age of 20, he was one of the first batch of Tsinghua University students sent to the United States, and he worked in JPMorgan Chase Bank, Standard & Poor's, Morgan Stanley, and served as the head of Morgan Stanley China. In 1999, Wang Chaoyong officially founded Xinli Capital Group and served as the chairman. Along the way, his life seems to have been at its peak.
In terms of time and influence, Xinli is indeed one of the earliest independent institutions in China to engage in venture capital and private equity investment. When it was founded, it coincided with the first round of venture capital boom of domestic small and medium-sized private enterprises, catching up with the "outlet" and leaving many investment cases. The information on the official website also shows that the current management fund size of Xinli exceeds 30 billion yuan, and the cumulative investment is nearly 200 enterprises.
Another well-known aspect of Wang Chaoyong is his good story with his wife Li Yifei as a "fairy couple", and the couple's long-sleeved good dance in the capital market. Li Yifei was once known as the "richest woman on the New Third Board", and the prospectus of Li Yifei at that time showed that Li Yifei held 25.27% of the shares as an independent shareholder. At the same time, she and Wang Chaoyong both have a large number of fans on social platforms, Li Yifei's weibo number reached 7.246 million, and Wang Chaoyong's also had 5.259 million, both of them are very active and frequently updated on the Weibo platform.
But everything is not without a trace. As early as last December, there were media reports that Wang Chaoyong's capital chain was tight, and all of this was the "butterfly effect" brought about by his previous series of operations in the capital market.
The "PE+ listed company" game fails
Regulatory warning letters have been received on several occasions for suspected violations
In Wang Chaoyong's official introduction, the "acquisition of Huicheng Technology, an A-share listed company in 2016", is impressive. In that year, the letter premium of 113.74% and the investment of 1.65 billion yuan into Shenzhen Huicheng attracted widespread attention and also brought hope to investors. It is rumored that the initial letter was to create the then hot "Jiuding model", but it was stranded due to the tightening of financial regulatory policies. Subsequently, Wang Chaoyong began to promote the "PE+ listed company" model, and the listed company once again transferred to the equally hot game industry with a high premium acquisition and changed its name to Huicheng Technology, but the market did not seem to buy it.
In 2019, due to the delay in the launch of the acquired "Doraemon" game, the listed company Huicheng Technology made a goodwill impairment provision of 890 million yuan to 1.1 billion yuan, and the net profit of the year fell sharply by 60% year-on-year. In 2020, the performance of Huicheng Technology exploded again, and Wang Chaoyong had to pledge almost all of Huicheng Technology's equity. In August this year, Wang Chaoyong and his wife officially lost their actual control over Huicheng Technology.
In this process, due to the capital exchanges between Xinli and Huicheng Technology subsidiaries and associated companies, not only did it receive a letter of concern from the Shenzhen Stock Exchange, but Lili was also warned by the regulator. Just in September, the eight institutions involved in the reduction of Huicheng Technology received warning letters from the Shenzhen Securities Regulatory Bureau, including 3 funds under the letter Lili.
In fact, the letter has been repeatedly suspected of violating the law and has been warned by regulators. In April, the Beijing Securities Regulatory Bureau disclosed a decision to order corrections to administrative supervision measures against Xinli. According to the information released by the regulator, after investigation, the Beijing Securities Regulatory Bureau found that Xinli Equity Investment Management Co., Ltd. had the following behaviors: using the convenience of fund property or position to seek benefits for people other than himself or investors and convey benefits.
Coincidentally, in the past November, the Qingdao Securities Regulatory Bureau took corrective regulatory measures against Qingdao Xinli Shaohaihui Gaochuang Investment Management Co., Ltd., and the existing problems also included: 1. Using the convenience of fund property or position to seek benefits for people other than themselves or investors and convey benefits. The company violated the provisions of the fund partnership agreement by pledging the assets of the fund to provide financial support to related parties. 2. Investor appropriateness management is not in place. 3. Promise investors a minimum return, etc.
After several calls from reporters to the company and the secretary of the board of directors, no one answered. We will also continue to pay attention to whether Wang Chaoyong himself has been criminally detained and where Li Capital will go next.
Reporter | Li Lei and Tang Ruyu
Edited | Cheng Peng, Ye Feng, Du Hengfeng
Proofread | duan lian
Per reporter Han Yang photo (per the data map)
| the original article of the daily economic news nbdnews |
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