Zhao Wei has hundreds of lawsuits, and the equity of many companies has been frozen. Shi Yuzhu's 199 million shares have been frozen since August, which the industry believes is related to an overseas game asset acquisition five years ago.
Source | Radar Finance
Wen | Li Yihui, eds., | Deep Sea
Zhao Wei, whose film and television works were removed from the entire network, was then sued by financial institutions. Recently, China Minsheng Trust Co., Ltd. (hereinafter referred to as "Minsheng Trust") sued Zhao Wei, her husband Huang Youlong, and Shi Yuzhu, chairman of Giant Network Group.
According to Tianyan, on October 9, minsheng trust announced a new hearing, showing that the cause of the case is a guarantee contract dispute, case number (2021) Jing 04 Minchu No. 989, will be held on November 8, 2022 at the Beijing No. 4 Intermediate People's Court.
Radar Finance found that the three parties to the case have their own problems to be solved. Zhao Wei has hundreds of lawsuits, and the equity of many companies has been frozen. Shi Yuzhu's 199 million shares have been frozen since August, which the industry believes is related to an overseas game asset acquisition five years ago.
Minsheng Trust is the core financial subsidiary of Oceanwide Holdings, and the actual controller behind it is Lu Zhiqiang, who was once a member of the "Taishan Society" with Shi Yuzhu, and the debt crisis of the "Oceanwide System" is still fermenting.
From doing business together to going to bo court, the big guy's life is really not good?
Zhao Wei and his wife and Shi Yuzhu were prosecuted
This time, Zhao Wei and his wife were sued for a dispute over the guarantee contract.
The so-called guarantee contract dispute refers to the dispute arising from the contract signed between the guarantor (third party) and the creditor when the main creditor does not perform its obligations, and the guarantor acts or assumes responsibility in accordance with the agreement.
The guarantee contract involved refers to the contract in which the guarantor and the creditor agree that when the debtor does not perform the obligation, the guarantor will perform the debt or bear the responsibility in accordance with the agreement.
According to the relevant laws and regulations, when determining the cause of action, if the parties file a lawsuit against both the main contract and the guarantee contract, the main contract shall be used to determine the cause of action, and the cause of "guarantee contract dispute" shall not be applied.
The announcement will be held on November 8, 2022, and the details of the case cannot be inquired according to the case number. However, there have been legal proceedings between Zhao Wei and Minsheng Trust before.
On June 11 this year, the Beijing No. 2 Intermediate People's Court heard a case brought by Minsheng Trust against Zhao Wei and Hebao Entertainment Group Co., Ltd., which was also a dispute over a guarantee contract. The results of the first instance show that Zhao Wei's 4.15% equity interest in Hebao Culture and Entertainment was frozen, involving 5 million yuan.
The company's equity that was also frozen also included 500,000 yuan of Longxuxin (Beijing) Trading Co., Ltd. under Zhao Wei's name, 126,000 yuan of Beijing Yiju Creative Technology Co., Ltd., and 2.1 million yuan of Beijing Princes Cultural Communication Co., Ltd., totaling 2.726 million yuan.
In addition to the 9 million yuan equity of Wuhu Dongrunfa Investment Co., Ltd. frozen on April 30 and the 1.9 million yuan equity of Tibet Longwei Culture Media Co., Ltd., zhao Wei's total equity of 18.626 million yuan was frozen due to the "guarantee contract dispute" with Minsheng Trust.
According to Tianyan, there are currently 13 enterprises under Zhao Wei's umbrella, of which 2 are cancelled, 4 are revoked, and 7 are in existence or during the camp period. In addition, at present, Zhao Wei is also related to 2 A-share listed companies, with Hebao Entertainment holding about 9% of the shares held by the Provincial Guangzhou Group, and Zhao Wei directly holding about 4.5% of the shares.
According to iFinD, as of the first quarter of 2021, Zhao Wei is still the ninth largest circulating shareholder of Tangde Film and Television, holding about 5.85 million shares, accounting for 2.25% of the A shares circulated by Tangde Film and Television. In the second quarter, Zhao Wei disappeared from the top ten circulating shareholders of Tangde Film and Television, leaving only her brother Zhao Jian holding 6.9 million shares, accounting for 1.95% of the outstanding shares.
Although the current capital map is "fragmented", Zhao Wei once had a highlight moment of investing in Ali Pictures and acquiring Wanjia Culture (now known as "Xiangyuan Culture").
In December 2014, Zhao Wei and Huang Youlong invested HK$3.1 billion to invest in Alibaba Pictures at a price of HK$1.6 per share, accounting for 9.18% of the shares, becoming the second largest shareholder of the company. In the following two years, Zhao Wei and his wife cashed out a total of HK$2.25 billion twice, and the shareholding ratio dropped to 4.97%.
In the Spring Festival of 2016, Longwei Media, controlled by Zhao Wei and his wife, plans to hold Wanjia Culture for 3.06 billion yuan, of which its own funds are only 60 million yuan, and the leverage ratio is as high as 51 times. The acquisition was full of twists and turns, during which the stock price of Wanjia Culture fluctuated sharply, but it was terminated in less than 4 months.
On November 9, 2017, the CSRC fined Zhao Wei and Huang Youlong 300,000 yuan and banned them from entering the securities market for five years. The dispute over securities misrepresentation liability caused by this incident has continued to this day, with only 522 cases filed by Longwei Media and 215 cases related to Zhao Wei herself.
Wong was accused of owing HK$300 million in unpaid amounts
According to public information, Huang Youlong, who was born in Wuhan in September 1976, is a Singaporean, married Zhao Wei in 2009, and engaged in hotel management in his early years, involving real estate management, financial investment management, building materials marketing and other industries, and is said to have opened a tobacco factory in Macao and vigorously developed hotels, catering and wine businesses.
At the beginning of July this year, it was suddenly reported in the market that Huang Youlong was sued by the creditor Wanhui Limited (hereinafter referred to as "Wanhui") for the principal and interest of HK$300 million owed to the Hong Kong High Court.
According to media reports, in August and October 2016, Huang Youlong borrowed a total of HK$150 million from Minnuo International Finance Co., Ltd. (hereinafter referred to as "Minnuo"). On the maturity date of the loan, Huang Youlong not only had to repay the principal, but also had to pay 12 monthly interest payments of HK$2 million each and 3 monthly interest payments of HK$1 million each.
However, since June 2017, Huang Youlong has not returned the principal except for paying part of the interest every month.
In November 2018, Minnuo transferred all of Huang Youlong's loan interests to Wanhui, as the annualized interest rate of the loans was as high as 24%, and as of June 25 this year, Huang Youlong's first loan was still in arrears of HK$100 million in principal, HK$2 million in interest for four months and four installments, and interest of about HK$90 million for the period, plus the principal amount of HK$50 million for the second loan, and about HK$50 million in interest for the period, i.e. a total of about HK$298 million.
From the perspective of timeline, since the beginning of 2017, Huang Youlong has no longer repaid on time, and it was the time when Huang Youlong and Zhao Wei acquired Wanjia Culture and were administratively punished and banned from the market by the CSRC due to violations of laws and regulations.
That is, since 2017, Huang Youlong has repeatedly reported bankruptcy news. In December 2019, Hong Kong celebrity Cai Yifeng posted on social platforms, saying that her well-known actress husband owed her 370 million, and finally only repaid 150 million, and there were more than 200 million unpaid.
Regarding the parties' exposés, Huang Youlong pointed out that the facts did not conform, and also said that the other party distorted the facts, and hereby issued a lawyer's statement.
The two sides each held the matter once, and then Cai Yifeng sued Huang Youlong in court. After half a year, Cai Yifeng told the media that he (Huang Youlong) has not submitted a defense until now, and if he has not responded, then the court will rule that he has lost the case and will clean up his property to repay the debt.
In May 2020, Singapore media reported that Huang Youlong had spent 130 million yuan to purchase a permanent property in Ardmore Park, and was accused of transferring property.
Shi Yuzhu's 199 million yuan equity was frozen
Shi Yuzhu, who was also listed as a defendant by Minsheng Trust, was very close to Zhao Wei and his wife. According to the Beijing News, in May 2013, Shi Yuzhu revealed on Weibo that he was visiting the winery under the leadership of "Zhao Wei's close comrade-in-arms - Brother Long".
Soon this friendship extended to capital markets. In May 2015, Huang Youlong, Shi Yuzhu, Ma Yun, Yu Feng, etc. jointly subscribed for shares of Ruidong Group (now renamed "Yunfeng Financial"), which rose by more than 150% on the opening day of June, allowing Shi Yuzhu, Huang Youlong and others to achieve a floating profit of 27.7 billion Hong Kong dollars, shaking the Hong Kong stock market.
The "Contour Line" investigation found that on June 3, 2016, a company established in Hong Kong called Sansi people management consulting co., LTD. appeared at the same time Shi Yuzhu and Huang Youlong. In addition, when Ant Group planned to go public last year, Shi Yuzhu and Zhao Wei's mother Wei Qiying both appeared on the list of Ant shareholders.
However, Shi Yuzhu, who is known as a "big idle person", has not been calm recently. First, on August 19, 2021, the Beijing Financial Court froze Shi Yuzhu's current equity interests in Zhuhai Giant High-Tech Group Co., Ltd., Zhuhai Gentleman New Technology Co., Ltd., and Hangzhou Yunxi Investment Partnership (Limited Partnership), and the amount of the frozen equity was 2.7794 million yuan, 16.3 million yuan and 65 million yuan respectively, and the freezing period was 3 years each.
The next day, Shi Yuzhu posted on Weibo, "Help friends, help life more, help less career." "It is suspected that in response to the reason for the share freeze.
Giant Group also clarified in its external response, saying that many years ago, Shi Yuzhu helped a company make a personal guarantee, and the relevant party issued a disclaimer to him. But later, due to the impact of business development, the company launched a lawsuit against Shi Yuzhu according to the process, resulting in the freezing of the equity.
On August 25, Shi Yuzhu was frozen again, and his equity in Giant Investment Co., Ltd. and Ningxia Giant Venture Capital Co., Ltd. was frozen for 114.38 million yuan and 1 million yuan respectively. Combined with the previous three frozen shares, the total amount is as high as 199 million yuan.
According to media reports, Shi Yuzhu's above-mentioned equity was frozen, which may be related to the acquisition of overseas game company Playtika by Giant Network in 2016.
According to public information, in 2016, Giant Network, together with Hony and Oceanwide and other institutions, spent 30.5 billion yuan to win the overseas game company Playtika, which is an Israel-based board game company and a leading company in the field of casual online games in the world.
Subsequently, in 2016, 2018, and 2019, it was proposed to acquire Playtika through restructuring three times, trying to fit into the Giant Network, but all of them failed.
This year, Shi Yuzhu tried to realize playtika from equity investment to financial consolidation through gifts, but it still did not come to fruition.
On June 14, according to the announcement of Giant Network, Shi Yuzhu's Giant Investment Plan will give 1.1% of the equity of Giant Network held by it to the listed company free of charge. Jukun Networks holds a 42.04% stake in Alpha Corporation (Playtika's parent company).
According to the announcement of the "Gift Agreement" of Giant Network, Jukun Network, which holds 49% of the equity and the controlling shareholder Giant Investment holds 51% of the equity, can change The Giant Network from an associated company to a holding subsidiary of the listed company after the controlling shareholder transfers 1.1% of the equity to the listed company to make its shareholding ratio reach more than half, that is, 50.1% of the equity, and realize the merger.
However, the equity gift received two letters of concern, asking Giant Network to fully explain whether Playtika was suspected of gambling, and finally the transaction plan was "stranded" in less than a month.
Because it cannot be sold to listed companies, the external funds originally used for acquisition have never been able to be realized, which has also brought certain troubles to Giant Network and its chairman Shi Yuzhu. Some insiders said that this may cause relevant investors to ask Shi Yuzhu or Giant Network Company to repay the relevant assets.
Since the return of Backdoor Century Cruises to A-shares at the end of 2015, the stock price of Giant Network has been declining. As of the close of trading on October 12, Giant Network closed at 10.73 yuan / share, compared with its highest point of 77.41 yuan / share, a decline of more than 80%.
Minsheng Trust is deeply involved in the "thunderstorm" storm
As the plaintiff's party, Minsheng Trust is currently in the midst of a "thunderstorm". After equity penetration, Minsheng Trust is an investment institution under Oceanwide Group, and the actual controller is Lu Zhiqiang, with a shareholding ratio of 37.54%.
On March 27, 2021, Lu Zhiqiang issued a "Letter to Investors" on the failure of wealth management products and private equity funds in Minsheng Trust and Minsheng Wealth to be paid as scheduled, saying that he was speeding up the introduction of war investment and striving to complete the bidding at three time points in July, October and December this year.
At this point, the issue of the inability of Minsheng Trust-related products to be paid on time has been officially disclosed. If you comb through the "stepping on the pit" case of Minsheng Trust in 2020, its thunderstorm has already been foreshadowed.
In June 2020, the 8 billion yuan "fake gold" incident of Wuhan Jinhuang Jewelry broke out, and a number of trust companies such as Minsheng Trust, Dongguan Trust, Anxin Trust, and Sichuan Trust were involved, and the financing scale provided by Minsheng Trust reached 4 billion yuan.
In addition, Minsheng Trust was also involved in the "thunder" incidents such as the false transaction case of the subsidiary of China Construction Fifth Bureau, the overdue event of Xinhualian bonds, and the Kaidi Ecology, and in the three months at the end of last year, a number of trust products issued by it were postponed, including Zhixin 828, Zhixin 1161, Zhixin 823 and Zhixin 381.
The whereabouts of the funds for the overdue projects of minsheng trust are partly related to Shi Yuzhu's companies. For example, zhixin 381 trust product funds were used to invest in the convertible debt of Beihai Hongtai Investment Co., Ltd., and Shi Yuzhu provided an unlimited joint and several liability guarantee guarantee for the repayment of the principal and interest of the debt, and the project was currently overdue.
In the successive extensions of Zhixin No. 828, the financier, Wuhan Boshou Real Estate Co., Ltd., was 100% controlled by Wuhan Yuxin Real Estate Co., Ltd. before it transferred to Minsheng Trust in December 2019.
One of the former shareholders of Wuhan Yuxin, Beijing Yingsheng Innovation Technology Co., Ltd. (which completely withdrew from Wuhan Yuxin on March 1 this year), is Jiang Zhaohe, a member of Taishan Hui, and the companies that have invested include derivative technology of Tang Jun, the group loan network, Liu Chuanzhi's Lakala, and Shi Yuzhu Giant's Shanghai Jiante Life Science and Technology. If you analyze it further, you will also see the figures of Fu Jun of XinhuaLian and Lin Rongqiang of Xinyuan Holdings.
The capital scale of Zhixin No. 1161 is 1.05 billion yuan, which is used for the transfer of 20% equity income rights of Shanghai Jiante Life Science and Technology controlled by Shi Yuzhu.
The funds due to the project were difficult to recover, and Minsheng Trust began to prosecute the various financing parties. On September 10, Shenzhen Logistics, a subsidiary of Baoneng, announced that Minsheng Trust was pursuing a loan of more than 2 billion yuan from Baoneng. It is not surprising that Shi Yuzhu, who has a lot of intersection with minsheng trust, is listed as a defendant.
The minsheng trust thunderstorm also affected the parent company Oceanwide Holdings, which continues to withdraw funds through the disposal of assets. Including the sale of all the equity of Beijing Oceanwide International Project No. 1 and Shanghai Dongjiadu Project to Sunac for 12.553 billion yuan in January 2019, and the transfer of 10.7% of the equity of Minsheng Trust and the commercial and parking spaces of Building 1 of Hangzhou Oceanwide International Center to Sunac in June this year, with a return of 2.2 billion yuan.
In addition, some of the equity of Minsheng Securities, the land plot of Wuhan Central Business District, and the Courtyard by Marriott Wuhan Hotel have been sold. However, even so, Bank of Beijing Shanghai Branch recently sued Oceanwide Holdings International Co., Ltd., an overseas subsidiary of Oceanwide Holdings, to the court, demanding that Oceanwide Holdings International repay the principal amount of US$69.3 million (RMB447.5 million).
According to the financial report, in the first half of 2021, Oceanwide Holdings' net profit attributable to the mother was 540 million yuan, and the total liabilities reached 136.288 billion yuan, accounting for nearly half of the interest-bearing liabilities, but the monetary funds were only 16.394 billion yuan.
What makes investors sigh is that Lu Zhiqiang and Shi Yuzhu, who are also members of the "Taishan Society" and directors of Minsheng Bank, are now facing Bo Gongtang because of debt disputes.