Zhao Wei's husband, Huang Youlong, was accused of owing HK$300 million: 150 million loans + 150 million interest

According to Hong Kong media reports today (29th), Zhao Wei's husband Huang Youlong was suspected of defaulting on nearly 300 million Hong Kong dollars (about 250 million yuan) and was sued by creditors.

According to comprehensive Hong Kong media reports, HK$300 million includes HK$150 million (about RMB125 million) of loan principal and HK$150 million in interest.

The plaintiff is Wanhui Co., Ltd., and there are two defendants, the first defendant is Huang Youlong and the second defendant is Kui Yufeng. Wanhui Co., Ltd. introduced in the appeal that in August 2016, Huang Youlong borrowed HK$100 million from Minnuo International Finance Co., Ltd. with a monthly interest of HK$2 million (about RMB 1.66 million), and repaid the principal after one year, with Kui Yufeng as the guarantor.

In October of the same year, Huang Youlong once again borrowed HK$50 million (about RMB41.6 million) from Minnuo International, with an interest of HK$1 million per month, and repaid the principal after 3 months, with Kui Yufeng acting as a guarantor again.

However, since June 2017, Huang Youlong has not repaid the principal except for part of the interest every month.

Wanhui Limited said that as of now, the principal of the first loan plus loan has accumulated to HK$199 million (about RMB166 million), and the second loan has accumulated to HK$98.95 million (about RMB82.32 million), requiring the two defendants to immediately pay off the relevant amounts and pay the interest and related litigation costs that continue to accrue before repayment.

According to the appeal, since the beginning of 2017, Huang Youlong has no longer repaid on time, and at that time, it was exactly the "turning point" in the capital business of Huang Youlong and Zhao Wei, who had previously appeared in a high-profile manner as a "stock god couple", and the two people who had appeared in a high profile before were found to try to empty gloves with false information: Longwei Media claimed to have invested 3 billion yuan to acquire Wanjia Culture (now "Xiangyuan Culture"), but in fact, Longwei Media only took out 60 million yuan from its own pockets, and the remaining 3 billion yuan was all borrowed, with a leverage ratio of up to 51 times.

Later, due to the huge amount of project financing, the loan applied for by Zhao Wei and his wife to the bank was delayed in being approved, resulting in the final termination of the acquisition case and being investigated and punished by the CSRC. The farce led to sharp fluctuations in stock prices and huge losses to shareholders.

The CSRC investigation showed that Longwei Media had false records, misleading statements and major omissions in information disclosure, so it gave the top penalty: Wanjia Culture and Longwei Media were ordered to make corrections, gave warnings, and fined 600,000 yuan respectively, and Huang Youlong, Zhao Wei and others were given warnings and fined 300,000 yuan respectively.

According to upstream news previously reported, through high leverage, the acquisition of the equity of Xiangyuan Culture (formerly Wanjia Culture) for 3 billion yuan also made the stock price of Xiangyuan Culture undergo a "roller coaster" change until it fell to the bottom.

In the announcement issued by Xiangyuan Culture on November 10, 2017, it was mentioned that Xiangyuan Culture was suspended on November 28, 2016, and the stock price of Wanjia Culture was 18.83 yuan at the time of the suspension. After the resumption of trading on January 12, 2017, Wanjia Culture rose for two consecutive trading days, and continued to close on the third and fourth trading days, rising as high as 25.00 yuan, an increase of 32.77%.

On February 8, 2017, Wanjia Culture suspended trading again, and the stock price at the time of the suspension was 20.13 yuan, and on June 2, 2017, The stock price of Wanjia Culture fell to a low point of 8.85 yuan. As of July 21, 2017, Wanjia Culture's closing price was 9.03 yuan, down 63.88% from the highest point of 25 yuan on January 17, 2017, and down 45.20% from before the first suspension on November 28, 2016.

The continuous decline in stock prices has caused shareholders to concentrate on protecting their rights. Shareholders believe that according to the Securities Law and relevant judicial interpretations, listed companies and other information disclosure obligors should bear civil compensation liability for damages to the rights and interests of investors caused by false statements.

As of May 18, 2019, Xiangyuan Culture had received a total of 544 securities misrepresentation liability dispute cases, with a total litigation amount of more than 57 million yuan.

On November 20, 2018, the Shanghai Stock Exchange disciplined Xiangyuan Culture, Longwei Culture and relevant responsible persons, and publicly determined that Huang Youlong and Zhao Wei were not suitable to serve as directors and supervisors of listed companies for five years.

This article is an exclusive manuscript of the Observer Network and may not be reproduced without authorization.