Written by | Shinna
Produced by | Focus on Finance
After the explosion of more than 20 billion wealth management products, with the exposure of multiple parties, Cedar Holdings' huge financing network emerged in front of the public.
In the name of "supply chain finance", with "accounts receivable" as the underlying asset, through the Gold Exchange, the Property Exchange and the Pseudo Gold Exchange, Cedar Holdings has issued hundreds of wealth management products through the Qianhai Runbang Wealth Sales Team, Cedar Trust Sales Team, Pine cone app, etc. Under the dazzling operation, many investors do not even know whether they are buying cedar trust or Runbang wealth products, and now the payment of gold exchange products and trust products is almost at a standstill.
On February 24, Focus Finance learned from informed sources that Cedar Holdings held a video conference with investors, and Zhang Jin, the actual controller of Cedar, raised 50 million yuan and gave a preliminary payment plan for overdue products of the Gold Exchange. However, compared with the scale of 20 billion financial management, investors are not very satisfied with this plan.
On the other hand, Cedar Development and Qi Xiang Tengda, two listed companies under Cedar, are also involved in the whirlpool, and recently for the Shenzhen Stock Exchange's successive inquiries, the two listed companies are eager to clarify that the supply chain business related to the underlying assets of Cedar Wealth Management has nothing to do with "idling" trade.
Investors are dissatisfied with the initial redemption plan
The crisis of Cedar Wealth Management's overdue has been fermenting since April 2021, due to the five missed contracts promised by Cedar Holdings, in early February 2021, investors went to Cedar Headquarters and unveiled the "secret" of Cedar Holdings' wealth management products.
According to multi-party information, excluding the calculation of trust products, the scale of wealth management products raised by Cedar Gold Exchange is about 20 billion yuan, involving more than 8,000 investors. The sales channels of wealth management products on the Gold Exchange are mixed with Cedar Trust, and some investors have purchased such products under the recommendation of Cedar Trust financial planners.
According to Prism, after the investor discovered the problem, he reported the situation to the Jiangxi Banking and Insurance Regulatory Bureau, where Cedar Trust is registered, and the bureau replied that it had taken regulatory measures against Cedar Trust and strictly prohibited financial planners from selling other financial products other than the company's trust products.
When will Cedar Wealth Management's redemption plan be announced, which is also the most concerned issue for investors now. On February 24, Focus Finance learned from informed sources that Cedar and investors held a video conference to talk about the initial payment plan. However, this plan has not yet been officially announced to the public, and the final plan may be adjusted.
The preliminary plan shows that the actual controller Zhang Jin raised 50 million yuan and paid the funds in the government account.
1. For gold exchange products that mature before the end of August 2021, the principal will be redeemed by 1%, and the first payment will be 0.5%;
2. Seriously ill customers pay 60,000 yuan per person in advance, which needs to be reviewed by the government;
3, to the house to pay off the debt, located in zhongshan plot, before the end of February will be publicized, customers can go to the scene to see the house, clear after the online signature, do the debt offset, before the delivery of the debt will be retained;
4. The customer pays the debt with the house, which is to sign the application for payment of the house and the confirmation of the balance of the debt, and the fastest should be the Xiangmishan project.
5. The 50 million funds received to the account will not be paid the interest due in December 2021, January and February 2022, and the next fund will be redeemed and the relevant interest will be paid.
6. As of now, 9% of the financing in the redemption plan has not yet arrived.
According to people familiar with the matter, investors are not satisfied with the redemption plan and have not yet formed a document.
In terms of trust, according to the 2022 annual work conference of Cedar Trust, there is no 20 billion overdue project with a scale of 20 billion that has been misreported. For some reports, the company's Changtai Zhengxin products and "capital pool" sharp increase products are overdue. The Changtai series of projects is operating normally; the "capital pool" sharp increase products have also been completely cleaned up at the end of 2020, and the company currently has no capital pool or TOT capital pool products. Evergreen series products, the current stock of about 2 billion yuan, the company's parties have been speeding up the disposal, and actively communicate the payment.
The financial products of the Gold Exchange are 20 billion overdue, the initial payment plan investors do not buy it, while the Cedar Trust Evergreen series products are still in stock of 2 billion, and the road to Cedar demolition is still long.
Cedar's listed companies are caught up in the whirlpool
In 2020, after strict supervision, in 2021, through the pseudo-gold exchange, and at the same time listed wealth management products on the industrial exchange, Cedar Holdings woven an intricate financing network, the underlying assets were nothing, and the supply chain business was suspected of "idling" and "closed-loop" trade. Cedar Development and Qi Xiang Tengda, listed companies under Cedar, were inquired by the Shenzhen Stock Exchange, and the two companies recently replied to urgently clear the relevant contact.
On the evening of February 23, Cedar Development replied to the Shenzhen Stock Exchange. Previously, the media reported that the financing parties of Cedar Holdings trust products involved 30 companies such as Shanghai Min Yue Nonferrous Metals Co., Ltd., Guangzhou Shunqian Trading Co., Ltd., and Shanghai Rongyi Metal Materials Co., Ltd., and Cedar Development said that 30 companies were not suppliers or customers of the company's supply chain business; the company did not participate in the supply chain business related to accounts receivable as the underlying assets of Cedar Holdings' trust products.
Cedar Development also replied about the financing situation on platforms such as the Tianjin Financial Assets Exchange, saying that in 2020 and 2021, Cedar & Co., Ltd. (Guangzhou), a wholly-owned subsidiary of the Company, raised funds on platforms such as the Tianjin Financial Assets Exchange through the transfer of the right to income from accounts receivable based on business development and payment collection needs, and the total financing amount in 2020 and 2021 was 118.8 million yuan and 55.2 million yuan, respectively, and the above-mentioned financing has been repaid. The above business is not related to Cedar Holdings' trust products.
Among the financiers of Cedar Holdings' wealth management products, Shanghai Rongyi Metal Materials Co., Ltd. is indeed a customer of Qi Xiang Tengda, and trade is a transfer method in the library.
On February 24, Qi Xiang Tengda replied to the inquiry letter of the Shenzhen Stock Exchange, saying that the company's wholly-owned subsidiaries Zibo Qi Xiang Tengda Supply Chain and Guangzhou Qi Xiang Tengda Supply Chain had traded with Shanghai Rongyi Metal Materials, and the amounts involved in the transaction had been settled according to the contract. Shanghai Rongyi is a supplier, when the company and Shanghai Rongyi and downstream customers transactions, all goods are mainly in the form of transfer in the warehouse, although the goods are not out of the warehouse, but the ownership of the goods has been transferred.
Qi Xiang Tengda said that this is a common trading method for bulk trade. As the main responsible person, the domestic supply chain company controls the entire transaction process, grasps the control of the goods, assumes the corresponding commercial risks, and realizes the payment of funds and the return of the payment, so the transaction has a commercial nature and authenticity. In addition to the above transactions, the domestic supply chain company has not had transactions with other financiers of the wealth management products involved by Cedar. The Company has no affiliation with the aforementioned entities and other relationships that may lead to the tilting of interests.
Two listed companies were caught in the whirlpool of public opinion under the influence of Cedar, and Guangzhou state-owned enterprises were also caught in Cedar's big network. According to Caixin, guangzhou state-owned enterprises invested in cedar in the scale of about 20 billion yuan, Guangzhou City Investment and Guangzhou Science City Group have repeatedly borrowed "blood transfusion" from it and the Cedar joint venture company, of which science city group not only "transfusion" cedar, but also took over part of Baoneng's assets, which can be described as stepping on two thunderbolts in a row.
Zhang Jin has said that he will sell assets as soon as possible to withdraw funds, and the assets he said can cover the scale of 20 billion financial management, which is still unknown.