Wu You, founding partner of Jinghu Capital, announced that he would donate 11 million yuan to his alma mater, but after being sued by the alma mater foundation for failing to fulfill his donation commitment when due, he became a dishonest executor.
After the incident caused heated discussion, on March 10, the surging news reporter called Zhong Xiaodong, secretary general of the Education Development Foundation of China University of Mining and Technology, and Zhong Xiaodong said that "it means that it should be donated, without saying the specific use or the impact of the project." As for why Wu You failed to contribute and whether there are any difficulties at present, Zhong Xiaodong said, "We will have an explanation later, and the specifics are not as complicated as you say." As for why he sued Wu You, Zhong Xiaodong said: "Still an alumnus, we have always been in contact with him, and there are some processes. ”
Wu You is a 2008 alumnus of China University of Mining and Technology, and in July 2022, the China University of Mining and Technology Education Development Foundation and Wu You's related gift contract dispute was first heard in the Tongshan District People's Court of Xuzhou City. In February this year, Wu You became a dishonest executor for failing to fulfill his legal obligations and was restricted from high consumption.
The Paper learned from people close to Wu You that on March 9, after the case aroused heated discussions in the society, Wu You wrote in the circle of friends: "Most of those who can play a bad hand well are long-termists, while those who play a bad hand are usually opportunists." Long-termists pay attention to system building, that is, the manipulation of things, and opportunists pay attention to the construction of interest circles, that is, the manipulation of people. ”
Insider: "There has been communication between the two sides"
"From 1909 to 2019, the 110th anniversary is just the great beginning. In the future, the University of Mines will not only be China's mine, but also the world's mine! Come on, Lord Miner! In April 2019, Wu You, as the founding partner of Jinghu Capital and a donor of 11 million yuan, stood on the stage of China University of Mining and Technology.
Wu You, a 2008 mineral processing engineering student at China University of Mining and Technology, chose to drop out of school to start a business after only a year in school. According to the official website of China University of Mining and Technology, in April 2019, on the occasion of the 110th anniversary of the founding of the university, Wu You donated 11 million yuan to China University of Mining and Technology to support the development of education of China University of Mining and Technology. China University of Mining and Technology awarded Wu You the appointment letters of "Special Counselor of China University of Mining and Technology" and "Innovation and Entrepreneurship Mentor of China University of Mining and Technology".
Image from China University of Mining and Technology
However, three years later, the situation of good relations between the two sides ushered in a polar reversal. Due to Wu You's failure to perform the contract, in 2022, the China University of Mining and Technology Education Development Foundation took Wu You to court for "gift contract disputes".
The People's Court of Tongshan District of Xuzhou City held two hearings on July 28, 2022 and August 9, 2022, and finally ruled that Wu You should pay 11 million yuan before December 31, 2022. However, due to Wu You's failure to perform the payment obligations specified in the effective legal documents within the period specified in the enforcement notice, Wu You became a dishonest defendant on February 23 and was issued a consumption restriction order by the court.
The Paper learned from people close to Wu You that on March 9, after the case aroused heated discussions in the society, Wu You wrote in the circle of friends: "Most of those who can play a bad hand well are long-termists, while those who play a bad hand are usually opportunists." Long-termists pay attention to system building, that is, the manipulation of things, and opportunists pay attention to the construction of interest circles, that is, the manipulation of people. ”
"Now the voice is noisy enough, the heat is very high, and the fire needs to be lowered, his own information has exploded, and he is also busy on March 9." A person familiar with the matter revealed to The Paper on March 10, "They (the Mine University Recipient Foundation and Wu You) have also been communicating." However, in the process of communication, the two sides failed to understand each other. ”
Wu You proposed to use the proceeds of the fund to compensate, but the school did not accept it
After the Wu You incident, both Wu You himself and China University of Mining and Technology attracted criticism, in addition to legal issues, first, why did the university insist on choosing a lawsuit? Second, why did Wu You fail to implement the donation?
The trial record of the Tongshan District People's Court in Xuzhou City on August 9, 2022 restored part of the cause of the matter.
The surging news reporter found that the trial began at 9:40 a.m. that day and lasted for nearly an hour, and Wu You himself and the school's lawyer participated in the lawsuit. Most of the time, it was Wu You who explained the financial difficulties encountered before and after the donation.
"When I donated, I didn't have enough cash on hand. However, because there was a project to exit, it was more optimistic (on the financial situation), and the project reorganization failed. Wu You explained during the trial, "After pledging to donate, the fund I managed encountered more difficulties, and several of our important LPs (limited partners), that is, fund contributors, faced a thunderstorm. ”
Wu You believes that he is currently unable to meet his obligations, and has proposed a compromise plan, that is, using the proceeds of the fund under his management to pay the donation.
"The management size of our fund is 200 million yuan, and the general industry rule is that we as a GP (limited partner) will receive 20% of the investment income. My personal share in GP is 46%. "For example, if the fund we manage generates 200 million yuan of income, GP can share 20% of the 200 million yuan earned is 40 million yuan, and my personal income is less than 20 million yuan."
Wu You said: "I want to say slowly, there are some benefits from the exit of today's project, and there will be some benefits from the exit of another project tomorrow." In the past, the general environment was not good, but after the epidemic passed, the market picked up and will slowly solve this problem, and I am confident that the income will exceed this figure (20 million yuan). ”
The Paper noted that the fund proposed by Wu You is Fengyi and Changlongchen Pharmaceutical Industry Investment Center (Limited Partnership), which was established in 2018 with a registered capital of 10 million yuan. According to Tianyancha data, the fund's 2021 annual report recorded three foreign investment enterprises, namely Jiujiang Enofi Technology Co., Ltd., Jiangxi Cheyi Tongcheng Internet of Vehicles Technology Co., Ltd., and Beijing Ansong Technology Co., Ltd.
Image from Tianyan Check
Industry insiders also said that the life cycle of a fund is mostly 7-10 years, the first five or six years are the investment period, and the last two or three years are the exit period. "From this perspective, the above funds are close to the exit period. However, it is still in the cold winter, and the difficulty of exiting is a common problem in the industry, and the exit also depends on the market performance, if it is a listing exit, it is also affected by the lock-up period and stock price performance. ”
It is worth noting that the return of the fund is greatly affected by the project, and after the listing of high-quality targets, early investors can even obtain more than a thousand times the return, but there are also investors who lose their money due to the thunderstorm of the project. According to the prospectus submitted by Tiantu Investment, which is also an investment institution, from 2019 to 2021 and from January to June 2022, the funds under management of Tiantu Investment achieved an average internal rate of return of 16.2%, 17.8%, 28.2% and 20.5% respectively.
In other words, the "compromise plan" proposed by Wu You, whether it is the timing and benefits of withdrawal, is full of uncertainty.
The school did not adopt this approach. Wu You said during the trial that a year ago (that is, in 2021), he submitted the information on holding the fund to the school, and proposed to convert the proceeds of the fund into donations, "but the school said I only needed money." ”
The school's lawyer said he could not explain it to the higher authorities
In an interview with The Paper, asked why Wu You failed to contribute and whether there were any difficulties, Zhong Xiaodong said: "We will have an explanation later. As for why he sued Wu You, the other party said: "Still an alumnus, we have always been in contact with him, and there are some processes." ”
The Paper learned from the trial records that Wu You's attitude towards handling this matter was not positive before the deadline for fulfilling the donation agreement arrived.
"The school staff contacted the defendant in many ways, and the defendant often adopted an evasive attitude. Moreover, the school has been negotiating with Wu You, and on March 27, 2022, after Wu You received the lawyer's reminder letter, there was no actual performance behavior. On August 9, 2022, the school's lawyer revealed during the trial.
However, the lawyer representing the university also pointed out that Wu You's donation was a good act, but while the donation received unanimous praise from the majority of alumni, Wu You's breach of contract had a bad impact on China University of Mining and Technology.
"After accepting the donation, if the plaintiff did not take rights protection actions against this non-performance of the contract, it was also an indulgence of this dishonest behavior, and at the same time, it was unable to explain the control of the higher education department on the performance of the contract, so it was forced to file this lawsuit." The school's lawyer said, "On the one hand, I hope that the defendant can understand that in this case, the school cannot explain to the higher education department." On the other hand, it is hoped that the defendant will be able to keep his word and actively perform the contract, so as to prevent the public from gaining praise in the name of donation, but instead consuming the public's trust and destroying the social atmosphere. ”
At the end of the trial, Wu You always stressed that he would continue to perform the contract, "I didn't want to lift it for a moment, saying that even if it was difficult, I felt that I had to do it all the time, but I'm sorry, I need time." ”
According to public information, Jinghu Capital conducts foreign investment through the investment entity of Xinyu Jinghu Hechang Investment Management Co., Ltd. (hereinafter referred to as "Jinghu Hechang"), and Wu You is the actual controller. Jinghu and Chang are mainly involved in other funds, and the most recent public investment was in 2020.
According to the data of China University of Mining and Technology, Wu You has led and successfully operated a number of incubation, mergers and acquisitions projects based on the transformation and upgrading of listed companies, including "Nine-Story Demon Tower", "Beijing Meets Seattle", "Crossover Singer", "Crossover Comedy King" and so on.
It is worth noting that the official public account of Jinghu Capital Jinghu and Chang has not been updated for many years, and its official website page can no longer be displayed normally. On March 10, The Paper noticed that the public account had been voluntarily cancelled.
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