Source: Time Weekly Author: Zhan Xingjing
On May 15, ST Anxin (600816.SH) announced that the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission has approved Mr. Zeng Xu's qualification as the general manager of Anxin Trust.
In March this year, Anxin Trust has issued an announcement on the appointment of Zeng Xu as the general manager of the company, and the release of this approval announcement means that the general manager of Anxin Trust has been officially determined.
This year, Anxin Trust has taken frequent actions, including changing the name of the trust, promoting the landing of 9 billion yuan of fixed increase, recruiting a number of management positions, and starting the payment work. After the trust project stepped on the thunder and the performance continued to lose money for 5 years, can Anxin Trust stop the decline and usher in a new life?
Star analyst becomes new general manager
Zeng Xu, born in June 1978, holds a postgraduate degree and a doctorate in business administration. He used to work for Guojin Securities Co., Ltd., CITIC Securities Co., Ltd., Industrial Securities Co., Ltd., etc. He used to be the chief researcher, assistant director, deputy director and secretary of the party branch of the research institute of Industrial Securities Co., Ltd.; Secretary of the Party Committee and General Manager of Industrial Securities Shanghai Branch; Secretary of the Party Committee and President of Industrial Securities Asset Management Co., Ltd.; Secretary of the Party Branch and General Manager of the Digital Intelligence Finance Department of Industrial Securities.
It is reported that Zeng Xu served as the chief researcher of the transportation and logistics industry, and won the first place in the transportation and logistics industry of "New Fortune" Best Analyst for five consecutive years from 2009 to 2013.
In September 2022, with the transfer of the equity of Anxin Trust from Shanghai Guozhijie to Sinosure Fund, after losing the position of major shareholder, the executives of Anxin Trust ushered in a "big change", Shao Ming'an, Gao Chao and Huang Xiaomin associated with Shanghai Guozhijie left one after another, and some management positions were vacant, and Anxin Trust began a large-scale executive recruitment action.
Before Zeng Xu, Anxin Trust executives welcomed many new candidates, including Chairman Qin Yi, Vice Chairman Qian Xiaoqiang, Deputy General Manager Li Lin and others, who announced their appointment in September 2022. At that time, Anxin Trust stated that in view of the fact that the general manager (president) of the company has not yet been determined, it agreed that before appointing an appropriate person to serve as the general manager (president) of the company, Chairman Qin Yi will act as the general manager (president) of the company.
In November 2022, Essence Trust issued an announcement on the market-oriented public selection of senior managers, including 1 president, 1 vice president/business director (securities), and 1 financial technology director. In March this year, it was announced that Zeng Xu was appointed as the company's general manager.
Since March this year, Anxin Trust has repeatedly released recruitment information to recruit people, including the trust business department, financial market department, risk management department, legal compliance department, special asset management department, trust property department and other departments management positions, involving standard product risk control, disposal of non-performing assets or disposal of non-standard risk projects.
Judging from a series of actions, Essence Trust is selecting new management through market-oriented methods to prepare for the comprehensive restart of business and market-oriented operation in the future.
Image source: Figureworm
Investor payouts are initiated, and losses have been made for 5 consecutive years
Recently, the payment of natural person investors of Anxin Trust has ushered in new progress.
On May 12, Anxin Trust issued an announcement that according to the "Trust Beneficiary Right Transfer Contract" signed by Shanghai Wei'an Investment Management Co., Ltd. (hereinafter referred to as "Wei'an Company") and natural person investors who are willing to transfer, Wei'an Company must pay the first transfer payment before May 15, 2023. The company has now received a letter from Wei'an confirming that it has started the transfer payment process
According to media reports, the investor who signed the trust share transfer agreement has received the first payment of Anxin trust products, which is 35% of the transfer amount, and the payment party is Shanghai Wei'an.
The payment incident of natural person investors of Essence Trust was mainly due to the thunder of trust projects of Essence Trust in previous years, and it was difficult to pay the principal and interest of investors.
According to the announcement of Anxin Trust at the end of 2018, a loan issued to Zhonghong Zhuoye, a related party of Zhonghong Shares, could not be recovered when it expired, and the amount was 550 million yuan, which was 100% of the impairment provision. In June 2019, Anxin Trust was exposed to the delay in the payment of some products, and a large number of lawsuits were triggered due to the existence of a minimum guarantee commitment in the trust business in the previous period. At that time, Essence Trust replied to the Shanghai Stock Exchange's inquiry letter, saying that the real amount that could not be paid was as high as 11.76 billion.
In order for investors to exit as soon as possible and avoid expanding losses, in December 2021, Anxin Trust issued the Notice on the Transfer of the Trust Beneficiary Rights of Natural Person Investors of Anxin Trust by Shanghai Wei'an Investment Management Co., Ltd. through official micro-mediation, announcing the risk mitigation plan for natural person investors of Anxin Trust.
According to the media, the disposal plan is a one-time transfer rather than a payment, and it is a "discount payment", for example, investors with a principal size of less than 3 million can get back 80% of the principal if they choose to pay in the immediate payment and 90% in the forward. Specifically, depending on the payment time, 35% of the payable will be paid at 3 months at sight, and the remaining 65% will be paid at 9 months; 35% for 12 months forward, 35% at 24 months and 30% at 36 months.
The 2021 annual report of Essence Trust disclosed that as of the end of the transfer work on January 28, 2022, the overall signing rate of natural person investors exceeded 94%.
According to the previous risk disposal arrangement, the first batch of payment for the "discounted payment" of natural person investors will start from 3 months after the approval of the fixed increase.
On February 15, Anxin Trust's fixed increase plan was approved by the China Securities Regulatory Commission. This also means that the first payment is made no later than May 15, 2023, and the last payment is made no later than February 15, 2026.
Anxin Trust has achieved benefits such as the replenishment of senior management, the start of payment by natural person investors, and the landing of 9 billion yuan, but its performance has not improved in the short term.
According to the annual report, from 2018 to 2022, Anxin Trust recorded operating income of 205 million yuan, 478 million yuan, 298 million yuan, 225 million yuan and 195 million yuan, respectively, and recorded a net profit loss of 1.834 billion yuan, 3.993 billion yuan, 6.738 billion yuan, 1.129 billion yuan and 1.042 billion yuan, with a cumulative loss of 14.736 billion yuan in 5 years.
The operating performance of Anxin Trust in the first quarter of this year is also not optimistic. According to the first quarterly report of 2023, Anxin Trust achieved a total operating income of 11.024 million yuan during the reporting period, a year-on-year decrease of 33.1%; The net profit attributable to shareholders of listed companies was -21.7929 million yuan, and the loss decreased by 95.42% year-on-year.
Due to poor management and other reasons, on May 10, Anxin Trust received an inquiry letter from the Shanghai Stock Exchange, which involved explaining the reasons for the continuous decline in operating income; Whether the main income in 2022 will come from the single trust project and is small, whether the related income is sustainable; There are a number of issues such as whether the relevant litigation compensation will have a material adverse impact on the company's production and operation, financial status, and future development. So far, Essence Trust has not responded to the inquiry letter.