Nearly 100,000 shareholders were dumbfounded! Yingluohua's 120 million wealth management only came back 4.37 million, "can't claim"

120 million yuan only recovered 4.3692 million yuan, Yingluohua Wealth Management "stepped on the thunder", and was also involved in the "3 billion yuan private equity runaway" incident, what happened?

"Running away Yu Yao"

In order to improve the efficiency of the use of idle own funds and increase income, on January 18, 2023, Zhejiang Lianyi Motor Co., Ltd. (hereinafter referred to as "Lianyi Motor"), a wholly-owned subsidiary of INOVA, signed the "Guotong Trust Tianyu No. 4 Single Fund Trust Trust Contract" with Guotong Trust, and subscribed to the "Guotong Trust Tianyu No. 4 Single Fund Trust" from Guotong Trust with idle own funds of 120 million yuan, with a term of 12 months and an expected annualized rate of return of 5.35%.

According to Yingluohua's latest announcement, LINIX Motor has recovered a total of 4.3692 million yuan. In view of the maturity of the trust wealth management product, there is uncertainty in the recovery of the remaining funds, and there is a risk that the principal and interest cannot be fully paid.

"In addition to the above-mentioned trust products, the company has not purchased other wealth management products. Yingluohua mentioned in the announcement that the company's current operating conditions are good and the financial situation is stable, and this matter will not affect the company's continuous operation and daily operating capital needs. The company will pay close attention to the relevant progress of the above-mentioned trust products, and said that the company has designated a special person to be responsible for the continuous tracking and communication of the project, and regularly issues an instruction letter to Guotong Trust to redeem all the underlying fund shares.

The trust wealth management product also involved the "3 billion yuan private placement runaway" incident.

The trust funds of this product are mainly invested in the Yuyao Private No. 5 Private Securities Investment Fund (hereinafter referred to as the "Underlying Fund") issued by Hangzhou Yuyao Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Hangzhou Yuyao") as the manager, and the underlying fund mainly invests in stocks, bonds, public funds, bond reverse repo, stock index futures, asset management products, bank deposits, etc.

In late November 2023, the "3 billion yuan private placement ran away" incident fermented, and Hangzhou Yuyao was one of the private placements involved. On November 24, 2023, the China Securities Regulatory Commission (CSRC) stated that it would open an investigation against private equity institutions such as Hangzhou Yuyao and Shenzhen Huisheng. According to the China Securities Regulatory Commission, it was preliminarily judged that the relevant personnel controlled a number of institutions such as Hangzhou Yuyao and Shenzhen Huisheng, and made multi-layer nested investments, and there were false publicity, false information, illegal information disclosure, etc., and they may also be suspected of illegal and criminal acts. It is also understood that the public security organs have intervened to control the people involved in the case.

It should be mentioned that the incident also involved two listed companies, Zheng Coal Machinery and Hengdian East Magnetic. Hengdian DMC spent 300 million yuan to purchase Guotong Trust Yingyu No. 1 Single Fund Trust, and 13.75 million yuan has been recovered as of November 24, 2023.

Zheng Coal Machinery said that the total subscription of Foreign Trade Trust-China Soft New Power Select No. 1 Single Fund Trust, Foreign Trade Trust-China Soft New Power Select No. 2 Single Fund Trust, and Foreign Trade Trust-China Soft New Power Select No. 3 Single Fund Trust is 300 million yuan, and 29.5634 million yuan has been redeemed in advance as of November 19, 2023.

Both companies said that "the rest of the companies have the risk of not being able to pay on time or in full, and there is uncertainty about the impact on the company's profits".

"Money Maniac"

Flush data shows that Yingluohua has been buying wealth management products since 2016, with a total of 26 purchases, and will buy them almost every year, including trusts, bank wealth management, structured products, etc., with a subscription amount of more than 10 million yuan.

Straight flush screenshot

Yingluohua is one of the earliest enterprises in China to produce NdFeB permanent magnet materials, and the company is a high-tech enterprise integrating R&D, production and sales of NdFeB permanent magnet materials, motor series products and rehabilitation equipment products. The company produces sintered and bonded NdFeB permanent magnet materials and magnetic components, which are used in energy-saving motors, wind power generation, smart home appliances, automobiles (including new energy vehicles), speakers and other fields.

In the first three quarters of 2023, Yingluohua's revenue and net profit attributable to shareholders of listed companies (hereinafter referred to as net profit attributable to the parent company) decreased by 20.81% and 61.01% year-on-year, respectively. In the third quarter, the company's revenue and net profit attributable to the parent company decreased by 26.04% and 69.54% year-on-year respectively.

LINIX Motor is a national key high-tech enterprise, with major customers in dozens of countries in North America, Europe, Southeast Asia and other regions.

Yingluohua's 2023 semi-annual report shows that LINIX Motor's net assets are 696 million yuan, revenue is 405 million yuan, operating profit is 27.6473 million yuan, and net profit is 24.6907 million yuan.

"V View Financial Report" (WeChat ID: VG-View) noticed that compared with the same period in 2022, the above four data of LINIX Motor have declined. According to Yingluohua's 2022 semi-annual report, LINIX Motor's net assets, revenue, operating profit, and net profit were 1.003 billion yuan, 548 million yuan, 35.5756 million yuan, and 31.0783 million yuan, respectively.

What is the impact of the company's "stepping on thunder" wealth management products on performance? Yingluohua's response was: "It will have an adverse impact on the company's profits, and the specific situation is subject to the results of the annual audit." ”

Screenshot of the stock bar

Seeing the company's response, shareholders couldn't sit still, and someone asked, "Who is responsible for the loss?"

Xu Feng, director of Shanghai Jiucheng Law Firm, told the "V View Financial Report" that it depends on when the accident happened and when it was known, and if the information disclosure obligation was fulfilled in a timely manner and truthfully disclosed, there would be no claim problem. According to the Yingluohua incident, the maturity date of the trust wealth management product is January 17, and the company made an announcement on January 19, and the disclosure compliance within two trading days is not a claim problem.

"Bearish news may have an impact on the stock price, but it is a normal production and operation disclosure, and the premise of the claim is misrepresentation, unless there is a misrepresentation, there will be no claim problem. Xu Feng said.

As of the close of trading on January 22, Yingluohua fell 7.41%, and the lowest price in the session was 4.94 yuan, a new low in nearly two and a half years. According to Wind, as of September 30, 2023, the company had 96,300 shareholders.

(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )

The cover and guide diagram are from Baotu.com

Author | Zhang Shunan

编辑 | 熊思怡 实习生刘学

Proofreading | Jiang Ying