Depth | Industry insiders reveal Ruifengda's "running away" method: it is suspected of cashing out on the New Third Board

Silver Persimmon Finance

2024-05-11 20:38Posted on the official account of Zhejiang Silver Persimmon Finance

Another private equity ran away, this time it was Zhejiang Ruifengda.

Different from small private placement, the website of the Asset Management Association shows that Zhejiang Ruifengda has a scale under management of 2 billion ~ 5 billion yuan, which belongs to "large-scale private placement";

It is not that ordinary people understand that "I can't play anymore", third-party platform data shows that Ruifengda's product net value curve is "as beautiful as it is drawn".

On the evening of May 9, someone exposed that Zhejiang Ruifengda Assets "did not receive the funds for one month after redemption", and wondered whether it ran away with the money. On May 10, a number of investors rushed to Ruifengda's Shanghai headquarters, but they were greeted by a closed door and a notice from the Shanghai Pudong police.

Scene: The building is empty, and the police have intervened

On May 10, Silver Persimmon Finance came to Building 10, Pudong Hui Mansion, the headquarters of Ruifengda's Shanghai office, and found that the door was closed and there were no staff. More than a dozen investors lingered at the door.

An investor told Silver Persimmon Finance that after hearing that Ruifengda had a problem the night before, he took the high-speed train at 7 o'clock in the morning to see the situation, "I was alone in the morning, holding an announcement and saying 'calm down', let us register our names, products purchased and contact information, and did not say what to do later." ”

Some investors said that it is no longer possible to operate the redemption because the redemption has to find the administrator, but the so-called administrator, "I have been looking for it since last night (May 9), and I can't find it."

People from other companies on the same floor said that everyone from Ruifengda had come to work normally, but they didn't see anyone on the morning of May 10.

Silver Persimmon Finance contacted a salesperson in Ruifengda, and the other party said that he had just left because "the boss is gone". "I've only been in the company for a month, and I haven't even received my salary, and I don't know if I can get it now, because the company's executives and finances are also confused."

On the official website of the Asset Management Association, Ruifengda's registered office address is "5th Floor, Building 8, Lane 727, Wuxing Road, Pudong New Area, Shanghai", that is, 5th Floor, Building 8, Pudong Hui Mansion. Silver Persimmon Finance found that the office in this location is Riying Holdings, and some on-site office staff said that "it is not the same as Ruifengda".

The investors at the scene said that the previous purchase of Ruifengda's products was the contract signed by Riying Holdings on the 5th floor.

In addition to Riying Holdings, in Building 8, there are also Riying Capital, Riying Education, Riying Health, etc. When Silver Persimmon Finance arrived, there was no one in the Riying Capital on the 4th floor and the Riying Education on the 2nd floor. On the 3rd floor, all the employees were entering the conference room, and then some staff members went downstairs to leave, saying that "the police said that the building would be closed and asked to leave".

At two o'clock in the afternoon of the 10th, Ruifengda's office door posted a warm reminder for the "Pudong Economic Investigation Detachment", which read: "If there are matters related to the investment dispute of Zhejiang Ruifengda Asset Management, please go directly to the Pudong Economic Investigation Detachment for consultation and handling!" This door has been sealed now, please do not enter! At the same time, the property of Hui Mansion also put the same warm reminder at the door.

Doxxing: Hong Kong-listed companies emerge behind it

During the period when Silver Persimmon Finance was in Building 8 of the Hui Mansion, a police car arrived at the scene, and an employee of Riying Holdings was called by the detective to talk. Ruifengda's investors were required to go to Pudong to register for economic investigation.

In the mouths of investors on the spot, Silver Persimmon Finance repeatedly heard the name "Sun Wei".

An investor told Silver Persimmon Finance that Sun Wei is the actual controller of Riying Holdings, and he and his wife Li Min jointly manage Riying Holdings. Some investors said that they usually can't know the situation of the product, and the fund manager who docked also said that they couldn't find the product situation, and Sun Wei, Li Min and Sun Wei's two assistants controlled the passwords of all accounts.

Riying Holdings (01741.HK) According to the official website of HK), the company was listed in Hong Kong on September 18, 2019, and the highest share price on that day was HK$3.60, which is also the highest share price of Riying Holdings so far. On May 10, 2024, the share price of Riying Holdings fell 21.88% to close at HK$0.25, a 52-week low, and a 93% decrease from the highest price of HK$3.60.

The financial report shows that since its listing in 2019, Riying Holdings' net profit attributable to the parent company in 2020 has been positive, at HK $10.299 million, while in 2019, 2021, and 2022, it will lose HK $11.07 million, HK $21.274 million, and HK $136 million respectively, and the loss in the first three quarters of 2023 will narrow, with a net profit attributable to the parent company of -HK $1.769 million.

According to the 2023 interim report of Riying Holdings, Sun Wei is the executive director of Riying Holdings. Riying Investment is referred to in its payables as a related party payable to Riying Holdings, and stated that "Riying Investment is controlled by Mr. Sun Wei, an executive director, and a family member of Mr. Sun Wei".

Judging from the industrial and commercial registration information, Ruifengda has no equity relationship with Riying on the surface, but the office phone number registered by Ruifengda is the same as that of 74 enterprises, of which 21 are legal persons of Riying Investment Holding Group Co., Ltd. or Shanghai Riying Equity Investment Fund Co., Ltd., 4 of which are legal representatives of Sun Wei and 1 of which are Li Min. In addition, there are 12 companies with the word "daily win" in their names.

However, the latest shareholder information of Riying Investment no longer has the names of Sun Wei and Li Min. Its industrial and commercial change information shows that Riying Investment has a series of changes in the first half of this year, among which, on March 21, the legal representative was changed from Sun Wei to Chen Zhili, and on April 15, the legal representative was changed to Liu Xiao again. On the same day on April 15, Riying Investment also made a change in the equity of investors, and Sun Wei and Li Min withdrew from the list of shareholders.

In addition, Flush data shows that Sun Wei has also made a large reduction in shares for Riying Holdings. On April 26, 2023, Sun Wei reduced his holdings by 69.04 million shares and 3.328 million shares respectively, and the remaining shares after the reduction were 119.6 million shares, a reduction of about 37.7%.

Sun Wei's personal homepage in Tianyancha shows that his position is the general manager of Riying Group, "with nearly 10 years of product development experience, good at PE project investment and financing, and top-level model design of financial Internet + products"; Li Min's introduction is the chairman of Riying Group, the vice chairman of the Shanghai Financial Management Association, the chairman of the Yangtze River Delta Enterprise Finance Alliance, and the "World Women's Peace Organization - Peace Ambassador". Regarding the "World Women's Peace Organization", Silver Persimmon Finance has not found reliable official information for the time being.

Judging from Sun Wei's WeChat, the signature of his circle of friends is "Rockefeller family", and Sun Wei's latest circle of friends is to forward the news of "Shanghai Cell Therapy Group submitted to the Hong Kong Stock Exchange", and said that "the group invests in the cell group to apply for listing".

On Tianyancha, Sun Wei's personal peripheral risk information is as many as 113. Silver Persimmon Finance noticed that Sun Wei served as the legal representative of Shanghai Riying Equity Investment Fund Co., Ltd., and from January 10 to March 30 this year, he left 5 records that were enforced by the court for failing to fulfill his legal obligations on time, with a total execution amount of 52.7621 million yuan.

Question: The net worth curve looks like it's been drawn

According to the official website of the Asset Management Association of China, Ruifengda has a scale of 2 billion ~ 5 billion yuan under management. It has about 70 products, but the account opening rate of investor inquiries is only 2.9%.

The Asset Management Association has made three abnormal reminders to Ruifengda, namely that the registered place and the office are not in the same jurisdiction (its registered place is in Huzhou and its office is in Shanghai); Investors' targeted disclosure account opening rate is low below 50%; There is a private fund that has exceeded the maturity date for 3 months and has not submitted a liquidation application.

On the display page of the private placement network, Ruifengda Shirui No. 1, a subsidiary of Ruifengda, was established on April 12, 2022, and the current unit net value has reached 8.9543 yuan (as of April 30), with a yield of 795.43% and an annualized rate of return of 191.25% since its establishment.

Except for a brief drawdown of more than 20% in 2022, the net value curve of Ruifengda Shirui No. 1 has gone all the way up, and there is basically no drawdown even at the beginning of 2024, when the market is volatile. Some people in the market have commented that the curve is like a drawing.

Such a net worth growth curve is undoubtedly attractive. An investor at the scene told Silver Persimmon Finance that he had been introduced by an acquaintance to buy Ruifengda's products, and when he saw such a good product and such a good performance, he thought that they had good management and operation capabilities.

According to a company introduction of Ruifengda obtained by Silver Persimmon Finance in October 2023, Ruifengda had issued a total of 57 products at that time, with a management scale of more than 2.2 billion yuan, of which, research quantification in 2018, cross-border income swap funds were issued in 2020, and structured funds were issued in 2021 to participate in fund allocation with inferior funds.

An investor introduced a structured product he bought, and Ruifengda gave him a promise of "7.5% annualization", and at the same time allocated inferior funds, that is, "the customer invested 10 million yuan, and Ruifengda invested 2.5 million yuan of inferior funds as a safety cushion for the product".

Method: Take over the NEEQ stocks at a high level and cash out from the fund?

According to a person familiar with the matter who has gone to Ruifengda for due diligence, since July last year, Ruifengda has undertaken large-scale structured funds in the market. It currently manages a scale of about 3.2 billion yuan, of which about 2 billion yuan of structured products, because of the commitment of income, the 2 billion yuan of structured funds bring 8~12 points of capital costs. In other words, the annual net profit of Ruifengda products must be more than 12% to ensure positive returns. If you can't achieve this income and want to have a beautiful upward curve, you can only play the game of "drumming and passing flowers" to continuously increase the net value of your products, but one day the game will not be able to play.

The person also revealed that Ruifengda's commission to sales staff is higher than that of other institutions, and the driving force for selling products is to look at the cost, and they do not care about or understand the underlying transaction logic of the product.

So, what is the "drumming and passing flowers" game that the person is calling? A private equity person revealed to Silver Persimmon Finance that Ruifengda bought a lot of stocks on the New Third Board, and also invested a lot of FOF, claiming that it was quantitative. Ruifengda's products were very popular in Shenzhen last year, and many people invested, but in the brokerage circle, Ruifengda had a "bad reputation".

Silver Persimmon Finance found that Ruifengda appeared in the list of new shareholders of many NEEQ stocks, and most of them were high-level takeovers.

For example, on May 7, the changes in the shareholding of the major shareholders of Sairongxin, a listed company on the New Third Board, showed that Ruifengda held 5.54% of the shares as a new major shareholder.

Sairongxin is currently suspended for verification due to large fluctuations in the stock price, and from the second half of 2023, Sairongxin has issued many stock trading risk warnings. As of the suspension, Sairongxin has risen 248.68% this year, with the latest stock price of 50 yuan, and the highest has reached 80 yuan, but in October 2023, Sairongxin's share price is only 1.37 yuan.

At the end of 2023, Riying Investment also appeared in the list of new major shareholders of Sairongxin, but by March 2024, it would have disappeared.

In addition to Sairongxin, Ruifengda also appeared in the list of the top ten shareholders disclosed in the 2023 annual reports of 6 NEEQ listed companies, these 6 companies are Hejia Tianjian, Bangkele, Weifuji, Youlian Shengye, Agrocarpus Technology, and Haotian Energy Storage, of which 5 of their stock prices will skyrocket from the second half of 2023.

For example, Hejia Tianjian has risen from 2 yuan in June 2023 to the latest 54.8 yuan, Wei Fu Ji has risen from March 2023 to the latest 264.56 yuan, and Haotian Energy Storage has risen from 2.4 yuan in August 2023 to the latest 39.7 yuan.

It is worth noting that there is also a private placement called Jiangsu Ruizhu that coincides with the investment trajectory of Ruifengda, according to media reports, the valuation table of a private equity product of Ruifengda has shown that it has invested in a certain product of Jiangsu Ruizhu's private placement, and there is a nested relationship between the two.

Taking Hejia Tianjian as an example, on December 31, 2023, Ruifengda has three private equity products to become new shareholders of Hejia Tianjian, with a total shareholding ratio of 11.95%, and Jiangsu Ruizhu also has three private equity products listed, with a total shareholding ratio of 12.01%, but in the updated information on January 11 this year, Ruifengda and Jiangsu Ruizhu are all missing.

In the view of senior investor "Cat Pen Knife", Ruifengda is "deliberate, long-term planning, planning to cheat a big runaway". "Cat Pencil Knife" revealed the method: the trader first used his personal account to buy some stocks at a low level, and then manipulated the stock price to rise dozens of times, and then used the money of private equity funds to take over the chips in his hand at a high level to complete the "cash-out". In this way, the left and right hands "fell into each other", and the money of private equity investors went into the personal pockets of the traders. In this way, even if Ruifengda's products are managed by a formal brokerage, the money in the account can still be "stolen".

The custodian of a brokerage firm of Ruifengda's private placement products also told Silver Persimmon Finance that although Ruifengda has gone wrong, their underlying assets are still there, and the custody account is normal.

"It's very subtle." Chen Rubo, a partner and lawyer at AllBright Law Offices, told Persimmon Finance that he had also encountered private placements in the past to cash out through high-level stocks. If you want to pursue legal responsibility, you mainly look at two points: first, whether it is compliant, that is, whether the purchase of NEEQ stocks is the use of funds that have been filed and are within the scope of the agreement; Second, if there is a joint third party in the process of operation, maliciously raising the stock price through information asymmetry, or there is a drawer agreement or other forms of benefit transfer between the two parties, then it is not only a violation, but also may involve illegal crimes.

The above-mentioned industry insiders said that the liquidity of the new third board is poor, and the other party can indeed pull out a very beautiful fund net value curve by sitting on the bank, but such a curve is virtual, and the net value of the fund cannot be realized, and the "drum and flower" cannot be transmitted.

Taking Hejia Tianjian as an example, the trading volume was extremely small during the stock price rally, and even the trading volume was only 1 lot a day for many days.

Impact: Some private placements say that "20 million customers are going to run"

How big is the impact of the Ruifengda incident? In the eyes of private equity peers, it is enough to cause a crisis of confidence in the entire industry.

A private equity fund manager complained to Silver Persimmon Finance, "Private placement is too difficult to do, because of Ruifengda, my client's 20 million will run." ”

The fund manager said that the products he manages mainly invest in individual stocks on the Beijing Stock Exchange, and on May 9, two customers each subscribed for 10 million yuan, and on the morning of May 10, they immediately called when they saw the news, and hesitated about this investment. "To add insult to injury, now even the sales staff dare not sell the products of the Beijing Stock Exchange, for fear that Ruifengda's 'sao operation' on the new third board will be copied, but in fact, these are completely two different markets."

There are also private equity people said that the Ruifengda incident will directly affect the entire private equity industry, "investors see that there is such a beautiful performance and there is a formal brokerage custody of the private equity will also run away, must be afraid, which requires investors to understand the investment logic when choosing private equity products, but this requirement is too high, most investors do not understand the underlying assets, even if they rely on the sale of fund products, nearly ninety percent do not understand the product." ”

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