The office is "empty", and the 2 billion private placement Ruifengda "running away" incident is still fermenting.
At 15 o'clock on May 13, a reporter from the Beijing News visited Ruifengda's office in Building 8, Hui Mansion, Pudong New Area, Shanghai. The reporter noticed that all entrances and exits (including the underground garage) of Building 8 have been closed and the gate is locked. Mr. Wang (pseudonym), a merchant near Building 8, told Beike Finance that he had met Ruifengda's boss in April, and there was nothing unusual at that time.
The main gate of Ruifengda's office in Pudong, Shanghai is closed, and a notice is posted on the door directing investors to consult the police. Photo by Beijing News reporter Yu Jinmin
Beike Finance learned from the Shanghai Pudong Police that the case has been accepted, and relevant investors can go to the reception window of the Pudong New Area Economic Investigation Detachment at No. 1710 Kangqiao Road to submit relevant materials.
Also on May 13, Riying Holdings said that executive director Sun Wei was suspected of being involved in potential financial fraud in the People's Republic of China, and the matter is currently under investigation, and the board of directors has decided to suspend Sun Wei from all positions and powers with immediate effect. Shell Finance contacted Riying Holdings about this, but the customer service phone number was not reached.
The full name of Ruifengda is Zhejiang Ruifengda Asset Management Co., Ltd., with a management scale of 2 billion to 5 billion yuan. Where does Ruifengda's huge amount of money go? Who is the actual controller? What are the stakeholders behind it? Shell Finance investigation found that the new third board stocks invested by Ruifengda have risen abnormally, and the shareholders have changed many times, which is closely related to the Hong Kong listed company Riying Holdings and its executive director Sun Wei.
Where is the huge amount of money invested?
In 2023, Ruifengda will take a stake in 6 NEEQ stocks such as Hejia Tianjian, Bangkele, Weifuji, Youlian Shengye, Nongjiang Technology, and Haotian Energy Storage, and since July 2023, the stock prices of these 6 NEEQ stocks have risen abnormally.
On June 30, 2023, Hejia Tianjian's share price closed at only 2.8 yuan per share, with a trading volume of only 4 lots. On July 28, 2023, Hejia Tianjian's share price soared by more than 200%, with a trading volume of 12,000 lots, and as of May 8, before the suspension, Hejia Tianjian's share price closed at 54.8 yuan per share. Since July 2023, the share price of Agrocarpus Technology has risen sharply from 0.14 yuan per share to 60 yuan per share.
On May 13, due to reports on the negative news of the company's shareholders Ruifengda and Ruizhu-related private equity funds on the media platform, a number of new third board stocks invested by Ruifengda, such as Jia Tianjian, Bangkele and Weifuji, announced the suspension of trading.
In addition, Ruifengda's products also have multiple layers of nesting. According to public reports, a valuation table of Ruifengda's private placement products shows that the product invested in "Ruizhu Jia'an No. 2 Private Securities Investment Fund" and "Zeheng Zhongyin No. 1 Private Securities Investment Fund", which are owned by Jiangsu Ruizhu Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Ruizhu Private Equity") and Shanghai Zeheng Fund Management Co., Ltd. (hereinafter referred to as "Zeheng Fund"). Another product valuation table of Zeheng Fund shows that "Zeheng Zhongyin No. 1 Private Securities Investment Fund" has returned to Ruizhu Private Equity and Ruifengda.
The 2023 annual report disclosed that the top ten tradable shares of NEEQ stocks such as Agrocarpus Technology, Haotian Energy Storage, Hejia Tianjian, and Weifuji include a number of private equity investment funds under Ruifengda and Ruizhu Private Equity.
According to the website of the Asset Management Association of China, Zhejiang Ruifengda Asset Management Co., Ltd. was established on October 20, 2016, registered on May 31, 2017, registered in Huzhou City, Zhejiang Province, with an office address in Pudong New Area, Shanghai, with a registered capital of 30 million yuan and a paid-in capital of 7.5 million yuan. Ruifengda's business types include private securities investment funds and private securities investment FOF funds, with a management scale of 2 billion to 5 billion yuan.
Screenshot of the website of the Asset Management Association of China.
Ruifengda has a total of 70 products for the record, more than half of the products are the custodian of China Merchants Securities, in addition to Guotai Junan, CITIC Securities, Huatai Securities, GF Securities, Caitong Securities, China Galaxy Securities, Huaan Securities also hosted some products.
According to the private placement network, as of May this year, Ruifengda has accumulated 87.63% since its establishment, of which a futures and derivatives strategy product has a cumulative return of nearly 8 times in the past two years, and another stock strategy product has a cumulative return of more than twice in two years.
Behind the ultra-high yield, the resume of the fund manager seems a little "thin". According to the private placement network, Ruifengda has four fund managers Zhang Riyang, Cong Lifeng, Rong Cheng, and Sun Haoxiang, and only Zhang Riyang and Rong Cheng have been filed on the website of the Asset Management Association of China.
Among them, fund manager Zhang Riyang has 23 years of experience in securities finance and related industries, but he is good at corporate supply chain finance management. Another fund manager, Cong Lifeng, has 17 years of experience in the securities industry, but he has been an investment lecturer for a long time, organizing nearly 1,000 offline trainings, and has been a special guest of Changchun Economic Radio, a senior lecturer of Foresight Finance, and a Yunzhang financial anchor.
The boss behind it is "confusing" and the shareholders have changed many times
"The actual controller of Ruifengda has lost contact, and some investors have reported the case." On May 13, Youlian Shengye said in the announcement.
According to the website of the Asset Management Association of China, the actual controller of Zhejiang Ruifengda Asset Management Co., Ltd. is Qiu Wenlong, and Qiu Wenlong accounts for 80% of the subscription ratio of investors, and Liu Licheng, the legal representative and general manager, accounts for 20%. City Culture, a listed company on the New Third Board, also said in its 2023 semi-annual report that Ruifengda is a shareholder Qiu Wenlong Holding Company.
According to the 2023 annual report, Qiu Wenlong is the legal representative of City Culture and holds 700,000 shares in it, accounting for 5.81% of the total share capital, making him the sixth largest shareholder of the company. At the same time, Qiu Wenlong is also the brother-in-law of Xie Zhongwen, the former actual controller of urban culture. In February 2024, City Culture elected Qiu Wenlong as the chairman and general manager of the company.
According to the resume disclosed in the legal opinion issued by City Culture in 2019, Qiu Wenlong, born in July 1976, graduated from Lianjiang Bazhong High School with a high school degree. From 2004 to 2006, he served as the person in charge of Wuxi Minzhejiang Hotel; From 2007 to 2010, he served as the general manager of Wuxi Weiye Bar; From 2011 to 2013, he served as the general manager of Zhengzhou Heartbeat Moment Animation City; From June 2013 to June 2016, he served as a supervisor of Zhangjiagang Qingyunda Trading Co., Ltd.
However, Ruifengda has undergone a change of shareholders. In January 2022, the shareholders of Ruifengda were changed from Qiu Wenlong and Liu Licheng to Li Tao and Hainan Smart City Holding Group Co., Ltd. (hereinafter referred to as Hainan Smart City); In September 2022, it was changed to Hainan Smart City and Shanghai Qingcheng Culture Club Co., Ltd. again, and in the same month, the person in charge of the company also changed from Liu Licheng to Li Tao.
Screenshot of the National Enterprise Credit Information Publicity System.
At present, industrial and commercial data show that the legal representative and executive director of Zhejiang Ruifengda Asset Management Co., Ltd. are Li Tao. According to the enterprise investigation, the actual controller behind Ruifengda's equity penetration is Chen Tao, Chen Tao is the major shareholder of Hainan Smart City, and Li Tao is the executive director and general manager of Hainan Smart City. In addition, Chen Tao has invested in a number of companies, involving building decoration, retail, wholesale and so on.
Ruifengda's shareholding structure chart. From Qichacha
Behind Ruifengda there is also a looming Riying Investment Holding Group Co., Ltd. (hereinafter referred to as Riying Group). Beike Finance found that the telephone numbers of Hainan Smart City Holding Group Co., Ltd. and Ruifengda are the same as those of Riying Group, and the office address of Ruifengda is also adjacent to Riying Group. However, from the perspective of equity structure, Riying Group does not directly hold shares in Ruifengda.
Screenshot of AutoNavi map.
According to public reports, the "fund contract" of Ruifengda Yunsheng No. 1 provided by an investor shows that Shanghai Steaming Investment Management Co., Ltd. (hereinafter referred to as Steaming Investment) is the guarantor. According to the contract, Party A (Steaming Investment) shall bear the security guarantee for the Yunsheng No. 1 subscribed by Party B (investor), if the final liquidation and exit incurs a loss or the income is less than 8%, Party A shall be responsible for making up to 8% of the annualized income (calculated according to 365 days a year) If the final exit income is greater than 8%, the part of the income exceeding 8% shall belong to Party A. On the last page of the contract, Party A's seal is stamped with "Sun Wei".
In terms of shareholding structure, Ranran Investment is 100% owned by Riying Group, and the legal representative is Sun Wei, and Riying Group and Shanghai Riying Equity Investment Fund Co., Ltd. directly cross-hold each other.
According to the 2023 annual report of Riying Holdings, Riying Group is a related party of Riying Holdings, which is controlled by Sun Wei and Sun Wei's family members, and Shanghai Riying Equity Investment Fund Co., Ltd. and Shanghai Steaming Investment Management Co., Ltd. are also controlled by Sun Wei's family members and Sun Wei himself, respectively.
Riying Holdings fell to HK$0.1, Sun Wei's "capital packaging technique" failed?
"The board convened a meeting to discuss the incident but was unable to contact or locate Mr Sun directly for more information." On May 13, Riying Holdings announced that Executive Director Sun Wei was suspected of being involved in potential financial fraud, and the incident is currently under investigation. Having considered the above and in order to alleviate any concerns of the shareholders of the Company and the public, the Board has decided to suspend Mr. Sun from all positions and powers as an Executive Director with immediate effect.
According to the resume, Sun Wei, aged 39, graduated from Changchun Taxation Institute and was appointed as an executive director of Riying Holdings on April 25, 2019. Sun Wei also serves as a director of Riying Group Co., Ltd. and Hong Kong Riying Holdings International Group Co., Ltd., and since 2012, he has served as the deputy general manager of Riying Investment Management Group Co., Ltd.; Since July 2017, he has served as a supervisor of Aixin Life Insurance Co., Ltd.
On September 18, 2019, Riying Holdings was successfully listed on the main board of the Hong Kong Stock Exchange. At that time, an article wrote, "Ms. Li Min, chairman of Riying Holdings, and Mr. Sun Wei, general manager, attended the gong ceremony and sounded the gong for listing. ”
The "Ms. Li Min, Chairman of Riying Holdings" mentioned in the article never appeared in the annual report of Riying Holdings, but the corresponding publicity is not uncommon. According to an article published in 2017 by the official account "Riying Capital", Li Min, chairman of Riying Group, is the cover character of the Global Elite magazine, the representative of Chinese women entrepreneurs at the Global Women's Summit, 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.
The article "Revealing the Story Behind Chairman Li Min of Riying Group" released by the official account in 2018 said, "More than ten years ago, she came to Shanghai alone for the dream and pursuit in her heart, started a business for ten years, and achieved financial freedom step by step from scratch." ”
Beike Finance found that Riying Holdings was not directly listed through IPO, but was renamed from Chengzhi Holdings, a Hong Kong-listed company. It is worth noting that in September 2019, Chengzhi Holdings only changed its name to Riying Holdings, while the company's controlling shareholder and its main business as a Hong Kong construction contractor remained unchanged.
After the name change of Chengzhi Holdings, the company's stock price skyrocketed. On September 30, 2019, the share price of Riying Holdings rose by more than 60%, with the highest price reaching HK$3.6 per share, and at the end of October 2018, the company's share price did not exceed HK$1 per share.
Screenshot of Oriental Fortune Choice data
In the past two years, Riying Holdings' performance has suffered losses. According to the annual report, the Group recorded a net loss of approximately HK$139.0 million for the year ended 30 September 2022 and a net loss of approximately HK$2.6 million as of 30 September 2023 from HK$139.0 million in the previous year.
In March 2023, Sun Wei acquired 192 million shares conditionally transferred by the controlling shareholder of Riying through Leaf Cove Limited (a British Virgin Islands company), accounting for 24% of all issued shares, and is one of the major shareholders of Riying Holdings. At the end of April 2023, Sun Wei reduced his holdings of 72.36 million shares, reducing his shareholding to 14.95%.
From February to March 2023, the stock price of Riying Holdings fluctuated and declined. On March 17, 2023, Riying Holdings closed at HK$1.25 per share, and then, the share price of Riying Holdings fluctuated and rose, and on April 28, 2023, Riying Holdings closed at HK$1.5 per share. Since July 2023, the share price of Riying Holdings has fallen sharply, and as of the close of trading on May 14, Riying Holdings closed at HK$0.1 per share, down 60%, with a total market value of HK$80 million.
Beijing News Shell Financial Reporter Xu Yuting Yu Jinmin Editor Chen Li Proofreader Liu Baoqing