The Paper's reporter Jiang Mengying
A document recently disclosed by the Qinghai Provincial Financial Supervision Bureau (hereinafter referred to as the Qinghai Financial Bureau) shows that China Huarong liquidated its stake in a local asset management company (aMC).
On June 29, the website of Qinghai Financial Bureau published the "Reply on Agreeing to the Relevant Changes of Huarong Kunlun Qinghai Asset Management Co., Ltd."
According to the documents, the equity holder, Hangzhou Huitong Huayuan Investment Partnership (hereinafter referred to as Hangzhou Huitong), a subsidiary of China Huarong, transferred its 75% equity interest in Huarong Kunlun Qinghai Asset Management Co., Ltd. to Qinghai Chenming Industrial Co., Ltd. and Shandong Shouguang Jinxin Investment and Development Holding Group Co., Ltd., respectively, holding 51% and 24% of the shares respectively.
At the same time, Huarong Kunlun Qinghai Asset Management Co., Ltd. changed the company name to Kunpeng Qinghai Asset Management Co., Ltd., and the company's legal representative was changed from Wang Xiaobo to Li Xingchun. Li Xingchun is the legal representative, executive director and general manager of Qinghai Chenming Industrial Co., Ltd.
The receiver is a local state-owned asset in Shandong
On February 10 this year, 75% of the equity of Huarong Kunlun Qinghai Asset Management Co., Ltd. was publicly transferred and pre-listed in the Qinghai Provincial Property Rights Exchange Market, and the equity holder was Hangzhou Huitong. The equity listing date is from February 10 to March 6, a total of 20 working days, the listing price is 750 million yuan, online bidding, one-time payment.
Now the mystery is revealed, and the takeovers are Qinghai Chenming Industrial Co., Ltd. and Shandong Shouguang Jinxin Investment and Development Holding Group Co., Ltd.
According to Tianyan, the majority shareholder of Qinghai Chenming Industrial Co., Ltd. is Chenming Holdings Co., Ltd. (67%), and the majority shareholder of Chenming Holdings Co., Ltd. is Shandong Shouguang Jinxin Investment development Holding Group Co., Ltd. (45.22%), which is a 100% holding subsidiary of Shouguang State-owned Assets Supervision and Administration Bureau. Chenming Holdings Limited has a listed company, Chenming Paper (000488.sz).
Founded in 2016, Huarong Kunlun is the only licensed local amc in Qinghai Province, with a registered capital of 1 billion yuan, mainly carrying out non-performing asset management, investment, asset management, custody and restructuring and other businesses.
Huarong's "de-Lai Xiaomin" is still continuing
According to the information of Tianyancha, the main shareholders of Huarong Kunlun are 3. Among them, China Huarong holds 75% of the shares through Hangzhou Huitong, the Qinghai Provincial Department of Finance holds 20% of the shares through its Quanwang Investment, and the Golmud State-owned Assets Supervision and Administration Commission holds 5% of the shares through its subsidiary Golmud Investment.
It is worth noting that the establishment of Huarong Kunlun was closely related to Lai Xiaomin, the chairman of China Huarong at the time. At the time of the unveiling, Lai Xiaomin called Huarong Kunlun a "strategic new platform for Huarong to support Qinghai's development".
According to Qinghai Daily, on June 23, 2016, the Qinghai Provincial Government signed a strategic cooperation agreement with Huarong, and Qinghai Governor Hao Peng and Lai Xiaomin jointly inaugurated the establishment of Huarong Kunlun Qinghai Asset Management Co., Ltd.
Lai Xiaomin said that Huarong Kunlun Qinghai Asset Management Co., Ltd. is another local asset management company established after China Huarong and the Shanxi Provincial Government jointly established Huarong Jinshang Asset Management Company. As a strategic new platform for Huarong Asset Management to support the development of Qinghai, Huarong Kunlun Qinghai Asset Management Company will base itself on Qinghai and serve Qinghai, which can improve China's Huarong financial service system, deepen financial service functions, and serve the development of local real economies.
From the performance point of view, as of the end of 2018, Huarong Kunlun's total assets were nearly 5.4 billion yuan, the annual operating income was 646 million yuan, and the net profit was 0.38 billion yuan. However, with the lai Xiaomin case, China Huarong returned to its main business and accelerated its transformation, and the scale of Huarong Kunlun's assets also ushered in a sharp decline. As of the end of October 2019, Huarong Kunlun's assets were about 4.2 billion yuan, 20% compressed from the beginning of the year, and the net loss from January to October was about 120 million yuan.
Since the beginning of this year, China Huarong's "slimming" speed has accelerated, in addition to clearing out Huarong Kunlun's equity, it is also constantly integrating the Hong Kong listing platform.
On July 6, China Huarong (02799.hk) and its two Hong Kong listed companies, Huarong International Financial Holdings Limited (Huarong Financial Holdings, 00993.hk) and Huarong Investment (Huarong Investment Shares or Huarong Investment, 02277.hk), also announced that Huarong Financial Holdings would exchange 2.82 shares for 1 share and privatize Huarong Investment. Upon completion, Huarong Financial Holdings will wholly own Huarong Investments, which is delisted from the Hong Kong Stock Exchange.
On the same day, Harbin Investment (600864.sh) announced that shareholder China Huarong plans to reduce its shareholding by no more than 2% in the next six months, and China Huarong currently holds 10.63% of the shares, and will still maintain its position as the third largest shareholder after the completion of the reduction. This is the second time since China Huarong entered the list of shareholders to reduce its holdings, and it has previously reduced its shareholding by 0.76%.
According to the 2019 annual report, China Huarong achieved operating income of 112.656 billion yuan in 2019, an increase of 5% year-on-year, and net profit attributable to shareholders in the current period was 1.424 billion yuan.
After China Huarong released its 2019 results, Chairman Wang Zhanfeng said in his speech that China Huarong consciously integrated the company's operation and development into the national strategy, centered on the overall situation of economic transformation and upgrading and supply-side structural reform, and actively played the role of the national counter-cyclical management tools and the main force of non-performing asset management, and the proportion of the main business of non-performing assets in the group's revenue increased by 1.6 percentage points over the previous year to 62.0%, and the results of returning to the main business continued to appear. China Huarong will strengthen and refine its main business and continuously improve its ability to serve the real economy. Actively respond to the national policy guidance, focus on the main business of non-performing assets, and strengthen the rescue financial function.
On April 17, 2018, the Lai Xiaomin case occurred. Five months later, Wang Zhanfeng, former director of the Guangdong Banking Regulatory Bureau, took over the position of chairman of the board of directors and played the transformation slogan of "focusing on the main business and returning to the source".
Editor-in-Charge: Zheng Jingxin
Proofreader: Yu Chengjun
The Surging News shall not be reproduced without authorization. News Report: 4009-20-4009