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"Scenery Player" Metamorphosis: Active Private Sale Voice "Scarce License" Abandoned

2019/11/8 9:53:00 0

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In November 7th, twenty-first Century economic report, 21 exclusive capital report, Shanghai securities regulatory bureau and Pudong New Area Finance Bureau carried out a comprehensive risk investigation for Pudong New Area private equity institutions.

According to our understanding, regulators have a series of influence on the industry.

In November 6th, the China Securities Investment Fund Industry Association released the latest situation of the missing joint venture institutions and the thirty batch of suspected private equity agencies.

It involves 45 suspected missing agencies.

As of November 5, 2019, 857 institutions were listed on the list of lost contacts, of which 352 institutions had been cancelled and 14 institutions had applied for cancellation registration.

"The number of new private placement licences has been very small. Those who can not develop themselves by the market will be eliminated sooner or later." In November 7th, a private equity fund executive in Shenzhen told the business reporter in twenty-first Century.

What is intriguing is that many suspected lost contact institutions have once been in the capital market.

Suspected lost contact agency investigation

According to the twenty-first Century economic report reporter statistics, the Fund Industry Association announced the thirtieth batch of suspected lost contact private placement agencies, including Beijing, Shanghai, Guangdong, Hebei, Jilin, Jiangsu, Hubei, Chongqing and other areas.

Overall, Beijing, Shanghai and Guangdong are still concentrated.

Among them, 45 suspected missing private placement agencies, 5 institutions are located in Beijing, 6 institutions in Guangdong, 12 institutions in Shanghai.

In addition, there are 6 private institutions in Hubei, such as Wuhan Jingde warehouse Investment Management Center (general partnership), Wuhan Sheng Feng Cci Capital Ltd and so on. The overall data are also among the highest in several provinces and municipalities.

According to the twenty-first Century economic report reporter combing, there is no lack of private-equity institutions in the past capital market "Fengyun players".

For example, the Changsha financial Cci Capital Ltd (hereinafter referred to as "Changsha wealth") has been intersected with many listed companies such as 002622.SZ, 300123.SZ, 002397.SZ and Kaiyuan stock (300338.SZ).

Statistics show that Changsha financial centre was established in March 21, 2014 with a registered capital of 20 million yuan, and its shareholders are Zheng Ting and Yu Yang Li. The shareholding ratio of the two companies is 60% and 40% respectively.

In the past information, Changsha wealth was very active in the capital market. In February 2018, Yaguang technology has further accelerated the development of high-end military chips, 5G communications multi-channel beamforming chips, 5G communications millimeter wave communication power amplifier chips and other businesses, and signed a strategic cooperation framework agreement with Changsha Finance on the establishment of integrated circuit industry acquisition fund.

In April 2018, Changsha financial affairs also had ties with the Yuen Yu group. At that time, Rong Yu Group announced that its wholly-owned subsidiary, Rong Yu innovation investment (Shenzhen) Co., Ltd. intends to sign a share transfer agreement with Zheng Ting and Yu Yang on the 51% equity of the transferee in Changsha.

At that time, Rong Yu innovating Zheng Ting's 21% stake in Changsha finance, which is intended to be transfered to Changsha, and is expected to be granted 30% stake in Yang Cai, which is held by Yang Li, and the transaction transfer price is 0 yuan. After the completion of the transaction, Rong Yu innovation will hold 51% of Changsha's wealth, and Changsha financial will also become a subsidiary of Rong Yu innovation holding company.

But a month later, Rong Yu Group announced the termination of the share transfer plan. However, the two sides did not intend to terminate their cooperation. Instead, they continued to cooperate with Rong Yu group, a wholly owned subsidiary of Rong Yu group, to set up a joint venture with Changsha financial company. The two sides intend to jointly invest in the establishment of Hunan Rong Yu Cai Technology Co., Ltd.

But the joint venture did not carry out business in 2018. Until September 2019, Rong Yu group was no longer a shareholder of the joint venture company.

Why did star company go to a suspected loss of alliance?

The fund industry association's record information shows that there are two exceptions in Changsha's wealth, which have not been updated according to the requirements, or 2 or more of the important items have been updated, and the audited annual financial reports have not been submitted on time.

In November 7th, our newspaper reporter telephoned Changsha riches, whose business data showed that the cell phone number had been in the state of no answer.

And once the associated party Rong Yu group, there are also ups and down. In October 15th, Yin Hongwei, chairman of Rong Yu group, was investigated by the SFC on suspicion of violating securities laws and regulations.

"Other class" institutions emerge

In addition to the capital market "old players", this reporter combed found that there are some other private investment fund managers on the list of suspected missing persons.

According to the classification standards of private placement, there are four major categories, including private equity investment fund managers, private equity, venture capital fund managers, asset allocation fund managers and other private equity fund managers.

The list of agencies suspected of losing contact is Beijing's flourishing gem art Cci Capital Ltd (hereinafter referred to as "Beijing flourishing"), which belongs to other private equity fund managers.

"There are not many stock managers' licenses in other types of private equity funds, and a few years ago, no new licenses were issued. The licence value will be relatively high, and other private equity fund managers may do the most extensive business. A partner of a private equity firm in Beijing told the twenty-first Century business reporter.

Business information shows that the flourishing age of Beijing was established in February 25, 2010 with a registered capital of 10 million yuan and the majority shareholder of the company is Chen Lianyong. In October 11th of this year, the company had written off, and the cancellation was due to the dissolution of the agreement.

In fact, in August 19, 2015, the flourishing age of Beijing was once included in the list of abnormal operations because the registered residence or business premises could not be contacted. However, after the registration of residence or business place was changed according to law, it was applied for removal in March 4, 2016.

The fund industry association's record information shows that the company had two abnormal records. The reason for the exception is that it failed to update the product or update 2 or more items in accordance with the requirements, and did not submit the audited annual financial report on time.

At the same time, the company's private placement product is the treasure of art 2.

It is worth mentioning that the fund issued in the early days of Beijing flourishing also received attention in the art fund market.

Before the establishment of the Beijing flourishing age, Chen Lianyong, a major shareholder of Beijing flourishing age, worked in the Beijing Art Museum, and then worked for 14 years in China garde International Auction Co., Ltd., in charge of porcelain crafts department.

In May 2011, Beijing flourishing era issued an ancient porcelain art fund "Zhong Rong Sheng Shi gems art investment trust fund plan". Public information shows that the investment target of the fund is locked to ancient ceramics, with an annual return on investment of 8% and a closed period of 5 years.

Under the trend of "securitisation" at that time, market enthusiasm was high. More than just Beijing's flourishing age, more financial institutions were involved, and the number and amount of art funds were high.

At that time, Chen Lianyong said in an interview, "the future market of Art Fund will be very promising. First, because China is a new market for the growth of art, there is still room for development. Moreover, in the future, more and more financial institutions and groups will invest in the art industry or carry out systematic collection of works of art.

Industry consolidation intensified

"Strict supervision is a process to speed up the integration of industries and the survival of the fittest." The head of a private equity fund in Shenzhen told the twenty-first Century business reporter.

According to the data from the research center on the grid, the number of private securities reduction in the three quarter of this year is relatively high, and the existing private securities institutions at the end of the third quarter of this year are 85, 82 and 101 less than those in the two quarter.

From the directory of suspected lost contact institutions disclosed by the association, 81 private equity agencies were listed in the list of suspected lost contacts in July this year. In June this year, 73 private placement agencies were listed on the list of suspected lost contacts.

"Many things exist before development and then standardize, and the private sector is no exception. 2014, when the market is loose at the end of 2015, we should first increase the quantity, but there must be a mixed situation. Aforementioned private equity fund executives pointed out that "since then, the industry has been strictly regulated and established in a standardized stage, and until now, industry regulation is becoming more stringent".

"To say that the most difficult period of the industry is actually in 2018, when the private placement of securities was substantially reduced, on the one hand, the reasons for the market, and on the other hand, the result of strict supervision and co operation." The private equity fund manager said.

In November 1st, the SFC announced the results of special inspections conducted by the CSRC on 497 private equity organizations in the first half of this year.

The SFC pointed out that, after several years of guidance and development, the overall standard operation level of the industry has been improved. Through inspection, the SFC urged private management institutions to further improve and optimize the organizational structure, compliance control, financial management and other systems, publicize the related support policies of venture capital funds, guide institutions to better serve the real economy, and give full play to the positive role of private equity funds in multi-level capital markets.

At the same time, there are also some private institutions exist illegal problems. For example, illegal fund-raising and misappropriation of fund assets; conducting the "capital pool" business of raising new and old, and mismatching the period; and offering illegal publicity activities such as publicizing and promoting, raising funds to non qualified investors, and undertaking guaranteed capital and income protection.

"From the perspective of speeding up the integration of industries, strict supervision is a good thing. However, the problem that may lead to is that relying on administrative intervention to speed up the process may cause accidental damage to some reliable enterprises. The top executives of the private sector believe that.

Turning to expectations for future industry development, the person also said, "we still optimistic about the future development of the industry, and the private sector will definitely become more standardized in the future. After the industry concentration is raised, there are two kinds of private equity that can survive. One is the head enterprise with the advantage of first out, the other is the small and beautiful enterprise that has done well in a specific field. "

 

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