Author: Luo Ji
No one knows what the financial pressure of Tao Yun capital is. On the one hand, its financing projects have been exploded and failed to meet the deadline, on the other hand, it has also signed a long lock-in period outside the stock acquisition plan.
At the beginning of September this year, a management plan involving Tao Yun capital aroused concern because it failed to pay. Relevant information obtained by the reporter of China Business Daily shows that the capital management plan is a fixed income product which is backed by the inferior share of Taoyun Capital Purchase Trust Scheme, and the priority is subscribed by the capital management plan, and then lent to Taoyun Capital through the trust plan. At present, the underlying assets of Tao Yun capital failed to repay on schedule, resulting in the failure of the information management scheme to be paid.
There is no coincidence. In May, Taoyun Capital was publicized by fund managers for failing to pay the interest on a contract fund on schedule. Earlier, it was also referred to the court for the Great Wall assets because of disputes over loans with the Great Wall assets. Today, it will again face the same predicament. In September 10th, the reporter was informed exclusively that the administrator of the above information management plan "filed a lawsuit in September 6th".
Breach of poly Cheng 1
According to the information filed by China Securities Investment Fund Industry Association, Taoyun Capital's products involved in default are called "Jucheng 1 Asset Management Plan" (hereinafter referred to as "Jucheng 1"), which was established on August 18, 2016. The regulatory agency is the Federal Reserve Securities Company Limited (hereinafter referred to as "Fed Securities"). The scale is 61 million 200 thousand yuan and the total number of investors is 18.
In actual collection, this product sells well. According to the public information, the total scale of the project is 152 million yuan, which is divided into three phases, each with a period of two years. At present, the default is 72 million yuan raised in the first phase.
The specific structure of the product is that Jucheng 1 invests in the preferred share of the Tibet Trust-Taoyun Capital Collection Fund Trust Scheme issued by the Tibet Trust, which is used to provide trust loans to Taoyun Capital. Tibet Trust and Taoyun Capital signed the Loan Contract. In order to ensure the repayment on time, Taoyun Capital Controller Wen Xiaodong guaranteed all the debts under the Loan Contract with joint and several liability guarantees. At the same time, Qianchen Lily Investment Company and its executives also used several sets of real estate in Beijing as collateral guarantees.
In addition, the disclosure of the fund-raising period revealed that its wind-control measures also included a subordinate fund of $30 million subscribed by Taoyun Capital or its designated affiliates to provide security for the fund-management plan. At the same time, the fund comes from the project income invested by Taoyun Capital and its affiliates and the disposal income of the mortgage with a value of about 290 million yuan. The mortgage is the core of the above Beijing real estate mortgage, mortgaged area of 5565.45 square meters, pre-evaluation price of 290 million yuan, at that time the mortgage rate was 58.6%.
This means that at least from this point of view, the project's risk can be covered.
But for investors, "guarantees and collateral are one thing, and nobody really wants to go that far. Therefore, the strength of the financing side needs to be considered comprehensively. A senior investor in the securities market mentioned that there are more explosive projects and long litigation period, and the best result is to find high-quality underlying assets to avoid risk.
In other words, the repayment capability of Taoyun Capital is crucial to the investors of the product. In the description of the highlights of the project, we can see that "the financier (Taoyun Capital) manages a large scale of assets, invests in high-quality projects, and has a higher surplus, is expected to withdraw this year and next two years (2017, 2018), financiers and their affiliates in the second half of 2016 to the first half of 2018 to achieve a total cash inflow of about 33.12. The total cash outflow is about 1.311 billion yuan, and the net cash inflow is about 2.091 billion yuan, which can fully cover the capital management plan loan principal and interest.
But that does not seem to be the case. According to the announcement released on September 3 by the Federal Reserve Securities, the default of the debtor has prevented it from paying the investor as agreed. According to the Loan Contract, Taoyun Capital shall repay 10% of the principal of the first trust loan on July 19, 2008, and the remaining principal of the first trust loan of 64.8 million yuan and the corresponding interest of 626.4 million yuan on August 19, 2008, but it has not fulfilled the contract.
Tian Eye Survey data show that Tao Yun Capital was registered in 2014, used to be named "Tao Yun (Beijing) Investment Holding Co., Ltd." The legal representative is Wen Xiaodong, who also holds up to 90% of the major shareholders, as well as the actual controller of the company. Taoyun Capital holds 35 companies (including private equity products), several of which are platform companies involving agriculture, film and television, new energy, real estate and so on. At the same time, there are cross shareholdings in its holding companies and projects. In short, part of its limited partnership private placement fund has also invested in its projects.
Reporters noted that its music department of the "muddy foot deep." According to public information, Tao Yun Capital first contacted LTV in 2014. Later, he invested more than 200 million yuan in LTV Mobile, 320 million yuan in LTV Sports, 334 million yuan in LTV Automobile, and LTV Film Industry. Taoyun Capital Management Partner Guo Zhen said at the December 2016 multi-win financial brand strategy upgrade conference that Taoyun has invested more than 1.5 billion yuan in Lexus. Since then, when it entered the stock market in 2017, many media believed that "taking over easily is a helpless move". Because of the large amount of money "bundled" in the LTV system, at the time when LTV is on the verge of "collapse", there are few better options, can only seize relatively good assets, which is easy to return to a relatively good piece of its department. According to media reports, the transaction cash price of Taoyun Capital is about 500 million US dollars. In addition, the debts it previously provided to Lexus Holdings'business will also be converted into equity in the form of debt-to-equity swaps.
But now, it seems that the difficulties that are easy to come are underestimated.
The fund-raising period of the above-mentioned capital management plan has not yet been easy to take over, but in the life of the capital management plan, with the "thunderbolt" of Lexus, it is difficult to withdraw the capital with a deeper cooperation. Shortly after the transfer, Mr. Wen made it clear in an interview that an estimated $23 billion would be needed in the future. In 2018, Tao Yun capital began to show signs of financial strain frequently. Among them, on May 18 this year, the small village capital issued a notice saying that due to the borrower Taoyun capital can not fully meet the loan agreement to pay the first year of the fund's interest, only to the investors deferred interest payments. Subsequently, less than four months, due to the failure to fully meet the first phase of the "Jucheng 1" due principal and interest, Taoyun Capital is about to face judicial proceedings.
"Jucheng 1 (Taoyun Capital) project, our company has filed a lawsuit on September 6, today is expected to complete the payment of litigation costs and application for property preservation insurance costs. After the payment is completed, we will apply to the court for property preservation (the previous property has been mortgaged to the capital management plan through the Tibet Trust), and urge the court to complete the judicial closure and freezing as soon as possible. China business newspaper reporter learned exclusively from the Federal Reserve securities in September 10th.
And what is the financial pressure on Tao Yun capital? What are the pressures on the project? As of press release, Tao Yun capital has not yet responded.
However, the reporter found that on May 14 this year, Taoyun Capital and Hermes Group (002356.SZ) signed the "Strategic Investment Cooperation Framework Agreement", which stipulates that Taoyun Capital will acquire the company within three months after the signing of the agreement, including but not limited to bulk transactions, secondary market purchases, the transfer of the agreement and other means not less than 5%. The stock shall not be reduced in any way within 12 months after the completion of the purchase. At that time, the company's stock price ranged from $15 to $16 per share, with 5% of its shares priced at $300 million to $400 million in the secondary market, based on a total equity of $528 million. On June 29, Taoyun Capital's concerted actor, Icah Capital, indirectly held a 4.54% stake in Hermey Group for about $253 million by acquiring vast investments.
Easy to move
Taoyun Capital was unable to pay the interest on the small village capital loan agreement on schedule for a month before it paid $253 million for the indirect purchase of Herme Group's shares. Why did it sign this agreement at this time? Although the final plan shows the flexibility of the private equity institutions (the lock-in period may not be taken into account for the purchase of shareholders'equity), generally speaking, the strategic cooperation framework agreement is an intentional agreement, in which it explicitly stipulates that the Taoyun capital should be purchased within a specified period of time. Why is Tao Yun capital willing to pay in advance and sign the agreement?
Reporters after combing found that this is still easy to the assets of the "move" related.
In April 2018, Taoyun Capital unveiled a new round of capital operations after experiencing efforts to make it easy to inject capital to fill the hole in deposit misappropriation, restore platform cash, and replace management teams to help Easy Brand "survive".
Public information shows that in April this year, CITIC Bank through the subsidiary of CITIC Bank investment completed the easy equity investment, holding 18.18%. At that time, this move was considered to be the first financing of Tao Yun capital. However, a reporter's survey found that Taoyun Capital started these moves as early as 2017, and the bidders are well-established.
From the point of view of the change of industrial and commercial data, CITIC Yingtan Xinyin Fenghua Investment Partnership was changed to Easy-to-Operator Beijing Oriental Cheyun Information Technology Co., Ltd. (hereinafter referred to as "Easy-to-Operator") in October 2017, together with Taoyun Capital's co-operative Wang Fei (who was disclosed by the media as Mr. Wen Xiaodong's secretary). Shareholders of Oriental car cloud).
Not long after, in December 2017, an investment organization called Beijing Zhongtai Chuangying Enterprise Management Co., Ltd. (hereinafter referred to as "Zhongtai Chuangying") quietly entered. And reporters found that the company's only shareholder is China Pacific Innovation, and China Pacific Chuangying holds a 20% stake in Oriental Cheyun.
By May 2018, the Shanghai Zheyun Business Consulting Partnership (Limited Partnership) entered Dongfang Cheyun with a 28% stake, hiding behind the news that Xinyin Fenghua invested in easy access. Prior to May, the company's shareholders were Lanju Capital (Taoyun Capital holds 75% of its parent company) and Taoyun Capital, but after May its ownership structure was changed to Ningbo Bonded Zone Yanda Investment Management Partnership (Limited Partnership) 99% and Lanju Capital 1%.
That is to say, as a result of this, Tao Yun capital has made over half of its equity. And that is not the end. The seemingly inexpensive Strategic Investment Cooperation Framework Agreement signed with Hermes Group will be the most important step in its operation.
On August 8, HMM and Taoyun Capital's co-actors Wang Fei and China Pacific Chuangying signed the Agreement of Cooperation Intention on the transfer of shares of Eastern Che Yun, the main vehicle operator, and agreed to implement equity financing and introduce strategic investors after the agreement was signed and during the transaction planning process. HMM also signed the Agreement. The underlying assets held by the shareholders of the underlying company will be transfered.
In other words, if the agreement falls to the ground, Tao Yun
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