China Fund News

Another tens of billions of online lending platforms collapsed!

On May 13th, Shanghai police issued a circular to investigate and deal with the case of Huaxia Xincai Internet Financial Information Service (Shanghai) Co., Ltd. (hereinafter referred to as "Huaxia Xincai") suspected of illegally absorbing public deposits.

This also means that Huaxia Xincai, which has experienced a redemption crisis since last year, is completely "cool".

Billion-level P2P is suspected of non-absorption.

On the morning of May 13th, Huangpu Branch of Shanghai Public Security Bureau issued a warning notice, saying that the police had recently investigated and dealt with Huaxia Xincai's suspected illegal absorption of public deposits on the basis of investors' reports, and took criminal compulsory measures against 12 suspects including Li, the legal representative of Huaxia Xincai, and Wang, the chief financial officer.

According to the circular, after investigation, "Huaxia Xincai" set up an online platform of "Flower and Shrimp Finance" and an offline store of "Huaxia Investment" without the approval of the relevant state departments, with the promise of paying a fixed income ranging from 6% to 19% as bait, and illegally raised funds from an unspecified public by selling various wealth management products, and the raised funds were used for company operation, debt service and external lending. At present, the case is under further investigation.

The police said that up to now, the public security organs have frozen more than 85 million yuan of funds involved. The work of recovering the loss is still in full swing, and the final retreat will be carried out by the court according to law. The public security organs have obtained the relevant data of "Huaxia Xincai", and at the same time hired professional judicial audit institutions to confirm the funds lent by each investor and trace the whereabouts of the funds.

According to the circular, the investors in this case can register online through the "Information Registration Platform for Investors in Illegal Fund-raising Cases under Economic Investigation in Shanghai", or they can bring their identity documents and relevant reporting materials to the place where they registered, or the nearest public security organ where they actually lived.

The police said that all the funds obtained by the borrower from applying for a loan with Huaxia Pratt & Whitney APP were involved in the case, and the borrower involved should fulfill the repayment obligation according to law. Please remit the repayment principal and interest to the refund account designated by the public security organ according to law. If the repayment is not timely, the public security organ will recover it according to law.

According to the circular, the public security organs will comprehensively collect criminal evidence, fully promote the work of case investigation, recovery and loss recovery, and fund verification, and protect the legitimate rights and interests of investors to the maximum extent, and will announce the progress of the case in due course in accordance with legal procedures. Investors are invited to actively cooperate with the public security organs to investigate and collect evidence, express their demands according to law, do not believe in rumors, do not spread rumors, do not participate in various illegal gathering activities, and safeguard their legitimate rights and interests through legal channels.

According to the data released by Huaxia Xincai official website, as of the beginning of May this year, its cumulative transaction amount was 14.618 billion yuan, with a total of 25,6 transactions and a loan balance of 6.34 billion yuan, with a total registered population of 922,1.

The second shareholder is the actual controller of the A-share listed company

According to the survey, Huaxia Xincai was established in August 215 and is a wholly-owned subsidiary of Huaxia Xincai Equity Investment Management Co., Ltd. (hereinafter referred to as "Huaxia Xincai Investment").

Huaxia Xincai Investment was established in June 215, and its three shareholders are Huaxia Management Co., Ltd., Lin Wenhong and Liu Jiaci, holding 79%, 2% and 1% respectively.

according to public information, Huaxia xincai investment said that it was jointly sponsored by Cathay-Capital, a world-renowned dollar fund, and * * *, the major shareholder of China listed company guanfu co., ltd. In December 215, Huaxia Xincai officially became one of the few Internet financial service enterprises in Chinese mainland that received foreign direct investment (FDI).

after inquiring about the public information, the shareholder holding 2% of Huaxia Xincai Investment is Guanfu Holdings Co., Ltd. (stock abbreviation: ST Guanfu; Stock code: 212) Lin Wenhong, one of the controlling shareholders and actual controllers.

According to the 219 annual report disclosed by ST Guanfu, Lin Fuchun, Lin Wenchang, Lin Wenhong and Lin Wenzhi are father and son, and they are the controlling shareholders and actual controllers of the company. Among them, Lin Wenhong holds 28,866,968 shares of the company, accounting for 1.1%. All the above shares have been frozen, and 28.11 million of them have been pledged. From December 215 to October 218, Lin Wenhong served as a director of Huaxia Xincai Investment.

In the semi-annual report of ST Guanfu in 216, Huaxia Xincai Investment was disclosed as "an enterprise in which the actual controller shares", and the above statement remained unchanged until the semi-annual report of 219.

ST guanfu said in his introduction to official website that after years of development and industrial restructuring and business integration in the past three years, the company has formed two core subsidiaries, namely, Nengte Technology Co., Ltd., which is committed to becoming a first-class global enterprise in pharmaceutical raw materials, animal nutrition, new material product research and development, and Shanghai Sumi Information Technology Co., Ltd., which is a vertical e-commerce platform, and an operating model with investment real estate leasing and gold mining as auxiliary businesses in science and technology venture industrial parks.

guanfu co., ltd. suffered a "hat" from ST in 218, and Lin wenhong, the second shareholder of Huaxia xincai investment, is not optimistic at present. Eye-catching shows that Lin Wenhong has been listed as a high-spending person by the court for many times, and many shares under his name have been frozen.

The depository bank of funds was changed in September last year

In fact, the crisis of Huaxia Credit Finance has already begun.

Since August last year, there have been questions and feedbacks about Huaxia Trust's difficulty in paying and its failure to pay back the money on time. On September 11th last year, Huaxia Xincai announced that it would replace the Depository Bank of China as a new network bank, which is expected to be officially launched on September 22nd. However, in just one month, the Depository Bank closed related functions.

Huawei, the official of Huaxia Credit Finance, once responded that due to the large amount of due orders and the influence of the market environment, the speed of debt transfer is slow, and relevant measures have been taken to speed up the speed of debt transfer.

and by the end of October, a suspected "Huaxia letter to investors" caused an uproar. According to the document, "Shanghai and national online lending platforms will stop related businesses one after another".

Huaxia Xincai immediately issued a statement on October 3th, stating that it had never issued an announcement of "Letter to Investors", never received a notice from the Shanghai Financial Bureau about the complete termination of the online loan industry, and never signed the so-called "Commitment Letter to Stop Business". It was a malicious impersonation of "Huaxia Xincai", and the so-called "Letter to Investors" was a malicious rumor.

On November 8, 219, Huaxia Trust Finance (Flower and Shrimp Finance) released a work progress statement. Bing Lin, the chairman of the company, and six core senior executives attended the online meeting. Bing Lin said that he would strive to issue a repayment plan on November 23, and even directly stated that Huaxia Trust Finance did not have the saying of "robbing Peter to pay Paul", but only had a huge "firewall" to prevent immorality. "The company promises not to run away without losing contact and to be responsible for the collection of creditor's rights to the end".

On November 23rd, Huaxia Credit Finance (Flower and Shrimp Finance) released a progress statement, saying that by 17: pm on November 23rd, 219, the repayment work had been basically completed, and the normal allocation of funds was more than 2 million yuan.

it was not until December 8th that the repayment plan determined by the second meeting of the lender committee of Huaxia Xincai came out. In this plan, Huaxia Xincai promises to pay back 4% of the original principal in the first year, 6% of the original principal in the second year, 7% of the lender's income in the third year and all the lender's income in the fourth year.

Bing Lin, Chairman of Huaxia Xincai, said in his New Year message in 22 that in the coming year, the company will focus on the work of "three reductions and transformation", earnestly fulfill its social responsibilities, do a good job in post-loan and collection, and actively seek opportunities for enterprise development and transformation.

Huaxia Xincai released the latest work progress statement on April 27th this year, saying that the company started the current collection work on April 21st, 22 as planned. Up to now, all the collection work has been completed, and the actual collection amount is 156 million yuan, which is the collection from March 24th, 22 to April 26th, 22. The amount of payment in this period has increased by about 9.1% compared with last month. Since November 219, the accumulated payment has been about RMB 1 billion.