According to Hong Kong Sing Tao Daily reported on March 29th, Gefei Assets, a mainland asset management company, filed a lawsuit in the Hong Kong High Court, demanding that the assets of four individuals and companies be frozen, including China Huishan Dairy Holdings (6863. HK)。
The chairman and major shareholder of the company, its holding company Guanfeng shares and another person Zhang are prohibited from transferring assets or leaving Hong Kong. The case is scheduled to be heard on April 7, and the ban continues to be valid.
Insiders of Gefei Assets confirmed this news to our reporter. However, the insider did not disclose the scale of the creditor's rights involved in Huishan Dairy.
When talking about this lawsuit, the insider explained: "As a fund manager, the first step we can do is to take asset preservation measures. The most important thing is that it has been sealed, and all those that can be sealed have applied for sealing. "
According to reports, Gefei Assets is the first creditor institution to file this application, and the scale of assets applied for freezing is also much larger than the scale of fund products.
According to the data of fund industry association, Gefei Assets involved in Huishan dairy debt crisis has two products, namely Gefei Chuangshi Optimization 1 Investment Fund and Gefei Chuangshi Optimization No.2 Investment Fund, both of which were established on March 30, 2006.
According to official data, except for a small amount of cash and bank deposits, the funds raised by these two funds will be used to purchase the accounts receivable creditor's rights held by Liaoning Huishan Dairy Group (Shenyang) Co., Ltd. (Huishan China), and Huishan China will pay the settlement consideration to this fund within the agreed time limit.
Information about the scale and payment methods of fund products. Gefei Assets did not respond because the fund industry association prohibited the public promotion of private equity funds.
An internal material obtained by the reporter from other channels shows that the scale of a product is 500 million yuan, and the basic creditor's rights of Huishan Group to Huishan China are transferred at a price of 8.5 fold. Huishan China pays due, Huishan Dairy (06863.HK) makes up the due repurchase commitment, and Yang Kai assumes joint and several liability.
According to the above-mentioned insiders of Gefei Assets, after the exposure of Huishan Dairy's debt crisis, product investors have been disclosed and relevant information has been reported to the CSRC.
According to the data of official website, Gefei Assets was established on 20 10, which is a professional asset management platform under the noah wealth Group (namely Noah Holdings Limited). With the parent fund as the main product line, its business scope covers private equity investment, real estate fund investment, open market investment, institutional channel business, family fortune, discretionary business and other diversified fields. By the fourth quarter of 20 16, Gefei's asset management scale had reached120.9 billion yuan.
For the appeal, this person revealed to reporters that it was also a helpless move. "Now is actually a multi-party game. As you can see, the government has a positive attitude and wants to mediate. It certainly doesn't want to freeze assets. We actually want to cooperate with the government, because if things can be solved smoothly, it will be good for our products, but this incident is also an emergency without any warning. For us, the most important thing is asset preservation. "
Having said that, this move by Gefei Assets broke the temporary balance reached by Huishan Dairy creditors.
On March 23, the Financial Office of Liaoning Provincial Government organized a meeting with Huishan Dairy, demanding that banks and other financial institutions should not lend money and have confidence in Huishan Dairy, hoping to give Huishan Dairy four weeks to solve the problem of defaulting on some interest.
At this financial stability conference, the Financial Office of Liaoning Provincial Government put forward several measures at that time, including requiring Huishan Dairy to give up part of its equity to obtain sufficient funds, striving to restore its interest-paying ability in two weeks, and solving the liquidity problem in four weeks; The government spent more than 90 million yuan to buy a piece of land in Huishan, injecting funds into Huishan Dairy to help Huishan Dairy tide over the difficulties. All financial institutions are required to take Huishan Dairy's default of interest as a special case, and not to conduct credit investigation, preservation and litigation, and so on.
Nowadays, Gefei assets have broken the balance of "no litigation without security" and seized the priority of compensation, which will cause a chain reaction.
Due to the crisis of broken capital chain, Huishan Dairy's share price plummeted by 85% on the morning of March 24th, and it was suspended from trading in the afternoon.
According to public information, as of 20 16, 12 and 3 1, Huishan Dairy's asset-liability ratio was 69%, with total assets of 3.410 billion yuan and total liabilities of 2 17 billion yuan.