Analysis of Nem Mongjun information disclosure, tearing the war behind the "Deadline mismatch"

Nem Mongjun and Tianhong fund dispute, after a few days finally to respond. Nem Mongjun is finally responding to the arbitration. On the evening of January 6, Nem Mongjun is issuing a notice that the fund's shareholding structure has not changed at present, Nem Mongjun is still holding its 36% stake.

The main explanation for the Nem Mongjun's contribution to its refusal to perform is three points.

First, there is controversy over the distribution of the Unassigned profits of Tianhong fund. Neimong that it should be based on the original shareholder structure, that is, 36% of the proportion of profit distribution. Based on the October 2013 Tianhong Fund to the relevant government departments of the "capital increase and expansion of the stock program."

Second, Neimong said, Tianhong fund state-controlled shareholders issued on June 30, 2014, "on the suspension of the fund to increase capital expansion of the relevant work of the letter," Nem Mongjun is consulting Tianhong Fund received the oral answer is the state-owned assets need to be reassessed, is still waiting for the state-owned sector of the written documents.

Third, Neimong that the existing shareholder structure of Tianhong fund has not changed, Tianhong fund and all the shareholders stand in line, but the ant gold suit alone to Nem Mongjun is filing an arbitration application.

For the announcement of Nem Mongjun, Ant in the first time to respond to the golden suit.

1. For the attribution of the unallocated profit, ant gold Clothing said that the parties in the January 20, 2014 signed the Agreement expressly stipulated that Tianhong fund company to the investor commitment and agreed to, the agreement signed to the date of the increase in the completion of the expansion of the stock, without the ant's first written consent, Tianhong fund is not allowed to profit distribution. In addition, by the Yu Tianhong Fund in the history of continuous losses, as of June 30, 2014, Tianhong Fund cumulative unallocated profit is still negative, in accordance with the provisions of the company law, also can not carry out the distribution of profits. But Nem Mongjun is in the announcement but deliberately evaded these two facts.

2, on the evaluation of state-owned assets procedures, the ant, said that in December 2013, Tianhong fund to increase the share of the capital has completed the evaluation of state-owned assets procedures, Tianjin Sasac issued a written reply. In addition, as of January 6, 2015, the ant payment is not received by the Tianhong fund state-controlled shareholders, on the issue of the evaluation of the capital increase and expansion of the stock and any written notice to restart the assessment. "We do not understand why the reason for refusing to perform is an oral notice," he said. The ant suit said in response.

3, on the shareholder structure of the problem, the Ant Golden Service Clear Response, June 27, 2014, the ant in all the conditions of the agreement prerequisites, Xiangtianhong fund paid the full increase, has completed the agreement, and obtained the "Capital Contribution Certificate" and "shareholder roster." According to the 32nd of the company law, since June 27, 2014, the ant has been able to exercise the rights of shareholders in accordance with the law. In addition to Nem Mongjun, the other parties to the Agreement have fulfilled their obligation to contribute, and only Nem Mongjun are being brought to arbitration.

Hatchback contrast, Ant and Neimong about Tianhong fund to increase the shares of the controversy, the context has been very clear.

Nem Mongjun is signing an agreement but refuses to perform the contribution, does not abide by the spirit of contract; After being brought up for arbitration, the official notice is also evasive and fails to give a positive explanation.

June 27, 2014 Ant Gold has been the performance of the payment and obtain a roster of shareholders, the proportion of equity has changed, Nem Mongjun is announced yesterday days Hong Fund shareholder structure unchanged, this is not in line with the facts.

So, Nem Mongjun is so toss, what is it? Fundamentally, this is Du Jiangtao (Nem Mongjun Zhengda shareholder and the actual control person) in the capital market to maneuver the key link.

Nem Mongjun is November 28 to lift the brand Huatai insurance, the price of 4.505 billion yuan to buy Huatai insurance 15.39% of the shares. But Nem Mongjun's financial strength is very stretched. Study Nem Mongjun is 2014 three quarterly report found that by the end of September 2014, Nem Mongjun is only 520 million yuan in the balance of money, all the size of liquid assets only 2.84 billion yuan.

Market Analysis, Nem Mongjun is the acquisition of funds, mainly from Du Jiangtao shareholder loans. and Du Jiangtao funds, it is held by the Nem Mongjun is the stock pledge financing. According to Nem Mongjun is 2014 three quarterly report disclosed that the company's main shareholder Du Jiangtao and June is technology, has more than 90% of the equity pledge financing. Among them, June is the actual control of science and technology is also Du Jiangtao.

With the financing of the stock pledge, the borrower must guarantee the safety of its own funds. As a result, Nem Mongjun is insisting that he holds a 36% per cent stake in the Tianhong fund, and demands that the profits be distributed accordingly, in order to beautify the financial statements to support the share price. At the same time, the Internet finance, the acquisition of Huatai insurance concepts such as lifting the share price, and then the stock pledge to obtain high financing to acquire assets.

What is the key node in this series of dazzling capital operations? Is the certainty of time. In the grip of nearly 40% of the Tianhong fund shares in the period of time, attracted a large amount of financing to complete the purchase of Huatai insurance. After the completion of the acquisition in accordance with the agreement to dilute the hands of Tianhong shares. perfect!

In this operation, the term has been incorrectly matched. According to the original time, at the end of June 2014, Nem Mongjun and Ant to pay for the performance, but it is estimated that Nem Mongjun is not completed in Huatai Insurance acquisition negotiations, Du Jiangtao shares have to continue to pledge, risk default to finance the completion of the acquisition.

Unexpectedly, each family has the wishful thinking of the family. Ant in the second half of the 2014 since the formal renaming, vigorous, natural to quickly close days of the acquisition of the case, naturally not to Nem Mongjun is the abacus and stop their footsteps. If Nem Mongjun is in advance to inform ants gold, may get understanding, not to mention Nem Mongjun is driven by their own interests, silent teeth do not invest, wait to complete the purchase of Huatai insurance, natural anger ants gold clothing.

However, do not comply with the agreement, misleading investors, the concept of Internet finance will also be penetrated, and now with the ants of the tear force, must let the company reputation damaged. If the end result is the ant to find another fund, transfer balance treasure business, will be implicated in Tianhong fund, from the vertex fall. After all, ant gold Clothing has been the balance of treasure Money fund to play a good, the other is not impossible.

Ant in the response has made it clear that, given that Nem Mongjun is violating the agreement, it will no longer cooperate with Neimong and any other company (other than the Tianhong fund) before it corrects the breach.

This is a conflict of interests, is the so-called no forever friend, there is no eternal enemy, only the eternal interests. The prelude to the idea that compromise may be the best result. Nem Mongjun is dying to carry the burden may not be able to tide over the difficulties, God knows whether Huatai insurance in a few days to win. If both sides are in court, default is also a huge mishap.

With ants in the golden clothing and ants in today's China's Internet financial status, no resources to support the ant, many internet finance concept is just a castle in the face, in the current interests and long-term interest, Nem Mongjun is a trader when think twice.

Source: Gold Rating Media

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