Huatai Huitong get into the small payment event

Reporter Li Xinjiang Beijing coverage

"Not yet lost, but I heard that the boss is currently hiding in Chengdu." July 15, Huatai Huitong (Beijing) Equity Fund Management Co., Ltd. (Huatai Huitong) in Beijing, an investor in the 21st Century Business Herald Reporter revealed.

The investor's funds originally had to be redeemed as early as April 15, but now more than three months have passed. Investors who have not yet received the investment capital and the return of their capital have started to frequently go to the PE agency in Zhongguancun, Beijing, for investment funds.

"Originally scheduled for June 18 can receive the transfer of the transfer of the project, but due to some procedures not completed, the recent receipt of the transfer is less likely; but the project received in early July considerable project start-up prepaid , Which will be used to pay investors the proceeds. "This is the investor from Huatai Huitong get a pass issued a formal reply given, the current notice is still linked to Huatai Huitong's official website .

On July 15, an insider of Huatai Huitong revealed to 21st Century Business Herald reporter that the boss has not returned to Beijing yet did not notify him of the change of payment and will smoothly redeem tomorrow as planned.

However, on July 16, the accident happened again. The investors received the information and the payment was delayed again. This also added more uncertainties to the subsequent redemption issue.

In fact, this is only one of the recent cases of redemption crisis. The same type of redemption crisis has also been staged in different places. In different cases, the corresponding common factors are increasingly prominent.

Huatai Huitong cash crisis

In fact, in the eyes of the industry, Huatai Huitong get only a small redemption incident.

According to people familiar with the matter, Huatai Huitong currently exchanging money amounting to about 1-2 billion. The issue of redemption mainly comes from some investors prior to April 15, and its investment projects are mainly located in Chengdu, Sichuan Province, a Real estate projects.

Prior to this, regardless of the recent Huarong 普银 incident, or financing incident in Hebei, the amount of funds involved Huatai Huitong involved much larger amount of money. But as the PE issues emerge more frequently, the industry issues behind the exposed cases of such agencies have become even more intriguing.

According to the information held by 21st Century Economic Reporters, investors who were promised before April 15 were eventually delayed until July 16, which stabilized the "morale" to a large extent because, as agreed, the delay of three A month's time, will be in accordance with the original investment contract to pay the investment income.

In July 16, again unable to honor the news so many investors pinched a sweat. Investors eventually received only one paper notice, saying that due to the company's allocation of funds problems have led to deferred payment so far, the company promised to start the redemption work July 16, began by signing the payment agreement to honor. One of them, on the one hand, confirms that the investor invests the principal, on the other hand, confirms the previous investment income and the deferred investment income.

According to Huatai Huitong internal sources, failed to complete the redemption work on July 16, will once again be delayed to 10 days after the payment. However, when it can be redeemed, the insiders are still not confident enough.

In fact, from Huatai Huitong's context of redemption, many of which deserve more memorable details.

On the one hand, the unrecoverable investor was postponed to July 16 after three months, on the other hand, the final announcement showed that the project-initiated prepayment would be paid instead of the project transfer, and that the deferred After the arrival of July 16, the so-called "considerable project start-up advance payment" still can not be put in place.

It is noteworthy that, even on July 16, Huatai Huitong agreed to honor the relevant deferred income, which means that it is misappropriation of other funds to pay for the project.

In addition to the investment held by investors behind the project is located in Chengdu, according to informed sources, Huatai Huitong expiring and has expired in Jiangsu and Henan real estate projects, these investment returns for investors , Whether it can be paid on schedule, is still the mystery to be solved.

PE unspoken rules

Although its company name is quite "demeanor" for large financial institutions, Huatai Huitong has nothing to do with Huatai Securities or Huatai United and other financial institutions.

From the business information, the majority shareholder of Huatai Huitong Longsheng Hengye Investment Guarantee Co., Ltd., the legal representative of Sun Tianxi, Huatai Huitong is also a minority shareholder.

The majority shareholder of Longsheng Hengye is Beijing Thousands of Environmental Protection and Energy Saving Technology Group, the other shareholder is Green Branch Industrial Co., Ltd. Beijing Thousands of environmental protection as a state-owned enterprises, so far, the actual controller Huatai Huitong is not clear.

"In fact, Huatai Huitong is only a recent case of exposure, as I have come into contact with the crisis there are five or six, one of them is a PE category called Sindh institutions." A source in the PE industry pointed out.

And these exposed PE institutions are often only separated from the illegal fund-raising.

According to the above PE industry analysis, the three main cases of its exposure to the case, one is to raise funds for the public, but the final transfer of funds to private households, there is the phenomenon of misappropriation of funds; secondly, although the nominally signed a limited partnership contract , But in fact the GP does not change the information to the business sector according to the equity change; the third is that the lowest share of the proceeds not to start in accordance with the relevant regulatory requirements of 1 million yuan.

According to a 21st Century Economic Reporter's survey, Huatai Huitong's cashed-out crisis case showed that investors only took part in this investment for more than 200,000 yuan.

According to the sources said, Shun Tak Hang's investment is also mainly real estate enterprises in Zhejiang, the final withdrawal of funds due to problems and can not be due to pay. As the real estate industry turns cold, more and more crises may be exposed in this industry.

"As the equity change has not been made, it is hard to guarantee whether the final capital will enter the project company." On July 16, a PE insider in Beijing admitted frankly. In the event of a redemption issue, the loophole in the contract will be the maximum risk that investors will be required to invest in the principal and proceeds, and the recent "runway" incidents add to the risk index of this type of business.

In the view of the aforementioned analysts, as regulators put PE institutions under the supervision and limited partnership financial products as a very important type of domestic financial sub-sectors, supervisors should urge regulatory authorities to formulate regulatory rules on capital flow and redemption issues.