Profit transfer hidden in inferior macro source alternative subsidiary or for Channel

After May, Hongyuan Securities (000562. SZ) employees were taken away by the police to lift the debt market turmoil. However, the bond market news shows that the incident or with the April this year, the C-class households, such as holding coupons and other shady, but with the macro-source securities employees to buy bonds and financial products of the high return on the share of the bad. Some people also pointed out that the above-mentioned financial products of the inferior share of the subscription, Hongyuan Securities Alternative Investment subsidiary Acer Sink Wisdom Investment Co., Ltd. (hereinafter referred to as Acer sink wisdom) of the figure shuttle among them. However, the aforementioned financial products are macro-source securities of the collection of joint-venture products or through the trust and other means to borrow the "channel" set up, yet to be determined. In response to market rumors, Hongyuan Securities have not been declared. The profit and loss is concealed in the inferior? September 12, the bond market rumors that the previous day, the Securities sales department general manager Chen Zhijun and vice President Yefan was taken away by the police and their internal staff subscribed to the bond-type wealth management products. "The matter and the macro-source employees subscribe to the wealth of financial products after the bad share of the poor after the high yield, once more than 30% or 40%." A person close to Hongyuan Securities said. However, the information has also been questioned by many members of the industry. "If the market is good, the payoff is really high, but it's not going to be checked, is it?" "A securities insider in South China is skeptical," it is common for employees to subscribe to their products, and many companies will encourage them to do so. "" Can not be said to be poor after the transfer of benefits, bad also assume the risk of priority security, if the product risk first loss is definitely inferior. "A AMC securities brokerage investment Manager pointed out. However, some people in the industry think that the default probability of the bond market is small, so the structural arrangements after such a priority, it is inevitable that the use of priority funds to magnify the benefits of leverage. "The current bond default is still a myth. "A researcher of Huaxia fund admits," in recent years the risk of bond especially enterprise debt is not big. "" structured in the design of the product is already very common, in addition to the two-tier market investment, the type of trust business is often used in this design. "Shanxi Securities" (002500. SZ), said the source, "Sometimes it may be a broker's own funds to do mezzanine, and then find a reliable single capital to do worse, but if the overall risk of investment is small, the so-called ' inferior ' mezzanine ' can enjoy the remaining high income, the priority is equivalent to being put on the lever. "Some sources pointed out that Hongyuan securities employees on the inferior share of wealth management products or direct investment, but with its alternative investment subsidiary Acer Sink Wisdom for the channel to implement." "Acer sink is likely to be a channel for inferior funds, and alternative investment subsidiaries are more flexible in their operations and sometimes have poor funding for trust projects." said the person close to Hongyuan securities. Industry and Commerce data show, Acer sink legal representative Jiang, at the same time as Hongyuan Securities General Manager Office director, the company's business scope includes investment, asset management, investment management. At the end of 2012, Hongyuan Securities announced the completion of a separate injection of capital into the macro-sink-chi, with an increase of 300 million yuan from the time of its establishment to $1.2 billion. According to the macro-source securities, a promotional material, "Hongyuan Securities have fixed income plate to makeFor the company's brand business, and in the industry are among the top indicators. In the first half of 2012, the company realized profits accounted for more than 50% of net profit. "For the introduction of the macro sink is" the company's goal will be a macro sink the securities company's OTC trading platform and capital intermediaries, fully engaged in alternative investment business. 2012? Previously anecdotal rumors, Hongyuan Securities employees to subscribe to the financial products of the poor after the profit of 30%-40%. "So it's possible to design a mezzanine. CICC, a fixed income researcher, points out that "the lowest priority income, the level of clamping, the worst residual income may be the highest." "There are those in the industry who believe that such high residual earnings are not related to the 2012 Bond bull market." "If it's rumored to be so high, it means it happened at least last year," he said. "Priority (money) is usually taken from banks, and it is not easy to achieve high returns after the cost of the banks has risen since the money shortage this year," said the researchers. "To get such high returns is likely to be a bull market last year." "Data show that the macro-source securities launched in 2013 before the establishment of a total of 8, which investment type of bond-only" macro source 6th robust growth a "and" Hongyuan 6th steady growth C ". The aforementioned two types of bond-type collection financing plan was established on June 15, 2012, this kind of large set of products in 2013 after the implementation of the New Fund Act has been discontinued, investment manager Huadang, is still in the survival period. But these two products do not disclose the product grading information. "It does not need to make use of the collection of capital management, but also can be outsourced into trusts and other products to do." "The analysis of the investment manager of the securities firm. It is unclear whether Hongyuan Securities and its subsidiaries will issue financial products other than the joint venture. Because of the foregoing rumors involving the various departments of Hongyuan securities, causing the market to the macro-source securities wind control mechanism of suspicion. In fact, in 2012, the media has exposed the macro-source Securities sales department has been due to the sale of financial products in the process of the implied capital preservation and other suspected violations of the problem. In response to the aforementioned rumors, the reporter calls Hongyuan Securities board Secretary Yangchangyun Telephone to verify, but the other side said "to prove what, can say has been said." Chen Zhijun and other people were taken away by the police investigation whether and macro-source securities may have wind control flaws, is still a mystery. April 17 this year, Hongyuan Securities concerned in charge of the interview that the current brokerage business is in constant innovation and development, regardless of the regulatory level or brokerage, all kinds of business wind control considerable attention. "Now many businesses do not do, how to do, should be through the Wind control Department of Audit." At that time, the person in charge had said.