The exposure of the capital relation chart of the "Yi Hua System" with rolling pledge of Yi Hua Department

"Yi Hua System" capital relations involving 10 trust companies and several brokerages, China River International Trust and other large risk exposure new Express comprehensive report July 15 afternoon, a rumor that began on Weibo made Guangdong Chaoshan Capital Circle shocked: Yi Hua Group Chairman Liu Shaoxi was CCDI control. Yi Hua Group is a leading enterprise with a significant benchmark in eastern Guangdong, to home furnishings, real estate for the main business, through equity investment in a number of listed companies. Chairman Liu Shaoxi called Chaoshan "capital Godfather", in recent years, capital operation is frequent, trust Company is its largest provider of funds. Ranked among the top 500 private manufacturing enterprises in China, Yi Hua Enterprise (Group) Co., Ltd. (hereinafter referred to as "Yi Hua Group") was established in 1995, the registered capital of 1 billion yuan, legal person for Liu Shaoxi, at the same time, Liu Shaoxi as the chairman of the Yi Hua Group, is the actual control of the Yi Hua Group, Liu Shaoxi and brother Liu Shaosheng, its son Liu Chong They hold the 80%, 10% and 10% shares of the Yi Hua group respectively. Group in 2013, the national private manufacturing enterprises in the top 500, ranked 132th. As of March 31, 2014, Yi Hua Group holds 23.84% of the Yi Hua wood industry and 48.48% of the Yi Hua real estate. Liu Shaoxi as chairman and director of Yi Hua wood industry. In addition to direct control of the two listed companies, "Yi Hua System" also shares a number of listed companies and several companies to be listed. Shantou Investment Holdings Co., Ltd. was founded in July 2, 2007, the legal representative is Liu Chong Green. According to earnings disclosure, the investment by Liu Chong Green, Liu Shaoshan (Liu Shaoxi sister) jointly funded the formation. After the establishment, China Green investment in the FireWire stake in Huawei shares, so far, Hua Qing Investment holdings Huawei shares 9.48% of the shares, the market value of about 160 million yuan. By the end of the first quarter of 2014, Hua Qing investment also held 5.45% of Dongfeng shares, the market value of about 620 million yuan. In addition, in the list of listed companies, "Yi Hua System" also through various means to participate in the participation of Guangdong Guanghua Technology, Guangdong loose-hair ceramics, Guangdong Four-pass group, as well as the Shenzhen carved decoration of four companies to be listed. Carding shows that "Yi Hua department" of the capital Operation platform, in addition to its direct control of the two listed companies, at least also include China Green Investment, Fuxiang Investment, Kam Huang Investment and many other investment companies. Yi Hua Group's official website introduction shows that "Yi Hua" brand value of 8.559 billion yuan. Two listed companies stock by the wheel pledge Public Information, February 4, 2008, just borrow Shell listed Yi Wah real estate released a major asset reorganization plan. Yi Wah Real Estate to the non-public issue of the group not more than 110 million shares, the acquisition of the Yi Hua Group held in Jieyang project company, Meizhou Project company, Xiangtan Project company and the Yi Dong Project company Equity. Public information also shows that Liu Shaoxi and his "Yi Hua Department" Use the rolling stock pledge to maximize the money from the securities market. Wind statistics show that, in the Yi-Hua real estate, since 2010, the group has carried out 12 equity pledge (including 4 times pledged repurchase), cumulative pledged shares 609.85 millionUnit, 406.64 million shares have been put off, and 203.21 million shares have not been put off. The total amount of pledged shares accounted for 188.23% of the proportion of circulating stocks. From the present pledge situation, the risk exposure of Yi-hua real estate mainly in industrial securities, northeast Securities, Citic Securities body. Since 2009, in the Yi Hua wood industry, the Yi Hua group has carried out 13 equity pledge, the total equity pledge amounted to 908.95 million shares, has not solved 370.13 million shares, has already solved 538.82 million shares, the cumulative pledge total amount accounted for the circulation share proportion 61.3%. From the current pledge situation, the risk exposure is mainly in the Sino-Jiang International Trust and other trusts. In addition, "Yi Hua Department" under the Fuxiang investment in jinming precision machine on the cumulative 2 equity pledge, the pledge party all is in the sincerity entrust; in the Huawei shares, the Hua Qing invests the total to carry on 9 stock rights pledge; in Dongfeng shares, the investment also has 2 equity pledge; In the already cleared church, Huayu Investment also had an equity pledge. Compared with the stock pledge financing, the trust financing of "Yi Hua system" is relatively more secretive. There are no more than 10 sets of funds trust for public information, the issuer has founder East Asia Trust, Huarong Trust, Citic Trust and so on, most of which have expired. In addition, at the end of 2012, IKEA real Estate notice, the company intends to enter into a wholly-owned subsidiary of Guangdong Yihua Real Estate Development Co., Ltd. signed the transfer of debt (repurchase) agreement, the Chinese Iron Trust as a counterparty to buy and sell back to the creditor's rights to provide not more than 350 million yuan of financing Last May, Yi-hua real estate announced again, Guangdong Yi-hua Real Estate Development Co., Ltd. again to the Chinese trust to apply for more than 300 million yuan trust loans, loan period of 24 months. Since then, Huarong Trust China Real Estate set up three phase of the collection of Funds Trust Program (Inquiry Trust products). A number of listed companies tumbled along with the rumors about "Yi Hua system" and Liu Shaoxi increasingly fermented, "Yi Hua System" of the listed companies involved are also affected, creating a large size of the "Black Swan" event. July 15, the Yi Hua real estate fell, July 15-16th, Dongfeng shares two trading days tumbled 10.46%, jinming precision machine Two trading days tumbled 10.11%. Huawei shares, the Yi Hua wood industry was temporarily escaped because of suspension. It is noteworthy that, in the Liu Shaoxi of the same time, Dongfeng shares announced July 17, China Green Investment July 16 through the SSE centralized bidding trading system and the bulk of the transaction sold 1.986 million shares and 2 million shares, accounting for 0.71% of the company's total equity. Dongfeng shares a quarterly show, China Green Investment in the proportion of 5.45% of Dongfeng shares in the fourth largest shareholder. After the reduction, Hua Qing Investment shareholding ratio of 4.98%.