According to China Real Estate News, recently, a statement by Pengjin Institute on delaying payment caused Vanke to fall into a storm again.
On July 1, Pengjin’s parent company, Shenzhen Pengding Chuangying Financial Information Service Co., Ltd. (referred to as "Pengding Chuangying") issued a statement saying that it provided services for multi-phase equity income investment products, and due to market factors, the investment projects could not be repaid as planned, resulting in delayed payment of some products.
The statement did not disclose the specific information of deferred payment products. However, according to feedback from many investors on social platforms, there are dozens of overdue products, including Huijiaxing, Hongcheng, Jiacheng and Beiping. One of the major reasons for the delay in payment of Pengjin’s products comes from the common identity of many investors-former employees or current employees of Vanke.
"Adhering to the principle of maximizing the interests of customers, the company is making every effort to formulate special plans with relevant parties, actively promoting fund-raising to ensure the interests of customers, and the current situation is controllable. We know that your financial security and interests are the top priority of our service, and we promise to actively promote the resolution of the incident in a highly responsible manner. " Pengding Chuangying said in the statement.
"We are not pursuing high interest rates. Last year, when we deposited money in the bank, we could have a 4% yield. We only deposited money in Pengjin with a 5% yield based on our trust in Vanke. With the expansion of the influence of the incident, many departments intervened. Pengjin promised to give a solution these days, and we are willing to wait. " An investor said.
Redemption crisis
Pengjin Institute, the full name of Shenzhen Pengjin Institute Internet Financial Services Co., Ltd., is an internet financial platform jointly built by Vanke and a number of listed companies; It is also a wholly-owned subsidiary of Pengding Chuangying.
"Many Vanke employees have purchased Pengjin products, ranging from four or five million yuan to three or four hundred thousand yuan." An investor quoted the account manager as saying that since March this year, more than a dozen products of Pengjin have been thundered, involving an amount of about 700 million yuan to 800 million yuan. Pengjin’s investment platform has provided a liquidity commitment letter, but it has not fulfilled its liquidity support obligations as promised.
A former Vanke employee wrote on the Internet platform: "Last year, I bought (Pengjin Institute) financial products, 200,000 yuan, with a one-year annual interest of 5.2%. It should have been paid in May this year. On the day of maturity, I directly informed that I was financially nervous and could not pay, so I had to postpone it."
Another important factor that this incident caused concern was the connection between Pengding Chuangying and Vanke.
According to the enterprise investigation information, Pengding Chuangying has 28 shareholders, among which Shenzhen Vanke Financial Consulting Company (a wholly-owned subsidiary of Vanke) holds 20.0669% of Pengding Chuangying’s shares. Guo Changyu, the legal representative of Pengding Chuangying, once served as the director of Shenyang Vanke Yongda Real Estate Development Co., Ltd. Although the company has been cancelled, Guo Changyu is still a member of Vanke Group. In addition, Zhu Jiusheng, President of Vanke Group, served as Chairman and General Manager of Pengding Chuangying from September 2016 to February 2018. All this information shows the connection between the two.
However, the reporter learned from a person close to this matter that Vanke only holds 20% of Pengding Chuangying’s shares, which did not reach the holding line. It is not a controlling shareholder, but only entered as a strategic investor. There are not many Vanke employees who buy Pengjin’s related wealth management products, and the amount is limited, and it is voluntary, not mandatory; Related wealth management products are not only for Vanke employees, but also for others. In fact, in recent years, the market situation is not good, and few Vanke employees buy this product. Moreover, Pengjin’s overdue product does not involve Vanke’s standard debt default.
According to the Company Law, the controlling shareholder refers to the shareholder whose capital contribution accounts for more than 150% of the total capital of the company or whose shares account for more than 50%; Shareholders whose capital contribution or shareholding ratio is less than 50%, but whose voting rights are sufficient to have a significant impact on the resolutions of the shareholders’ meeting.
Wu Xindong, a partner of deheng law offices, said that according to this regulation, the largest shareholder is not necessarily the controlling shareholder, depending on whether the shareholding ratio exceeds 50% or whether other arrangements have a significant impact on the resolution of the shareholders’ meeting. Shenzhen Vanke Financial Consulting Co., Ltd. holds 20% equity of Pengding Chuangying, and is not the controlling shareholder from the perspective of equity structure. According to the Company Law, generally speaking, shareholders are only limited to the amount of capital contribution, so Vanke, as an indirect shareholder in law, has no legal obligation to pay.
Vanke is involved.
However, Vanke is still pushed to the forefront.
According to the data, Pengding Chuangying was established in June 2014 with a registered capital of 527.78 million yuan. The lead unit is Shenzhen Gaoxintou Venture Capital Co., Ltd., a subsidiary of Shenzhen Gaoxintou Group Co., Ltd., and its shareholders include Shenzhen Gaoxintou Venture Capital Co., Ltd., as well as 22 domestic and foreign listed companies such as Tianyuan Dike, Wal-Mart Nuclear Materials, Kelu Electronics, Hainengda and xing sen technology, and the enterprises controlled by the actual controllers of listed companies. 22 listed companies each hold 3.79%, accounting for 83.38% of Pengding Chuangying’s total share capital.
Due to its strong shareholder background and the advantages of resource integration among shareholders, Pengjin Institute was once praised by the media as the "aircraft carrier" of Internet finance. Pengding Chuangying profile wrote that Pengjin Institute is committed to guiding private funds to support the development of the real economy, broadening financing channels for small and micro enterprises, helping small and micro enterprises solve financing difficulties, and providing investors with a safe return on investment.
Vanke’s shareholding in Pengjin Institute began in 2016, when Internet finance was booming, and many developers built their own real estate financial platforms. In August 2016, Pengding Chuangying completed the capital increase and share expansion, and Vanke made a strategic investment of about 300 million yuan to become the largest shareholder.
Also in September 2016, Zhu Jiusheng, who resigned as vice president of Vanke, became the chairman and general manager of Pengding Chuangying. According to reports, after Zhu Jiusheng entered the company, Pengjin Institute launched the "Pengjinxin" real estate and investment and loan project in early 2017. Most of the borrowers were employees of Vanke, and the funds were earmarked for "follow-up investment in real estate development projects of their enterprises".
According to reports, on November 28, 2017, Zhu Jiusheng made his last public appearance as the chairman of Pengding Chuangying. At the launching ceremony of "Caizhu", a building materials B2B third-party procurement trading platform jointly initiated by Vanke, Zhongcheng Investment, Zhongtian Group and Zhonghe Ruimin, he said that the balance sheet space of real estate developers, suppliers and general contractors is limited. With such a platform, there will be new supply chain thinking and securitization thinking, which will allow commercial credit to flow in society through the platform and exceed the limit of its own balance sheet.
After Vanke entered the company, Pengjin Institute played a great role in financing Vanke’s projects. However, with the sharp decline of the industry situation, the once brilliant Pengjin Institute is also facing a redemption crisis.
In fact, since the second half of 2017, a large number of products related to real estate have begun to appear overdue, including products of Evergrande Fortune and Zhongzhi Department. Because the underlying assets of many financial P2P trusts are real estate, it leads to a chain reaction.
Now it seems that Pengjin’s strong shareholder background is not reliable.
On July 3, according to the documents disclosed by the Hong Kong Stock Exchange, BlackRock’s long position in Vanke’s H shares decreased from 5.05% to 4.68% on June 28. As a leading asset management company in the world, BlackRock’s position changes may attract market attention.
Original title: Vanke, caught in the storm again!