According to the announcement of listed companies, the company received the decision of administrative supervision measures from Anhui Supervision Bureau on March 28th and the notice of investigation from CSRC on March 30th.
Anhui Supervision Bureau said that as of June 30, 20 16, the financial leasing receivables of Anhui Derun Financial Leasing Co., Ltd. (Derun Leasing), a subsidiary of Xinli Finance, to Anhui Dongfang Jinhe Real Estate Development Co., Ltd. (hereinafter referred to as Dongfang Jinhe) and Huainan Rong Sheng Xin 'an Real Estate Development Co., Ltd. (Xin 'an, Rong Sheng) were overdue, but the subsidiary failed to make provision for bad debts according to the provision policy formulated by the company, resulting in the company failing to make provision for bad debts in 2009.
According to public information, Xinli Finance, formerly known as Chaodong, was mainly engaged in the production and sales of cement and clinker. From 20 15, Chaodong Co., Ltd. began to gradually acquire financial assets, and in 20 16, through the sale of major assets, the cement business was transferred out, thus giving priority to financial services, and the company's main business was also transformed into financial leasing, microfinance, financing guarantee, pawn and other financial businesses.
Derun Leasing, which put Xinli Finance in a dilemma, was acquired by the company on 20 15 and 1. According to the major asset purchase report previously issued by Xinli Finance, Dongfang Jinhe, Rong Sheng Xin 'an and Derun Leases involved in the breach of contract are closely related and belong to the top two customers of Derun Lease in 20 13 and 20 14.
It is reported that Oriental Jinhe and Rong Sheng Xin 'an are mainly engaged in real estate development and sales respectively. In 20 13, Rong Sheng Xin 'an and Dongfang Jinhe contributed186,000 yuan and162,900 yuan to Derun respectively, accounting for 292. 1% and 25.58% of the company's current income; In 2065438+the first three quarters of 2004, Derun Leasing received 25 1 10000 yuan from Dongfang Jinhe and 1724. 15000 yuan from Rong Sheng Xin 'an, accounting for 22.58% and/kloc-0 of the total revenue respectively.
Among the 2 1 major lease contracts disclosed by Xinli Finance at the same time, the total rents of Dongfang Jinhe and Rong Sheng Xin 'an are 222 million yuan and 244 million yuan respectively, accounting for the top three of the lease contracts of 10, and another company named Hefu Dahua Real Estate Development Co., Ltd. takes the first place with a total rent of 340 million yuan. The lease term of the above three contracts is 20 13 to 20 15. Strangely, Derun Leasing did not set performance bonds for three contracts with such huge amounts, while Derun Leasing designed performance bonds ranging from 3 million to150,000 yuan for the remaining contracts with 18 exceeding10 million yuan.
At present, Dongfang Jinhe has been ruled bankrupt by the People's Court of jin an district, Lu 'an City, Anhui Province because of its heavy debts. According to public information, there were more than 20 legal cases related to Oriental Golden River in 20 16, including disputes over private loans and sales contracts. Rong Sheng Xin 'an is also heavily in debt, and the property of Wan Guo Plaza, located at the intersection of Guoqing Road and Renmin Road in Tianjiaan District, Huainan City, Anhui Province, has been seized by the court.
In addition, Hefei Dahua Real Estate Development Co., Ltd., the biggest debtor in the above-mentioned lease contract, is also riddled with lawsuits. The cases involved include private lending, arrears of project funds and so on. Many properties under the name were also seized by the court.
Then, as the main customers of Derun Leasing, what is the scale of bad debts involved in Dongfang Jinhe and Rong Sheng Xin 'an, and how much impact does it have on the company's net profit in the first half of 20 16? Interface news called Xinli Finance, but no one answered.
The data shows that in 20 16 years, Xinli Finance achieved a total operating income of 8 1 1 billion yuan and a net profit of163 million yuan; Derun Leasing realized operating income of 377 million yuan and net profit of 65.438+0.9 billion yuan in the same period.
For the current operation of Xinli Finance, investors should pay attention to two points. First, the credit risks faced by other subsidiaries of Xinli Finance. In the 20 16 annual report recently released by Xinli Finance, there are nearly 30 loan contract disputes involving Dexin Guarantee, Deshan Small Loan, Dehe Pawn and Derun Leasing, involving about 72.22 million yuan.
Not only that, the above four subsidiaries have been unable to fulfill their performance commitments only one year after being acquired. According to public information, in 20 16, Derun Leasing and other four companies realized the deduction of non-net profit of 2 10/00000 yuan, and only completed the promise of deducting non-net profit of 87.58%.
Second, the investigation of Xinli Finance will also affect the company's ongoing major asset restructuring. It is reported that Xinli Finance intends to acquire 0/00% shares of the third-party payment platform Haike Rongtong/KLOC. This investigation may lead to the postponement, suspension or termination of major asset restructuring.