Debate on qualification determination
People's Insurance Company of China began to repel "Wenhua School" 20 1 1 on June 8th. Beijing Financial Assets Exchange issued two announcements on share transfer, namely, Announcement on 55% share transfer of China Wenhua Investment Holding Co., Ltd. and Announcement on 54. 1% share transfer of Guanglian (Nanning) Investment Co., Ltd.. Due to various reasons, the listing was suspended.
According to informed sources, it was not until April 20 that Beijin Institute sent a letter to the previous intended transferee, announcing the re-listing of the project. Five days later, the transaction was completed, and the Beijing Trust, which had participated in the bidding before, successfully signed the contract and reported that it had completed the industrial and commercial transfer. This means that the actual controllers of Mandarin Media and new Huangpu listed companies will be changed to Beijing Trust.
This result is really unacceptable to Wuxi Jinyuan Industrial Investment and Development Group Co., Ltd., another buyer who participated in the auction. Its holding company has just participated in Mandarin Media by indirectly holding the equity curve of Shanghai Yufu, the largest shareholder of Mandarin Media. The intention of holding the listed company is obvious, and the sidelining of China's controlling stake will disrupt Wuxi Jinyuan's plan.
"Beijin Institute believes that our company is not a financial enterprise, so it has not been confirmed as the transferee." A person from Wuxi Jinyuan said that the company indirectly holds 0/9% equity of a small loan company and directly holds 83.67% equity of a financing guarantee company. Wuxi Jinyuan believes that according to the Opinions on Further Supporting the Healthy Development of Small and Micro Enterprises and the Code of Financial Institutions, microfinance companies are clearly defined as financial institutions; The Trading Rules of Unlisted State-owned Property Rights of Financial Enterprises also clarifies that a guarantee company is a financial enterprise.
Who is behind Beijing Trust?
According to the transfer requirements previously announced, the audited total assets of the intended transferee in 20 10 are not less than 10 billion yuan, and the net assets are not less than 2 billion yuan, so the project will not accept the consortium's application.
The 20 10 annual report released by Beijing Trust shows that the total assets of the company are 2.659 billion yuan and the net assets are 24.2 10 billion yuan, which is quite different from the requirements of the transferee. But by the end of 20 10, the total assets of Beijing Trust's trust projects reached 80.46 billion yuan. According to the Measures for the Administration of Trust Companies, trust companies are not allowed to make industrial investment with their inherent assets, that is to say, the acquisition of Beijing Trust is completed through its entrusted assets.
According to informed sources, it has been stated in the trust contract used by Beijing Trust to participate in the project bidding that the trading structure of Beijing Trust as the transferee to transfer the underlying equity with trust funds has been recognized and accepted by the transferor PICC Holdings. This means that Beikong Trust is not the actual controller of Wenhua's equity, and the ultimate beneficiary of the trust plan is the actual holder of China's controlling stake.
Who is the actual controller of Wenhua's equity? There have been many rumors before. This has also become the core reason why its two companies have been suspended for verification but failed to resume trading for a long time. A person familiar with the matter said: "The difference is that the exchange requires disclosure to the ultimate controller, while Huakong hopes to disclose it only to the Beijing Trust level."
Who is standing behind Beijing Trust? I'm afraid we can't have an answer until the announcement of listed companies.