2065438+On June 26th, 2007, Jiayuan Chuangsheng and Avant-garde Investment signed the Enterprise Investment and Financing Cooperation Agreement, and both parties agreed:
1, jiayuan real estate subscribed for the 250 million avantgarde No.4 fund issued by avantgarde investment;
2. Avant-garde Investment subscribes for 2,065,438+07 non-public corporate bonds issued by Jiayuan Chuangsheng, with 750 million yuan and 8.5% in coupon rate, with an investment period of 2+65,438+0 years;
3. The contribution ratio of both parties is1:2;
On July 4, 20 19, 17 Jiayuan 02 bonds were sold back and paid, with a selling ratio of 8 1.33%, of which the selling amount of avant-garde investment was 6 1 10,000 yuan.
On July 19 and 18, Jiayuan Real Estate applied for redemption, demanding that according to the cooperation agreement, "the product duration is the same as that of the non-public corporate bonds issued by Jiayuan Chuangsheng Company in 20 17". Therefore, your company should return our fund principal and corresponding income in the same proportion. Please return the investment principal of 203.325 million yuan and the income of 42.5 million yuan.
This request was rejected, and Avant-garde Investment said that Avant-garde No.4 Fund operated in accordance with the fund contract, and its main investment was to allocate funds with banks in a structured way and indirectly hold bond assets. At present, the fund does not have redemption conditions and cannot be redeemed temporarily.
In fact, the application for redemption of jiayuan Real Estate was rejected because other bonds held by Qianwei No.4 Fund defaulted, including 1600 million Yang 04, 1600 million Yang 05,1600 million Yang 07,16 Southeast 0 1 6.
As the Fund holds bond assets to pay risks, Avant-garde Investment conducts scenario analysis on the net asset value of Avant-garde No.4 Fund. For example, if the risk default bonds in positions are calculated according to 0 yuan, the net asset value of Qianwei No.4 Fund is estimated to be around 0.4; If the position risk default bond is calculated according to the valuation of CSI or China Bond, the net value of Qianwei No.4 fund unit is estimated to be around 0.65. According to this net value, the 250 million inferior funds invested by jiayuan real estate may be wiped out.
During the trial, Jiayuan Chuangsheng proposed that "the avantgarde company subscribed for the inferior bond assets allocated by the bank in a structured way without authorization, resulting in significant losses in the managed funds". The court held that Avant-garde No.4 Fund purchased by jiayuan Real Estate belongs to the fixed-income asset management plan and only invests in standardized bonds, and clearly stated that it mainly invests in the structured allocation with banks, so Avant-garde Company did not violate the agreement on the investment scope of Avant-garde No.4 Fund in the cooperation agreement.
Secondly, fixed income refers to the income that expires according to the agreed proportion, but fixed income does not mean a certain income. Investors investing in fixed-income bond products also have their inherent risks, such as bond issuers' default. Therefore, Jiayuan Chuangsheng Company requires Qianwei Company to misinterpret the fixed income in the exchange system, which is also inconsistent with the agreement in the cooperation agreement. Finally, Jiayuan Chuangsheng lost the case.
It should be noted that in the structured capital allocation products of banks, in order to avoid product concentration, banks generally require the product portfolio to hold bonds around 10. If a bond defaults, it will lead to the loss of all sub-funds in the product.