On December 21, the photovoltaic sector rebounded. Among them, photovoltaic concept stocks rose across the board, followed by Deye shares, Haiyou New Materials, Shangneng Electric, Sunshine Power, etc., King Kong Photovoltaic rose by more than 10% , and the photovoltaic sector rose by 0. Count as giving
Recently, the official WeChat public number of Jiangsu Court announced ten cases of financial trial from 2021 to 2023. One of the cases involved a contract dispute between a photovoltaic enterprise, Suzhou Zhonglai Photovoltaic New Material Co., Ltd. (Hereinafter referred to as "Zhonglai Stock") and Li Pingping, Li Xiang, Shenzhen Qianhai Zhengfan Investment Management Co., Ltd. (Hereinafter referred to as "Zhengfan Investment") and Guotai Jun'an Securities Co., Ltd. (Hereinafter referred to as "Guotai Jun'an").
According to the case, in 2019, Zhonglai shares subscribed to private equity products such as Tenglong No.1 Fund, Fangji Zhengfan No.1 Fund and Zhengfan Shunfeng No.2 Fund, which were managed by Zhengfan Investment, and agreed on a stop-loss line. At the same time, Li Pingping and Li Xiang, practitioners of private equity funds, issued letters of commitment to the three funds subscribed by Zhonglai Company, promising that if the total amount allocated by the above funds to Zhonglai Company in the future is less than investment principal and the annualized return of 10%, the difference will be made up by Li Pingping and Li Xiang to Zhonglai Company in cash. The fund contract agreed by both parties States that the stop-loss line is 0.
However, since December 1, 2020, the net unit value of Fangji Zhengfan No.1 Fund has fallen sharply, and on December 31, 2020, its net unit value is-0.
Zhonglai shares also made a public response to this news. On the afternoon of January 10,
2021, Zhonglai shares disclosed the "Announcement on the Progress of the Company's Use of Idle Self-owned Funds to Entrust Financial Management", saying that due to the sharp decline in the market value of stocks invested by private equity funds, the net value of the four funds dropped sharply compared with November 30, 2020. Fund products lost 158.7 million yuan in December 2020, a loss of 97% compared with November 2020.
Why can net value of fund products with stop-loss lines fall into negative numbers? According to Choice data, Jimin Medical's share price has fallen by more than 60% in 12 trading days since December 15, 2020.
Faced with the negative net value of the fund, Zhonglai shares submitted to the Shanghai Arbitration Commission for arbitration, demanding that Qianhai Zhengfan Company and Guotai Junan be liable for compensation based on the fund contract. During the arbitration period, Zhonglai shares also filed a lawsuit with the court of first instance, claiming that Li Pingping and Li Xiang should pay the difference compensation and the corresponding liquidated damages according to their promises.
According to the court investigation, Li Pingping and Li Xiang are not working in Zhengfan Investment, but are related subjects of private equity fund managers involved in the case. Accordingly, the court said that the letter of commitment issued by the above two persons was invalid, but they should be liable for compensation to Zhonglai shares for their fault. At the same time, the fund in this case has not entered the liquidation process as agreed for a long time, and Zhengfan Investment has been cancelled. Therefore, Li Pingping and Li Xiang should compensate Zhonglai for the loss of investment principal and the loss of interest during the period when the fund is occupied. After a lot of tossing and turning
, Zhonglai shares finally recovered their losses, but Hengdian Dongci may lose all its capital.
On November 25, Hengdian Dongci announced that on November 22, 2022, the company signed a contract with Guotong Trust to subscribe for Yingyu No.1 with its own amount of 300 million yuan for a period of 12 months. The expected annualized rate of return is 5. The trust originally expired on November 24 this year, but by the expiration date, the investment of 300 million yuan had only recovered 13.75 million yuan .
That is to say, as of the expiration date, Hengdian Dongci only got back 4% of the investment principal. Market speculation is that Hengdian Dongci's financial management "trampling on thunder" may be related to the "Hangzhou 3 billion yuan quantitative private placement runaway" that shocked the financial circle in mid-November. In mid-
November, the news of "Hangzhou's 3 billion yuan quantitative private placement runaway" continued to ferment in the financial circle, pushing Beijing Huasoft New Power Private Equity Fund Management Co., Ltd. (Hereinafter referred to as "Huasoft New Power"), a 10 billion private equity FOF institution, to the forefront of public opinion.
According to the screenshot, Huasoft New Power invested in Shenzhen Huisheng, then invested in Hangzhou Yuyao, and then invested in Panjing. The pre-investment valuation table and post-investment performance were all false.
On November 24, the official website of the China Securities Regulatory Commission announced that it had filed an investigation into private equity institutions such as Hangzhou Yuyao and Shenzhen Huisheng. Preliminary judgment, the relevant personnel control Hangzhou Yuyao, Shenzhen Huisheng and other institutions, multi-layer nested investment, there are false publicity, false information, illegal letters and other situations, may also be suspected of illegal and criminal acts.
As for the remaining investment returns, Hengdian Dongci said: " The rest may not be able to pay on time or in full , and its impact on the company's profits is also uncertain.".
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