Yintai Shen Guojun Intensive Financing Via Ma Yun "Rookie" Equity Refiner

Last year, the "Yintai Department" which participated in Ma Yun's "rookie network" investment not only took the lead in the field of intelligent logistics, but also began to try to revitalize the shareholding of the rookie network owned by P for financing.

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< p > in addition, according to a number of banks and trust industry sources, the Yintai department, which has been doing well in financing operations, has been very intensive in seeking funds recently.

In addition to the fully developed banks and trust institutions continue to expand cooperation, brokerage channels for information management also further prized open, through special asset management plan to obtain funds more frequent operation.

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< p > in addition, after the completion of several recent operations, the shares of A listed companies owned by Yintai are almost completely pledged.

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< p > < strong > borrow the trust to revitalize "rookie" < /strong > /p >

< p > as the old acquaintances and close friends of Ma Yun and Alibaba, at the beginning of the establishment of the rookie network, Yintai took the real gold and silver 1 billion 600 million from Beijing Guojun Investment Co., Ltd. (hereinafter referred to as "Guojun investment"), and gained 32% stake, which is only 43% of Tmall's shareholding.

Shen Guojun, the head of Yintai, also served as the rookie CEO, Ma Yun as chairman of the board.

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< p > but according to the economic report of twenty-first Century, Yintai group, which has always been able to dance on the financing operation, has tried to revitalize its rookie network stake to expand its sources of funds, and its latest cooperation agency is founder East Asia trust.

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< p > this project called "rookie Internet equity income 1 fund collection trust scheme" is commissioned by Beijing branch of Shanghai Pudong Development Bank. It is expected to be entrusted with a scale of 1 billion 120 million, with a period of two years and an expected yield of 9%. It will be used to purchase the 32% stake in the rookie network held by Guojun investment, which will eventually be used for Guojun investment to inject capital into the rookie network.

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< p > from the point of view of paction structure, this project is essentially creditor's rights financing with supplementary repurchase provisions. The first repayment source is Guojun investment's buyback of the right to return the rookie Internet equity income.

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< p > Guojun investment will pay the repurchase funds from its company and its subsidiaries.

According to the promotional materials of the trust plan, currently, the investment and management of Yintai investment and Yintai land invested by Guojun investment include Fenghua, Beilun, Chengdu, Hangzhou Chengxi department store, Harbin, Hangzhou Haiwei, Hunan Hengyang and so on.

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< p > according to its prediction, the key projects of the company can provide net cash inflow of about 1 billion 565 million 300 thousand yuan in the next two years. When the trust scheme was servicing in 2016, the net cash balance was about 1 billion 743 million 340 thousand yuan enough to cover the principal and interest of the trust scheme.

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< p > credit increase, in addition to the 32% rookie network equity pledge, Yintai also took Beijing Yintai property holding Beijing Yintai Center real estate as collateral, with China Yintai as guarantor, Shen Guojun provides personal joint and several liability guarantee.

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< p > but according to many trust insiders, the Yintai Center should be a second order mortgage.

Even so, according to the valuation and guarantee qualification of the pledge.

The credit conditions for this project are also very sufficient.

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< p > < strong > A shares < a href= > //www.sjfzxm.com/news/index_c.asp > listed company < /a > equity is fully pledged > /strong > /p >

< p > in the financing operation of Yintai department, Guojun investment has to be said to be one of the most important and longest used entities, and is also the most important holding platform for Yintai group.

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< p > Guojun investment was established in 2001. It belongs to Yintai parent company of China. It is an investment company whose main business is investment management. Now it owns many wholly owned and holding companies.

As of the end of June 2013, the total assets of the company amounted to 12 billion 963 million yuan.

The registered capital is 50 million, and Shen Guojun is the sole shareholder.

Among them, 225 million yuan into China Yintai Investment Limited (hereinafter referred to as "China Yintai"), accounting for 75% of the shareholding.

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< p > according to the information learned by a number of financial institutions from the twenty-first Century economic news reporter, from the financing point of view, the important assets that Guojun investment can use to "revitalize" mainly includes two parts: property and equity.

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< p > property mainly includes Yintai Center, Beijing auspicious building, Hangzhou West Yintai, Fenghua Yintai, etc. each of them is about 15 billion 868 million, 4 billion 895 million yuan, 10 billion 861 million yuan and 3 billion 499 million yuan respectively, and the total market value of the property part is 35 billion 123 million yuan.

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< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > equity < /a >, the assets listed in Guojun investment can be used for financing mainly including two listed companies and a non-listed company stake.

At present, the share rights of two listed companies have basically been completely depleted, and the share portion of non-listed company has also been maximized.

The main cooperation institutions include new era trust, Huaxin trust, China Merchants Securities, Shanghai Pudong Development Bank and Bank of communications.

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< p > specifically, Guojun investment holds 183929736 shares of Listed Companies in Yintai, China, which account for 24.83% of the total shares.

Among them, 75 million shares are pledged to Beijing branch of Shanghai Pudong Development Bank, and 57 million 530 thousand shares are used for stock investment pledged repo and 51399736 pledge to Bank of communications Beijing Haidian sub branch.

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< p > and its pledge operation also fully reflects the characteristics of "vehicle wheel type". Among them, part of the Shanghai Pudong Development Bank, which was released on February 10, 2014, was again pledged to Shanghai Pudong Development Bank on the same day, and the 57 million 530 thousand part of the pledge to Merchants Securities was handled in the new pledge after a few days after the lifting of the 57 million 530 thousand shares of the former pledge to Huaxin trust.

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< p > similar operation is also reflected in Yintai resources. Guojun investment holds 264719896 equity interest in Yintai resources of China listed companies, accounting for 24.39%, of which 264515150 shares have been pledged, accounting for 99.92% of their holdings.

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< p > specifically, in April 10, 2014, it will pledge 75757575 shares to the new era trust. In March 27, 2014, 75757575 will be mortgaged to the new era trust. In October 17, 2013, 63000000 shares will be pledged to Merchants Securities. In January 30, 2013, 50000000 shares will be pledged to the Haidian branch of the Communications Bank of Beijing.

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< p > the pledge also reflects the obvious rolling operation characteristics.

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< p > in addition, one of the most attractive parts of non-listed company's stake held by Yintai is the 32% rookie network equity. As mentioned above, it has been pledged to founder East Asia trust.

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< p > < strong > the start up of information management channel for securities companies < /strong > < /p >

< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > Yintai group < /a > was founded in 1997. As of September 2013, the total assets of the company were 10 billion 900 million yuan. It owned many listed companies and hundreds of wholly owned or holding companies such as Yintai business (Group) Co., Ltd. (01833.HK), Yintai land (Group) Co., Ltd., Yintai Tiomin Resources Inc (0975.SZ), Jingtai Yintai Limited by Share Ltd (600683.SH) and so on.

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< p > at present, the group business covers five major sectors, namely, commercial retail, real estate development and operation, mineral resources, intelligent logistics, investment and finance.

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< p > > the commercial retail sector is represented by Yintai business. The real estate sector is represented by Yintai land, Beijing Yintai real estate, Jingtai Yintai and so on. The mineral plate is operated by Yintai resources, and now has the largest and best quality silver mine in the country.

The intelligent logistics industry, which has just been included in Yintai's main business sector, is called the rookie network.

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< p > in the past, financing channels such as banks and trusts have been used very well, and in recent years, it has started the management channel of securities companies in a comprehensive way. The operation of obtaining funds through special asset management plans has become more frequent.

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< p > this year, Yintai has issued two special asset management plans through its financial assets. It has been used for two Yintai city projects in Pingyang and Taizhou, raising 500 million yuan and 600 million yuan respectively.

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The mode of < p > two is basically the same, all share + debt mode. The asset management plan entrust part of the property to the 49% share of the item company by priority, and the remaining priority funds are issued to the item company together with the subordinated funds.

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< p > the mode of increasing credit includes several parts: land mortgage, pledge rate not exceeding 50%; 100% equity control, including 49% holding of item company by assets manager, and 51% remaining equity pledge; Guojun investment or China Yintai provide joint and several liability guarantee; Shen Guojun or Shen Junsheng (Shen Guojun's younger brother) provides unlimited joint liability guarantee; finally, item company shareholders subscribe for secondary share, priority: the secondary proportion is no more than 1:1.

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