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Shanxi's richest man's capital magic: 4 billion cash out in 4 months Who is taking over?

Original title: Shanxi's richest man's capital magic: 4 billion cash out in 4 months Who is taking over?

The family of Yao Junliang, the richest man in Shanxi, is sharply reducing his holdings in Meijin Energy.

On January 4, Meijin Energy announced that Meijin Group has completed the transfer of shares of listed companies through agreements with Hangzhou Shoucheng, Wuhu Xinmei and Shengqian Chuangying.

The actual controller behind Meijin Energy and Meijin Group is the family of Yao Junliang, the richest man in Shanxi. According to incomplete statistics from the Beijing News reporter, since September 2019, Meijin Group has transferred the shares of Meijin Energy held several times and completed cashing out of 8.03 billion yuan. The transferees were half a month before the transfer of Meijin Energy equity. Established within three months, and the partners of each partnership have no shortage of local state-owned assets and state-owned enterprises.

Compared with the stock price carnival of Meijin Energy, Meijin Group frequently litigated last year, and its assets were once frozen by the court. The Beijing News reporter noted that Yao Junliang even tried to transfer the control of Meijin Group to state-owned enterprises for a time, but with the huge shares being cashed out, it is no longer "giving up".

Recently, reporters from the Beijing News continued to communicate and interview with Meijin Energy, and no progress has been made.

"Small steps forward"

Meijin Group is located in Taiyuan, Shanxi. It is one of the largest coking enterprises in China and the largest commercial coke production and sales company in the country. It is a group holding company based on the comprehensive utilization of energy, urban infrastructure, building materials, metallurgy and electricity. The largest private enterprise was founded by Shanxi coke king Yao Juhuo. The actual controller is his successor Yao Junliang.

After the listing of Meijin Energy in 2006, the wealth of the Yao family continued to rise. In 2018, it became the richest man in Shanxi with 22.03 billion yuan. But compared with the expanding business territory, it is the Yao family's unshakable control over Meijin Group and Meijin Energy.

However, this situation began to change in 2018.

In July 2018, Meijin Energy announced that Zao Mining Group intends to implement a strategic investment in Meijin Group through a combination of capital increase in Meijin Group and the transfer of part of the equity held by Meijin Group's existing shareholders. Meijin Energy said that it may cause changes in the controlling shareholders and actual controllers of listed companies.

The shareholding structure shows that Shandong Energy Group holds 100% equity of Zao Mining Group. According to reports, Shandong Energy Group is a wholly state-owned company owned by Shandong Province and is the largest provincial-owned enterprise in Shandong Province. The company has ranked among the top 500 in the world for six consecutive years.

However, it has been long since this announcement was made. Beijing News reporters had exchanges with two insiders of Meijin Energy, neither of whom knew this.

Compared with the sudden change of control, by 2019, Meijin Energy's shareholding structure will begin to change in batches.

On September 18, 2019, Meijin Energy announced that the company's controlling shareholder, Meijin Energy Group Co., Ltd., transferred its 205 million shares of the company to Hangzhou Shoucheng Relief Enterprise Management Partnership (Limited Partnership). The share transfer price was 9.6 yuan, and the total transfer price was 1.968 billion yuan.

Meijin Group said that this equity transfer is based on its own business development needs, which is conducive to further optimizing the equity structure of listed companies and continuously promoting the long-term stable development of listed companies.

On September 20, 2019, Meijin Energy announced that Meijin Group transferred its 300 million shares of the company (accounting for 7.33% of the total share capital of the listed company) to Shanxi Jinmei Bailout Equity Investment Partnership (limited Partnership), the target share price per share is 9.68 yuan, and the total transfer price is 2.904 billion yuan.

Following the two equity transfers in September 2019, Meijin Group continued to transfer its Meijin Energy shares in December 2019.

According to the announcement of Meijin Energy on December 9, 2019, Meijin Group transferred 211.26 billion shares of the company (accounting for 5.13% of the total share capital of the listed company) to Wuhu Xinmei Bailout Investment Partnership (Limited Partnership) ( (Hereinafter referred to as "Wuhu Xinmei"). The transfer price of the underlying stock is 7.78 yuan per share, and the total transfer price is 1.635 billion yuan.

Meijin Group recently transferred the equity of Meijin Energy for the last time on December 16, 2019. Meijin Energy announced that Meijin Group transferred its 205 million shares of listed companies (5% of the total share capital of listed companies) to Fuzhou Economic and Technological Development Zone Shenggan Chuangying Equity Investment Partnership (Limited Partnership) ( "Sheng Qian Chuang Ying"). The transfer price of the underlying stock per share was RMB 7.43, and the total transfer price was RMB 1.523 billion.

After the transfer of some equity, Meijin Group's current shareholding in Meijin Energy has dropped significantly from 74.36% to 57.33%. But cashing out huge amounts of money meant that the funding situation of Yao Junliang and Meijin Group had improved significantly, and their control of listed companies had been consolidated.

On January 2 this year, Meijin Energy announced that in view of the major changes in the securities market situation, Meijin Group and Zao Mining Group negotiated and will no longer restructure assets of Meijin Group as a whole. There is no possibility that the controlling shareholder or actual controller of the company may change.

This means that the cooperation between the two private and state-owned energy giants in Shanxi and Shandong has only stayed in some aspects of coal mine safety production and equity.

A person from a Shenzhen listed company analyzed the Beijing News reporter that the unilateral decline of the stock market in 2018 brought unprecedented liquidity pressure to the actual controllers of listed companies. The actual controller of some small listed companies chooses to transfer control once and then withdraws with one hand. However, for large listed companies, the founder's willingness to transfer is relatively low, the transfer price is much higher, and it is very difficult to involve all aspects of local taxation, employment, and local financial institutions.

He said that from the bailout institutions, most of them are from the background of state-owned assets or financial institutions, and their risk appetite is relatively lower. At this time, the transfer in batches, "small steps forward" may be more in the interest of all parties.

The group in storm and the listed company of "a great deal"

The Beijing News reporter found that before the batch reduction of Meijin Energy, the Meijin Group had been in trouble.

In August 2018, the Beijing News reported that Meijin Energy Group was recently listed as the person to be executed. The execution court is the Gansu Provincial High People's Court. The filing time was August 3, and the case number (2018) Gan Zhihui No. 6, was executed. The target 96225904.0 (yuan).

At that time, reporters from the Beijing News called Meijin Energy Securities and Meijin Group offices respectively, and the other party said they did not understand the situation. Legal personnel of Meijin Group told the Beijing News that the case was over, and the two sides settled, and they refused to disclose the circumstances of the case.

The Beijing News reporter was informed that in the second half of last year, the property of Meijin Group was frozen by the court.

The (2019) Jin 01 Min Chu No. 747 civil ruling made by the Taiyuan Intermediate People's Court in September 2019 shows that upon application by the applicant's China Construction Bank Qingxu Sub-branch, the court ruled that the respondent Meijin Energy Group should be seized, seized and frozen. Co., Ltd., Songming Zhongli Kuangda Real Estate Development Co., Ltd., Songming Zhongli Gaojun Real Estate Development Co., Ltd., Shanxi Tianxing Coal Gasification Co., Ltd., Shanxi Xinfei Energy Investment Group Co., Ltd., a bank deposit of 1093260698.38 yuan or corresponding value of property.

Taiyuan Intermediate People's Court issued an execution ruling of (2019) Jin 01 Zhihui No. 94 in November 2019, showing that the application executor Hao Yongzhong and the executed person Meijin Energy Group Co., Ltd. contract dispute case, Shanxi Province senior Judgment (2015) Jinmin Zhongzi No. 188 made by the People's Court has legal effect, and upon application by Hao Yongzhong, the executor of the application, the court filed the case for enforcement. In the process of execution, the executed person Meijin Energy Group Co., Ltd. has taken the initiative to perform the principal and most of the liquidated damages, with the remaining RMB 4,235,522.21 remaining unfulfilled.

The above ruling shows that, due to the civil judgment of Qingxu County People's Court of Shanxi Province (2016) Jin 0121 Minchu 1540, Hao Yongzhong was obliged to issue an invoice of US $ 69.421 million to Meijin Energy Group Co., Ltd., but Hao Yongzhong failed to perform, Qing Xu The county people's court is executing. For the execution of the remaining balance of RMB 4,365,322.21, after enquiry, Hao Yongzhong agreed to keep it for handling and the issue of billing and compensation of Meijin Energy Group Co., Ltd., which will not be implemented for the time being. The court therefore ruled to suspend the execution of the (2015) Jinmin Zhongzi No. 188 decision made by the Higher People's Court of Shanxi Province; after the suspension of execution disappeared, the applicant could apply to this court to resume execution.

From 2018 to 2019, Meijin Energy's stock held by Meijin Group was in a state of high pledge.

In July 2018, Meijin Energy announced that the number of pledged shares in the shares of the company held by Meijin Group was 3,147,969,965 shares, accounting for 98.41% of the total shares of the company, and 76.65% of the company's total share capital.

As of August 5, 2019, the number of shares in the company's shares held by Meijin Group was still 2.979 billion, accounting for 97.93% of the total number of shares held by the company and 72.82% of the company's total share capital.

Compared with Meijin Group, which has frequently filed lawsuits, the situation of listed company Meijin Energy seems to be very good.

According to the Beijing News reporter, in 2017 and especially since 2018, Meijin Energy, a listed company of Meijin Group, has frequently increased its layout of the hydrogen energy industry. It has successively reached cooperation with local governments in Qingdao and Jiaxing and plans to invest in Qingdao West Coast New District. Build Qingdao Meijin Hydrogen Energy Town, build Jiaxing Hydrogen Energy Infrastructure Construction and hydrogen fuel vehicle demonstration operation platform.

The latest good news was released on January 3, 2020. Meijin Energy announced that its holding subsidiary, Feichi Automobile, had won another bid for 43 8.5-meter hydrogen fuel cell buses, with a total bid amount of 79.034 million yuan.

Many investments in Meijin Energy can be regarded as a big deal. For example, in June 2019, Meijin Energy announced that it would invest in the construction of Qingdao Meijin Hydrogen Energy Town. The total industrial land size of the hydrogen town is about 2,000 mu, with a total investment of 10 billion yuan (currently not yet invested, the specific investment is determined according to the formal agreement reached later).

According to the Beijing News reporter at the time, in the last 6 months, Meijin Energy disclosed a framework agreement involving hydrogen energy business amounting to more than 20 billion yuan, and as of December 31, 2018, Meijin Energy's currency funds were 1.232 billion yuan. .

In this regard, the Shenzhen Stock Exchange issued a letter of concern, asking Meijin Energy to combine the currently available monetary funds, investment operation requirements for the next year, the estimated amount of recent investments and investment methods to explain whether the listed company has the corresponding investment funds to pay ability.

Meijin Energy's response was, "The company has the ability to raise and pay for the corresponding investment funds."

Under the favorable background of the concept of hydrogen energy, Meijin Energy became the super bull in the capital market last year. Its stock price was estimated to have surged from 3 yuan to 21 yuan last year and is still as high as 9 yuan or more.

A brokerage commented that Meijin Energy said that on the basis of consolidating its main business, the company is committed to innovation and transformation, laying out the entire industrial chain of hydrogen energy production, autonomous fuel cell production, hydrogen station network construction, and vehicle manufacturing. Create new performance growth points. Combined with the company's upgrade of the main coking business, the steady growth in performance, and the gradual release of profitability from the production of hydrogen fueled vehicles and natural gas, the company's 2019-2021 EPS is expected to be 0.49 / 0.50 / 0.49 yuan, corresponding to PE20.39 / 20.11 / 20.41 times, give a buy rating.

Behind the scenes of local state-owned assets and central enterprises

Share price soars, Meijin Energy, who is taking over?

The Beijing News reporter found that in the second round of pick-ups, Shanxi state-owned assets began to appear.

Through equity penetration, the general partners of Shanxi Jinmei Bailout Equity Investment Partnership (Limited Partnership) (hereinafter referred to as "Shanxi Jinmei") are Shenzhen Jinyang Equity Investment Management Co., Ltd. and Shanxi Guotou Fund Management Co., Ltd .; limited partnership Jinyang Asset Management Co., Ltd., Shanxi Guoyao Equity Investment Partnership (Limited Partnership), Guangdong Hongyun High-tech Investment Co., Ltd. Among them, Shenzhen Jinyang Equity Investment Management Co., Ltd. is an executive partner.

Industry and commerce information shows that Shanxi Jinmei was established on September 5, 2019, and it is only half a month away from its transfer of the shares of Meijin Energy held by Meijin Group.

Among the partners of Shanxi Jinmei, Shenzhen Jinyang Equity Investment Management Co., Ltd., established in 2018, is a wholly-owned subsidiary of Jinyang Asset Management Co., Ltd. (hereinafter referred to as "Jinyang Asset").

The Beijing News reporter found that the Shanghai Stock Exchange announced in November last year that it agreed to Jinyang Asset Management Co., Ltd.'s non-public issuance of bailout special corporate bonds in 2019 (the first phase) to be listed on the Shanghai Stock Exchange from December 2, 2019, and adopted Quotation, inquiry and agreement trading methods. The bond securities are referred to as "19 Jinshu 01" and the stock code is "162251".

According to the company news on the successful issue of "19 Jinshu 01" issued by Zhongde Securities in December 2019, Jinyang Assets was established in March 2017. It is a local asset management company approved by the Shanxi Provincial People's Government and approved by the China Banking Regulatory Commission. .

Sino-German Securities News shows that "19 Jinshu 01" is the first special rescue company bond in Shanxi Province, and the funds raised are mainly used to invest in rescue funds to support listed companies and their shareholders in financing and ease the pressure on liquidity of listed companies and their shareholders .

Shanxi Jinmei Partner Shanxi Guotou Fund Management Co., Ltd. (hereinafter referred to as "Shanxi Guotou Fund") is the sponsor of another partner, Shanxi Guoyao Equity Investment Partnership (Limited Partnership) ("Shanxi Guoyao") one.

The listed company Pubang shares announced at the end of July 2019 that its wholly-owned subsidiary Shenzhen Qianhai Pubang Investment Management Co., Ltd. (hereinafter referred to as "Qianhai Pubang") intends to cooperate with Shanxi State Investment Fund and Ningbo Free Trade Zone Sanjin State Investment. Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Sanjin Investment") and Shanxi Guoyao New Energy Group Co., Ltd. (hereinafter referred to as "Guoyao Group") jointly initiated the establishment of an equity investment fund Shanxi Guoyao and Shanxi Guotou The fund is a manager with a fund size of RMB 3.01 billion.

According to the Pubon stock announcement, in addition to listed companies, the actual controllers of Shanxi Guoyao's other partners, Shanxi Guotou Fund, Sanjin Guotou, and Guoyao Group, are Shanxi State-owned Capital Investment and Operation Co., Ltd., which is owned by Shanxi State-owned Venezuela wholly-owned.

A person familiar with Meijin Energy's listed company in Shanxi told the Beijing News that Yao Junliang was the richest man in Shanxi and founded one of the largest private enterprises in Shanxi. It is not surprising to get the support of various financial resources such as state-owned institutions in this relatively closed area in Shanxi.

In the third round of pick-ups, central enterprises appeared.

According to the disclosure of Meijin Energy, Wuhu Xinmei was established on November 5, 2019. The general partner is Xinfeng Investment Management Co., Ltd. and the limited partner is Cinda Securities Co., Ltd. No. 1 FOF single asset management plan "), limited partner Beijing Yingyun Investment Development Co., Ltd., of which Xinfeng Investment Management Co., Ltd. is an executive partner.

Wuhu Xinmei said in the report on changes in equity that the change in equity is an equity investment that is optimistic about the future development prospects and investment value of listed companies and is based on the purpose of bail-outs to resolve the liquidity risk of major shareholders of listed companies.

Among the partners of Wuhu Xinmei, Xinfeng Investment Management Co., Ltd. is a wholly-owned subsidiary of Cinda Securities Co., Ltd. (hereinafter referred to as "Cinda Securities"), and the controlling shareholder of Cinda Securities is China Cinda Asset Management Co., Ltd.

About the Cinda Securities No. 1 FOF single asset management plan for the securities industry support private enterprise development series represented by the above-mentioned Cinda Securities, according to the November 2018 news from the China Securities Industry Association official website, in order to support the development of private enterprises and resolve the risk of equity pledge, securities For the first time in the industry, 11 securities companies reached an intention to contribute 21 billion yuan to set up a parent asset management plan, as a guide fund to support each securities company to set up several subsidiary asset management plans, attracting investment from banks, insurance, state-owned enterprises, and government platforms. A 100 billion yuan asset management plan.

According to the announcement of the China Securities Industry Association, Cinda Securities signed the agreement to complete the above-mentioned asset management plan for supporting private enterprise development in the securities industry by October 31, 2019.

Wuying Xinmei's other partner, Beijing Yingyun Investment Development Co., Ltd. (hereinafter referred to as "Yingyun Investment"), was founded in 2008 by Business Information, with a registered capital of 730 million yuan. The scope of business includes project investment, investment management, and enterprise management. Consulting, etc. Yingyun Investment was held by two natural persons Liu Jianjun and Zhao Zhongwei after the equity penetration.

In the fourth round of pick-ups, central enterprises appeared again.

According to the announcement, Shenggan Chuangying was established in September 2019. The general partners are Beijing Guobing Shenggan Investment Management Co., Ltd. and Beijing Huaying Tianchuang Investment Management Co., Ltd., and the limited partner is AVIC Trust Co., Ltd. (on behalf of " AVIC Trust and Private Enjoyment No. 40 Collective Fund Trust Plan "), Fujian Haixi Shenggan Investment Management Co., Ltd. Beijing Guobing Shenggan Investment Management Co., Ltd. is an executive partner.

Among the partners of Shengqian Chuangying, Fujian Haixi Shengqian Investment Management Co., Ltd. (hereinafter referred to as "Haixi Shengqian") was established in 2014 with a registered capital of 10 million yuan and is held by five natural persons such as Cheng Yi.

Another partner, Beijing Huaying Tianchuang Investment Management Co., Ltd., after the equity penetration, was indirectly wholly-owned by China Minsheng Bank Trade Union Committee through Minsheng Real Estate Co., Ltd. (hereinafter referred to as "Minsheng Real Estate"). According to Minsheng Real Estate's official website, its annual operating income in 2017 was 510 million yuan, and its total assets at the end of the year were 3.08 billion yuan.

Another partner of Shengqian Chuangying, Beijing Guobing Shengqian Investment Management Co., Ltd. (hereinafter referred to as "Guobing Shengqian") was established in 2015 according to business information, with a registered capital of 10 million yuan. The business scope is investment management, assets Management, etc. The above Haixi Shenggan and Minsheng Real Estate are both shareholders of Guobing Shenggan. Guobing Shenggan's other three shareholders are Beijing Shunxin Zhiyuan Capital Management Co., Ltd., Copper Iron Investment Management (Pingtan Comprehensive Experimental Zone) Co., Ltd. and Zhongbing Equity Investment Fund Management (Beijing) Co., Ltd.

Among them, Zhongbing Equity Investment Fund Management (Beijing) Co., Ltd. was indirectly wholly-owned by the State-owned Assets Supervision and Administration Commission of the State Council through China Weapon Industry Group Co., Ltd. after the penetration of equity; The State-owned Assets Supervision and Administration Commission of the People's Government of Shunyi District of Shenzhen City indirectly wholly-owned.

In addition, the copper-iron investment management (Pingtan Comprehensive Experimental Zone) limited liability company is held by two natural persons Cheng Yi and Cheng Xiaodan. The company was established in 2015 with a registered capital of 3 million yuan, and its business scope is investment management.

The last partner of Shengqian Chuangying is AVIC Trust Co., Ltd. (hereinafter referred to as “AVIC Trust”). According to the official website, it is a non-bank financial institution approved by the China Banking and Insurance Regulatory Commission. The establishment by overseas investors such as Singapore Overseas Chinese Bank and other units is an important part of the aviation industry financial industry development platform. In 2018, AVIC Trust ranked No. 3 among 68 trust companies in the country with 2.932 billion yuan in trust business income.

Related party phantom

The introduction of a number of state-owned and even state-owned enterprises to take over the market shows that Yao Junliang has strong resources in the capital market. However, the Beijing News reporter found that in the process of transferring equity, Yao Junliang or Meijin Group had multiple contacts with the bidder.

In the first round of equity transfers, Hangzhou Shoucheng, the successor of Pan Pan, was the representative.

The Beijing News reporter found that according to Meijin Energy ’s announcement in June 2013, Hangzhou Shoucheng ’s limited partner Shanxi Huaneng Non-financing Guarantee Co., Ltd. (formerly known as “Shanxi Huaneng Guarantee Co., Ltd.”) was renamed in November 2014 by Meijin. Energy related natural person control.

According to industry and commerce information, Shanxi Huaneng Non-financing Guarantee Co., Ltd. was established in 2005, and the shareholders before September 2019 were two natural persons, Zhu Huimin and Sun Xia. The reporter searched Meijin Energy's 2005-2014 annual report for "Zhu Huimin" and "Sun Xia" to understand the specific relationship between Shanxi Huaneng Non-financing Guarantee Co., Ltd. and Meijin Energy, but no results were obtained.

In the second round of equity transfers, Meijin also had a certain relationship with the equity transferees.

The Beijing News reporter noted that Shanxi Jinmei ’s last partner, Guangdong Hongyun High-tech Investment Co., Ltd. (hereinafter referred to as “Guangdong Hongyun”), is a wholly-owned subsidiary of Foshan Automobile Transportation Group according to industrial and commercial information. The city's largest comprehensive road transport company.

Guangdong Hongyun and Meijin Energy are also related. Both parties are shareholders of Foshan Feichi Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Feichi Automobile"). Meijin Energy holds 51.20% of its shares, and Guangdong Hongyun holds 38.80%.

In addition, Meijin Energy's subsidiary, Feichi Automobile, has a financial relationship with Guangdong Yaoda.

According to the announcement of Meijin Energy on January 6, Feichi Motors plans to start a financial leasing business with Guangdong Yaoda Financial Leasing Co., Ltd. with a transaction amount of RMB 30 million, with a term of 3 years. According to the company's shareholding ratio, the company intends to finance the financing. 51.20% of the debts stipulated in the main contract of the leasing business bear joint and several liability, that is, the guarantee limit is RMB 15.36 million.

The Beijing News reporter reviewed the industrial and commercial information and saw that one of the shareholders of Guangdong Yaoda Financial Leasing Co., Ltd. was Foshan Automobile Transportation Group Co., Ltd.

Beijing News reporter Zhu Yiyi Zhao Yibo editor Wang Jinyu proofread Liu Baoqing Back to Sohu, see more

Editor:

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