“IPO harvester” broke down, new open source shares held on behalf of hidden relationship

They can always buy shares before the company goes public and eat the dividends of the primary and secondary markets. The accuracy rate is higher than that of the famous PE. However, they fail to make progress. The artifact accumulated by upgrading along the way is scattered on the platform of xinkaiyuan (300109). < / P > < p > he is Fang Huasheng, former chairman of xinkaiyuan and former director of Shengang securities. At present, he is also a director of Shengang securities and has been away from China for a long time with his family. Not only did they suffer, but also some entrepreneurs who took Fang Huasheng as their leading brother. When the lid was lifted, they found themselves in a financial dilemma. In December, judicial litigation information showed that Jian Weiwen and Cai wanting, shareholders of Beijing guoze Capital Management Co., Ltd., took Fang Huasheng and guoze capital to court and chose to make the contradiction public. Their appeal is not only debt, but also audit. Another lawsuit is being filed to liquidate guoze capital. < / P > < p > when he was the chairman of xinkaiyuan, Fang Huasheng took guoze capital as the core platform of capital operation. Guoze capital holds 10% equity of Shengang securities, and there is a tangled relationship between guoze capital and xinkaiyuan. A part of guoze capital, with 280 million yuan, subscribed for the equity of xinkaiyuan. All this is to hide the relationship between guoze capital and xinkaiyuan. < / P > < p > Shengang securities was established in 2016, and its securities license is difficult to obtain. Its shareholders are not ordinary people. Guoze capital can get 10% equity, which naturally shows its strength. The board of directors of Shengang securities has many celebrities in the capital industry, and Fang Huasheng once served as the chairman. In 1993, Jian Weiwen founded Foshan Nanhai Libang Electric Appliance Co., Ltd., which was renamed yilipu. He was listed in 2008. In 2013, he transferred his controlling stake to Zhang Jiayun, the son-in-law of Liu Changle, chairman of Phoenix Satellite TV, and chose to clear the position in February and March 2015 when the stock price was soaring. On June 1, 2015, Jian Weiwen contributed 60 million yuan, accounting for 13.82% of guoze capital. On December 23, 2018, guoze capital borrowed 20 million yuan from Jian Weiwen for repayment on January 10, 2019, with an annual interest rate of 12%. Fang Huasheng is jointly and severally liable for the loan agreement for a period of two years. < / P > < p > this is a short-term loan. After the default, Jian Weiwen asked for the money, but found it difficult to pay it back. On November 17, 2019, Fang Huasheng signed a mortgage contract with Jian Weiwen, mortgaged his 2.3 million shares of xinkaiyuan to Jian Weiwen, and agreed a penalty of 6 million yuan. < / P > < p > after repeatedly urging for loans failed, Fang Huasheng began to feel serious in June last year and asked to trace the accounts. Fang Huasheng told others that guoze capital had a lot of investment outside, and also had a lot of accounts. For example, guoze capital paid Huarong Tianze 87 million yuan on behalf of xinkaiyuan. In July last year, Fang Huasheng promised to recover the debts from xinkaiyuan in one month. < / P > < p > later, xinkaiyuan issued an announcement that guoze capital still owes xinkaiyuan money. On the evening of November 26, 2019, xinkaiyuan announced that zhongshengbang, chenxuda and guoze capital, the three companies actually controlled by Fang Huasheng, occupied 2.3 million yuan, 47.46 million yuan and 45 million yuan of the listed company respectively by means of capital exchange, and another 180 million yuan invested in a fund of Qianhai in Shenzhen was misappropriated by Fang Huasheng. < / P > < p > Fang Huasheng should play a key role in the listing of xinkaiyuan. According to the prospectus of xinkaiyuan, Fang Huasheng and the actual controller of the company have been friends for many years. Fang Huasheng began to serve as the chairman of Beijing hanchuda Investment Consulting Co., Ltd. in July 2000. On the last day of 2008, hanchuda investment, controlled by Fang Huasheng, took a share in xinkaiyuan with a cost of 2.4 million yuan and 1.5 million shares at a price of 1.6 yuan per share. Fang Shixin, his daughter, contributed 685000 yuan and obtained 500000 shares. < / P > < p > on the day of listing, the share price opened at 60 yuan and closed at 68 yuan. When the market value of Tianfang Huasheng and its daughter reached 136 million yuan, it rose to 88 yuan in the following days. The acquisition cost of 1 million shares held by Fang Huasheng’s wife Bao Jie is 1.37 yuan per share. After two years of listing, the ban on this part of shares was lifted. When the ban was lifted, the market value was 50.5 million yuan, and the shares were quickly reduced to cash out. < / P > < p > at the time of listing, xinkaiyuan was only a small-scale company, and the shareholders followed Fang Huasheng to realize the wealth explosion. As an airborne soldier, Fang Huasheng became a director and became the chairman in 2015, which was very rare, indicating that the founding team had more trust in him. < / P > < p > Fang Huasheng has indeed benefited many people. He has many successful cases in the capital market, and xinkaiyuan is just one of them. In the second year after xinkaiyuan’s listing, guoze capital was established and absorbed xinkaiyuan’s management as a shareholder. After the establishment of guoze capital, the biggest and most successful project is Nanhua instrument (300417). In April 2011, Nanhua instrument introduced guoze capital to increase its capital, and subscribed 2.6 million shares at the price of 5.23 yuan per share, with a capital contribution of 13.598 million yuan. Nanhua instruments successfully IPO in 2015, and guoze capital successfully withdrew from the high point of share price in 2017. The shareholders made a lot of money, 1 yuan became 10 yuan. < / P > < p > the cash out amount reached 212 million yuan, but the money was transferred to Wang Donghu, the actual controller of xinkaiyuan, with 176 million yuan, and the remaining 35.77 million yuan was not distributed. < / P > < p > however, on another project, Fang Huasheng did not bring guoze capital to make money together. This project is Zhongshan Jinma (300756) IPO. On November 27, 2013, the shareholders’ meeting of Jinma Co., Ltd. (the predecessor of Zhongshan Jinma) decided to increase the registered capital from 16 million yuan to 17.6696 million yuan. Wang Minhui and Wang Jinjun joined Fang Huasheng. Zhongshan Jinma said Fang Huasheng was a friend of the company’s actual controller and that Fang Huasheng and others had successful experience in capital market operation planning. < / P > < p > the capital increase of Wang Minhui, Fang Huasheng and Wang Jinjun is 5.25 million yuan, 4.21 million yuan and 3.15 million yuan respectively. However, in April 2017, just before the listing of Zhongshan Jinma, the three people transferred their shares at the prices of 16 million yuan, 12.8 million yuan and 9.6 million yuan respectively. The reason for the transfer was that Wang Minhui, Fang Huasheng and Wang Jinjun intended to withdraw from the investment after the company’s last listing application was rejected. Although not eating the most profitable part, but the transfer income is still rich, is to double the price. < / P > < p > it can be found that Wang Jinjun is a shareholder of guoze capital, and Wang’s father is Wang Changshui. It is reported that he is the founder of xinkaiyuan and also the general consultant. In the prospectus of xinkaiyuan, he is the chairman of Jincheng commercial building in Shanxi Province. < p > < p > in 2014, xinkaiyuan decided to issue 540 million yuan to acquire three medical companies. Fang Huasheng took shares in these companies in 2012 and 2013. According to the closing price of xinkaiyuan on November 21 of that year, the market value of its shares will reach 395 million yuan. In just two years, Fang Huasheng’s investment will float seven times. In this acquisition, Wang Donghu subscribed for 2.363636 million shares of xinkaiyuan with 12% equity of Haer medical, which is also the beneficiary. < / P > < p > in 2015, the company acquired additional assets and raised supporting funds by non-public offering of shares to three specific investors, namely Wang Donghu, Wang Qiangqiang and Hu Binglai, with the total amount of supporting funds no more than 181 million yuan. < / P > < p > after the issuance in 2015, the market value of new open source rose, and all parties became beneficiaries. However, since the beginning of 2016, the share price of xinkaiyuan has started to fall, and the paper wealth has shrunk on a large scale. < / P > < p > Mr. Fang led a new acquisition to inject a US asset to operate through his subsidiary, xinkaiyuan biology. New open source biology was established in 2014. In August 2017, the registered capital of new open source biology was changed to 2.03 billion yuan. In that month, NKY biotech us was established in Delaware, USA, with the main purpose of acquiring biovision, an American biopharmaceutical enterprise. < / P > < p > after that, after Wuhu changqian, Huarong Tianze, Guangzhou Junze, Tianjin Tongli, Zhao Tian and Hu Binglai successively increased their capital and shares, the total assets of xinkaiyuan biology reached about 1.636 billion yuan by the end of 2017, and the shareholding ratio of xinkaiyuan also decreased from the initial 100% to 16.26% after the capital increase. On March 14, 2018, US western time, xinkaiyuan biology acquired 100% equity of biovision through NKY biotech us to complete the delivery, and the initial transaction price was about RMB 1.7 billion. < p > < p > in June 2019, xinkaiyuan issued 105 million shares to Wuhu changqian, Huarong Tianze, Guangzhou Junze, Tianjin Tongli and zhaotian at a price of 16.17 yuan per share to purchase 83.74% equity of xinkaiyuan biology, with a transaction price of 1.7 billion yuan, completing the curve acquisition. < p > < p > according to Fang Huasheng’s explanation to the shareholders, guoze capital also participated in this transaction, with a capital investment of 280 million yuan, but it did not directly purchase it. Instead, it held 200 million yuan on behalf of Hu Binglai and 80 million yuan on behalf of Zhao Tian. Hu Binglai is a shareholder of guoze capital, and Zhao Wei, Zhao Tian’s father, is a director of guoze capital. He has a close relationship with Fang Huasheng. Zhao Wei is the actual controller of a major shareholder of guoze capital, and later disappeared as the actual controller. Hu Binglai said that he owned one third of the holding on behalf, because guoze capital had borrowed 60 million yuan from him, and Fang Huasheng made the relevant agreement when he signed the holding on behalf agreement with him. < / P > < p > the relationship between xinkaiyuan and guoze capital is far deeper than it appears. Wang Shuhui, the shareholder of guoze capital, is Wang Donghu’s daughter, and Wang Guanqiang’s son. The former holds 5.3% of guoze capital, while the latter holds 3.29%. When he was founded in 2011, Wang Donghu had already taken a stake in xinkaiyuan and had an interest in the company. Later, he was replaced by his son. Wang Donghu and Wang jiangqiang are acting in concert and the actual controller of xinkaiyuan. Wang jiangqiang is currently the chairman of xinkaiyuan. < / P > < p > contrary to our wishes, the share price of xinkaiyuan did not rise as scheduled after the completion of the acquisition. As mentioned above, the original shareholders of xinkaiyuan, including Fang Huasheng, did not reduce their shareholding, but continuously increased their shareholding or even subscribed in cash. People familiar with the matter said that Fang Huasheng was very confident and believed that the stock price would reach 100 yuan, and he could make a lot of money at that time. As the stock price fell, the pressure of pledge equity financing increased, and the pressure of interest and principal repayment was great. < / P > < p > xinkaiyuan’s acquisition of American biovision company relies on the help of domestic institutions. In order to increase its attraction, Fang Huasheng has set many hidden terms. Among guoze’s capital expenditure, 45 million yuan was advanced to Huarong Tianze for interest. According to people familiar with the matter, he also guaranteed an annual income of 8% with Guangzhou Junze. New open source investment institutions Great Wall, Huarong, Wuhu changqian and Guangzhou Junze all had share agreements with guoze capital. After xinkaiyuan fell below the issue price, the cost of capital was suddenly enlarged. On January 25, 2018, xinkaiyuan transferred 180 million yuan to its subsidiary Beijing xinkaiyuan, and Beijing xinkaiyuan transferred the money to a fund in Shenzhen Qianhai in the name of investment fund on the day of collection. < p > < p > at the end of November last year, when xinkaiyuan recovered Fang Huasheng’s misappropriation debts, Fang Huasheng announced by xinkaiyuan that during his tenure of office, the transaction of RMB 45 million with guoze capital, the transaction of about RMB 47 million with chenxuda and the investment of RMB 180 million of Qianhai fund were all caused by the acquisition of biovision company of the United States and required by operational activities, without any reason to transfer funds Self interest. < / P > < p > in terms of time, it all happened in January 2018. According to a confirmation letter learned by the reporter of securities times · e company, Hu Binglai holds 200 million yuan of equity investment in xinkaiyuan, 90% of which is held on behalf of xinkaiyuan, just corresponding to 180 million yuan occupied by Fang Huasheng, but this agreement has not been signed