Under Tight Money, &Nbsp; Listed Companies Are Striving For Small Banks To Issue Usury.

Small and medium-sized enterprises

Because compared with the qualification of small and medium-sized enterprises, it is easier to get loans in the bank. Under the temptation of high yield, many listed companies have started the business of entrusting loans.

According to Wind information, the first half year

Some companies from the entrustment of loans even more than the main industry, has been commented as "loan sharks, tunneling entity economy".

At the same time, because of the weakening of the role of bank supervision in the process of entrusted loans, its risks are also exposed.

In fact, similar companies such as 600830.SH, ST and 600130.SH have been overdue.

"It is not normal for a listed company to start a" small bank ".

Professor He Qiang, director of the securities and Futures Research Institute of Central University of Finance and Economics, told China Economic Weekly that the funds of listed companies should be invested in the company's investment projects. At the same time, because the interest rate of lending is high, the risk is great, and the support for performance is not sustainable.

In the entrusted loan business, banks do not take too many risks. Borrowers are usually found by the clients themselves. They only examine the source and qualification of the principals, and help to recover the loans. The banks charge a certain fee in the middle.

According to the scale of social financing raised by the central bank in the first half of 2011, entrusted loans increased by 702 billion 800 million yuan, and the growth rate exceeded 120%. Entrusted loans accounted for 9.1% of the total social financing.

Reflected in the capital market, according to Wind statistics, in the first half of the year, the announcements of listed companies contained 86 words of "entrusted loans", representing an increase of 32.3% over the same period last year.

Behind the surge in scale is the driver of high returns.

In January 14th, 600796.SH announced that the external loan was 140 million yuan, the annual interest rate was 12%, and the annual interest income reached 16 million 800 thousand yuan, which was higher than the net profit of 13 million 690 thousand yuan in the first quarter.

Wuhan Jianmin (600976.SH) announced in February 18th that it was entrusted with a loan of 150 million yuan, with an annual interest rate of 20% and an annual interest income of 30 million yuan.

Wuhan Jianmin's net profit in the first half of this year is only 36 million 200 thousand yuan.

In March 26th, the Jingshan light aircraft (000821.SZ) announced that it entrusted 60 million yuan in foreign loans, the annual interest rate was 15%, and the loan time was six months.

Jingshan light machine's net profit in the first quarter was only 1 million 740 thousand yuan, down 12% compared with the same period last year.

The half year entrusted loan can easily earn 4 million 500 thousand yuan interest income for the Jingshan light machine, which has no major business.

The net profit of the 601007.SH in the first half of the year is 29 million 100 thousand yuan, while the 200 million yuan entrusted in May 27th will earn 24 million yuan.

Hold up half the achievements

ST, a mobile phone manufacturer known for its "mobile phone fighter", has been forgotten in recent years in the rise of smart phones and apple phones. It even wore ST's hat because of its poor performance in the past few years, until 2009.

"China Economic Weekly" combed the recent performance report of ST waveguide, and found that the earnings entrusted by its companies play an important role in net profit.

The annual report of ST waveguides in 2010 shows that the net profit attributable to shareholders of listed companies is 42 million 259 thousand and 200 yuan, of which the proceeds from external entrusted loans are 16 million 289 thousand and 300 yuan, accounting for 38.55%. In a quarterly report this year, the net profit was 18 million 969 thousand and 600 yuan, of which the proceeds from external entrusted loans were 8 million 88 thousand and 300 yuan, accounting for 42.64%.

The latest 2011 ST wave guide shows that its net profit attributable to shareholders of listed companies is 35 million 145 thousand and 800 yuan, of which the proceeds from external entrusted loans are 17 million 738 thousand and 300 yuan, accounting for 50.47% of net profit.

The proceeds from entrusted loans account for half of the profits.

It is worth mentioning that although the ST waveguide has been profitable after losing profits, the company has not seen any increase in its main business in the report.

In the semi annual report of 2011, the company admits that during the reporting period, the competition in the mobile communications industry is still fierce. The volume of 2G low-end products shipped by the company has obviously declined.

Therefore, "under the premise of controlling risks, companies actively take various measures to improve the efficiency of the use of idle funds, so the company's overall business performance has increased significantly over the same period last year."

A technology industry analyst told reporters, "in fact, the operation of the waveguide brand market has not changed much. It has shifted to the mobile phone OEM and the third party mobile phone provider. I rarely pay much attention to this company."

The reporter retrieved the report of the ST wave guide by the securities company, and found that there was basically no research report on the ST waveguide since 2008. Only in 2009 did he report to the research company, and he said he did not make investment ratings for the company.

Regarding the issue that ST waveguide performance relies too much on entrusted loan income and how to guarantee future performance, the reporter wrote to ST waveguide, but failed to get a reply before the deadline.

Put the cart before the horse and risk it?

In a tight monetary environment, although the high interest rate of entrusted loans can bring good benefits to the company, high yield will inevitably hide high risk.

ST waveguide last April through the bank to Qinghai CICC Venture Capital Co., Ltd. entrusted loans of 90 million yuan, should have expired in May this year, but because Qinghai CICC failed to fulfill the obligation of repayment in time, postponed more than one and a half months before it received the corresponding principal and interest.

In addition, a number of listed companies such as Xiang Yi Tong, Guangdong electric power, Rhine real estate and other listed companies have also announced the renewal of entrusted loans, extending from 6 months to 1 years.

Among them, the annual interest rate is 21.60%.

"After the expiration or extension of the entrusted loan, the borrower and the borrower are not willing to extend the loan for another year due to their good cooperative relations, thus eliminating the trouble of re entrusting the entrusted loans.

But in most cases, the repayment ability of loan companies is also a problem.

A bank of a small and medium enterprise financial department personage said.

"The interest rate of around 20% is difficult to bear by the profit margins of general manufacturing enterprises."

These people said.

In fact, the reporter further combed the whereabouts of entrusted loans and found that many of the funds went to the real estate sector.

Wuhan Jianmin announced in February this year that the Wuhan Hankou Restaurant Limited (mainly engaged in hotels, real estate investment business) entrusted loans to 150 million yuan, with an annual interest rate of 20%. Hangzhou's 100 billion yuan entrusted loan was 50 million yuan to maple Tan home, with a yield of 16%. The April 30th announcement of the ST waveguide also showed that the Hong Kong Hong Kang Real Estate Development Co., Ltd. issued 50 million yuan of entrusted loans, with a term of one year and an annual interest rate of 18%.

At present, many financing channels are blocked by developers, and the risks are self-evident.

Entrusted loans refer to the funds provided by the trustee by legitimate sources, entrusted to the business banks to issue, supervise, use and assist in the recovery of loans based on the loan object, purpose, amount, time limit and interest rate determined by the principal.