The Exchange Investigates The Entrusted Financing &Nbsp Of Listed Companies, And Strictly Guards Against Capital Black Holes.

The "black hole" crisis of private lending appears, and listed companies are hard to escape.

The Shanghai and Shenzhen Stock Exchange issued questionnaires to listed companies on matters relating to "entrusted financial management" and "entrusted loans" recently.

In this regard, a senior secretaries said that the survey had a "thorough" meaning.

The "black hole" crisis of private lending appears to be difficult for listed companies to escape.

The Shanghai and Shenzhen Stock Exchange issued questionnaires to listed companies on matters like "entrusted financing" and "entrusted loans" recently, requiring the listed companies to fill in the entrusted loans and entrusting financial management since this year.

Several listed companies' Securities Department officials said that the two municipal exchanges did not specifically investigate the above two items before.

"Because in the regular semi annual report, listed companies need to disclose these two items."

A senior secretaries said the situation investigation had the meaning of "finding the bottom".

Bank

Become the focal point

In the autumn of 2011, for the owners of domestic enterprises, the "silver autumn wind" around them was more lethal than the 39 severe cold.

In the face of bank lending, there is no way to grasp from the capital market.

More and more listed companies are keen to invest large amounts of idle funds in financing and lending.

In response to this growing trend, relevant persons from exchanges and listed companies have confirmed that the two municipal exchanges issued two online questionnaires on "entrusted loans" and "entrusted financial affairs" to listed companies last week, namely, the questionnaire on the survey of listed companies' entrusted financial affairs and the questionnaire of entrusted loans questionnaire.

Among them, the questionnaire about entrusted financial affairs shows that the listed companies are required to fill in all entrusted financial matters from January 1st to the end of August this year.

It is also indicated that all financial products should be included in the entrusted financial matters.

The purpose of entrusting financial management funds is divided into stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short term financing bonds, asset backed securities, financial derivatives and other investment varieties.

This is more detailed than in the semi annual performance report and annual report.

In addition, the way of remuneration is divided into "fixed income", "floating income" and "other" categories.

A business veteran said, "judging from this classification, regulators are concerned about listed companies.

In the "entrusted loan" survey form, the exchange requires that it be filled in one by one.

When completing the term "balance of entrusted loans at the end of term", the formula for calculating the data needs to specify "the amount of entrusted loans at the beginning of the period + the amount of entrusted loans occurring during the period - the amount of entrusted loans received during the period".

At the same time, the need for online reporting also includes whether the listed company has accepted the punishment of the exchange.

In fact, at the end of August this year, the Shenzhen Stock Exchange issued the newly revised business Memorandum No. thirtieth of SME board information disclosure to listed companies, requiring listed companies to strictly control risk and complete information disclosure obligations when participating in all kinds of venture capital.

According to the memorandum, venture capital includes securities investment, real estate investment, mining rights investment, investment in trust products and other investment behaviors identified by the Shenzhen Stock Exchange. Among them, securities investment includes listed companies investing in domestic and foreign stocks, securities investment funds and other derivatives and securities, and buying financial products such as stocks, interest rates, exchange rates and their derivatives as main investment targets to banks and other financial institutions.

Investigation or targeting

Curve credit

An analyst said that unlike the listed companies directly buying financial products of financial institutions, "entrusted financial management" is entrusted to the third party investment institutions to invest in the capital market.

Although it is also a financial investment, from a considerable part of the listed companies, because of the participation of third parties in the "entrusted financial management", "many listed companies will invest in trust products with large guarantee."

This is equivalent to entrusting third party institutions with secured lending, he said.

In fact, the two kinds of information must be disclosed in the semi annual report. "This is a summary of the situation." this is a summary of the situation. I think one is to prevent the possibility of pferring to the listed companies, such as the collapse of small enterprises and the fracture of the private lending capital chain.

Compared with semi annual disclosure requirements, this questionnaire requires listed companies to list the types of funds invested in the "entrusted loan capital investment", such as "real estate industry".

At the same time, we should state the overdue and extended period of entrusted loans.

"At present, the CBRC has explicitly requested that commercial banks do not extend their loans to real estate.

Then we can not exclude some Real Estate Company from obtaining loans by issuing loans to listed companies.

A large commercial bank credit department said.

It is noteworthy that between 2001 and 2004, a large number of listed companies who had entrusted the trustee of financial management had lost their capital due to the fragmentation of the capital chain of a large number of securities companies and investment companies.

Although there are third party depository and trusteeship businesses, the new crisis risk has shifted from the trustees of securities companies to the trustees of some other Asset Management Co and trust companies.

For example, many listed companies invest heavily in "single trust".

Because unlike the collective fund trust business, the information of a single fund trust business needs no disclosure, and it has complete privacy.

In a single fund trust, principals generally dominate, some projects even designate investment targets, and of course, they have entrusted trust companies to operate.

For example, 11.75,0.24,2.09% announced in August 23rd that it would buy four single trust financial plans with its own capital of 1 billion 300 million yuan.

Conch Cement (18.44,0.32,1.77%) also set up a 2 billion 500 million yuan trust and financial plan with the state yuan trust, and set up 750 million yuan trust and financial management plan with the Sichuan trust. From the analysis of "the company is the client and beneficiary of the trust plan", it adopts the single fund trust mode, and does not disclose specific investment projects.

However, according to the existing regulations, unless the listed company actively disclosed that investors can not know the specific investment projects, investment funds are basically in the state of extracorporeal circulation.

In the event of a major loss, the last person to pay the bill must be shareholders.

Looking at the semi annual reports of listed companies, we can see that TCL group (2.19, -0.01, -0.45%) had 430 million yuan in the first half of the year, entrusted a professional trust institution with low risk investment and financial management by way of single capital trust, but the company did not disclose any specific items of investment further.

Annual interest rate on entrusted loans

As high as 24.5%

And take idle funds to "entrust loans", sitting high yield of listed companies is even a minority.

According to incomplete statistics, this year at least 70 companies have issued nearly 130 announcements of entrusted loans through banks, with a total value of nearly 17 billion yuan, of which 35 listed companies have high interest rates, and the total amount is nearly 10 billion yuan.

Among them, 11.22,0.44,4.08% issued a notice in August 30th that the listed company signed the general agreement on entrusted loans with the Anhui branch of the Communications Bank (4.50,0.07,1.58%) in August 23rd this year. It entrusted the Bank of Anhui branch of the Bank of communications with its own capital of 60 million yuan, entrusted the loan period for 1 years, entrusted the annual interest rate of loans to reach 24.5%, and paid quarterly interest.

In August of this year, the loan interest rate of Ningbo 9.24 (-0.01, -0.11%) by the Bank of Zhejiang (9.41,0.14,1.51%) to Zhejiang Changxin Zhong Wang trade company and Changxing County Zhenyu material and trade company was 18%. In the first half of this year, the annual interest rate entrusted to Hangzhou real estate company Dongfang Dragon and Nantong Maixiang was 21.6%, which was 3.42 times the 6.31% bank loan interest rate at that time.

In contrast, two years ago, when the loan was granted to Hangzhou modern Associates Investment Company, the annual interest rate was only 12%.

In addition, the annual loan interest rate of the company is 15.44, and the annual interest rate of Wuhan's Jianmin (-0.06, -0.39%) is more than 20%.

Although the listed company has entrusted a legal and public platform through bank loans, the loan contract expires, such as 9.85,0.08,0.82%, -0.10, -2.02% and so on. However, the problem of repayment has resulted in the extension of the contract from 6 months to 1 years, and people have to worry about the lending of the listed companies. 4.86. -0.10

In April 30, 2010, the ST waveguide provided 90 million yuan of entrusted loans to Qinghai CICC through the Fenghua sub branch of Bank of communications Ningbo branch, with a monthly interest rate of 13. The period was from May 5, 2010 to May 4, 2011, and the result was overdue in May 20th.

In May 23, 2011, Ningbo Bank commissioned the Bank of Taizhou to loan to Hongye Construction Group, Hongye concrete, and Hongye concrete 50 million yuan, 30 million yuan and 30 million yuan 3 entrusted loans, all of which failed to be recovered on schedule, and the results were all extended for 6 months.

Many other listed companies reported huge amounts of other receivables due to entrusted loans.

For production enterprises, faced with the macro environment with no dawning, it is difficult to sustain a high borrowing cost of 20%.

Once the production enterprises fail to support them, the fixed assets, accounts receivable and inventory on those statements are hard to cash in.

According to the relevant provisions of the people's Bank of China, the risks entrusted to the loan are entrusted by the client. That is to say, the risk of overdue repayment of the loan enterprise is borne by the entrusted company itself, and the bank has no obligation to return the loan.

However, Cai Junyi, an analyst with Shanghai securities, said that the entrusted loans and entrusted financing of listed companies should be divided into two sides.

Although there is a loan relationship, there must be default risk.

"But in a bad macroeconomic environment, we must put cash in the main business and expand production capacity when the macro demand is low. This is also a very deformed way."

He suggested that if we could carry out loans in the controllable range of risk, such as the high proportion of the assessed assets of the collateral, the listed company would make the right choice in the economic downturn.

"When the market environment is clear, it will be a real good company to use interest income to undertake mergers and acquisitions again."