The Secret Path Behind The Collapse Of Rendong Holdings: Shareholders Rely On State-Owned Assets To Enter The Owners To Benefit The Shipment

The collapse of Rendong holdings is still going on.

Rendong's stock price has fallen for a consecutive 12 months, with a total of RMB 219.9 million from the closing date of RMB 219.9. Prior to that, the news that the backroom operator of Rendong holdings was controlled by the judicial department has spread in the market, and it is only a matter of time before the 3 billion financing shares burst.

It is generally believed in the industry that the "starting point of slow bull" for more than 15 months of Rendong holdings was due to July 30, 2019. On the same day, Rendong group announced that the company was about to change its actual controller. Haidian state-owned capital Beijing Haidian Technology Financial Capital Holding Group Co., Ltd. (hereinafter referred to as "haikejin group") signed a "share entrustment management agreement" with the original controlling shareholder of the company, with zero cost It won the voting rights corresponding to 119 million shares (21.27% of the total share capital of the listed company) held by Rendong.

Haikejin group's intervention has made Rendong holding a large number of small and medium-sized investors' confidence 100 times. Before that, Haidian state-owned assets had been frantically scavenging goods in A-shares, successively taking shares in Jinyi culture, Sanju environmental protection, etc., and provided liquidity support for these enterprises.

However, with the decrease of shares of Kingdee group and Rendong group, it is worthwhile to pay attention to the rise of shares of Kingdee group and other companies.

However, the 21st century economic report reporters found that, different from "taking good care of" other listed companies, Haidian state-owned assets did not actually acquire the shares of Rendong holding company. In the past year when the state-owned assets of Haidian took the lead in Rendong holding through the voting right, the contribution to the holding was not obvious.

The collapse of Rendong holdings is still going on. Photo by Gan Jun

Haidian state owned assets enter the host at zero cost

The 21st century economic reporter combed the operating status and capital operation of Rendong holdings in recent years, and found that the failure of Rendong holdings might have been foretold.

At that time, we didn't think that it was really strange that we wanted to buy shares of Haikong Group Co., Ltd. in order to buy shares of Haikong group, we didn't think it was the same as that of Haike On December 9, a partner of a private equity firm in Beijing pointed out to the reporter of the 21st century economic report.

From the financial data of Rendong holding company at that time, the company's qualification was mediocre. In 2016, 2017 and 2018, the operating revenue of Rendong holdings was 2.643 billion yuan, 953 million yuan and 1.486 billion yuan respectively, and the net profit was 106 million yuan, - 215 million yuan and 59 million yuan respectively. What is worth mentioning is that at that time, the subsidiary of Rendong holdings, helibao, failed to fulfill its performance commitment for two consecutive years, while the listed company did not make provision for goodwill impairment in 2018.

In the interim report in 2019, the goodwill of Rendong holdings reached RMB 999 million, accounting for 34.81% of the total assets of the company and 99.9% of the company's net assets.

On July 29, 2019, Beijing Rendong Information Technology Co., Ltd. (hereinafter referred to as Rendong information), the former controlling shareholder of Rendong Holding Co., Ltd. (hereinafter referred to as Rendong information) and its persons acting in concert, Rendong (Tianjin) Technology Development Group Co., Ltd. (hereinafter referred to as Rendong Technology), Huodong and haikejin Group signed the joint stock Committee on Rendong Holding Co., Ltd Trust management agreement.

In this regard, haikejin group obtained 21.27% of the shares of the listed company through the way of share trusteeship, and the SASAC of Haidian District became the actual controller of the listed company. At that time, both parties also agreed that the initial custody period was one year. After the expiration of the initial custody period, the trustee can unilaterally decide to extend the custody period, but the extension time should not exceed one year, that is, the longest possible custody period is two years.

Meanwhile, Rendong information will pay the trusteeship fee to haikejin according to the trusteeship year. If the trusteeship year is a complete Gregorian calendar year, the trusteeship fee of the trusteeship year shall be 20 million yuan.

At that time, haikejin group promised to complete the direct / indirect financial support provided to listed companies within the custody period, in principle, no more than 5 billion yuan.

However, the reporter of 21st century economic report noticed that haikejin group did not significantly help Rendong holding during the trusteeship period.

Rendong Holdings has announced that in November 2019 and April 2020, it applied for loans of 1 billion yuan and 2 billion yuan from haikejin group. However, when replying to the inquiry letter of Shenzhen Stock Exchange, Rendong Holdings said that as of November 25, 2020, the accumulated balance of loans from haikejin group was only 145 million yuan. Specifically, in February 2020 and may 2020, the company borrowed 50 million yuan from haikejin group 95 million yuan. According to the relevant loan agreement, the loan term is 2 years.

However, in the process of borrowing, haikejin group firmly holds the initiative.

At the beginning of 2019, Rendong holdings once participated in the capital increase project of haikejin group, and subscribed for 82644600 shares of haikejin with RMB 150 million, accounting for 3.0236%. In 2020, haikejin group will issue a loan of 145 million yuan through Beijing Branch of Industrial Bank in exchange for Rendong holding to pledge all shares of haikejin group to Beijing Haidian Science and Technology Enterprise Financing Guarantee Co., Ltd. as guarantee.

The investment cost of Haidian state-owned assets is zero, and the annual custody fee of 20 million yuan is collected, "helping" Rendong holding to open a bull market for a year.

Rational view on the intervention of state owned assets

The most important reason why haikejin group's shareholding can bring "encouragement" to shareholders is that in June 2018, it took control of Jinyi culture in the same way of almost zero cost (RMB 1), and then helped Jinyi culture resolve the capital chain crisis through 10 billion fund assistance.

However, the 21st century economic reporter compared Haidian's "attitude" towards Jinyi culture, Sanju environmental protection and other listed companies, and found that Haidian state-owned assets were not "attentive" to Rendong holding.

In 2018, haikejin Group acquired 73.32% equity of blue sky Longxiang, the controlling shareholder of Jinyi culture, at a price of 1 yuan, so as to control the listed company. On August 31 of that year, Jinyi culture announced to the outside that haikejin group would provide 3 billion yuan of loan to the company; on October 10, the company announced that haikejin group would provide guarantee for the comprehensive credit extension of the company and its subsidiaries, with an amount of 4 billion yuan; on October 16, Jin Yi culture and Culture Co., Ltd. issued another announcement to the public, which was called haikejin group's controlling shareholder, state-owned capital of Haidian District, Beijing The business management center will provide 3 billion yuan of comprehensive credit guarantee for Jinyi culture.

In the same period, another Haidian state-owned capital Beijing Haidian Science and Technology Development Co., Ltd. has also brought huge financial support after taking the controlling equity of Sanju environmental protection. In mid-2018, Beijing Haidian District State-owned capital operation and management center signed the strategic cooperation framework agreement with the listed companies, which will include, but not limited to, directly transfer the creditor's rights and accounts receivable of Sanju environmental protection in cash The amount is between 6 billion yuan and 8 billion yuan.

However, haikejin group terminated the entrustment agreement one year after it became the owner. In November 2020, it disclosed the notice on the change of the company's equity and the change of the controlling shareholder and actual controller, pointing out that the agreement between Rendong information party and haikejin group to terminate the relationship of share entrusted management and concerted action.

The main reason is: "due to various factors, the progress of cooperation between the two sides is lower than expected. On the one hand, due to the epidemic situation this year, some of the agreements on strategic cooperation between the two sides cannot be implemented; on the other hand, due to the influence of relevant policies of state-owned enterprises, the implementation and implementation of relevant projects are limited, which also affects the cooperation process and the availability of relevant financial support. On the whole, the two sides no longer have the basis and conditions for further cooperation, resulting in the commission agreement will not be renewed after the expiration of one year. "

"We judge that there is no intention of Rendong group (Rendong information side) to sell the shell. At the beginning of this year, Rendong group still wanted to take * ST Huaxun, how could it give up the shell of Rendong holding? The state-owned enterprises also do not have enough motivation to support the development of listed companies. " Shanghai a securities firm investment bank head pointed out to reporters.

Wu Renxun Technology Group Co., Ltd. has signed an equity increase agreement of 22% and no lower than that of the controlling shareholder of the group in January 2020.

In the view of some market participants, although it did not bring substantial business cooperation or capital resources, the trusteeship of Haidian state-owned assets provided an opportunity for the "speculation" of shares of Rendong holdings to a certain extent.

However, some observers pointed out that, in the final analysis, the behavior of sitting down is still the main reason for the sharp fluctuations in the secondary market of Rendong holdings.

"The banker just borrowed an opportunity from the intervention of state-owned assets as an excuse for speculation. However, the pricing of the company's share price is irrational, and there are traces of human operation. This is not the reason of SASAC. Investors should also understand that there is a certain gambling psychology. An enterprise may not necessarily become bigger and stronger and be reborn because of the intervention of state-owned assets. Investors should rationally treat the intervention of state-owned assets and the replacement of controllers, and have a sense of risk. " Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said.

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