Ma Xiaojun Turned Around And Opened A Company, Mushroom Rental Business Repayment Plan Across The Board: Take Back 70000 At Most?

In the long wait, merchants seem to have accepted the fate of waiting for mushroom rental arrangements. However, when the settlement plan came out on February 28, merchants were still angry.

"I'm not going to sign this settlement." Zhang Zhi, a businessman (long-term apartment operator) who was owed 330000 in arrears, said, "clearly he owes me money, why should I give him a discount?" After seeing the settlement plan, Zhang Zhi was a little angry, thinking that mushroom rental was playing a word game.

On the evening of February 28, Ma Xiaojun, founder and CEO of mushroom rental housing, issued the third open letter, which mainly contained the settlement plan. In the scheme, the balance of the account of the merchant in mushroom, the amount of withdrawal but not received and the deposit of real house source are summed up as creditor's rights; the creditor's rights of merchants in mushroom sub account number will be collected to the main account for unified settlement.

Lost the best opportunity

As for the arrears of merchants, on the premise that the merchants agree to the above settlement agreement, the settlement scheme will be arranged in sections according to the total amount of creditor's rights:

1. The part less than 50000 (inclusive) shall be converted into cash equivalents such as membership fee deduction voucher and consumption voucher, which cannot be discounted.

2. The part over 50000 and less than 190000 (inclusive) shall be paid off in cash, and the proportion of repayment shall be 50%. Among them, 47% will be paid to the merchant's bank account within three days, and the remaining 53% will be paid in 24 instalments from April (it is not clear whether it will be one year or two years).

3. For the part over 190000, the convertible bond is used to pay off, and the proportion of repayment is still 50%. According to the valuation price agreed in the settlement agreement, it will be converted into the equity of yuxiaoer, or it will be paid back with principal and interest within two years. The details of this part of the specific program are subject to the launch of liquidation products.

The scheme also emphasizes that if the merchant agrees to sign the settlement agreement, the second apartment will additionally subsidize various kinds of cash coupons with the value of 30% of the total debt value to purchase apartment hardware equipment.

As Ma Xiaojun said in the video on February 26, all the liquidation work will be completed online, and the corresponding settlement agreement and the updated user agreement will be launched on the mushroom partner app before March 10, directly operating in the system.

In a nutshell, the settlement plan for mushroom rental housing is based on 190000 yuan. Of the 190000 yuan, 50000 yuan will be directly converted into platform service fee, and the rest will be given a 50% discount, which will be paid in cash. More than 50% will be paid in 24 instalments. It means that merchants can get back up to 70000 cash, and they have to wait. The debt exceeding 190000 will be converted into convertible bonds after another 50% discount. Merchants can choose to convert debt into equity, or wait for two years to get back the principal with interest.

Why doesn't Zhang Zhi accept such a settlement plan? He believes that the amount of cash that can be recovered is too small to accept the practice of debt to equity swap.

Zhang said he was owed 334700 yuan, according to the mushroom rental settlement plan, he can only get back 70000 yuan. "According to the proportion, we will get 32900 first, and the remaining 37100 will not be returned. What if we dig another hole?" Zhang Zhi decided to continue to resort to legal means to safeguard his legitimate rights and interests.

Industry insiders believe that the settlement scheme of mushroom rental housing first appeases the commercial tenants with arrears of less than 50000, which is to recognize that they have no right to speak. It is understood that there are no lack of large-scale long-term apartment operators among the merchants who are owed less than 50000 yuan. Lin Xiaodong claimed to have 20000 houses in his hand, but the loss was only 20000. Because they are more sensitive, as soon as they find that the rent can not be withdrawn, they immediately inform the tenants to pay off-line. Although he can't get a cent back, Lin Xiaodong plans to give up the recovery and spend the 20000 yuan platform service fee before considering whether to transfer the platform. According to the calculation of the platform fee of more than 10000 yuan per year for most of the commercial tenants who rent mushroom houses this time, they can at least guarantee the market share in the next 2-5 years.

In fact, in the face of this settlement plan, which can only get back 70000 at most and has to wait at least one year to get back all 70000, merchants express helplessness and anger. Many merchants pointed out that not only did the compensation ratio not reach the 70% that Ma Xiaojun said in the video on February 26, but also forced the damaged merchants to spend 50000 yuan collectively in their second apartment in the future.

Zhang Zhi believes that if the merchants forced mushroom rental to confirm the debt first through legal means, the transaction would not be completed without debt problems or economic disputes at the legal level. But now merchants have lost the best time to get back more of their debts.

To become an executive of design company

It is worth noting that during the explosion of mushroom rental housing, the top executives of the team headed by Ma Xiaojun registered another company.

On January 15, Shanghai ideal warm interior decoration design Co., Ltd. (hereinafter referred to as "ideal design") was incorporated in Shanghai free trade zone with a registered capital of US $50 million. The legal representative is Xu Dong and Ma Xiaojun is the supervisor. A number of companies with Ma Xiaojun as senior executives have become affiliated companies of ideal design, including Shanghai shuoxian Network Technology Co., Ltd., the main company of mushroom rental housing.

Previously, Xu Dong and Ma Xiaojun, long Dongping, Tian Dongling and others founded Shanghai zewei decoration design Engineering Co., Ltd. in 2019. This year, the four pledged half of their shares in Shanghai Zeyi decoration design Engineering Co., Ltd. to ideal design.

Unlike other companies previously established by Ma Xiaojun, ideal design has only one single shareholder, xiaolinyang holdings HK Limited, a Hong Kong company. Since ideal design has no natural person who directly or indirectly owns more than 25% of the shares or voting rights, the company's income owners are two executives: Xu Dong and Ma Xiaojun.

The 21st century economic news reporter inquired and learned that xiaolinyang holdings HK Limited was registered on November 11, 2020, and its registered office is located in the marine center of Guangdong Road harbour city, Tsim Sha Tsui, Hong Kong. The director of the company is a natural person holding a Chinese passport, who is the co-founder of mushroom rental housing, long Dongping. Obviously, the mushroom rental senior management team started a business again, choosing to register the company in Hong Kong first, and then registered the ideal design in Shanghai free trade zone through this company. Perhaps, after the mushroom rental battle, Ma Xiaojun paid more attention to the company's capital operation and began to pay attention to risk aversion.

On the surface, it seems that "old horse" has started a new business. This time, Ma Xiaojun did not serve as the legal representative of the ideal design, which he also explained in the video on February 26, in order to avoid being "limited by height" and thus affect its financing activities. It seems that Ma Xiaojun in mushroom rental housing before the outbreak of financial problems, has been well arranged how to "golden cicada shell.".

(at the request of the interviewees, the names of merchants in the article are pseudonyms)

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