crouchtiger| Jinxin Fund's asset management plan has been implemented for the second time, and Guoyuan Trust, the company's second shareholder, has been cleared and withdrawn.

Interface News reporter | Ji Yao

On the evening of May 13, Jinxin Fund issued an announcement on its official website entitled "explanation on behalf of our Asset Management Plan to assist the Court in case execution procedures", saying that since the establishment of the company, no self-owned property needs to be executed in accordance with the law, and Jinxin Fund is not the object of any case. At present, it only assists the court in the implementation of asset management plans on behalf of its asset management plan.

On May 10, due to failure to fulfill its legal obligations on time, the Jinxin Fund was enforced by the Shenzhen Intermediate people's Court of Guangdong Province, with a target amount of 1.Crouchtiger1.6 billion yuan, the case number is "(2024) Yue03 Zhihui 554", this time for the resumption of execution. The original case dates back to March 2021, when the Jinxin Fund was enforced by the Shenzhen Intermediate people's Court, with a sum of 3940 yuan at that time.Crouchtiger740,000 yuan, the case number is (2021) Yue03 holding No. 2762.

Why is the Jinxin Fund implemented twice? The event originated from the establishment of a "channel" asset management plan-"Huaxia No. 1 Asset Management Plan" by Jinxin Fund in 2017, before the release of the guidance on standardizing the Asset Management Business of Financial institutions.

Because in the process of product operation, the issuer of the bond defaulted, which led to a commercial dispute between the product and the bond repurchase counterparty.

According to the judgment, Huaxia No. 1 Asset Management plans to buy "17 Xinhua Joint Control MTN001 Bonds" issued by Xinhua Union Holdings, with an issuance scale of 1 billion. Jinxin Fund holds 601 million of this product, accounting for 60.1%, a higher proportion.

Due to the failure to pay on schedule, the Jinxin Fund took the New Hualian Company to court, demanding the repayment of the principal and coupon. The first instance was rejected, and in the second instance, the court upheld part of the appeal request of Jinxin Fund, and Xinhua Lian Holdings should pay 537 million principal and corresponding interest within 10 days after the judgment came into effect.

The above-mentioned defaulting bond issuer will then enter the bankruptcy reorganization process, and by the end of 2022, the relevant judicial proceedings relating to the asset management plan have all been completed, and as there is no property to be allocated to the asset management plan for the time being, the court will terminate the enforcement procedure.

And according to the Jinxin Fund announcement, the arbitration tribunal has made an award before the end of 2022.CrouchtigerAll liability for breach of contract shall be borne by the asset management plan, the Jinxin Fund shall not bear any legal liability, and the arbitration procedure shall be "final".

The resumption of implementation is due to the fact that after the bankruptcy reorganization of the issuer of the defaulted bond, there is still a fund that can be implemented. "in the process of restructuring of the aforementioned defaulting bond issuer, some distributable assets are generated, and these distributable assets belong to the asset management plan." The Jinxin Fund said.

Jinxin Fund was established in July 2015 with a registered capital of 100 million yuan and is held by 34% and 31% respectively by Shenzhen Outstanding Venture Capital and Anhui Guoyuan Trust. In the rest, Yin Kesheng holds 6.5% of the shares, while Shenzhen JCaihui Investment holds 28.5%. Among them, Shenzhen JCaihui Investment is 100% controlled by Shenzhen Xingsheng Future Investment, which is held by Yin Kesheng, Gao Wenshe and Song Siying, respectively. Yin Kesheng is the general manager of Jinxin Fund and Gao Song Siying is the director of Jinxin Fund.

The management scale of Jinxin fund is 10.594 billion yuan, the non-stock scale is 10.196 billion yuan, the total size of stock and mixed funds is 3.486 billion yuan, and the bond fund is 6.71 billion yuan.

Jinxin Fund realized operating income of 92.247 million yuan and net profit of 3.8217 million yuan in 2022.CrouchtigerIn the first 11 months of 2023, the operating income was 76.6348 million yuan and the net profit was 4.187 million yuan.

Yin Kesheng, general manager of the company, once worked in Shenzhen Securities Regulatory Bureau of China Securities Regulatory Commission, responsible for the research of securities market laws and regulations and the examination and management of listed companies, and then served as executive deputy general manager of Penghua Fund and General Manager of Golden Eagle Fund. Jinxin Fund has been in office since its establishment in 2015.

The two chairmen of Jinxin Fund are from Guoyuan financial institutions, and the current chairman is Xu Bin, from Anhui Guoyuan Financial Holdings. Former chairman Zhang Yan is from Guoyuan Trust, which is 49.69% owned by Anhui Guoyuan Financial Holdings.

At the beginning of 2024, Anhui Guoyuanxin posted the information of 31% equity transfer of Jinxin Fund in Anhui Provincial property Rights Trading Center, corresponding to a listing price of 37.2 million yuan, an estimated value of 20.6507 million yuan, and an 80% premium. At present, the above equity transfer has been closed at the reserve price of 37.2 million yuan. According to the official website of the CSRC, the "application for examination and approval of changing shareholders holding more than 5% of shares" submitted by Jinxin Fund is in a state of supplement and correction. If approved, Guoyuan Trust will withdraw from the list of shareholders of Jinxin Fund.

The stake in Guoyuan Trust has been closed, will it affect the appointment of senior executives? Who finally bought the equity? Interface news will continue to follow.

At present, the equity of small and medium-sized fund companies is intensified. In recent years, equity transfers have taken place in many fund companies, including Anxin Fund, Jiahe Fund, Shanghai Bank Fund, Guoxin National Securities Fund and so on.