The Trust Products With A Total Of 420 Million Yuan Have Been Delayed And Unclear

The trust products purchased with the principal of 420 million yuan were originally due at the end of September, but they were not fully recovered. Dezhan health (000813) delayed 47 days until November to disclose the matter. In the face of the concern letter from Shenzhen Stock Exchange requiring the company to explain whether the information disclosure and compliance comply with the regulations, Dezhan health evaded the discussion in the latest reply.

In fact, Shenzhen Stock Exchange also asked Dezhan health to add that the relevant products had expired in September 2021, and the reasons for overdue cashing were not disclosed until November. However, Dezhan health did not talk about the reasons for the delayed disclosure except for explaining the purchase decision of trust products and the cashing progress. The company only said that "it will perform the follow-up information disclosure obligations according to the progress of the trust product".

The announcement shows that the above overdue trust products of Dezhan health will be borne by the original controlling shareholder Merrill Lynch and the original actual controller Zhang Yong. However, there are still many mysteries behind the overdue trust. According to Bohai trust, the above trust funds are designated by Dezhan health for its own counterparties and investment purposes. It is still unknown to whom the funds have been lent and for what purpose, and why Merrill Lynch and others are willing to pay for it.

Dechan health avoid talking about illegal letter

On the evening of November 10, Dechan Health announced that the "Bohai trust · cash management type collective fund trust plan" (hereinafter referred to as "Jinbao") purchased by the company with the principal of 420 million yuan had expired on September 24. As of the announcement date, the company had received a total of 184 million yuan of principal and 25.646 million yuan of investment income. The remaining principal of 236 million yuan and the investment income are still under negotiation and have not been recovered.

According to Dezhan health, after communication between the company and Bohai trust, relevant personnel of Bohai Trust said that the reason why the above trust products could not be recovered on schedule was that the redemption of trust products needed to be arranged according to the withdrawal of trust product investment projects, and the internal redemption approval process of Bohai trust was required, As a result, part of the trust products purchased by the company are overdue.

Dezhan health is not a case in point. The key to the above situation is that the trust products in question have expired on September 24. However, delzhan health, knowing the situation, did not announce it until the evening of November 10, with a difference of 47 days.

The reporter noted that the Shenzhen Stock Exchange issued a letter of concern on the night of partial overdue cashing of some trust products disclosed by Dezhan health. The core issue is to require the company to make a supplementary explanation that the relevant products have expired in September 2021 and the reasons for overdue cashing were not disclosed until November, and whether the information disclosure and compliance comply with the stock listing rules and the guidelines for standardized operation And other relevant provisions.

On November 30, Dezhan health disclosed its reply to the concern letter of Shenzhen Stock Exchange. However, in this reply, Dechan health avoided discussing whether the letter was illegal, and the content of the reply was clear but unclear.

In response to the above-mentioned core issues, Dezhan health only explained the decision-making process of purchasing trust products, applying for early redemption of trust products, recovering principal and income after overdue trust products, and negotiating compensation for trust products by new and old controlling shareholders, but did not explain the reasons for the delay in disclosure as required by the exchange, It also did not indicate whether the trust process was in violation.

The latest information shows that Dezhan health has recovered the above trust principal of RMB 229 million and investment income of RMB 26.3 million, and the remaining trust principal of RMB 191 million has not been recovered, waiting for the further realization of the trust property.

In its reply to Shenzhen Stock Exchange, Dezhan health also mentioned that according to the Bohai trust management report, the above trust plans are mainly invested in cash managed assets, bonds and subscription of trust protection funds; At the same time, there is no relationship between the trust product and the company, its controlling shareholders, actual controllers, directors, supervisors and senior executives.

What is the truth behind the overdue products?

With regard to the impact of the above-mentioned violation of trust products on the company, Dezhan health mentioned that, in combination with the redemption of the trust products, the future cash flow of the principal of the trust products is calculated. It is estimated that the profits and losses of the fair value changes of the trust products may affect the company's financial performance in 2021, but it will not affect the cash flow of the company's normal operating activities, The specific amount affected shall be subject to the annual audit results of the accountant.

Although there are still 191 million yuan of principal not recovered, but under the negotiation of the new and old controlling shareholders of Dezhan health, the risk exposure has been covered. On November 24, Dezhan health reached a voluntary agreement with Kaidi investment, the former controlling shareholder Merrill Lynch, and Zhang Yong, the former actual controller, and signed the compensation agreement.

According to the main terms of the compensation agreement, Merrill Lynch agreed to assume the compensation liability for the trust interests of the remaining principal of the current Jinbao products of RMB 191 million to Dezhan health; Merrill Lynch is required to pay compensation to Dezhan health before December 31, 2021; In addition, Zhang Yong voluntarily undertakes joint and several liability guarantee for all liabilities and obligations of Merrill Lynch under the agreement.

According to Dezhan health, Merrill Lynch and Zhang Yong fulfill their respective obligations and commitments, which are conducive to the company's successful settlement of deferred payment of trust products, reducing the risk of economic losses to the company caused by delayed payment of trust products, and reducing the impact on the company's operating performance.

Although it seems that the original controlling shareholder has been in charge of the trust product of Dezhan health stepping on thunder, there are still many problems behind the overdue payment of trust products. For example, what are the responsibilities of Bohai trust in overdue events? Obviously, Bohai trust does not fully agree with the unilateral interpretation of Dechan health. On November 11, Bohai trust also issued an announcement on this issue.

Bohai Trust said that Dezhan health, as the client, subscribed to the 47 trust products of Jinbao and signed the trust documents. Bohai trust emphasizes that cash treasure is a fund trust product established by the company for institutional clients with a certain system. The products are not raised by natural persons and are accounted independently by stages, which is different from other cash management products and fund pool products in the market.

Bohai trust also mentioned that according to the trust documents, the client shall designate the trading partner and investment purpose of the trust fund, be responsible for the due diligence and voluntarily bear the investment risk, and the trustee shall only be responsible for the affairs management. Due to the late repayment of the underlying borrowers, the trust interests cannot be fully distributed.

According to this announcement, the overdue so-called "collective fund trust plan" is actually a "single fund trust plan". The counterparties of the trust plan and the corresponding due diligence are determined and completed by Dezhan health. Bohai trust is only a channel role. Therefore, it is still a mystery to whom the fund was lent to and for what purpose, and why Merrill Lynch and Zhang Yong are willing to answer.