On February 8, as the issuer, China Golden Valley Trust Co., Ltd. announced that the main credit rating of Yango Group Co.Ltd(000671) (hereinafter referred to as ” Yango Group Co.Ltd(000671) group”) was reduced to BBB, triggering the early repayment of the loan of “Shenzhen Qianhai Lianjie commercial factoring Co., Ltd. phase I 2020 Huaji construction industry priority asset support note” (hereinafter referred to as “2020 Huaji construction abn001”).
Meanwhile, Dongfang Jincheng issued a rating announcement on the 7th, reducing the credit rating of “2020 Huaji construction abn001” to BBB. This is another rating downgrade after the announcement on January 27.
For the two downgrades, the interim announcement of “2020 Huaji construction abn001” explained that the previous downgrade was due to the reduction of the shares of Yango Group Co.Ltd(000671) group held by Taikang Life Insurance and Taikang Insurance, the shareholders of Yango Group Co.Ltd(000671) group, the resignation of several senior executives of Yango Group Co.Ltd(000671) group, the judicial freezing of some shares and other reasons; This time, in view of the fact that Yango Group Co.Ltd(000671) Group expects a significant loss in net profit in 2021 and fails to pay the interest of “21 Yango Group Co.Ltd(000671) mtn001” on schedule.
According to the rating report at the initial stage of issuance, the initiator of “2020 Huaji construction abn001” is Lianyi rongsun company, Shenzhen Qianhai Lianjie commercial factoring Co., Ltd., the trustee is Jingu trust, and Yango Group Co.Ltd(000671) group is a co debtor. The issuance scale is 500 million, of which the priority accounts for 99.8%, which is 499 million yuan. It was originally expected to expire on November 18, 2021.
The assets of ABN include 544 million accounts receivable claims of engineering, materials and services, involving 23 debtors, including Huaji Construction Engineering Group Co., Ltd. (hereinafter referred to as “Huaji construction”), and the corresponding debtors are all subsidiaries of Yango Group Co.Ltd(000671) group, belonging to the real estate industry and construction industry. It is disclosed that Huaji construction engineering group was founded in 1999 and was acquired and reorganized into a subsidiary of Yango Group Co.Ltd(000671) construction business in 2017. It mainly serves the real estate projects of Yango Group Co.Ltd(000671) group. By the end of June 2020, it has undertaken residential projects such as Chengdu banshanyue, Xichang Wenlan mansion, Xuchang Feili garden and Foshan Green Island Lake.
At that time, the rating company was concerned that Yango Group Co.Ltd(000671) group’s debt would be concentrated in the next one to two years, and there was centralized repayment pressure. At the same time, according to the rating view at that time, Yango Group Co.Ltd(000671) group’s comprehensive strength has a strong credit enhancement effect on ABN in this period. At the beginning, the rating of ABN was 3a.
In the month of the originally expected maturity date, at the “2020 Huaji construction abn001” holders’ meeting on November 5, 2021, the trustee requested and authorized to sign the 2020 Huaji construction abn001 extension cashing settlement agreement with Yango Group Co.Ltd(000671) group, and obtained Lin Tengjiao, chairman of the board of directors of Yango Group Co.Ltd(000671) group, as the debt repayment obligation of accounts receivable, And Yango Group Co.Ltd(000671) the commitment document of the group to provide full joint and several liability guarantee. The expected maturity date of “2020 Huaji construction abn001” is extended to November 18, 2022.
In the third quarter of 2021, Yango Group Co.Ltd(000671) performance deteriorated, and the stock bond risk became prominent since the fourth quarter. Recently, it is estimated that the scale of loss in 2021 will be 4.5 billion to 5.8 billion. In January 2022, the former chairman and president Zhu Rongbin resigned. Taikang Life Insurance and Taikang pension cut meat and reduced their holdings, and the gambling agreement expired. On February 7, Dongfang Jincheng also lowered the credit rating of “20 Yangcheng 01”, “20 Yangcheng 02”, “20 Yangcheng 03” and 21 Yangcheng 01 from AA to BBB.
It is worth noting that in November 2021, HuaMian Jucai, an employee financial platform under sunshine holdings, had cashing problems. It is said that there will be 6 months for the payment of interest due for the real estate and apartment products, including the payment of interest due in the current month. Some investors of financial products said that the platform proposed to cash with real estate. As of 2022, some users still said that the financial products had not been cashed.
About the financial layout of sunshine holdings, the official website originally introduced that sunshine financial business is ” Industrial Bank Co.Ltd(601166) the largest private shareholder, initiated the establishment of Huatong bank, sunshine securities, etc., and has a comprehensive financial service platform based on wealth management, asset management, consumer finance, financial technology, Internet Finance and other functions.” At present, “content maintenance in progress” is displayed.
Lin Tengjiao holds sunshine financial holding (Shanghai) Holding Co., Ltd. (hereinafter referred to as “sunshine financial holding”), sunshine Financial Holding Co., Ltd. and sunshine financial services Investment Group Co., Ltd. (hereinafter referred to as “sunshine financial services”) through sunshine Longjing Group Co., Ltd., and holds sunshine Hongning wealth Management Co., Ltd., the main body of HuaMian wealth gathering, through sunshine financial services, As well as sunshine Jinfu Internet Information Service Co., Ltd., Fujian sunshine commercial factoring Co., Ltd., sunshine Jinfu Technology Service Co., Ltd., Fujian sunshine Financial Leasing Co., Ltd., Shanghai Jinyong Investment Management Co., Ltd. and Yangrui insurance brokerage Co., Ltd.
On November 4, 2021, Industrial Bank Co.Ltd(601166) announced that it had received the resignation of director Lin Tengjiao, saying that he resigned because he needed to focus on the main business of his own enterprise. On the same day, Industrial Bank Co.Ltd(601166) three block transactions occurred, with a total turnover of 997 million yuan. By the end of the third quarter of 2021, sunshine holdings was still among the top ten shareholders of Industrial Bank Co.Ltd(601166) , with a shareholding ratio of 2.39%. In the later stage of Industrial Bank Co.Ltd(601166) , it was said on the investor interaction platform that it was only involved in Yango Group Co.Ltd(000671) a small number of real estate development projects with good first-line and second-line qualifications.
In addition, sunshine holdings is still the second largest shareholder of Huatong bank, and other shareholders include Yonghui Superstores Co.Ltd(601933) and Sansheng real estate. In the mainland, there is no sunshine securities in operation.
According to third-party data platforms such as tianyancha, on January 21, the industrial and commercial of sunshine holdings was changed, the legal person, general manager and director were changed from He Mei and LV Jianbo to Zheng Xiuming, and Lin Tengjiao withdrew from the list of directors. According to the national enterprise credit information publicity system, there is no relevant change information.
