On February 10, the second interim creditors’ meeting of the bankruptcy reorganization case of Wangxin securities will be held. The main purpose of the meeting is to select the reorganization investors and the reorganization investment plan.
At present, three enterprises, including Beijing Compass Technology Development Co.Ltd(300803) , Haomai wealth and Shenyang Linlong, announced that they would participate in the selection of investors for the second bankruptcy reorganization of Wangxin securities. At the same time, the three companies also said they would pay a deposit of 50 million yuan on time.
If the meeting can produce results, it means that the restructuring investment plan of wechat securities, which lasted nearly half a year, will be determined. It is reported that Shenyang Linlong participated in the reorganization in the form of a consortium, including Shenyang Hunnan District State owned Assets Management Co., Ltd.
It is reported that the purpose of reforming wechat securities is to resolve the risks of wechat securities through market-oriented and legal means, restore the normal operation of wechat securities and promote its sustainable development, and provide financial support and services for the revitalization of Liaoning and Shenyang. After the announcement of bankruptcy, Darui securities also said that it would withdraw from the reorganization.
the result of bankruptcy reorganization may be finalized
The main purpose of the creditors’ meeting of Wangxin securities is to select restructuring investors and restructuring investment plans. The announcement of each participant also said that if it is determined to be the final reorganization investor, the company will sign the reorganization investment framework agreement with it according to the requirements of the manager, and perform the corresponding decision-making procedures on this investment in accordance with the provisions of the articles of association.
It has been about half a year since the announcement of reorganization investor recruitment was issued in August last year. Now, this incident may come to an end.
According to the statistics of Chinese journalists from securities companies, at least three companies have said they will participate in tomorrow’s meeting.
According to the announcement of Beijing Compass Technology Development Co.Ltd(300803) , the company received the notice from the administrator that the second interim creditors’ meeting of the bankruptcy and reorganization case of wechat securities will be held on February 10, 2022. The main purpose of the meeting is to select the reorganization investors and the reorganization investment plan.
According to the requirements of the manager, the intended restructuring investor shall remit the investment deposit to the manager’s account on time, with an amount of 20% of the total debt repayment amount of the company (including the intention deposit paid in the previous period of 50 million yuan, which will be automatically converted into investment deposit). Those who fail to pay the aforesaid deposit on time shall be deemed to have voluntarily withdrawn from the selection.
Beijing Compass Technology Development Co.Ltd(300803) said that in order to ensure that the company continues to participate in the selection of investors for the bankruptcy reorganization of wechat securities, the company will pay them an investment deposit as required by the manager, which is 20% of the total debt repayment amount of the company (including the intention deposit of 50 million yuan paid in the early stage, which will be automatically converted into investment deposit).
If the company is determined as the final reorganization investor, the company will sign the reorganization investment framework agreement with it according to the requirements of the manager, and perform the corresponding decision-making procedures on this investment in accordance with the provisions of the articles of association.
Haomai wealth and Shenyang Linlong consortium also issued similar announcements. In the first round of preliminary screening, Beijing Compass Technology Development Co.Ltd(300803) and Haomai wealth were well known by the public, but Shenyang Linlong consortium was not mentioned as a competitor.
Shenyang Linlong said that the company plans to participate in the bankruptcy reorganization of Wangxin securities in the form of a consortium, including Shenyang Linlong Technology Co., Ltd., caizidao Information Technology Co., Ltd. and Shenyang Hunnan District State owned Assets Management Co., Ltd.
Darui futures withdrew from the competition
Darui futures previously announced that the company participated in the public recruitment and selection of investors in the bankruptcy reorganization of Wangxin securities, and passed the preliminary screening of the public recruitment of investors in the bankruptcy reorganization.
Recently, the company has carried out due diligence on wechat securities as required and actively cooperated with the manager in the reverse due diligence. At present, the two-way due diligence has been basically completed. According to the results of the company’s due diligence on wechat securities, after careful evaluation, the company decided not to participate in the public recruitment and selection of investors in the bankruptcy reorganization of wechat securities, and sent the communication letter on terminating the public recruitment and selection of investors in the bankruptcy reorganization of wechat securities to the manager.
Darui futures said that the public recruitment and selection of investors applying to withdraw from the bankruptcy and reorganization of wechat securities will not have an adverse impact on the normal development of the company’s existing business and production and operation. The company expressed its heartfelt thanks to all investors who have paid attention to the development of the company for a long time.
With the withdrawal of Darui futures, three companies are known to participate in the competition. Of course, it does not rule out other competitors.
wechat securities has been classified and rated as D for several consecutive years
Shenyang intermediate people’s Court of Liaoning Province made a ruling on July 16, 2021, accepted the reorganization application of Wangxin securities, and appointed Guohao law firm (Beijing) and Beijing Deheng Law firm to jointly act as the manager of Wangxin securities. In August, Wangxin securities began to publicly recruit and select bankruptcy reorganization investors.
It is understood that the purpose of this recruitment and reorganization of investors is to resolve the risks of online securities through market-oriented and legal means, restore the normal operation of online securities and promote its sustainable development, and provide financial support and services for the revitalization of Liaoning and Shenyang.
According to public information, Wangxin securities was established on April 18, 1995 with a registered capital of 500 million yuan. At present, United Venture Group Co., Ltd. holds 55.61% equity of Wangxin securities and is the controlling shareholder. Shenyang Shengjing financial holding Investment Group Co., Ltd. and Shenyang Hengxin Leasing Co., Ltd. hold 42.29% and 2.10% equity of Wangxin securities respectively.
Wangxin securities has obtained relevant business qualifications such as securities brokerage, securities self operation, securities investment consulting, securities investment fund sales, securities asset management, securities underwriting, consignment of financial products, securities recommendation, margin trading and so on.
According to the unaudited statistics of China Securities Association, in the first half of 2021, wechat securities achieved a revenue of 23.46 million yuan and a net profit loss of 26.48 million yuan, both of which ranked last in the industry. In 2020, the operating income of Wangxin securities was 51.6917 million yuan, the net profit was -59.7981 million yuan, and the total liabilities was 4.279 billion yuan, which was higher than the total assets of 703 million yuan.
In the classification results of securities companies by CSRC in 2018, the rating of Wangxin securities is CCC. However, in the following three years (2019-2021), wechat securities was continuously rated as grade D, ranking the bottom of the whole industry.
