After the Spring Festival holiday in the year of the tiger passed, the cashing crisis of cedar Holdings Group Co., Ltd. (hereinafter referred to as cedar Holdings), known as “the first private enterprise in Guangzhou”, intensified.
Today (February 10), relevant photos of investors gathered at the downstairs of cedar holdings Guangzhou headquarters to protect their rights flowed out on the social platform.
According to caixin.com, the sales managers of financial products distributed around cedar holdings were under great pressure and asked Zhang Jin, chairman and founder of the company, to give more explanations. On the afternoon of February 9, the meeting was held in the conference room on the second floor of cedar holdings headquarters. The participants included Zhang Jin and senior executives from the headquarters and regions. During the meeting, there was a scene of the sales manager “encircling” the chairman, during which the security guard and other employees also pushed and pushed. Caixin also mentioned that insiders said that at the meeting, financial sales managers around cedar targeted Zhang Jin and asked Zhang Jin to personally bear joint and several liability for cedar’s overdue financial products. Zhang Jin flatly refused and the meeting reached an impasse.
Late at night on January 30, a letter of apology with the seal of cedar Holding Group Co., Ltd. and the signature of Zhang Jin, chairman and founder of the company, flowed out. The letter of apology states:
Since the formal confirmation and announcement of the cashing plan, the company has made every effort to promote the disposal of various assets and has always made its best efforts to fulfill its commitments.
However, affected by various factors such as asset characteristics, transaction price and transaction process, the asset disposal and payment collection plan failed to be implemented according to the expected plan; In addition, due to the approaching Spring Festival, the efforts of the company’s external coordination of funds failed to achieve substantive results, resulting in the failure to complete the payment originally scheduled to be completed by the end of this month.
During the Spring Festival, we will continue to promote the implementation of asset disposal. After the Spring Festival, we will further dialogue with investors to discuss plans and reach consensus. In any case, we will ensure the fulfillment of payment commitments by the end of February.
According to the information on the official website of cedar holdings, founded in 1997 and headquartered in Guangzhou, cedar holdings is a world top 500 enterprise and China’s leading commodity enterprise growing up in Guangzhou. With a revenue of 233.4 billion yuan, cedar holdings ranks 359 in the Fortune 500 in 2021 and has been on the list for four consecutive years.
Cedar holdings also introduced on its official website that the company is committed to becoming the world’s leading comprehensive industrial group of bulk commodities, actively expand the bulk commodity industrial chain around the world, focus on the core areas such as bulk commodity resources and supply chain services, accelerate the innovation and breakthrough of new materials and new technologies, and carry out industrial investment and urban comprehensive supporting services around the main business layout; It owns cedar International Trust and A-share listed companies Cedar Development Co.Ltd(002485) (002485, SZ), Zibo Qixiang Tengda Chemical Co.Ltd(002408) (002408, SZ).
On January 29, Cedar Development Co.Ltd(002485) announced that recently, Guangzhou Junkai Investment Co., Ltd. (hereinafter referred to as Guangzhou Junkai), the controlling shareholder of Guangzhou cedar Cultural Tourism Investment Co., Ltd. (hereinafter referred to as cedar cultural investment), informed that some shares of Cedar Development Co.Ltd(002485) held by Guangzhou Junkai had been frozen by Qingdao Laoshan District People’s court. Qixinbao information shows that Guangzhou Junkai is also a subsidiary of cedar holdings.
According to the announcement, Guangzhou Junkai holds Cedar Development Co.Ltd(002485) 36364600 shares, with a shareholding ratio of 6.68%. The number of frozen shares is 4895500 shares, accounting for 13.46% of its shareholding ratio and 0.90% of the total share capital of Cedar Development Co.Ltd(002485) . However, the announcement did not disclose further information.
In fact, there have long been rumors about the cashing crisis of cedar holdings financial products. At the investor exchange meeting held on November 16, 2021, Zibo Qixiang Tengda Chemical Co.Ltd(002408) was repeatedly asked by investors about the controlling shareholder’s “overdue cedar system” and “Cedar operation”. At that time, Zibo Qixiang Tengda Chemical Co.Ltd(002408) said that “the company has not received any notice about the financial management of the controlling shareholder, and the current operation of the controlling shareholder is normal.”
