On the 23rd, Cedar Development Co.Ltd(002485) replied to the letter of concern of Shenzhen Stock Exchange, saying that after verification, the 30 companies reported by the media are not suppliers or customers of the company’s supply chain business.
Recently, some media reported that the payment of some trust products of cedar Holdings Group Co., Ltd. (hereinafter referred to as “Cedar Holdings”) was overdue, and the supply chain business related to its underlying assets was suspected of “idling” trade. According to media reports, the financing parties of cedar holding trust products involve 30 companies such as Shanghai Minyue Nonferrous Metals Co., Ltd., Guangzhou Shunqian Trading Co., Ltd. and Shanghai Rongyi metal materials Co., Ltd.
Shenzhen Stock Exchange pointed out that in 2020 Cedar Development Co.Ltd(002485) new supply chain business will be added, and in the first half of 2021 Cedar Development Co.Ltd(002485) supply chain business revenue will be 785 million yuan, accounting for 81.82% of operating revenue.
Shenzhen Stock Exchange issued a letter of concern to Cedar Development Co.Ltd(002485) asking to verify whether the 30 companies reported by the media are suppliers or customers in the company’s supply chain. At the same time, explain whether the company participates in the supply chain business related to accounts receivable as the underlying asset of trust products of cedar holdings, in addition to the above-mentioned 30 companies. If yes, please disclose the business situation in detail.
On the 23rd, Cedar Development Co.Ltd(002485) replied that it was verified that the 30 companies reported by the media were not suppliers or customers of the company’s supply chain business. The company does not participate in the supply chain business related to accounts receivable as the underlying asset of trust products of cedar holdings.
Cedar Development Co.Ltd(002485) mentioned that in 2020 and 2021, cedar products (Guangzhou) Co., Ltd., a wholly-owned subsidiary of the company (hereinafter referred to as “Cedar products”), based on the needs of business development and collection, financed on platforms such as Tianjin financial assets exchange through the transfer of usufruct of accounts receivable. The total financing amounts in 2020 and 2021 were 119 million yuan and 55.2 million yuan respectively. After verification, The aforesaid financing has been repaid. The above businesses have nothing to do with the trust products of cedar holdings.
According to the app data of tianyancha, Cedar Development Co.Ltd(002485) is the holding subsidiary of cedar holdings. In October 2010, Cedar Development Co.Ltd(002485) was listed on Shenzhen stock exchange with stock code of 002485.
Screenshot source: tianyancha app
On February 10, a video of investors gathering at the headquarters of cedar Holdings Group Co., Ltd. (hereinafter referred to as cedar Holdings) in Guangzhou was circulated on the Internet. Xu Weichen (a pseudonym), an investor related to this event, told Zhongxin Jingwei that the fuse of the above event was that the gold exchange products guaranteed by cedar holdings and recommended by its cedar trust and other companies were overdue. Since the products expired and defaulted successively in April 2021, cedar Holdings has successively issued some cashing schemes, but they have not been realized.
In February 17th, the official account of cedar International Trust WeChat announced that the cedar International Trust held the 2022 annual working conference, explaining the recent focus of external concern: the cedar international trust is currently in a stable organizational structure and operates in a normal and orderly manner. There is no overdue project of 20 billion scale misled by the outside world.
