The case of “Hongling venture capital” filed by Futian branch of Shenzhen Public Security Bureau in September 2021 has made the latest progress.
In April 14th, the Shenzhen people’s Procuratorate issued the eighteen cases of Zhou Shiping, Hu Yufang and Xiang Xu, who were suspected of raising funds and illegally absorbing public deposits. The notification of the victims’ rights and obligations (hereinafter referred to as “notification”): the eighteen suspect, Zhou Shiping, Hu Yufang, Xiang Xu and others, were involved in the crime of collecting funds and illegally absorbing public deposits. Recently, Futian branch of Shenzhen Public Security Bureau has transferred it to our court for examination and prosecution.
according to the notification, 516800 fund-raising participants in the case have raised 139.5 billion yuan illegally, resulting in 119600 fund-raising participants’ principal loss of 16.388 billion yuan
The funds absorbed were used to repay the principal and interest, acquire listed companies, buy and sell securities and futures, invest in equity and borrow from abroad. Part of the funds were used by Zhou Shiping to buy real estate and repay personal debts.
It is worth noting that Zhou Shiping, known as the “godfather of online loan” and the founder of the largest P2P platform in Shenzhen, once served as Suna Co.Ltd(002417) chairman and legal representative.
On April 14, Suna Co.Ltd(002417) released the performance express for 2021. The net profit loss in 2021 was 117.4 million yuan, a year-on-year decrease of 797.84%. On the same day, Suna Co.Ltd(002417) also issued the third suggestive announcement on the possible delisting risk warning of the company’s stock trading, which said that the audited net profit in 2021 is expected to be negative and the operating income is less than 100 million yuan, and the company’s stock trading may be subject to delisting risk warning (the abbreviation of stock is preceded by ” ST”).
p2p raised funds to acquire listed companies
According to the investigation authorities, suspect Zhou Shiping and Hu Yufang, Xiang Xu and others, during the period from March 2009 to September 2021, used “Hongling venture capital”, “investment treasure” net loan platform and “Hongling capital line financial management” project to raise funds to the public under the specific public line and line. The total number of fund-raising participants was 516 thousand and 800, and illegal fund-raising was 139 billion 500 million yuan, resulting in 119 thousand and 600 yuan fundraising participants lost 16 billion 388 million yuan.
As early as September 2021, Futian branch of Shenzhen Public Security Bureau issued the case notification on “Hongling venture capital”, “investment treasure” and “Hongling capital”. The circular said that the public security organ has filed a case for investigation on the crime of illegal absorption of public deposits and fund-raising fraud, and taken criminal coercive measures against the suspects involved according to law.
Illegal fund-raising of 139.5 billion yuan, where is the capital flow behind Hongling venture capital and other platforms?
According to the notice, the funds absorbed by above-mentioned online lending platforms are used to repay the principal and interest, acquire listed companies, buy and sell securities and futures, invest in equity, and borrow from abroad. Part of the funds are used by Zhou Shiping to buy real estate and repay personal debts
In 2015, Zhou Shiping became the largest shareholder of ST yuan through share transfer. After several rounds of shareholding increase, he became the actual controller and spent 396 million yuan. In the same year, ST Yuanda successfully took off his hat and advanced to “sanyuanda”.
Although “sanyuanda” stated in 2017 that there was no plan to restructure with Hongling venture capital within 12 months, this did not prevent Zhou Shiping from publicizing Hongling venture capital as the actual controller of the listed company. “In fact, we will tell each other that we are a listed company.” Previously, Hongling venture capital staff said. Until February 2018, “sanyuanda” was renamed ” Suna Co.Ltd(002417) “.
In fact, around 2016 and 2017, when the online loan industry was booming, many online loan platforms hoped to backdoor “list” through curve methods such as acquisition. In the view of insiders, on the one hand, it carries out brand endorsement for the online loan platform through the acquisition of listed companies, on the other hand, it is to hype the stock price cash out or fill the “pit” of the online loan platform.
online loan “Star” fall
Zhou Shiping was once the most shining “Star” in the online loan industry, known as the “godfather of online loan”. In 2009, he founded Hongling venture capital, the largest P2P platform in Shenzhen. At that time, when P2P focused on small loans, Hongling venture capital went the opposite way and took the route of large amount.
However, since 2014, Hongling venture capital has stepped on Guangzhou paper, involving bad debts of 100 million yuan; It has also invested in many real estate projects in third and fourth tier cities, and was finally blasted into bad debts. On October 25, 2015, Zhou Shiping posted that Hongling venture capital estimated that the total amount of bad debts written off might be close to 500 million yuan.
Every time Hongling venture capital involves risk and overdue projects, most of them post “self explosion” in the Hongling venture capital website community through Zhou Shiping, which also leaves the impression of “honesty” to many investors. Many investors once told reporters that it was Zhou Shiping’s “honesty” that moved him. When nearly one million projects invested in 2016 were overdue, he readily accepted the scheme of “debt to equity swap”.
In order to prevent risks, the regulator drew a red line on August 24, 2016: the upper limit of the loan balance of the same natural person on the same online loan platform shall not exceed 200000 yuan; The upper limit of the loan balance of the same legal person or other organization on the same online loan platform shall not exceed 1 million yuan.
This also broke the “big dream” of Hongling venture capital.
Subsequently, Hongling venture capital also “innovatively” introduced the controversial net worth standard. This is similar to stock pledge. For example, an investor invests 100000 yuan in a certain borrowing target, and then issues another borrowing target of 80000 yuan as guarantee. This target is the net value target.
However, this behavior was once again stopped by regulators. In September 2018, the joint inspection team of Shenzhen rectification office severely criticized the leverage of the net value target of Hongling platform, and set a deadline to complete the clean-up of the net value target by the end of 2018.
In March 2019, Zhou Shiping announced the liquidation of the platform. At this time, Zhou Shiping posted a post saying “although it is wound up, it is not to say goodbye!”, It also launched a scheme for the lender to complete the full payment within three years. Specifically: cashing 20% in the first year (2019); 35% in the second year (2020); 45% in the third year (2021).
However, by the end of 2019, the cashing proportion of the platform was only 9.2%, which has not yet reached half of the expected progress. On the last day of 2019, Hongling venture capital explained in its open letter the reason why the cashing proportion did not meet the expectation in that year, believing that “the change of the peripheral environment was unexpected”.
The latest news of Hongling venture WeChat official account was released in September 18, 2021, when the fifty-eighth payment notice was issued. The notice shows that according to the announcement of previous cashing arrangements, the platform has implemented 57 cashing arrangements, with a total of about 2.674 billion yuan cashed.
Suna Co.Ltd(002417) reissue delisting warning notice
Implicated by Hongling venture capital, Suna Co.Ltd(002417) ‘s performance has also declined all the way, and even repeatedly issued prompt announcements that may be subject to delisting risk warning.
On April 14, Suna Co.Ltd(002417) released the performance express for 2021. The net profit loss in 2021 was 117.4 million yuan, a year-on-year decrease of 797.84%.
As for the reasons for the loss in 2021, it explained that first, the impairment of goodwill was accrued during the reporting period, and second, due to the impact of internal and external environment and epidemic, the business development did not meet expectations, the main business income decreased, and the gross profit of product sales narrowed.
On the same day, Suna Co.Ltd(002417) released the first quarter performance forecast, which showed that the company suffered a loss of 3.5 million yuan – 4.5 million yuan, a decrease of 160.26% – 234.62% over the same period of the previous year, and the basic earnings per share was a loss of 0.01 yuan / share – 0.02 yuan / share.
At the same time of publishing the loss news, the third suggestive announcement on the possible delisting risk warning of the company’s stock trading was also issued. It is estimated that the audited net profit in 2021 is negative and the operating income is less than 100 million yuan. According to the relevant provisions of the stock listing rules of Shenzhen Stock Exchange (revised in January 2022), after the disclosure of the 2021 annual report, The company’s stock trading may be subject to delisting risk warning (the stock abbreviation is preceded by ” ST”).
On the same day, in the announcement on the progress of criminal coercive measures against controlling shareholders and actual controllers, Zhou Shiping said that he would no longer hold any position in the company after resigning from relevant positions such as the chairman and legal representative of the company in May 2021. The above matters are personal cases of controlling shareholders and actual controllers, which have nothing to do with the company and do not have a significant impact on the daily production and operation of the company.
According to the announcement, Suna Co.Ltd(002417) main business is big data information service business. Where Suna Co.Ltd(002417) will go in the future has also become an issue of concern to investors.
An investor asked on the investor interaction platform: “has the company considered renaming? For example: Dark Blue Software – dark blue computing – dark blue data – etc.! Has the company considered acquiring and merging high-quality targets? I hope the company will be acquired and integrated by internet giants!”
Suna Co.Ltd(002417) 4 said on the investor interaction platform on April 12 that the company has not considered renaming at present. The company has been paying close attention to the changes of industrial policies, market dynamics and development opportunities, and comprehensively considering the high-quality targets in line with the company’s business development.
