The 16.675% equity auction of Wells Fargo fund has reached a final conclusion. On the 20th, Shandong Guoxin (1697. HK) announced the latest progress of the matter. The announcement shows that the company has received a notice from Shandong gold exchange center that the auction has completed the public listing procedure. As the intended transferee, Shandong Financial Assets Management Co., Ltd. (hereinafter referred to as “Shandong financial assets”) has passed the qualification examination of Shandong financial exchange center and meets the conditions for transfer.
This means that Shandong financial assets will invest 5.038 billion yuan to win 16.675% equity of Wells Fargo fund and Shandong trust. All creditor’s rights under Ruiyuan No. 76 collective fund trust plan.
The interface news reporter inquired about the website of Shandong Gold Exchange Center and found that the above two financial transactions were “successful”P align = “center” Table: the equity of Wells Fargo fund and the collective fund trust plan of Shandong trust show that the transaction has been successful. Source: Shandong financial trading center
According to tianyancha data, the controlling shareholder of Shandong Financial Asset Management Co., Ltd. is Shandong Luxin Investment Holding Group Co., Ltd., with an equity ratio of 82.29%. The rest include 23 shareholders, including Shandong Provincial Department of Finance (with an equity ratio of 2.46%) and Shandong Guoxin (with an equity ratio of 1.36%).
According to the company’s website, Shandong financial assets is a provincial financial asset management company approved by Shandong Provincial People’s government. Its business scope includes: non-performing asset management, investment and disposal, creditor’s rights to equity, foreign investment, trading of securities, etc.
In December 2019, the paid in capital of the company increased to 36.639 billion yuan. It is currently the largest local asset management company in China and has an “AAA” subject credit rating.
Previously, Shandong International Trust specially pointed out that the transferee needs: 1) to acquire 16.675% equity of Wells Fargo Fund Management Co., Ltd. and all creditor’s rights under Ruiyuan No. 76 collective fund trust plan at the same time; 2) I. the performance bond of RMB 800 million shall be paid at one time, and the first part of the transaction payment of RMB 3 billion (including the performance bond of RMB 800 million) shall be paid within 3 working days after delisting, and the balance shall be paid within 5 working days after the equity transfer of Wells Fargo Fund Management Co., Ltd. is approved by the CSRC.
According to the current provisions of the CSRC, when a fund company changes its equity of more than 5%, it needs to report to the CSRC for approval. Therefore, the final success of the transfer of the matter still needs to be reported to the CSRC for approval.
The latest non monetary scale data of fund companies in the first quarter of this year released by China Fund Industry Association shows that the average monthly scale of non monetary financial management of Wells Fargo fund exceeded 600 billion yuan for the first time, ranking fourth in the industry with 616851 billion yuan, second only to e fund, Huaxia and GF.
Why does the financial fund of Shandong focus on disposing of non-performing assets at a high price? For the “packaged and sold” Ruiyuan No. 76 collective fund trust plan, how will Shandong financial assets be disposed of?
