Author：Qing Yi
“Xiao partner, xiao accompany”, this is the slogan on the website of Chunxiao Capital, with the background of a photo in which several people hugging each other to face the sun.
This piece of propaganda seems to have the milk of human kindness. However, under the involvement of P2P, Chunxiao Capital was eventually abandoned by bloodthirsty capital market, became a history of the investment community——In 2015, Chunxiao Capital was established. Having managed five period RMB sub-funds and accumulated nearly 2 billion yuan in total, they once impressed their predecessors in the VC class, but now they are being pushed down from the position of being praised by the public as a flash in the pan.
How did the story of Chunxiao Capital begin and end abruptly?
How did Chunxiao Capital fail repeatedly
The start and sudden stop of Chunxiao Capital are both related to P2P.
Chunxiao Capital was one of them during the thunderstorm in June and July 2018.
Since July 2018, three platforms invested by Chunxiao Capital have been experiencing problems.
Niubanjin issued an overdue notice on July 3, announcing that 98,522 thousand yuan of loans were overdue.
Soon after, on July 15, Junrong loans also appeared overdue problems. CEO Wu jun promised that they would not ” go on the lam or lose touch with”.
Then on July 18, Jucai Cat announced overdue and they would suspend platform business, choosing benign exit.
Although compared to those P2P who has run away and lost touch, Niubanjin and other P2P have announced overdue payment plans. It seems that the overdue payment of online loan platforms is “the lucky luck in the misfortune”, but the investors do not buy it. The so-called payment is more like the excuse of the platform, and the investors think that the deception already existed before the accident.
Junrong loan has been attracting potential investors with coupons in the accident month.
The Jucai Cat has been raising interest rates to attract investment during its fourth anniversary, the day before the thundering.
Niubanjin just announced a $600 million capital increase at the end of June, and it fell apart in early July.
In contrast, Niubanjin, Junrong loan and Jucai Cat were among the top model platforms in P2P industry before the accident. Niubanjin has a background of listed companies, known as “bank – level security”; Junrong loan is the star platform of Dalian; Xue liang, the founder of Jucai Cat, once worked in Ali department. His platform has a good reputation for many years and won many government honors.
P2P’s back-to-back explosions have made Chunxiao Capital a precision thunder king in the venture capital industry, but is it really that simple?
Clearly not.
The rise of Chunxiao Capital is also closely related to P2P.
Back in 2009, a company called Rkylin was founded. This is an e-commerce agent operation (TP) service enterprise founded by Wang Rong four years after his graduation. In 2012, he obtained A round financing from Softbank Saifu and in 2014, he obtained the B round financing round from Envision capital. Everything seems to be going well, and as soon as they are ready to play in the TP world, the problem comes.
It turned out that the industry threshold of TP is not high, and the rise of e-commerce concept has also led the TP industry into a red sea competition. Against the backdrop of a price war, gross margins are falling. However, since the second half of 2015, many brands quit TP company and chose to establish their own e-commerce team, and the number of customers of TP company kept declining. Helpless, Wang Rong had to transform into distribution. Although the transformation is successful now, at that time, the transformation of Rkylin faced great pressure. Because the transformation into distribution needs to build warehousing logistics services and channels, and the most direct problem is the capital input.
At this time, Wang Rong turned to his university alumni Wu Jun, the founder of Junrong loans. The two worked together on how to finance this part of the funds through P2P lending, which is why Wang Rong and Chunxiao invested in P2P. Somewhat suspiciously, before Junrong Loan was shut down, both Rkylin and Junrong Loan had their registered addresses in Dalian in the same location, one on the 20th floor and one on the 24th floor.
Source: tianyancha
Meanwhile, Chunxiao Capital of Hanyue, Rong Capital of Wang rong and Chenshang Equity Investment Partnership (limited partnership) of Shihezi city were established successively. Han Yue, Han Xiang and Wang rong are Cousins. Chunxiao Capital has become a new VC, while Chenshang Equity Investment Partnership (Limited Partnership) Of Shihezi city mainly focuses on the tourism industry.
Source: Tianyancha
Chunxiao Capital and Chenshang shares own the same phone number and email, and the registered address of them are respectively the first floor and the fifth floor of the same place.
Then the P2P kingdom gets bigger and bigger.
Wang hopes to foster Rong Capital into such a role, with P2P companies in the downstream, and a variety of enterprises with borrowing needs in the upstream. Rong Capital uses big data technology to manage upstream and downstream, taking a cut based on the interest rate of the loan. Han yue and Han xiang look for companies that can do financial supply chains or have a need to borrow through investing and incubating rong capital for Wang rong.
It can be said that the rise of Chunxiao Capital is based on the its financial kingdom of P2P, that is, many funding sources of Chunxiao Capital are P2P.
However, the kingdom on P2P was built quickly and collapsed quickly.
Besides Niubanjin, Junrong loans and Jucai Cat’S accidents, Shitou Licai, Zhuaqianmao, Caogen Licai are also related to Wang Rong and Chunxiao. Among them, Chunxiao Capital has a direct stake in Niubanjin and Junrong loans. According to the change record of Rong Capital, Wu jun was once a shareholder of Rong Capital, and Han Yue was one of its early shareholders.
Once an online lending platform with a transaction volume of over ten billion yuan has an accident, the amount involved and the number of people affected are obviously not small. According to the data, the transaction scale of three platforms, namely Niubanjin, Junrong and Jucai Cat, is about 100 billion yuan, covering more than 9.5 million users. According to incomplete statistics, in this storm, the overdue collection of Jucai Cat and Niubanjin alone have reached more than 1.2 billion yuan.
It turns out that these P2P platforms have different degrees of loan contracts and loan information fraud. It is understood that investors in Shitoulicai found through the bank statements, that the personal credit loans they had invested in had been deposited into accounts of a number of unidentified companies, most of which were identified as Rong Capital’s affiliates and shell companies.
Several investors in Niubanjin also revealed that the contracts downloaded were fraudulent. The investor calls “the borrower” by phone number of the borrower left on the contract, and the response is that “they did not borrow money in Niubanjin, so the information should have been stolen. The phone number and id number are right, but the bank card number on the contract is not his. ”
Use the money of P2P to make investment, Chunxiao Capital’s courage is amazing
Where did the money go, in the face of a huge funding gap?
“The real reason for the accident of Niubanjin is that the platform accepted nearly 90 percent of the fake loan demand from many shell companies and raised funds to enter the real estate financing project of former shareholders Sun Qiliang, Chen’e, Hu wenzhou and Shen xuqing in Shanghai Nanhui. With the help of these fictitious identities and information of borrowers, a total of 4.3 billion yuan that the creditors thought would be distributed to numerous companies was illegally transferred to four people including Hu Wenzhou and the team behind them through the issuance of platform products such as “niuqiandai”.Li hanyun, the supervisor of Niubanjin, once said publicly.
Then came news that Niubanjin’s $4.3 billion outstanding fund was roughly going as follows: $1.2 billion in assets for chunxiao’s capital supply. The $3.1 billion was invested in real estate by four former shareholders of Niubanjin, Sun qiliang, Shen xuqing, Chen ‘e and Hu wenzhou, in the name of a fictitious project.
In May 2017, it was revealed that Niubanjin was suspected of self-financing, while Sun qiliang, Shen xuqing, Chen ‘e and Hu Wenzhou were then shareholders of Niubanjin.In July 2017, Sun Qiliang sold his stake in Niubanjin to Rong Capital of Wang Rong, according to the company’s change records. It is reported that Niubanjin began to bid for Rong Capital before completing the industrial and commercial change. After sold to Wang rong, Niubanjin still raised money for former shareholders such as Sun Qiliang, Shen Xuqing, Chen ‘e and Hu Wenzhou through issuing false and related bids.
In terms of the so-called real estate project that Hu Wenzhou mentioned——”Shanghai Yuhu Group is spending billions to build a 140,000-square-meter Jinli Times Square in the Pudong new area.”.The real situation is that the construction unit of Jinli Times Square is Shanghai Jinli Real Estate Development Co., LTD, according to the construction project planning license.
According to industrial and commercial information, the main shareholder of Shanghai Yuhu Investment Group is Hu Wenzhou, who holds 85% of the shares of Yuhu Investment Group. That is to say, whether or not Jinli Times Square project will start, and how much money will be spent on the project is actually determined by Hu Wenzhou. The outside world is not aware of this.
The cat is out of the bag
If the P2P thunderstorm is a forerunner, there is a dessert behind it, that is Geoway Co.,Ltd.
On August 15, 2017, Geoway issued the suspension notice of major matters, saying That Tianjin Shengxin, the company’s largest shareholder, is planning major matters, which may lead to the change of actual control of the company. Ten days later, Geoway announced that the three shareholders holding 100% equity of Tianjin Shengxin had transferred all the equity To Chunxiao Financial Holding, and the actual controller of the listed company was changed to Chunxiao Financial Holding, while the eventually actual controller was Han Yue.
Source: company announcement
Chunxiao Capital pledged the Geoway stake held by Shenxin Yuantong in batches after the acquisition of Shenxin Yuantong, with a pledge rate of 99.99%. In fact, the equity pledge financing is a normal financing behavior, especially for working capital after the acquisition and acquisition. However, if the stock price keeps falling below the warning price, it will face the risk of forced liquidation.
The transfer price is 750 million yuan. Based on Tianjin Shengxin’s 102 million shares of Geoway, Chunxiao entered Geoway at about 7.4 yuan per share, while Geoway’s average price was around 6 yuan per share at that time.
Since Chunxiao Capital bought Shenxin Yuantong, Geoway’s share price has also gone down along with the market situation, with the latest price around 2.8 yuan (September 12, 2018), which is a sharp drop from the phased peak of 6.59 yuan/share in September 2017. Since Chunxiao Capital bought shenxin yuantong, Geoway’s share price has also gone down along with the market situation, with the latest price around 2.8 yuan (September 12, 2018), which is a sharp drop from the phased peak of 6.59 yuan/share in September 2017. Based on the current share price, Chunxiao’s shares have a market value of only about 283 million yuan. Compared with the time of the investment, Chunxiao has lost more than 450 million yuan.
As recently as August 28, 2018, with an announcement from Geoway, the cat was out of the bag.
Source: company announcement
The statement said Han Yue, the chairman and general manager, was detained by the Fengxian branch of the Shanghai Public Security Bureau on suspicion of illegally taking deposits from the public. The duties of the chairman are carried out by deputy chairman Xu Yingyang.
Source:Tianyancha
Also disclosed on the same day is a notice that major shareholder shares of Geoway have been subject to a judicial freeze. Major shareholder Tianjin Shengxin Yuantong Co., Ltd. holds 102 million shares of the company, accounting for 19.06 percent of the total share capital, of which 99.99 percent is pledged and all shares are frozen, according to the announcement.
“You reap what you sow.”
Clearly, the consequences of your own planting can only be borne by yourself.
