The senior management is filing.
Among them, only Tibet Haihan Industrial Co., Ltd. has not experienced investor changes in its history, and only changed the proportion of the two shareholders’ capital contribution in 2018. This company was formerly known as Dalian Free Trade Zone Haihan Development Co., Ltd., and will open in 2016 The address moved to Tibet.
According to the media “New Wealth” statistics, in the equity structure of Huaxin Trust up to 15 layers, at least 104 legal entities and 22 natural persons are involved, and the highest shareholder level is as many as 15 layers, even including at least 3 3-7 layers of circular shareholding structure.
Subsidiary “turned over” to become a parent company
It is worth mentioning that Huaxin Huitong, the major shareholder of Huaxin Trust, was once its subsidiary.
Tianyan Check shows that in 2005, Huaxin Trust withdrew from the shareholder of Dalian Xinlian Investment Co., Ltd. (the predecessor of Huaxin Huitong). In 2006, Huaxin Trust increased the company’s registered capital from 501 million yuan to 1.01 billion yuan through capital increase.
In March 2007, the China Banking Regulatory Commission issued the “New Two Regulations”-the “Administrative Measures for Trust Companies” and the “Administrative Measures for Trust Companies’ Collective Fund Trust Plans”, requiring trust companies to further regulate and develop the main business of trusts and not use their inherent assets Make industrial investments. Since then, the trust company began to clean up the industrial investment under the inherent item one after another.
In April, Huaxin Huitong started the operation from son to father.
First, on April 4, Dalian Xinlian changed its name to Dalian Huaxin Investment Co., Ltd. In the same month, the company’s registered capital increased sharply from 30 million yuan to 625 million yuan, and the number of shareholders also increased significantly. The person in charge changed from Jiang Jie Dong Yongcheng.
Almost at the same time, on April 10, Huaxin Trust made another capital increase, and the registered capital rose to 1.21 billion yuan, an increase of 20.88% compared to the previous time. On August 8, Dalian Huaxin Investment Co., Ltd. appeared in the list of shareholders of Huaxin Trust. According to Tianyan, its subscribed capital was 595 million yuan.
Calculated based on the above-mentioned capital contribution and the registered capital of Huaxin Trust, Huaxin Huitong acquired nearly 50% of the equity of Huaxin Trust in one fell swoop. Considering the 209 million yuan capital increase of Huaxin Trust that year, in addition to the capital increase, the equity acquired by Huaxin Huitong should also include part of the equity transferred from other channels.
And this part of the transferred equity can be obtained from the delisted Dalian HoldingsA glimpse.
At that time, the shareholders of Huaxin Trust also included Dalian Daxian Group Co., Ltd., and in 2007, the company was the major shareholder of Dalian Holdings (Daxian).
According to the equity restructuring plan of Huaxin Trust, Daxian Group transferred its 60 million shares to Huaxin Huitong Group, and used this as a consideration to subscribe for 60 million yuan of registered capital from Huaxin Huitong Group. That is to say, Daxian Group has changed a part of the directly held shares of Huaxin Trust into indirect holding through Huaxin Huitong under the condition that the total capital contribution has not changed.
According to the media “New Wealth” quoted the 2007 annual report of Huaxin Trust, the company will also hold Huaxin after it has packaged and divested its industrial equity investment assets of 94.29 million yuan to its holding subsidiary Huaxin Xinda Industrial 90% of Cinda Industrial’s equity was transferred to Huaxin Huitong Group for a consideration of 270 million yuan. As a result, the industrial equity investment divested by Huaxin Trust in 2007 totaled 364.29 million yuan, and this industrial equity became the asset of Huaxin Huitong Group.
The industrial assets were first transferred to the subsidiary Huaxin Huitong, and then Huaxin Huitong was changed from son to father. In this way, Huaxin Trust successfully realized the divestiture of industrial assets and met the regulatory requirements.
the main business of the trust company is not a trust
After 2007, the privately-held Huaxin Trust began a radical expansion. Its total assets increased from 6.529 billion yuan in 2006 to 135.606 billion yuan in 2016. However, looking at 68 trust companies across the country , This result is not outstanding.
Data shows that the number of trust institutions has been stable at 68 since 2013. The asset management scale of Huaxin Trust has stabilized at more than 50. In sharp contrast to this data, until 2017, Huaxin Trust’s annual operating income and net profit were among the top, and the latter even ranked among all trust institutions. top ten.
Specifically, from 2013 to 2016, the rankings of Huaxin Trust’s net profit among 68 trust institutions were 9, 9, 6, and 9 respectively; in 2015 and 2016, China Resources Trust’s operating income and asset management scale The rankings are 8, 54; 13, 54 respectively.
In 2016, with the trust business income ranked 35th among all institutions, Huaxin Trust obtained the 13th total operating income. From this point of view, the main revenue focus of Huaxin Trust is not trust.
According to the 2016 annual report disclosed on the official website of Huaxin Trust, the company’s main income comes from fee and commission income, and investment income.
Among them, fee and commission income accounted for 36.62% of total income, and investment income accounted for 60.86%. Among the investment income, the income from equity investment and securities investment accounted for 54.46% of the total income. According to other media reports, in 2014 and 2015, equity and securities investment income accounted for 53.37% and 64.51% respectively.
Radar Finance found that Huaxin Trust had been active in the equity investment market.
In 2006, Huaxin Trust intervened in the reorganization of Chase Securities and became its controlling shareholder; in 2007, Huaxin Trust participated in the capital increase and share expansion of the Bank of Dalian, holding 5.2% of the shares; in 2008, Huaxin Trust and Chase Securities jointly acquired Good Fortune Futures participated in the establishment of Centennial Life, holding 9.01% of the latter’s shares; in 2010, Huaxin Trust participated in the capital increase and share expansion of Dandong Bank, holding 19.79% of the shares.
From 2012 to 2016, Huaxin Trust successively transferred the equity of Centennial Life Insurance, Bank of Dalian and Bank of Dandong, and its investment income gradually increased as it went in and out.
After 2017, the income structure of Huaxin Trust has undergone significant changes, with fee and commission income occupying a major position, while equity and securities investment income has gone from bad to worse. Since then, the company’s performance has plummeted.
From 2017 to 2019, the company’s net profit ranked 22, 29, and 63 among trust institutions. The annual report shows that the company’s fee and commission income accounted for 57.23%, 55.20%, and 59.01% during this period. Equity And securities investment income is 16.99%, 9.29%, 21.75%.
In 2019, the top-ranked CITIC Trust’s management scale has reached 1.57 trillion yuan, while Huaxin Trust’s assets under management are only 61.580 billion yuan, ranking sixth from the bottom. The company also suffered a loss of 152 million yuan in net profit, ranking fourth from the bottom out of 68 trust companies, and became one of only five trust companies that lost money.
Or face a funding gap of 7 billion
At the end of 2019, Huaxin Trust was listed among the six high-risk trust companies by the China Banking and Insurance Regulatory Commission.
Since 2020, the Huaxin Trust’s “Huaguan” series of collective fund trust plans have established 18, but none of them have indicated their investment direction, which has triggered market speculation as a “fund pool” product. In April, the “fund pool” business was suspended by supervision. Some media reports analyzed that this is the fuse of the current dilemma of Huaxin Trust.