The article is from the public number: Financial Graffiti (ID: caijingtuya) , author: Stone Jin, from the title figure: vision China.
According to the company’s intelligence expert “Finance Graffiti”, the operating entity of Hujiang——Hujiang Education Technology (Shanghai) A number of industrial and commercial changes have taken place. Among them, Fu Jiangrui, founder and CEO of Hujiang, stepped down as legal representative and chairman, and was replaced by Song Xiangwei.
Exclusively learned from Financial Graffiti, Song Xiangwei (Ivan Song) Just joined Hujiang in July this year, and the position was CFO (Chief Financial Officer) is fully responsible for the company’s capital operation and investment and financing strategies.
The latest change means that Song Xiangwei, who entered the Hujiang as a financial officer, has replaced Fu Cairui as the top manager of Hujiang.
Before joining Hujiang, Song Xiangwei served as the head of the equity investment department of Shanghai Life Insurance, focusing on investments in medical, TMT, consumer services and other areas, and managing several targets including Shell Group and UnionPay Commerce. Member of the Investment Decision Committee of Shanghai Health Medical Industry Equity Fund. Earlier, Song Xiangwei had worked in Jianfa Group (600153) , Jiuding Fund, Xiamen Venture Capital and other companies.
However, in terms of his resume, Song Xiangwei did not have much intersection with Hujiang.
Shujiang Yushang shortly after completing the business changesOn Friday, (November 29) announced through the official WeChat public account “Hujiang Gramophone” “Since the first profitability of the entire group in June this year, The company has maintained profitability for 5 consecutive months. ”In terms of user data, as of May this year, the total number of users in Hujiang has exceeded 200 million, covering 34 provinces, municipalities, autonomous regions and municipalities across the country. Learners in the towns account for nearly a third.
It is worth noting that on November 20, Shanghai Hujie Enterprise Management Consulting Partnership (Limited Partnership) The People’s Court listed the person to be executed, and the subject matter of the execution was approximately RMB 144 million. The largest shareholder of this entity is Fu Cairui, in addition to Yu Jie, the co-founder of Hujiang, the former editor An Jialiang, the former CTO Tang Xiaozhe, and the former president office director Cao Jian. In July this year, the shares of Fu Cairui, Tang Xiaozhe, and Yu Jie were frozen by Shanghai No. 1 Intermediate People’s Court.
In the prospectus submitted by Hujiang to the Hong Kong Stock Exchange on July 3, 2018, Hujie Investment was precisely the largest shareholder of Hujiang with a shareholding ratio of 31.99%. In March, July and October of this year, Hujiang Education Technology (Shanghai) Co., Ltd. has also been listed by Shanghai Pudong District People’s Court For the executed, the executed targets were 145 million yuan, 925 million yuan, and 732 million yuan.
In the aforementioned “Hujiang Gramophone” tweet, Hujiang stated that in March of this year, it optimized the internal loss production line to reduce losses and adjust its organizational structure, which is in line with the pulse of the workplace social platform on March 6. Zhang’s screenshots of Hujiang’s “95% layoffs due to failure of the gambling listing agreement” match, which shows Hujiang’s marketing department, supervision department, teachers and all senior executives being fired. At that time, Hujiang responded that “there is no gambling agreement to optimize and adjust for loss-making business lines.”
But in fact, Hujiang did sign a number of gambling agreements in the past, especially in rounds D and E, and the most well-known one is undoubtedly its gambling with Wanxin Media. .
Wanxin Media has disclosed in the announcement that it signed an Investment Cooperation Agreement with Hujiang in October 2015 to subscribe for 266,700 shares at a price of 100 million yuan, accounting for 1.43%. The prospectus submitted by Hujiang last year showed that the D-1 round of investors had a subscription price of 375 yuan per share; apparently the above two sets of data kissedTogether.
In addition, the announcement also states that in addition to force majeure, (including and not limited to national policies and listing queuing factors) , such as Hujiang Wei Able to complete the listing and issuance of (Motherboard, SME Board, GEM, Strategic Emerging Edition) by the end of 2018. The shares held by investors are repurchased at the sum of the investment amount plus the interest calculated at 10% compound interest per year.
The chain reaction brought about by this investment agreement has gradually emerged after the “Zhenbi” Hong Kong Stock Exchange in 2018.
On July 2 this year, Wanxin Media issued an “Announcement on the Use of Own Funds to Invest in Wealth Management Products Overdue,” stating that the company will purchase Youxuebao wealth management products in batches from January 2018 A total of RMB 100 million of receivables financing was issued to Shanghai Hujiang. The latter should perform the repurchase settlement obligation with the company before June 30, 2019. The actual controller of Shanghai Jiang Fu Cairui promised to buy back Shanghai Hujiang Factoring assets and equity provide personal joint and several liability guarantee.
And Hujiang wrote on June 29 that the recent capital reserve is insufficient to fully fulfill the repurchase obligations due before June 30, 2019, and the early repurchase will be guaranteed through the form of excess pledge of assets and a joint account. obligation. As of July 2, the wealth management products that Hujiang failed to fulfill the repurchase obligations as scheduled in accordance with the agreement involved a principal of 36.35 million yuan.
For this reason, Wanxin Media and Hujiang signed a “Power Pledge Contract” on July 1st, agreeing that Hujiang holds: Shanghai Jiake Education Technology Co., Ltd. 60.9545% equity, Hujiang Wanxin (Shanghai) Equity Investment Fund Partnership (Limited Partnership) was pledged 890.0005 equity, the pledgee is Wanxin Media.
Every indication shows that The “union marriage” between Wanxin Media and Hujiang ends in failure, and the repurchase process of both parties will surely continue for a long time .
It is worth mentioning that Hujiang also signed a number of gambling agreements in subsequent E rounds of financing, including anti-amortization clauses, redemption rights, and priority liquidation rights.
If Hujiang fails to complete the listing by December 31, 2019, investors have the right to request Fu Cairui, Yu Jie, and Tang Xiaozhe in cash within 30 working days from January 1, 2020. Acquire all or part of the shares held by investors.
Among them, the repurchase price of investors before the E round is the initial investment amount plus a compound annual interest rate of 10%, and the repurchase price of the E round investors is equivalent to the initial investment amount plus a compound annual interest rate of 8% . In addition, investors have the right to withdraw from Shanghai through equity reduction within six months from January 1, 2020.
If the investor cannot exercise the right to withdraw through share repurchase or equity reduction, the investor has the right to notify Fu Cairui, Yu Jie, and Tang Xiaozhe in liquidation and dissolution of the company. The priority order of those who settle the payment is E round, D-1 round, C round, B round together with D2 round and A round.
At present, it is unlikely that Hujiang will complete its listing plan by the end of this year. Of course, it is temporarily impossible to say whether the above terms will be renegotiated and signed between shareholders in the near future.
But judging from the recent cases of being repeatedly enforced by the court, the appointment of a new CFO, the replacement of a legal representative, the chairman and other events, as the most beautiful online education company in the country, the road to recovery and reform in Shanghai is still long. .
For many entrepreneurs and investment institutions today, how the Shanghai-based entrepreneurial team mainly based on Fu Cairui handles the gambling agreement secured by personal property will also become a representative case.
Article from public account: Finance graffiti (ID: caijingtuya) , author: Stone Jin.