The impact of the Ruixing Coffee fraud scandal continues.
On May 20, according to Reuters, China UCAR (838006) is seeking cash financing to sell its private equity firm Centurium Capital in China ) The rights of limited partners worth 1 billion yuan in the fund.
Reuters said that people familiar with the matter revealed that UCAR has already accounted for 30.75% of its limited partner interests and potential in the China UCAR Industry Fund managed by Dazheng Capital Investor contact.
As of press time, UCAR did not reply to the matter. Reuters said Dazheng Capital, a shareholder of Ruixing, declined to comment.
Lu Zhengyao is the largest shareholder and chairman of Ruixing Coffee, and the largest shareholder of Shenzhou Car Rental. China Automobile’s 2019 interim report shows that Lu Zhengyao holds a 10.05% stake in the company.
Affected by Ruixing Coffee ’s fraud, UCAR is in deep debt crisis, claiming to have run out of financial institutions and suppliers, which may also lead to “equity “Big Sale” road.
On April 3, China Automobile sold the 46.466 million shares of its car rental in China on the secondary market at the request of the lender for repayment Partial borrowing.
From April 4th to April 16th, China UCAR passively reduced 36.792 million shares of China Car Rental.
On April 16, Shenzhou Car Rental (00699.HK) announced that Shenzhou UCAR will pay Amber Gem Holdings Limited (hereinafter referred to as “Amber Gem”) 2.3 per share Hong Kong dollars sold 98.608 million shares of China Car Rental, with a total price of approximately 227 million Hong Kong dollars. In the follow-up, UCAR will also sell to Amber Gem at a price of 3.4 Hong Kong dollars per share at a total cost of not more than 116 million U.S. dollars, at a rate of one U.S. dollar to 7.75 Hong Kong dollars to sell no more than about 264 million shares. However, the sale of 264 million shares has not been completed so far.
On May 12, China Automobile once again announced that the company continued to passively reduce its holdings of 100,000 shares of China Car Rental to repay part of the loan. After this reduction, UCAR holds 450,790,855 shares of car rental in ChinaThe shareholding ratio is about 21.26%.
Before April 3, a series of equity sales, China UCAR ’s shareholding in China Car Rental was as high as 29.76%.
In addition to selling the equity of Shenzhou Rent-a-Car, China UCAR transferred its holdings to Fujian UCAR Investment Partnership (Limited Partnership) The shareholding company Hebei Happiness Consumer Finance Co., Ltd. has a 39.25% equity (all shares), and the estimated transfer consideration is RMB 250 million.