Everbright Securities Stepping MPS follow-up: Take 42 billion, former chairman or so case

Home > Finance

Everbright Securities Stepping MPS follow-up: Take 42 billion, former chairman or so case

2021-11-30 00:02:12 35 ℃

| Wu Lijuan

Source | Unicorn Finance

The "MPS Multinational Mergers and Acquisitions" in 5 years will continue to ferment. Cheap Xue Feng, former Board of Everbright Securities, was taken away from the news that the survey was taken away, and then pushed this overseas M & A incident back to the public sight.

In 2016, it coincides with the boom of overseas mergers and acquisitions.

In the same year, the Storm Group and the ENG Securities (601788.sh) have a wholly-owned subsidiary of the company, assemble the capital, and complete the international sports copyright agency giant MP & Silva Holdings SA ("MPS") 65%. Acquisition. However, after the completion of the acquisition for two and a half years, MPS announced bankruptcy in October 2018.

This is a cross-border merger case that has been sensational with capital markets, and is referred to as "MPS event" by the market.

With the "demise" of the Storm Group, the Everbright Securities as one of the initiator has affected the risk exposure of nearly 5 billion yuan. As of now, the expected liabilities for the case have reached 4.552 billion yuan.

The last place of the transaction that was already hoped, and the incurred chasing, the incisional, and the income of the Everbright Securities and the geometry?


Former chairman was investigated

Or due to the old case of "MPS acquisition"

According to "First Finance" November 29, Xue Feng has taken the investigation in the relevant parties before months, and the core thing may involve this star cross-country M & A.

On the secondary market, the Everbright Securities A shares fell 1.82%, reported 14.58 yuan / share.

As early as March 18, 2019, the Shanghai Securities Supervision Bureau announced a "decision on Xue Feng to take supervision and conversation of the Administration of Xue Feng" due to MPS incidents, and considered to be responsible for leadership responsibility and management. In April 2019, 2 months after the risk of MPS events broke out, Xue Feng resigned as the chairman of the Everbright Securities, and thereafter, the news about its person is also fresh.

Things are derived from the earlier 2016.

Once the rivers and lakes, the storm groups have "Little LeTV", and the darling of capital, the market value has soared to nearly 40 billion yuan. Before and after 2015, LeTV's sporting block did the wind, and the Storm Group also targeted the sports section.

In 2016, the Great Break Group, which was unified (Big Capital Investment Co., Ltd. wholly-owned subsidiary), established a Xindin Fund, in May that year, the fund completed the acquisition of MPS65% equity of the British sports copyright company. MPS was an international red unique sports copyright company, and the business has covered more than 200 countries and regions around the world, with more than 90 global events.

After completing the acquisition, it will be sold to the Harvest Group within 18 months to realize the fund's exit and capital income.

In the acquisition of MPS, the two initiator of the Founder, the founder of the Storm Group, there are not many, but as a star company, natural price is not fashionable. This transaction relies on the inclined - the first-priority structure is shaped. 5 billion funds.

Later, the sports copyright agency company was in trouble, and the Xindin Fund failed to reach with the original plan, so that the fund faces a big risk.

As the MPS project is riot, the curtain of a storm is also officially set.

In October 2018, MPS was declined by the London High Court, and the investor was set. Investors, including China Merchants Bank, Huarui Bank, etc., to compensate for losses to Everbright Capital. Although all the funders are all "big people", this 5.2 billion yuan of loss can not eat.

"This world is absurd, essentially occasional, success is also, ready to prepare anything else."

This is the quotation in 2016 Feng Xin in an interview.

A prophecy.

In July 2019, Feng Xin was arrested in suspected crime, and after the storm group was shaken after 2020, Everbright Securities became the final "back pot".


Everbright Securities involves 4.5 billion yuan for disputes

Personal turmoil

Capital is a double-edged sword.

The acquisition of this failed greatly damped the virgin of Everbright Securities, and its performance was dragged for three consecutive years, and there were many high-level "undergraduate lessons."

The day-eyed information shows that the list of 14-person payment, including investment wealth, Shanghai Huarui Bank, Shanghai Ajian Trust, the Pai Investment, etc., these financial institutions are multi-layer complex financing structures and natural people investors. .

The total of 5.2 billion yuan was raised in the total number of TX. In the 2018 annual report, the source of funds from the Immersion Fund is: the priority limited partner is funded by RMB 3.2 billion, including: China Merchants Fortune China's investor investor bank has funded the highest, reaching 2.8 billion yuan, Shanghai Ajian Trocker funds 4 Billion; secondly, Shenzhen Hengxiang and other intermediate level limited partners funded RMB 1 billion; finally the storm system, the controlling shareholders of the Storm, the overall shareholders of the Overgrowth, etc. As the inferior level, including 60 million yuan.

The key is that in the "Difference Completion Letter" of the Everbright Capital, the "Difference Completion Letter" presenting the brilliance of the Fund Priority Limited Partner, the agreed "The priority partner can't achieve exit," .

According to incomplete statistics, in recent years, ENG securities and their companies have received the MPS project case litigation and arbitration notices, and the amount of disputes involving a dispute is as high as 4.5 billion.

Specifically, on November 14, 2018, the intermediate-grade limited partner Shenzhen Hengxiang applied for arbitration on partnership agreements and supplement agreement disputes, requiring optical impregnation to compensate for the difference between the principal and the expected benefits, involving approximately RMB 168 million. Yuan. The amount of claims from the priority partner China Merchants Bank is the highest. On May 31, 2019, China Merchants Bank filed a lawsuit against Everbright Capital, requiring the other party to fulfill relevant differences, and the limit of the litigation is approximately 3489 billion yuan.

Affected by the failure of the above M & A, from 2018, Evergregated Securities has been prepared for the MPS project for three consecutive years. Financial report shows that 2018 to 2020, Everbright Securities expected the liability due to the MPS project, three years respectively set the amount of 1.4 billion yuan, 1.55 billion yuan, totaling the MPS project losses to 4.552 billion yuan.

In addition, the case has also triggered the personnel earthquake of the Everbright Securities, a number of relevant person in charge or take the initiative to leave, or passively "under get out of class", after several rounds of personnel turmoil.

In the first half of 2018, the primary criticism of Everbright Capital was dismissed;

On October 8, 2019, Zhou Jian, the original president of Everbright Securities;

On October 18, 2019, the original compliance director Chen Hao left office;

On April 28, 2019, the Chairman of the Everbright Securities, Director Xue Feng took the resignation ...

Everbright Securities frequent in personnel have, recently, a high-level personnel have been checked. On November 17th, General Manager of Everbright Securities Debt Financing Headquarters, Du Xiongfei, general manager of investment bank headquarters, was suspected of serious violations and is currently under investigation.


Take 42 billion

Can Everbright Securities revive?

At the moment, the subsidiary of the Everbright Securities, Sun Company is facing a huge litigation.

On August 8, last year, Everbright Securities issued subordinate companies' litigation and arbitration progress announcement, and its subsidiaries had paid more than 3.5 billion yuan to the two banks (China Bank, Ruihua). In April of the same year, the brilliance of the Shanghai International Arbitration Center, the investment of 150 million yuan and the corresponding expected benefits, lawyer fees, arbitration fees, etc.

Despite the "back pot", Everbright Securities did not abandon the loss of MPS events, and the relevant responsibility of the MPS original seller shareholders were also led by legal way.

Everbright Securities have tried to compensate to the Storm Group. On March 13, 2019, the Executive Affairs Partner of the Immersion Fund as the Immersing Fund was jointly used as a plaintiff, and the Storm Group and its actual controller Feng Xin. The Storm Group and Feng Xin have not fulfilled the equity repurchase obligations under the relevant protocol and constitutes a contract, requiring the defendant to compensate the loss due to the loss of the return of the repurchase, totaling 750 million yuan.

However, the first instance court did not support. Currently, the brilliance has been appealed.

At the same time, overseas proceedings have also been carried out. In June 2021, Guangda Securities issued an announcement saying that JINXININC (Cayman Xinking), the overseas project trading entities of Xiangxin Fund, have been higher in England and Wales, MPS original sellers shareholder card multi-Silva (Riccardosilva) Andreraradrizzani, etc.,, such as Andrearadrizzani. The litigation of fraudulent false statements and tax commitment default, the amount involved is approximately 661 million US dollars, and more than RMB is more than 4.2 billion yuan.

Source: Giant Trend Information

In an interview with the "Huaxia Times" interview, the independent economist said that after three years of counterattack, this is a cross-time, cross-space, cross-country, "dead sheep,", is still late, symbolic significance is greater than the substantive significance . However, Everbright Securities as state-owned enterprises, there is a responsibility to protect state-owned asset safety, and there is also the responsibility of value-added, there is such an investment loss, and management must have active. Take all measures to save and reduce investment losses, and reduce investment and reduce Acclude the responsibility of the relevant responsible people, regardless of the outcome, checking the compensation is a correct behavior.

Everbright Securities is one of the most profound old branch of the domestic capital market qualifications, and the performance of the past two years is growing. In 2020, revenue was 15866 billion yuan, an increase of 58% year-on-year; the net profit of returning is 233.4 billion yuan, an increase of 311% year-on-year.

However, in the first three quarters of 2021, Everbright Securities were increasing. The operating income was 12.305 billion yuan in the first three quarters, an increase of 15.32% year-on-year; net profit attributable to parent company fell by 1.6% to 3257 million yuan, and the net profit of returned returns fell 2.44% year-on-year.

According to the third quarter, the third quarter of this year, the Everbright Securities Caver price dropped by 1.13% to 4.307 billion yuan, the net profit of the return was 14.09% to 995 million yuan, and the single season camp received net profit doubled. At specific business, the net income of the handling of the company's operation and asset management business decreased by 14.05%, nearly 40%, respectively.

In this regard, a broker authority said that first, the old broker stocks are the board, basically rising. Second, the position of Everbright Securities is a second-run brokerage, which will not change its status because of two years of performance growth.

However, there is also good news. On May 28, 2021, the Securities Regulatory Commission announced the first Securities company "White List", including 29 securities companies such as Everbright Securities in column.According to regulatory requirements, "White List" is a brokerage to innovate the pilot business, and the selection brokerage can enjoy the simplified rights of some business procedures, simplifying many differentiated supervision of some of the regulatory opinions.Therefore, the future of Everbright Securities will be more rapidly convenient in innovative business, funds such as derivatives and funds.Shanxi Securities Research Think, due to the end of 2020, Everbright Securities The estimated liabilities related to the MPS project investing by the Xing Xin Fund were 4.552 billion yuan, and the Risk of MPS project was gradually cleared.

This overseas M & A incident makes the investment in Everbright Securities, and also suffers from billion yuan.At the moment, this serial lawsuit has not ended yet. Can Everbright Securities 42 billion yuan of recovery? Do you have any opinions, a message to discuss!