Author: Wai Ji Declassified
The withdrawal of central enterprises from the trust industry has entered a climax! According to the latest information from the Beijing Equity Exchange, China Orient Asset Management Co., Ltd., the largest shareholder of Daye Trust, plans to list and transfer all 41.67% of the shares it holds, with a reserve price of 1.699 billion yuan. The whole news caused a stir in the trust industry.
According to the page of the Beijing Equity Exchange, the equity transfer target of the "Daye Trust Company Equity Transfer Project" is that China Orient Asset Management Co., Ltd., the largest state-owned shareholder of the trust company, holds 41.67% of the equity, and Guangzhou Financial Holding Group, the second largest state-owned shareholder of Daye Trust Company, holds 38.33% of the equity and intends to exercise the right to transfer the equity together. The deadline for information disclosure of Daye Trust's equity listing is July 25, 2024, and the disclosure information shows:
China Orient Asset Management Co., Ltd., the largest shareholder of Daye Trust, holds 41.67% of the shares, Guangzhou Financial Holding Group Co., Ltd., the second largest shareholder, holds 38.33% of the shares, and the third largest shareholder is Guangdong Jingxin Power Group Co., Ltd., with a 20% shareholding. This means that the receiver gets 80% of the equity. According to the above information, China Orient Asset Management Co., Ltd., the largest shareholder of Daye Trust, plans to list and transfer all 41.67% of the shares it holds, with a reserve price of 1.699 billion yuan. Then the overall valuation of Daye Trust is 4.077 billion yuan, and the equity price corresponding to the second largest shareholder is 1.563 billion yuan. Then the cost of acquiring 80% of the equity of Daye Trust is more than 3.2 billion yuan.
According to the listing information disclosure of Daye Trust, the company's 2023 annual audit report data net profit is 35.5606 million yuan, and the net profit on May 31, 2024 is 41.9918 million yuan.
On the website of the Beijing Stock Exchange, the equity of the trust company is listed for transfer, and the equity of Beijing International Trust Co., Ltd. (accounting for 15.32% of the total share capital) held by Aerospace Science and Technology Finance Co., Ltd. on May 6 this year is also negotiable; Jilin Pan Asia Trust and Investment Co., Ltd.'s announcement on the public recruitment of reorganization investors, the reference price is negotiable; China CITIC Co., Ltd. holds 125,000,000 shares of China Shipping Trust Co., Ltd. (accounting for 5% of the total share capital) at a transfer reserve price of 269.55 million yuan; in January this year, China Coal Energy Group Co., Ltd. held 3.3921% of the shares of China Chengxin Trust Co., Ltd., with a transfer reserve price of 702 million yuan; at the end of 23, Rainbow Group Co., Ltd. listed 5.0107% of the shares of Western Trust Co., Ltd.; 0.1824% equity interest in Western Trust Co., Ltd. held by Shaanxi Aircraft Industry Co., Ltd. and 1.3483% equity interest in Western Trust Co., Ltd. held by Xi'an Aircraft Industry (Group) Co., Ltd.; Dalian Port Group Co., Ltd. held 3.09% equity of CEFC Trust Co., Ltd. (204 million shares) transfer, etc.
Looking at the above listing information, it is not difficult to see that from 22 years, central enterprises and local state-owned enterprises are withdrawing from the trust industry, and this trend has begun to enter a climax in 24 years; The sale of 80% of the equity by the first and second largest shareholders of Daye Trust is currently the case with the highest proportion of equity transfer among listed institutions, and the transferor is a central enterprise and a well-known local state-owned enterprise, which has a strong symbolic significance; It has been nearly 2 years since China Chengxin Trust was first listed, and the equity and license of the trust company are not favored by powerful financial institutions.
The uncertainty of the equity risk of the trust company comes from the business risk. Take Daye Trust as an example: in November last year, the major shareholder of Daye Trust "stepped on the thunder" of its own products. Daye Trust's products issued a notice of the first beneficiary meeting in 2023, because it is expected that the trust property will not be fully realized on the expiration date of the product term, and it voted to reach a settlement with the counterparty and launch a relief plan. Extend the product to 20 December 2025 and convert the equity relationship of the relevant product into a debt relationship. The full names of the products involved are Daye Trust - Zhaoye No. 13 (Sunac Zhanjiang) Equity Investment Collective Fund Trust and Daye Trust - Sunac Huizhou Project Equity Investment Collective Fund Trust Plan. Zhaoye No. 13 (Sunac Zhanjiang) was established on June 23, 2021, with a current scale of 425 million yuan, and the trust plan is expected to expire on November 23, 2023. Sunac Huizhou Project was established on April 29, 2021, with an existing scale of 613 million yuan, and the expected expiration date of the trust plan is October 29, 2023. Among the investors in the above two products, the majority shareholder Orient Asset Management has a high proportion of employees.