Phoenix Finance "Bank Finance Eye" Text丨Xiaoxiao
Email: gaoyue@ifeng.com
On April 18, the official website of AVIC Trust issued an announcement, but it was not the redemption announcement that many investors were looking forward to, but the custody announcement. The announcement pointed out that AVIC Trust hired China Construction Bank Trust and Guotou Taikang Trust to provide services for the company's daily operations and management, and the relevant creditor-debtor-debtor-related and trust legal relationships will not change as a result.
Some investors are worried that "being custodian means that AVIC Trust has officially collapsed." Is this the truth? Phoenix Finance "Bank Finance Eye" consulted Wang Rongmei, a lawyer at Jingshi Law Firm. She said, "The reason for custody given by the announcement is that in order to improve the company's business management efficiency, it did not mention debt defaults, redemption difficulties or liquidity crises, so it cannot be determined that the crash is. When the trust industry is facing the pressure of transformation, introducing professional institutions to assist in management is a common strategy."
Before AVIC Trust issued the custody announcement, many investors' trust products had expired and were not redeemed. The redemption time has been delayed again and again, and the redemption plan has not yet been, which has caused them to fall into deep anxiety.
Get caught up in a "stop currency" storm
At around 3 a.m., Lanlan woke up from her sleep again. Since the issue of AVIC Trust not repayment due to expire, she has never had a good sleep. In February last year, Lanlan subscribed to the "Apocalypse 806" trust product at AVIC Trust with an investment of 3.2 million yuan. According to the trust plan, she should have received the principal and investment return in February this year, but the product has not been redeemed so far. In addition to "Apocalypse No. 806", Lanlan also subscribed to two trust products, Tianxin and Tianzhi, which expired in May and November this year, including a total investment of more than 7 million yuan.
Lanlan complained to Phoenix Finance's "Bank Finance Eye", "AVIC Trust stopped redeeming me, and the financial consultant did not give me any initiative. After the product expired, I asked before replying to the delayed redemption. Then it is April now, but I still don't redeem it."
As anxious as Lanlan are many investors of AVIC Trust.
In January last year, Zhang Yuanyuan subscribed to the "Tianhao 21A005" trust product at AVIC Trust, with an investment of 1.1 million yuan. It was originally supposed to expire on January 31 this year, but has not received any refunds so far.
It was not until the end of February that the financial consultant notified Zhang Yuanyuan to postpone the redemption, on the grounds that the redemption had to wait for the leader to sign. "At that time, I thought it was just a few days delayed. I didn't take it seriously when I was busy enjoying the holiday during the Spring Festival. It was not until the financial consultant informed me that the points in the points mall would be cleared that I realized something was wrong. When I read the news, I realized that the major shareholder AVIC Industrial Finance was going to delist, and I realized that something was wrong."
After that, Zhang Yuanyuan joined the rights protection group of AVIC Trust. Seeing that there were hundreds of people in a group to protect their rights, she had to doubt “whether AVIC Trust has completely stopped repayment”?
Things don't seem that bad. Phoenix Finance "Bank Finance Eye" contacted an investor. The trust product "Tianlan 22A011" she purchased in 2023 expired on March 8 this year. Three days later, it received a total principal and investment income of 1.03 million yuan.
Although AVIC Trust has not completely suspended its currency, there are many investors who have not redeemed it at maturity - Zhang Yuanyuan has joined three rights protection groups, two of which are a large group of nearly 500 people, and the other group has more than 300 people. According to Phoenix Finance's "Bank Finance Eye", since January 31 this year, many trust products such as AVIC Trust, such as Tianqi, Tianhao, and Tianxin, have experienced unpaid due.
Regarding the case where many people complained about the failure to repay the product at the expiration date, Phoenix Finance "Bank Finance Eye" asked the official customer service of AVIC Trust to verify whether it is true, how many people it affects, and how large the scale it involves. The other party said, "The trust product is a private equity product, and can only disclose relevant information to the product holder himself. If your question cannot be answered, the official disclosure information shall prevail."
The redemption time is repeatedly delayed
When will the expired trust plan be redeemed? AVIC Trust has not issued an announcement to give a clear reply, but the financial advisor told investors that the redemption time was delayed again and again.
Lanlan told Phoenix Finance's "Bank Finance Eye" that "at the end of February, the financial consultant fooled everyone and said that the products that expired before February 4 will be redeemed on March 15, the products that expired before February 4 will be redeemed at the end of March, and the products that expired in March before April 15 will be redeemed. As a result, it has not been redeemed until now, and AVIC Trust has repeatedly broken its promise."
Regarding the delay in redemption of AVIC Trust's redemption time, Lanlan believes, "This is a fake comfort plan to deceive investors. It has been delayed until the end of March that it has not been waiting for redemption, but has waited for the news that the major shareholder is about to delist. Perhaps it is necessary to follow the old path of Zhongrong Trust."
Another investor, Wu Yan, confirmed, "In February this year, the Tianqi 33 was not redeemed. At first, AVIC Trust said it could be redeemed on March 15, but there was no news by mid-March." After that, Wu Yan connected with AVIC Trust Corporation and was told that there would be a plan at the end of March. Later, it was delayed to April 15 to release a package of plans, but no so-called plans were seen as of press time.
Suspected of fund pool projects?
Why can’t Tianhao 21A005 trust product be redeemed as scheduled? A financial advisor at AVIC Trust told Zhang Yuanyuan, "The company has a problem and we have to wait for the group's plan."
On March 31, Wu Yan and several investors went to the Dongguan Branch of AVIC Trust to inquire about redemption issues, and obtained a connection with Xu, the deputy customer president of the Beijing headquarters.
Why did the redemption plan repeatedly break its promise? Xu said, "AVIC Trust has not stopped redeeming. Strictly speaking, there is no repayment at the bottom, so we cannot distribute it. At the beginning, AVIC Trust has issued several plans, which will be redeemed at the end of February, mid-March and the end of March. This is a point-to-point solution for the problem at the industrial and financial level and the trust level, but some situations have occurred later. From (there is a problem) to the present, we have encountered different problems at different stages, but now the big solution is on the way."
An investor who purchased the "Tianqi Yirun Supply Chain Loan Trust" raised a question - "When we purchased, we wrote a loan trust. Is this trust a loan trust or a fund pool project?"
At that time, Xu explained that the reason for the failure to redeemed due to the maturity was the problem of maturity mismatch. "The supply chain has been issued for many years, and there are products that expire every year or every month, but it does not mean that the product has a monthly payment. This means that every redemption of AVIC Trust may be a bottom-level payment, a raised money, or a supported money (group). Not every period of maturity can match the funds and assets. There is a problem of mismatch for a certain period of time. There is a common problem with our active management of products, so this problem must be solved together in the end."
Lawyer Wang Rongmei, a lawyer at Jingshi Law Firm, told Phoenix Finance's "Bank Finance Eye", "According to the "New Asset Management Regulations" and combined with the reply from Xu from the Beijing headquarters of AVIC Trust, it complies with the regulatory definition of the fund pool, and has broken through the bottom line of the "New Asset Management Regulations" for the separate management, separate accounting, and separate accounting of the asset management business. The "New Asset Management Regulations" require financial institutions not to carry out fund pool business. If the trust company extends in disguise indefinitely through rolling issuance, maturity mismatch and other methods, it may be considered a violation."
Regarding the rumors that AVIC Trust has an online fund pool of over 100 billion yuan that cannot be redeemed, Xu bluntly said that it was "non-money" and said that it was not such a large (unremitted) scale.
On April 14, AVIC Industrial and Financial issued an announcement on the resolution of the extraordinary general meeting of shareholders. The results of the voluntary delisting proposal have been released, of which 98.3% of A-share shareholders voted for the consent vote, and delisting has become a foregone conclusion.
Xu previously said, "After delisting, the proportion of equity held by China Aviation Industry Corporation's company has changed from 51% to 100%, which is actually more centralized, which will improve decision-making efficiency and things will definitely speed up greatly."
Xu tried to appease investors, "Whether it is to solve problems within the aviation industry system or to solve these problems through shareholder exchange, it must be asset transactions, equity changes and signing major contracts, which are all responsive to these capital markets. It is easy to cause market sentiment panic, stock price fluctuations, and ultimately causing investors' losses. Therefore, delisting is a necessary way to resolve risks under comprehensive circumstances."
Due to repeated delays in redemption plans, verbal comfort can no longer alleviate investors' growing anxiety, and they are eager to seek opportunities to talk to senior management of AVIC Trust. On April 16, AVIC Trust's controlling shareholder, AVIC Industrial and Financial held a bondholder communication meeting at Hangrong Shengtong Building, Pudong New District, Shanghai, and dozens of investors came to the scene to protect their rights.
To this end, Yu Zhenghong, chief accountant of AVIC Trust, appeared to listen to investors' demands and arranged for investor representatives to have a dialogue with senior management of AVIC Trust. An investor representative told Phoenix Finance's Bank Finance Eye, "The senior executive involved in the dialogue is You Jiang, general manager of AVIC Trust. He communicated with five investor representatives, asked the investor representative to give his opinions and make an appointment for a reply next week."
In the future, can AVIC Trust repay? What is the redemption plan? Phoenix Finance’s “Bank Finance Eye” will continue to pay attention.
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