21st Century Business Herald reporter Chen Jialing reporting from Beijing

recently, the payment of zhongrong trust products has attracted much attention in the market, and even three listed companies, nandu property (603506.SH), jinbo shares (688598) and xianheng international (605056.SH), have issued risk warnings.

According to the 21st century economic report, the accumulated investment amount of Zhongrong trust products disclosed by listed companies that have not yet been redeemed is close to 1 billion yuan in the past year. There are also as many as 10 Zhongrong Trust products due for payment in August and September.

the outstanding products of listed companies are nearly 1 billion yuan

Judging from the information disclosed by the above three listed companies, Xianheng International was the first to disclose that part of the Zhongrong Trust product purchased was overdue, which is a real estate trust. Subsequently, Nandu Property and Jinbo shares disclosed on the same day that the purchased Zhongrong Trust products were overdue.

according to the announcement of Nandu property, on February 9, 2023, it purchased the 30 million yuan Zhongrong-Huijin No.1 monetary fund collective fund trust plan (hereinafter referred to as "Huijin No.1"), with the product term from February 9, 2023 to August 8, 2023. However, the principal and investment income of the trust product have not yet been received, and it is suggested that "there is a risk that the principal and interest will not be fully recovered". Jinbo shares also said that the company purchased Zhongrong-Longsheng No.1 collective fund trust plan (hereinafter referred to as "Longsheng No.1") and Zhongrong-Zerui No.1 collective fund trust plan (hereinafter referred to as "Zerui No.1") through Hengtian Wealth Investment Management Co., Ltd. (hereinafter referred to as "Hengtian Wealth") from August 10 to August 12, 2022. The purchase amount of each product was 30 million yuan, "as of the announcement disclosure date, the principal and investment income of the trust product have not yet been recovered, and there is a risk that the principal and interest will not be fully paid or only partially paid. Failure to pay principal and interest will have an impact on the company's 2023 profit."

According to incomplete statistics by our reporter, in the past year, listed companies have disclosed that the investment scale of China Financial Trust products that have not yet been redeemed is close to 1 billion yuan. Excluding some due products with unknown redemption status, they are still waiting for redemption. The scale also exceeds 0.7 billion yuan.

In the past year, listed companies have voluntarily disclosed that the largest amount of investments held by Zhongrong Trust products that have not yet been redeemed are Microlight (002801.SZ), Golden House Energy (001210.SZ) and * ST Civil Control (000416.SZ).

Among them, the entrusted wealth management progress announcement issued by Microlight on July 5 shows that among the unexpired wealth management products currently purchased, there are as many as 10 Zhongrong Trust products, with a total investment of nearly 0.5 billion yuan. Second only to Microlight is Jinfang Energy. According to the announcement disclosed by the company on July 25, Jinfang Energy has not redeemed a total of 4 Zhongrong Trust products, of which "Yuanrong No.1 -6M" and "Yuanrong No.1 -3M" have two each. The expiration time is from August 17, 2023 to January 1, 2024, with a total outstanding amount of 0.12 billion yuan.

and * ST Civil Control announced on March 27 this year that the rolling investment "Zhongrong-Huijin No. 1 Monetary Fund Collective Fund Trust Plan" has an investment amount of 0.1 billion yuan and an investment period of one year.

In addition, our reporter also noticed that since last year, a number of Zhongrong trust products subscribed by listed companies have been partially deferred.

For example, tower Group (002233.SZ) purchased a number of products such as Zhongrong-Rongpei 231 collective fund trust plan Class A trust unit, Chengan 96 collective fund trust plan Class A1 trust unit, Rongzhu 421 collective fund trust plan Class A trust unit, Chengan 75 collective fund trust plan Class B trust unit and Fengying 137 collective fund equity investment trust plan Class A trust unit; jihua Group (603980.SH) subscribed to the Zhongrong-Fengteng No. 83 pooled fund trust plan and Zhongrong Jida No. 11 pooled fund trust plan. These products are mainly real estate trusts.

What's in the overdue product?

Jinbo shares through Hengtian wealth subscription Longsheng 1 and Zerui 1, did not publicly disclose the detailed investment targets, only disclosed belong to the risk level of R1 and R2 of low-and medium-risk products, the expected return of 7.00 and 7.20, respectively.

And this reporter from the financial manager to obtain the convergence of gold No. 1 product promotion materials show that, the investment scope of this product includes bank deposits, money market funds, bond funds, exchange and inter-bank market bonds, and fixed income products (including reverse repurchase with a maturity of less than 1 year, trust products or trust income rights, additional repurchase Creditor's rights or creditor's rights income rights, additional repurchase equity income rights, fixed income bank wealth management products), etc.

according to the regular management report of zhongrong trust from October to December 2022, by the end of 2022, 81.68 of the 13.472 billion yuan trust assets managed by "gathering gold 1" will be invested in other standardized financial products, 14.50 in liquid assets such as monetary funds, 2.25 in cash and bank deposits, and 1.58 in bonds.

in addition to Nandu property, microlight shares and * ST people's control have also subscribed for the "convergence gold 1" trust product. Among them, microlight shares have two investments of "gathering gold No. 1"-the earliest one is 50 million yuan, which will expire on August 20, and then one is 50 million yuan on September 11, totaling 0.1 billion yuan, with an expected annualized rate of return of 5.4 per cent. * ST Civil Control has an investment of 0.1 billion yuan, which expires on April 27, 2024.

It is worth noting that from the information disclosed by listed companies, the information provided by investors, and the trust promotion materials and contracts obtained by online search, a large number of trust products of Zhongrong Trust include "fixed income products". The common operation in the industry is to invest in some non-standard assets. At the same time, most products state that there is no investment target, and there is no collateral, guarantor and other information in the transaction structure.

For example, Microlight and its subsidiaries have also purchased "Zhongrong-Yuanrong No. 1 Collective Fund Trust Plan" (hereinafter referred to as "Yuanrong No. 1") and "Zhongrong-Gengze No. 1 Collective Fund Trust Plan" (hereinafter referred to as "Gengze No. 1"), with a cumulative investment of 0.23 billion yuan.

Among them, "Yuanrong No. 1" is a fixed-income product, and the underlying assets include bank deposits, money market funds, bond funds, exchange and inter-bank market bonds, and fixed-income products; the underlying assets of Gengze No. 1 It includes over-the-counter bonds, including treasury bonds, financial bonds, corporate bonds, medium-term notes; creditor's rights, equity, income rights; bank deposits, large negotiable certificates of deposit; trust products, etc.

"Some products do not have a clear underlying asset, where the money is invested, what the underlying is, and exactly what products are bought, all of which are not clear." Some trust practitioners said that if the products are invested in standardized products in the exchange or inter-bank market, they have good liquidity and the risk is not large. If they are invested in non-standard products and the liquidity is insufficient, there may be greater risks.

Little impact on industry product launches

Regarding the overdue payment of some products and market rumors, the relevant person in charge of Zhongrong Trust previously replied to the 21st Century Business Herald reporter: "The company is currently operating normally."

the customer service staff of zhongrong trust also told investors that most of the online news is rumors, and the risk of the products purchased by individuals depends on the specific situation of the products.

at about 8: 30 a.m. on August 14, the official website of zhongrong trust returned to normal. Its official website shows that since August, Zhongrong Trust has established a total of 8 products, and the latest establishment time is August 13. Some investors also found after landing that there were still a certain number of trust products due for payment and liquidation last week.

At the same time, Zhongrong Trust's official website issued a notice early in the morning, saying that recently, criminals were found to have forged the company's official seal, official letters and other documents, using the name of the company to lure customers into visiting illegal websites and joining QQ groups in the form of sending a refund announcement and setting up a special refund team to refund customers. The above-mentioned behavior has nothing to do with the company, and is suspected of forging seals, fraud and other criminal crimes. The company has reported to the National Anti-Fraud Center.

regarding the impact of overdue products of zhongrong trust, Liao hekai, financial analyst of jinle function, believes that the overdue situation of is not highly related to other trust companies, which will have a certain impact on the credit and business development of the trust industry in the short term. some companies with business related to zhongrong will be more affected, and some enterprises with standardized operation may also be affected.

"To some extent, it will affect investors' confidence in trust products." The aforementioned wealth management business people further pointed out that in the short term, the product issuance and fund raising of trust companies may be tested. However, since last year, most trust companies have reduced the issuance of non-standard trust products and transformed into standard product trusts, Securities investment products, etc., so the impact on the product issuance of the entire trust industry will not be too great.