2024-08-07
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Editor of Every Economic Report: Zhang Jinhe
Recently, the "Wall Street of Tea" Fangcun Pancha's "explosion" has attracted widespread attention.
According to several Pantea Holdings documents circulated on social media, on July 22, the company announced that it would postpone the order delivery time by 10 days to August 2 because its bank account was frozen.On August 3, the company suddenly announced that it was liquidating assets and preparing for restructuring. The specific plan will be notified after the shareholders/dealers meeting.。
According to Nandu Wancaishe, behind this announcement is the fact that Pancha, which was established only two years ago and is known as the "new dark horse" in the tea industry, is in crisis of bankruptcy.
On social platforms, many users posted videos and revealed that a large number of dealers came to the Pancha R&D center recently, and many of them were emotional and shouted "return the money."
Securities Times reported that some investors said that according to rough estimates,The scale of unredeemed loans involved in this incident may exceed 10 billion yuan.
Tianyancha App shows that Pancha Holdings (Guangzhou) Co., Ltd. was established in September 2022. The legal representative is Zheng Chaogen, with a registered capital of 10 million yuan. Zheng Chaogen and Zheng Haihua hold 62% and 38% of the shares respectively. Foreign investment information shows that the company wholly owns two companies established in 2021, namely Pancha Network Technology (Guangdong) Co., Ltd. and Guangdong Pancha Tea Industry Co., Ltd.
It is worth noting that public data shows thatZheng Chaogen was born in the 1980s, it has a total of 9 affiliated companies, 5 of which are in existence. In addition to the above 3, it also includes Guangdong Panfu Industrial Holdings Co., Ltd. established in April last year and Yunnan Pancha Tea Co., Ltd. established in April this year.
Pan-Tea has also spared no effort in the marketing of its brand. It is understood that Pan-Tea has appeared on the Nasdaq screen in Times Square, New York, and the pedestrian street of Printemps department store in Paris, and its first cross-border image store has landed in South Korea.
According to Blue Whale Finance,In less than two years, Pancha has more than 500 offline physical dealers.On average, one Pancha store opened every day. At its peak, Pancha had 119 stores open at the same time, setting a new industry record.
According to the dealer,One of the tea cakes, called "Yi Lu Chang Hong", was sold for 120,000 yuan per piece., and the prices of many products are in the tens of thousands of yuan. During the peak period of the previous thunderstorm, Changshi Tea had been hyped from about 30,000 yuan per box (tea trading unit, each piece weighing 357 grams, and each box has 7 pieces) to a maximum of more than 70,000 yuan.
Securities Times reported that if it was just selling high-end Pu'er tea, it would not be surprising, but Pancha packaged it as a profitable financial product. A Pancha distributor at the scene said that in terms of specific operation methods, after Pancha sells Pu'er tea, it is continuously distributed to retail investors through several platforms under its umbrella. Usually, due to the high price of tens of thousands of yuan, ordinary consumers rarely pay for it.However, Pan-Cha promised consumers through distributors that after purchasing its Pu'er tea products, the company would repurchase them. Usually one month after purchase, Pan-Cha would repurchase them at a price of 120% or even higher of the consumer's principal.For example, if you buy a box of Pu'er tea for 10,000 yuan, one month later, Pancha will buy it back for 12,000 yuan.
A distributor showed the reporter that his last order for Pan-Tea was on July 1 this year, with a total of 280 cakes of Pu'er tea at a unit price of 8,888 yuan, with a total amount of more than 2.48 million yuan. He said:Currently, my clients and I have a total of more than 40 million yuan of funds trapped in it, and I myself have more than 10 million yuan.I already felt that something was wrong with Pancha in mid-July, but I couldn’t withdraw because I had more than 10 million yuan of goods in my hands, but the repurchase was in August and I couldn’t sell them for a while. I could only watch as I was trapped and couldn’t get out. ”
According to Nandu Wancaishe, "I entered the market when the price was 2,000 yuan per cake, and withdrew at 15,800 yuan. I sold it out in one day!" A tea dealer said that in the beginning many people just spent a few thousand yuan to buy one or two cakes of tea to test the waters, and sold them immediately after getting a return. After selling, they continued to wait and see, and when they saw that the price of tea was still rising, they bought some back and sold them again after a while. After tasting the sweetness, they were completely trapped.
According to the Securities Times, when surrounded by hundreds of people, Pantea Chairman Zheng Chaogen collapsed to the ground. Although local police maintained order, the emotions of both sides were on the verge of losing control.
After several hours of negotiations, there was no result. The investors who participated in the blockade took Zheng Chaogen into a smaller reception room and left him half an hour to calm down and think about a solution. The reporter saw at the scene that Zheng Chaogen made a few phone calls and sent a few WeChat messages while alone in the reception room, but did not do anything else.
Zheng Chaogen didn't stay calm for long, as investors once again rushed into the reception room of only four or five square meters, demanding a solution. Zheng Chaogen said at the scene: "Everyone is making a fuss today, how can I solve it? The other shareholders of the company are also blocked by hundreds of people in Zengcheng. The general manager is out to solve financial problems now, and I want to get some money back to use first."
“There are actually two options now. First, go bankrupt directly and sell assets to compensate. Second, we pay 5% first."Before Zheng Chaogen finished speaking, he was interrupted by the investor again.
Investors at the scene did not accept the solution proposed by Zheng Chaogen: "The so-called restructuring plan is now impossible. We also cannot accept the 5% advance payment you mentioned. You can't spend all the money. You have to explain clearly where the money went."
For a time, the negotiations between investors and Zheng Chaogen were once again at an impasse. Many investors at the scene confessed to the Securities Times reporter: "We now know that we can't get back much money. We are making trouble in the hope of getting back as much as possible, and we don't want our money to be completely wasted."
A lawyer told reporters: "For this type of case, wePersonal tendency suspected of fund-raising fraud. Because the purpose of the "game" operator from the beginning is to illegally seize other people's money, and there is no intention to make investors get returns or be repaid. The final result of the "game" is that all or some of the participants lose all their money. If the funds obtained are used for squandering, then it fully meets all the constituent elements of the crime of fund-raising fraud. "
In order to strictly prohibit the illegal speculation and sales of tea under the names of "financial tea" and "wealth management tea", the Guangdong Provincial Market Supervision Bureau issued nine notices in June on regulating tea market pricing behavior.
Operators shall not set prices in violation of the principles of fairness, legality, honesty and trustworthiness, and quality-price correspondence.Strictly abide by laws and regulations, adhere to business ethics, follow the law of value, reasonably set prices in accordance with the law, improve the internal price management system, accurately record production and operation costs, and consciously maintain the price order of the tea market.
The regulations on clear pricing shall not be violated.Tea shall not be sold at a price above the marked price, nor shall any fees not marked be collected. It is forbidden to mark or significantly weaken the price conditions that are unfavorable to consumers or other operators, and to deceive consumers or other operators into transactions.
No price gouging.It is not allowed to fabricate or spread price increase information or use other means to push tea prices up too quickly or too high. It is not allowed to increase prices significantly when costs have not increased significantly, and the price increase rate must not be significantly higher than the cost increase rate. It is not allowed to force bundling of products and increase prices significantly in disguise.
Untrue market price information shall not be published.It is prohibited to publish false, unverified or misleading price information. It is prohibited to use technical means to force operators on online trading platforms to make false or misleading price markings.
No collusion to raise prices.They shall not collude with each other to manipulate market prices and damage the legitimate rights and interests of consumers or other operators. They shall not organize or call on other operators to collude or jointly raise prices.
No price fraud.It is prohibited to use false or misleading price means to deceive consumers or other operators into transactions. It is prohibited to use deceptive or misleading language, words, numbers, pictures or videos to indicate prices and other price information. It is prohibited to refuse to fulfill or partially fulfill price commitments without justifiable reasons.
It is not allowed to use illegal means to raise prices in disguise.It is not allowed to raise prices in disguise by raising the grade, passing fake products as genuine ones, or passing inferior products as good ones. It is not allowed to sell tea that is over-packaged in violation of national standards, and it is not allowed to use tea packaging as a gimmick to induce or mislead consumers to buy.
No false advertising is allowed.It is prohibited to make false propaganda about the origin, variety, grade, function and collection value of tea. It is prohibited to help other operators to make false or misleading commercial propaganda by organizing false tea transactions and false sales rankings. It is prohibited to promote the financial attributes of tea and confuse tea with financial products for illegal speculation and sales.
No imitation or confusion is allowed.It is not allowed to use the same or similar marks as the product names, packaging, decorations, etc. that have a certain influence on others without authorization, and it is not allowed to engage in confusing behavior that misleads people into believing that the products are those of others or that they have a specific connection with others, misleading consumers and damaging the fair competition market order.
The Guangdong Provincial Market Supervision Administration also stated that market supervision departments at all levels across the province will increase law enforcement efforts, strictly investigate and punish illegal and irregular speculation and sales of tea in accordance with the law, and impose severe penalties and public exposure on typical cases with serious circumstances. Those suspected of committing crimes will be transferred to judicial authorities in accordance with the law.
On July 25, Guangzhou Liwan, to which Fangcun belongs, issued a statement reminding people of the risks of "financial tea" and "wealth management tea".
The article states that the business model of "financial tea" and "wealth management tea" is becoming increasingly popular. Tea companies sell tea to consumers in the name of selling tea but do not deliver the tea in kind, promising to buy it back in the form of principal plus interest after a certain period of time. This type of business model is divorced from the essence of commodity trading and has evolved from a normal sales behavior to an investment and financial management behavior that pursues high returns.Hidden major risks and hidden dangers, may be suspected of illegal fund-raisingHere, the Liwan District Development and Reform Bureau (Liwan District Office of Non-Proliferation) reminds the general public:
1. Choose carefully
Citizens should enhance their awareness of prevention and risk identification when investing, be highly alert to the risks of such business operations, put an end to the wrong idea of "getting rich overnight", invest and manage finances through formal channels, do not be credulous, do not blindly follow others, and keep their hard-earned money. When purchasing financial products or receiving financial services, you should choose the official online or offline channels of formal licensed institutions, do not click on unknown links easily, and do not transfer money to unknown third parties. Carefully consider emerging investment behaviors and be careful not to participate in illegal fund-raising activities. According to Article 25 of the "Regulations on Preventing and Dealing with Illegal Fund-raising": "No unit or individual may obtain economic benefits from illegal fund-raising. The losses incurred due to participation in illegal fund-raising shall be borne by the participants in the fund-raising themselves."
2. Rational investment
Citizens should strengthen their rational investment thinking and financial knowledge reserves, establish correct investment concepts, and gradually form long-term, rational, and scientific investment concepts. When investing, they should choose suitable financial products according to their own risk preferences, and keep in mind that "the higher the return of financial products, the greater the risk". Investors should make basic psychological expectations to cope with possible risks and avoid psychological imbalance in the event of losses. Rational investment can better protect their own interests and avoid being deceived by criminals.
3. Actively report
If any suspected illegal fund-raising activities are discovered, the general public should promptly collect and retain clues of suspected illegal fund-raising, such as advertising materials, audio and video recordings, contract agreements, and transfer receipts, and actively report to the Liwan District Development and Reform Bureau (Liwan District Anti-Illegal Fund-raising Office) (reporting hotline: 020-81877557) or report to the public security organs. Once the report is verified, rewards will be given in accordance with the law.
Daily Economic News is compiled from Securities Times, Blue Whale News, Nandu Bay Finance, Guangdong Provincial Market Supervision Administration official website, Guangzhou Liwan News
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