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the bank of shanghai sued to recover nearly 7.4 billion yuan in overdue loans, putting former real estate tycoon and financial capital tycoon yao zhenhua in the dock again.

the bank of shanghai disclosed on september 27 that its shenzhen branch sued shenzhen shenye logistics group co., ltd. (hereinafter referred to as "shenye logistics") to repay the principal, interest and related expenses of two loans with a total amount of nearly 7.4 billion yuan. yao zhenhua and baoneng the lawsuit against the group and others to fulfill their guarantee obligations has been accepted by the court.

the two loans that bank of shanghai sued for recovery both occurred in 2018 and were guaranteed by baoneng group and a number of related parties through mortgages and pledges. for one of the loans with an outstanding amount of nearly 3.9 billion yuan, yao zhenhua himself is also one of the guarantors. including another overdue loan that was sued last year, shum yip logistics' outstanding debt to the bank of shanghai totals close to 10 billion yuan. in the first half of this year, the bank's net profit was 12.9 billion yuan.

shum yip logistics has already been heavily in debt. as of the end of june last year, the company's unpaid loan principal reached 32.2 billion yuan, and the interest payable in the first half of that year was more than 5.8 billion yuan. at the end of august this year, the company announced that it would not be able to disclose its semi-annual report on time. more than two months ago, the company was ordered to make corrections by the shenzhen securities regulatory bureau for failing to disclose the 2023 annual report within the prescribed time.

this is not the first time yao zhenhua has sat in the dock. just a few days ago, in the lawsuit between baoneng's qoros automobile and risong technology, the court ruled that yao zhenhua and baoneng group must bear joint liability for 37.14 million yuan and overdue payment losses. up to now, yao zhenhua has been the person subject to execution many times, and the execution amount has exceeded 10 billion.

the total overdue liabilities of banks in shanghai have exceeded 10 billion

the bank of shanghai announced on september 27 that its shenzhen branch sued shenye logistics, baoneng real estate co., ltd. (hereinafter referred to as "baoneng real estate"), and baoneng landmark richer limited (baoneng landmark) on the grounds of a financial loan contract dispute. runtai co., ltd. (hereinafter referred to as "baoneng land"), shenzhen baoneng investment group co., ltd. (hereinafter referred to as "baoneng group"), baoneng holdings (china) co., ltd., and yao zhenhua have received lawsuits from guangdong high-tech co., ltd. notice of case acceptance by the court.

shum yip logistics, baoneng group and other companies, as well as yao zhenhua himself, were sued by the bank of shanghai for nearly 7.4 billion yuan in loans. the main entities were shum yip logistics, and all of them are now overdue.

according to the latest disclosure, in september and october 2018, the shenzhen branch of the bank of shanghai lent 1.5 billion yuan and 2.3 billion yuan to shum yip logistics respectively, with expiration dates of september 26 and october 18, 2021 respectively. as of the prosecution, the total amount of principal and interest that has not been returned is 3.477 billion yuan.

another loan that the bank of shanghai pursued from shum yip logistics also occurred in 2018. in december of that year, the bank's shenzhen branch lent 4 billion yuan to shum yip logistics, with an expiration date of june 17, 2022. at the time of prosecution, shum yip logistics still owed rmb 3.899 billion in principal and interest.

public information shows that shum yip logistics is a company under the baoneng group. the company is 74.09% owned by shenzhen jushenghua co., ltd. (hereinafter referred to as "jushenghua"). the controlling shareholder of jushenghua is baoneng group, with a shareholding ratio of approximately 67.4%. the latter is directly held by yao zhenhua. 99.9% shares.

both loans of shum yip logistics were guaranteed by baoneng group companies.

in the first loan mentioned above, while shum yip logistics and baoneng real estate co., ltd. (hereinafter referred to as "baoneng real estate") provided real estate mortgage guarantee, baoneng landmark richer limited (baoneng landmark richer limited) ( (hereinafter referred to as "baoneng real estate") and baoneng group respectively provide equity pledge, joint liability guarantee and other guarantees.

in the second loan, in addition to shum yip logistics providing mortgage and pledge guarantees on real estate and rental accounts receivable, baoneng real estate also provided real estate mortgage guarantees, and baoneng holdings, baoneng group, yao zhenhua and others provided joint liability guarantees.

the bank of shanghai requested the court to order shum yip logistics to immediately repay the principal of the above-mentioned loan, pay the owed interest and overdue liquidated damages until the loan is fully repaid, dispose of the mortgaged real estate, and directly collect the above-mentioned receivables from shum yip logistics from the debtor. accounts in order to receive priority in repaying the bank’s claims and other claims within the principal amount of the claims. in addition, the bank also requested the court to order baoneng group to assume joint and several liability for the repayment of all the amounts in the two cases; baoneng holdings and yao zhenhua requested that for the second loan of 3.899 billion yuan, shum yip logistics should pay all the funds bear joint and several liability for liquidation.

the two loans disclosed this time are not all the debts of shum yip logistics in shanghai bank.

according to the bank of shanghai's disclosure, in december 2020, the bank's shenzhen branch loaned 2.58 billion yuan to shenzhen togis technology co., ltd. (hereinafter referred to as "togis"). the loan period is three years and the expiration date is december 24, 2023. day. five parties including shum yip logistics, baoneng group, torgis group, and yao zhenhua provided joint liability guarantees. shum yip logistics and torgis group also signed real estate mortgage and loan pledge contracts with the bank of shanghai respectively.

after the loan was issued, toges later failed to repay the principal and interest as agreed. the bank requested to take it back in advance and filed a lawsuit with the shenzhen intermediate court, requesting toges to immediately repay the loan principal of 2.58 billion yuan and pay related interest. shenzhen shunye logistics, yao zhenhua, baoneng group, etc. shall bear joint and several liability for repayment and dispose of the properties mortgaged by shunyip logistics.

calculated based on the above data, as of now, the total amount of overdue loans and guarantees of shum yip logistics from bank of shanghai exceeds 10 billion.

impact on bank of shanghai

the total loan principal and interest liabilities totaling more than 10 billion yuan have become overdue in a relatively short period of time. the impact on bank of shanghai's performance and asset quality cannot be underestimated.

in the first half of this year, with interest and non-interest net income falling by 10% and 23% respectively year-on-year, bank of shanghai's operating income only dropped slightly by 0.43% year-on-year to about 26.24 billion yuan, while net profit increased by 0.88% year-on-year.

the slight increase in net profit is related to the stabilization of the bank's asset quality, substantial growth in investment income, credit impairment losses, and decline in loan impairment provisions.

as of the end of june, the balance of non-performing loans of shanghai bank was 17.2 billion yuan, an increase of about 600 million yuan from the end of last year, and the non-performing rate was 1.21%, which was the same as the end of last year. under this circumstance, the bank's credit impairment loss was 4.54 billion yuan, a decrease of 16.51%; loan impairment provisions were made 4.29 billion yuan, a decrease of 17.23%; non-performing loans were written off 4.3 billion yuan, and on-balance sheet cash collection increased 1.12 times year-on-year. .

despite this, the amount of the above-mentioned defaulted loans and guarantees of shum yip logistics accounted for nearly 77% of the bank’s net profit of 12.96 billion yuan in the first half of the year.

although asset quality has stabilized, loss-related loans among non-performing loans have increased significantly. as of the end of june, the bank's such loans were 12 billion yuan, accounting for 70% of non-performing loans, a significant increase of about 4.23 billion yuan from the end of the previous year, an increase of about 35%, and accounting for 0.84% ​​of all loans. , also increased by 0.27 percentage points from the end of last year.

during the same period, the bank's ratio of loans overdue for more than 90 days to non-performing loans also increased. at the end of june this year, this proportion was 112.26%, an increase of 17.64 percentage points from the end of last year.

the two overdue loans of shum yip logistics are similar to the loan balance of shanghai bank's single largest customer. the semi-annual report shows that as of the end of june this year, the bank's single largest customer loan balance was 7.405 billion yuan, approximately 2.4% of the bank's net capital.

the bank of shanghai stated in the announcement that the two credit facilities involved in the lawsuit were classified as non-performing at the end of 2021, and impairment provisions were fully made, and it is not expected to have a significant impact on current or subsequent profits.

the main business of shum yip logistics is integrated logistics, which involves the development of logistics parks. according to the semi-annual report, as of the end of june, the balance of non-performing loans of bank of shanghai in the transportation, warehousing and postal industries was 238 million yuan, with a non-performing rate of 1.11%; the balance of non-performing loans in the real estate industry was 1.665 billion yuan, a decrease of 35.94% from the end of the previous year. for corporate real estate the non-performing loan ratio of the industry was 1.39%, a decrease of 0.72 percentage points from the end of the previous year, which was far lower than the amount of overdue loans of shum yip logistics.

the above-mentioned debts involved in the lawsuit of shum yip logistics were not obtained directly through loans. the bank of shanghai said that both loans were issued in the form of trust subscriptions. data show that the quality of the bank’s trust debt assets is not optimistic either.

according to the notes to the financial report, as of the end of june this year, among the financial instruments included in the impairment assessment scope of bank of shanghai, the balance of trust and asset management plans was 26.6 billion yuan, including 17.9 billion yuan of credit assets and 9.6 billion yuan of impairment provisions. at the end of last year, the balances of these three assets were 32.4 billion yuan, 22.3 billion yuan, and 10.3 billion yuan respectively.

during the same period, the bank was not included in the structured entities of the consolidated financial report, but among the equity trading financial assets and debt investments it enjoyed, the trust and asset management plan amounts were 5.05 billion yuan and 17 billion yuan respectively.

the structured entities that are not included in the consolidated financial statements include trusts, asset management, financial management, and funds initiated and established by third-party institutions directly held by the bank, as well as non-capital guaranteed financial management and investment funds initiated and established by the bank.

shum yip logistics’ due and outstanding debt exceeds 30 billion

according to the bank of shanghai, the two loans of shenye logistics have corresponding collateral. however, in the announcement, the bank did not disclose the specific circumstances of the mortgaged real estate, equity and other assets.

last year's semi-annual report showed that as of the end of june 2023, shum yip logistics' total assets were 85.86 billion yuan, total liabilities were 57.06 billion yuan, and net assets were 28.79 billion yuan.

in recent years, shum yip logistics has continued to suffer losses, and the losses have continued to expand. in the first half of last year, the company's operating income was 243 million yuan and its net profit was a loss of 1.99 billion yuan. in 2022, it will lose 865 million yuan.

after the debt crisis of baoneng group broke out, shum yip logistics was also deeply mired in debt. according to disclosed data, as of the end of december 2022, the company's interest-bearing debt reached 43.5 billion yuan, the principal of various types of loans that have not been repaid when due reached 32.257 billion yuan, and the total amount involved in financing and external guarantees was 39.851 billion yuan.

by the end of june last year, the company's outstanding borrowings had declined slightly, but still reached 32.21 billion yuan. among the interest-bearing liabilities during the same period, long-term and short-term borrowings were 30.97 billion yuan and 2.99 billion yuan respectively. after deducting the portion due within one year, the balance of long-term borrowings was 16.86 billion yuan; there were also 9 billion yuan in bonds payable. the interest payable for the current period amounted to 5.87 billion yuan, but the company's monetary fund balance was only 74.33 million yuan, of which 36.48 million yuan was restricted.

since then, shum yip logistics has not disclosed any regular reports. in early june this year, the company was ordered to make corrections by the shenzhen securities regulatory bureau for failing to disclose the 2023 annual report within the prescribed time, and a warning letter was issued to the company’s head of information disclosure, li junfeng, and head of finance, li kun.

shortly after being ordered to make corrections, the company disclosed again on august 29. according to relevant regulations, the company and its controlling shareholder ju shenghua should disclose the 2024 semi-annual report before august 31. however, due to operating uncertainties, it was unable to complete it on time. disclosure work.

it is difficult for the outside world to know the current debt and operating conditions of shum yip logistics. tianyancha information shows that the company currently has 35 pieces of information being executed, with an execution amount of 20.7 billion yuan.

jushenghua and baoneng group, which provided guarantees, occupied a large amount of shum yip logistics funds.

as of the end of 2022, the company's other receivables reached 33.29 billion yuan, mainly non-operating accounts receivable from related parties and non-related parties. the controlling shareholders, actual controllers and other related parties accounted for or borrowed funds totaling 22.044 billion yuan. , baoneng group’s share reached 16.39 billion yuan.

by the end of june last year, shum yip logistics' other receivables further increased to 36.51 billion yuan, and the scale within one year reached 31.98 billion yuan. however, the company did not disclose the specific information of the payee in its semi-annual report.

as the main entities of the baoneng group, not only shum yip logistics, but also jushenghua and baoneng group have already been heavily in debt.

the annual bond report shows that as of the end of 2021, the amount involved in litigation matters such as financing and external guarantees alone reached 55.002 billion yuan, of which the overdue amount of interest-bearing debt of more than 10 million yuan at the end of the period totaled 37.5 billion yuan.

third-party information shows that there are currently 116 pieces of information executed against jushenghua company, with a corresponding amount of 36.4 billion yuan. the execution amount of baoneng group also reached 46.85 billion yuan.

yao zhenhua has been the defendant many times, and the total amount of executions against him is nearly 6.8 billion.

as one of the guarantors of shum yip logistics' loan, yao zhenhua also became one of the defendants this time. in its appeal, the bank of shanghai proposed that baoneng holdings and yao zhenhua be jointly and severally liable for all payments due to shenye logistics in the case of a loan principal of 3.899 billion yuan.

this is not the first time yao zhenhua has been in the dock recently. on the evening of september 25, risong technology disclosed the litigation progress of its holding subsidiary guangzhou risong beidou automotive equipment co., ltd. (hereinafter referred to as "guangzhou ruibei"). the court ruled that qoros automobile co., ltd. and its xi'an branch should pay guangzhou ruibei 50.08 million yuan and overdue payment losses within ten days from the date of the judgment taking effect; yao zhenhua and baoneng group should bear this judgment against qoros xi'an guangzhou ruibei shall be jointly and severally liable for the repayment of rmb 37.14 million in the first debt and overdue payment losses.

after the "baowan controversy", yao zhenhua became famous in the capital market, and his personal wealth also expanded rapidly. in the 2016 forbes china rich list, yao zhenhua ranked tenth; in the hurun report of the same year, yao zhenhua ranked fourth with a wealth of 115 billion yuan.

in addition to their original financial businesses such as real estate, insurance, and public funds, yao zhenhua and baoneng have also become the largest shareholders of nanning department store, shaoguan iron and steel co., ltd., and zhongju high-tech a-share companies through placards, auctions, etc., and even he is the actual controller and also holds more than 5% of the shares in many companies.

after the debt crisis broke out, in addition to real estate assets, baoneng group also gradually lost control of these companies. public information shows that baoneng’s shareholding in shaogang co., ltd. was auctioned in 2022. as of the end of june this year, its shareholding ratios in nanning department store and zhongju high-tech were only 8.64% and 7.82% respectively. after reducing their holdings, there are not many shares left in companies such as boa, oct, and hefei department store, or they have withdrawn from the top ten shareholders.

some of the financial assets held by baoneng have changed hands. public information shows that in august this year, after six months and three auctions, the 30% stake in qianhai united fund held by jushenghua was auctioned by the court at a price of 37.8422 million yuan.

yao zhenhua himself has been the person subject to execution many times. tianyancha information shows that as of september 28, yao zhenhua has 8 pieces of information on persons subject to execution, with a total amount of 6.796 billion yuan, and another 5 execution records, with an execution amount of 4.418 billion yuan. in addition, he has been restricted from high consumption of 59 second-rate.

information from qichacha shows that as of september 26, yao zhenhua had a total of 46 pieces of information on persons subject to execution, with a total amount of 43.92 billion yuan; he had restricted high consumption 264 times, and the total amount involved was 30.32 billion yuan.