Huaye Capital's 500 million bonds substantially defaulted, and the heavy debt base fell more than 6% in five days.

According to the semi-annual report of the fund, as of June 30th, Jiutai Jiuxin held "17 Huaye Capital CP00 1", accounting for 8. 19% of the net asset value of the fund. Wealth Management Buniu noticed that the net value of the fund fluctuated greatly after the National Day holiday, with a daily decline of more than 1% from1October 9 15, and a cumulative decline of 6.68% within five trading days.

Huaye Capital defaulted on 500 million short-term debts.

According to public information, "17 Huaye Capital CP00 1" was initiated by Beijing Huaye Capital on 201710 June 12, with the interbank market clearing house as the custodian and Minsheng Bank as the lead underwriter, with the issuance scale of 500 million yuan. According to the contract, the issue price of this bond is 65,438+000 yuan, and that of coupon rate is 7.2%. In 2065,438+08,65,438+00,65,438+03, the principal and interest were paid in one lump sum.

Before the National Day holiday, there was no difference between the evaluation and valuation of this bond. Judging from the rating, Dongfang Jincheng rated the bond as A- 1 for the first time and maintained it until the end of September. On September 30th, rating agencies downgraded their credit rating to A-3 for the first time. Within five days after the National Day holiday, its rating was downgraded twice, and the rating given by Dongfang Jincheng in June 5438+1October 65438+May was already D. In addition, its main rating was downgraded from AA three times in less than half a month, and Dongfang Jincheng in June 65438+1October 65438+.

For bonds, the downgrade is almost synchronized with the valuation. The data shows that the CSI valuation of "17 Huaye Capital CP00 1" has been rising continuously since it was issued in June 20 17, and its full-price valuation has been rising to 106.93 yuan as of this year1October 8. However, due to the uncertainty of repayment of principal and interest in Huaye Capital Announcement "17 Huaye Capital CP00 1", the full valuation of this debt was adjusted to 7 1.89 yuan the next day, with a decrease of more than 30%.

For such a one-year short-term debt default, some fund analysts expressed some surprise. "Generally speaking, due to the short term of ultra-short debt, rating agencies will look at its short-term liquidity, and the short-term debt situation of enterprises will not suddenly deteriorate."

The issuer's share price is halved within 9 days.

Then, why did this short debt suddenly break the contract?

According to Niu Mei, Huaye Capital, the issuer of "17 Huaye Capital CP00 1", was originally a real estate company. A few years ago, the company transformed into the financial and medical health fields, engaged in investment management, project investment, health consulting services and other businesses.

On September 25th, Huaye Capital announced that the accounts receivable invested by its subsidiary Tibet Asustek through Beijing Jingtai Longcheng were overdue, which triggered Tibet Asustek to fulfill its obligation to make up the difference. As of September 25th, the accumulated overdue amount of this account receivable business was 888 million yuan, accounting for 13.06% of the company's net assets at the end of 20 17. It should be mentioned that these debts were transferred by Hengyun Medicine.

It is not surprising that the debt is overdue, but the news released by the company on September 27 is quite surprising. According to the announcement, when the company sent lawyers and debt collection teams to show the debtor the debt transfer agreement due to overdue accounts, the debtor denied the existence of the debts listed in the agreement and pointed out that the official seals on the relevant documents were forged.

Lawyers hired by the company believe that Hengyun Medicine is suspected of forging seals and making fictitious transactions with hospital accounts receivable and creditor's rights. If the situation is true, then its stock accounts receivable will face the risk of partial or total irrecoverability. According to the announcement, Huaye Capital's accounts receivable1065438+89 million yuan were all acquired from Hengyun Medicine.

The heavy debt base fell more than 6% in 5 days.

As of June 30 this year, there are 30 Public Offering of Fund companies holding Huaye Capital, but overall, the scale is not large, and the proportion of positions does not exceed 2%, which is considered as a dodgy bullet. Although more than 10 funds held the stock at the end of the second quarter, only one of them held it in a heavy position, and after the adjustment in the third quarter, the fund's position may also change.

Then, is there any fund that has allocated the relevant bonds issued by Huaye Capital?

According to the semi-annual report of the fund, as of June 30th, a bond fund under Jiutai Fund held "17 Huaye Capital CP00 1" in a heavy position, and the number of bonds held accounted for 2.0 1% of its circulation. This bond is the top five heavyweight bonds of the Fund, accounting for 8. 19% of the Fund's net asset value.

The data shows that the net value of Jiutai Jiuxin, which has a heavy position in this bond, fluctuates greatly after the National Day holiday. From June 9 10 to June 9 15, the single-day decline exceeded 1%, and the total decline in five trading days was 6.68%. This fluctuation may be related to "17 Huaye Capital CP00 1". Niumei contacted Jiutai Fund on this matter. As of press time, she has not received a response.

It is understood that Jiutai Jiuxin was established on 20 16 12, with the latest scale of 86.93 million yuan, accounting for 83.6% of institutional investors, and is currently open for subscription and redemption. The data shows that the net value of the fund was 1.003 yuan on October 8, 65438; 1October 9 10 fell below the par value, down1.5% from the previous day; In the following four trading days, it dropped by 1.42%, 1.44%, 1.46% and 1.06% respectively.

"When it comes to the debt base of' stepping on thunder', especially when the relevant bonds have substantially defaulted, it is meaningless to withdraw now." A fund analyst in South China said, "If the credit and performance of other heavy positions are good, they can still be held, but if the assets and liabilities of heavy positions are generally cautious."

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