Auction the second highest price

348 bid records!

More than 800 delay records!

The premium is 596 times, and the total price is slightly over 2 billion!

Many judicial auction records in JD.COM were born at the same time. The auction of this century was held in the early morning of February1. After five days and four nights of fierce bidding, 3,448 bids and more than 800 delays, the controlling right of Si Nuo Weili Mine finally came to an end, setting a record for JD.COM auction, which was called "auction of the century"! The final transaction price is slightly over 2 billion, which is 596 times of the starting price, and even the starting price is only a fraction of the final transaction price.

This classic auction of the century was finally won by the number "140982844". This auction involving bankrupt assets can be called a "mine" auction in the history of judicial auction, no matter from the strength, the number of onlookers or the final transaction price.

1. auction target: expired exploration right.

The target of this auction is 54.2857% equity of Yajiang County Wei Mining Development Co., Ltd. (hereinafter referred to as Yajiangwei Mining) held by Chengdu Xingneng New Materials Co., Ltd. (hereinafter referred to as Xingneng New Materials). According to the bankruptcy ruling of (20 19) Chuan 0 1 Po Shen No.207 issued by Chengdu Intermediate People's Court, the market value of this part of the equity at 20 18 12 3 1 is 127589200 yuan.

According to the data of Tianyancha, Yajiangwei Mining was established in 2008, and Xingneng New Materials holds 57. 1% equity of the company. Jiangwei Mining Company owns the exploration right of Dechenongba lithium mine. Chenongba lithium mine is located in the northeast of Yajiang County, Ganzi Prefecture, Sichuan Province. It belongs to methyl spodumene mining area, with mine reserves of 1, 81.4000 tons and average grade of 1.34%. It's a super-large lithium mine.

It is worth mentioning that according to the Announcement of Open Recruitment of Intentional Investors, the exploration right of Wei Company expired on June 30th, 20021. It has been reserved for three times before and is continuing to reserve the fourth exploration right. The above announcement also shows that according to the relevant management personnel of Sichuan Provincial Department of Natural Resources, the relevant management departments are organizing an investigation because the exploration right certificate is suspected of violating laws and regulations in the process of mineral acquisition and replenishment. Therefore, the progress of retaining exploration rights is slow, and there is a risk of losing mining rights. Moreover, according to the announcement, the manager does not promise to handle the transfer procedures of exploration rights for potential investors.

Therefore, the subject of this auction is an expired exploration right. First of all, there is uncertainty whether the exploration right can be renewed normally. Secondly, the transition from this right to mining right exists the uncertainty of reserves and the risk of mining right loss. In addition, even if the real reserves are proved as planned, in the process of transforming exploration right into mining right, the resource price is usually paid by stages according to the mining plan. Finally, more importantly, the auction announcement also shows that the exploration right certificate is suspected of violating the law or regulations when obtaining and supplementing minerals.

265.438+0.2 billion appraisal assets, the reason for the starting price of 3.35 million.

According to Article 10 of the Provisions on Several Issues of People's Courts' Online Judicial Auction 2016 (No.18) issued by the Supreme Court: "The online judicial auction shall determine the reserve price, and the reserve price shall be the starting price. The starting price shall be determined by the people's court with reference to the evaluation price; If there is no evaluation, it shall be determined with reference to the market price, and the opinions of the parties concerned shall be sought. The starting price shall not be less than 70% of the evaluation price or market price. "

Nengxin Materials holds 57. 1% equity of Yajiangwei Mining Co., Ltd., and the corresponding exploration right of this equity is estimated to be1200 million in 20 18. The debt corresponding to this equity is as high as1600 million, and its actual value is negative-400 million. Perhaps considering that the current market value of "lithium carbonate" is much higher than the value of 18, a lower starting price of 3.35 million was set.

3. Risks behind high premiums

Risk: If the exploration right fails, you will bear all the responsibilities.

In the actual operation of non-performing assets, high-value targets such as exploration rights or mining rights can be transferred through creditor's rights or judicial auction of property rights, but equity transfer is rarely used. Judging from the announcement, it is still unknown whether the mining right is mortgaged. If the exploration right corresponding to the equity is mortgaged, the compensation of the equity owner will be worse than that of the mortgagee. For such a high-value subject, the direct auction of exploration rights can avoid this risk, and the debts attached to the equity value can also be eliminated. Otherwise, there will be an embarrassing situation in which enterprise assets cannot be paid in advance and enterprise liabilities are paid in full.

Risk: the risk that the goods cannot be delivered after the transaction.

The transaction price of this auction target is slightly over 2 billion yuan, with a starting price of 3.35 million yuan and a deposit of 335,000 yuan. According to the announcement, if the bidder fails to make delivery after the transaction, it only needs to confiscate the deposit and does not involve other responsibilities.

Compared with the transaction price of 2 billion yuan, the margin ratio only accounts for less than two ten thousandths. If the bidder breaches the contract, the loss will be negligible in proportion. Moreover, in this auction, the bidder's liability for breach of contract after the transaction does not require that "if the transaction is not completed, it should bear the responsibility of making up the part that did not reach the first transaction price in the second auction", so it is likely that the debtor and other relevant stakeholders will take advantage of this loophole to maliciously raise the price of the bidding result.

The author believes that the secret of the auction target premium of 596 times lies in inaccurate pricing, low margin ratio and low default cost after trading. It is not uncommon that the final transaction price obviously deviates from the value of the auction target due to the low margin in the judicial network.

In the process of investing in non-performing assets, the myth of getting rich overnight and the trap of tumbling in the abyss are twin brothers. In this case, there may be a surprise of a hundred times the income, or there may be a painful reality of losing everything.

65438+20 million yuan auction problem: the house and money are empty.

On February 29th, 2065438+200965438+29, after two and a half hours of fierce bidding on Ali's auction website, Huang Xiaodong won a factory building in Boluo County, Huizhou City at a price of 2 1394800 yuan, with a double premium. Although it is more than double the starting price, it is still lower than the market price, which makes Huang Xiaodong very happy. However, she didn't expect that this auction house had become her biggest nightmare in the past two years.

As a non-professional, Huang Xiaodong didn't make any in-depth adjustments himself or consult professionals before participating in the judicial auction, which led to judicial criticism.

In the auction, I don't know about the fact that there are properties on the auction land that don't belong to the auction, and the common traps such as "crossing the red line" in the auction property. Within two years after the auction transaction money was paid in full, I started a tug-of-war with the debtor because of the above problems, which led to the delay in taking over the factory and the embarrassing situation of "empty house and money".

2. Hangzhou Dongrong Group Co., Ltd

Hangzhou Dongrong Group Co., Ltd. (hereinafter referred to as "Dongrong Assets") is another typical case: a living example of professional institutions turning themselves into non-performing assets on the opposite side of non-performing investments. Dongrong Assets was established on 20 13, which is different from the traditional operation mode of non-performing assets investors partially financing from state-owned AMC. It attracts social capital investment through multiple online and offline platforms in an innovative way, purchases non-performing assets through its own channels, and intends to pay investors to quit through its own management and disposal of non-performing assets. From the perspective of asset operation, Dongrong's assets have been relatively transparent, the authenticity of the project is relatively reliable, and the team also has certain non-performing assets. However, the financing period and the withdrawal period of non-performing assets do not match, coupled with the highly leveraged investment strategy, which eventually leads to the break of its own capital chain and becomes non-performing assets in the market.

China Cinda staged the myth of getting rich overnight.

The same lithium mine, Cinda also made a profit (floating profit).

2021August 10, China Potash Fertilizer Dawang Salt Lake Co., Ltd. resumed listing on the Shenzhen Stock Exchange, with an opening price of 39.22 yuan, which quickly rose to 43. 15 yuan, triggering a temporary suspension, with an increase of 388. 12% and a closing price of 35.90 yuan, with an increase of more than. However, CDB, AIC and several state-owned commercial banks, which were forced to choose debt-to-equity swaps, made a profit of 45 billion yuan in the strong return of Salt Lake shares with a shareholding ratio of 36%.

The shareholding of six banks in Salt Lake shares was converted from debt to equity when Salt Lake shares went bankrupt and reorganized several years ago.

Previously, when the debt crisis broke out in 20 17 Salt Lake, all creditors regarded it as a hot potato, while the big state-owned banks were the "big heads among creditors".

After the reorganization and divestiture of loss-making assets, Salt Lake shares are based on potash fertilizer and lithium salt business. In 2020, its performance turned losses into profits, achieving a net profit of 2.04 billion yuan, and its net assets at the end of the period also turned positive to 5.266 billion yuan. It is estimated that the net profit will be 2-2.2 billion yuan, up 44.69%-59. 15% year-on-year.

Bad assets are king. The best adjustment before investment can help investors find risks and consider quotations. It can be said that the best adjustment is the most critical step in the process of purchasing asset packages. Many of the non-performing assets that were finally trampled on by investment failed to be professional and comprehensive in the full adjustment stage, and failed to comprehensively evaluate the risks of the underlying assets, thus giving inappropriate valuation and disposal strategies, which eventually led to losses.

Before investing, the best adjustment is a process of "verifying and disclosing information", "discovering risks" and "evaluating value". According to the information obtained from the investigation, the best adjustment lawyer judges the value of non-performing assets, the debtor's solvency and the legal risks existing in it, initially determines the way to realize the creditor's rights, summarizes the possibility of realizing the creditor's rights, and provides value reference for later acquisition and later disposal.

According to different means, tuning can be divided into written tuning and on-site tuning. Although there are many templates about written and on-site tuning, tuning, especially on-site tuning, is an experience. The personnel will judge the key points and methods of on-site debugging according to the previous written results, and then change their ideas and strategies in time according to the on-site situation, and exhaust all legal means to find hidden property and unknown risks. For the mystery behind the same phenomenon, the opinions given by dispatchers at different levels are often inconsistent, and the differences will eventually affect the valuation and risk control of the whole project.

The core of the ecological chain of non-performing assets industry is valuation. It is precisely because the parties to the transaction combine their own experience and judgment to form valuation differences and reach a transaction. With the tempering process of the non-performing assets industry in the past 20 years, the valuation system and trading objects are becoming more and more mature. How to dig gold in the increasingly fierce and mature non-performing assets industry, the accurate valuation of non-performing assets is the core. In my opinion, we should have the following abilities:

The first is the ability to "portrait" the object of non-performing asset packages, that is, to collect as much information as possible about non-performing asset packages: total amount of creditor's rights, concentration of large amount of creditor's rights, industry structure, regional structure, litigation situation and progress, mortgage and pledge ratio, potential counterparties and other data. The ability to collect data completely is the basis of valuation.

Secondly, the implementation of the valuation process also needs to be fully adjusted on the spot: collateral, debtor, guarantor, real estate center, court, interviews with users of the same type of assets and so on. This is the verification and correction of the data collected in the first round.

Finally, according to the nature of different assets, reference rental income method, replacement cost method, cash flow discount method, transaction case comparison method, hypothesis cleaning method, expert scoring method and other applicable analysis methods to evaluate. And this step is the most important. Simply referring to a certain evaluation method mechanically will cause huge value misjudgment, thus causing losses. In the process of evaluating different assets, it is necessary to readjust the valuation in combination with factors such as liquidity pressure environment of assets, mismatch between market supply and demand, limitation of collected data and information, incompleteness of social relationship between debtors and guarantors, regional characteristics of assets, opportunity cost of investment (time cost, capital cost, management cost and investment cost of other potential high-yield projects). This requires professional knowledge reserves and industry experience precipitation, otherwise, the gold mine will not be dug casually and thrown away.

Bad assets are like looking for a needle in a haystack. Whether it's gold panning in the sand or drawing water with a sieve, the value of non-performing assets lies in the valuation difference caused by the asymmetric information held by the counterparty. This information asymmetry difference includes misunderstanding of personal experience and market mistakes, which gives investors the ability to bargain-hunting, thus forming a space for obtaining excess returns. Relying on the critical eye of "valuation", once winning the bid for the favorite asset package, we will use 18 martial arts to deal with different types of assets and break them one by one, just like a hot pot feast, accurately identifying the fattest piece of meat in the hot pot-the most creditor's rights and control rights; Dip in the sauce-add management experts to bring the project back to life and improve market valuation; Then the creditor's rights are converted into equity, and they are eaten, chewed and swallowed. The stomach is full and the waist is round. What a wonderful hot pot trip this will be.

Related question and answer: What does Dongrong mean? "East integration" means all-round integration into the economic circle of the provincial capital city group and the new economic uplift zone in western Shandong; "Borrowing from the West" is to expand the market and extend the hinterland with the help of the Central Plains Economic Zone, a national strategic stage.

Related Q&A: Evergrande's wealth redemption crisis is getting worse and worse, and Du Liang, the general manager, admitted to paying in advance. What happened? Alas, there are still a large number of investors who don't understand the situation.

How did the incident ferment and when did it attract attention?

1, Evergrande Wealth was unable to pay in early September, but there was no official announcement.

(Official customer service reply)

(The official announcement is still in February)

(Business scope of Evergrande Wealth)

(Evergrande Finance Division)

Evergrande Wealth has no relevant product introduction, and all products are sold by investment consultants.

2. No one is responsible for the payment, and there is no response, which makes a large number of investors panic.

There is no way to pay, and this matter has involved many provinces and cities across the country. At the same time, the outbreak of problems such as faster payment by suppliers pushed the time to a high point, and various localities spontaneously organized requests for payment.

Some investors said that at the end of August, Evergrande employees introduced the products they bought, and the employees themselves bought them. However, at the beginning of September, Evergrande's wealth could not be redeemed, and investors faced great risks.

Many employees, such as Evergrande Fortune, Evergrande Real Estate and Great Health, have bought them, but there is still nowhere to find a solution to the problem.

3. Due to this negative impact, Evergrande's share price plummeted, and Xu Jiayin responded to this.

On September 10, Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, responded at the special meeting of Evergrande Wealth.

"I can have nothing, but the investors of Evergrande Fortune can't have nothing!" (If it becomes empty talk, I'm afraid it will be nailed to the shame column like a "small goal") "Make sure that all expired wealth management products are paid in full as soon as possible, and every penny can't be less".

Xu Jiayin also stressed at the meeting that in the process of payment, it must be fair and just, and no one is allowed to be special. No one has paid in advance in private before and after.

4. Evergrande's "Let the leaders go first" made investors very angry.

On September 13, Evergrande announced the redemption plan:

1. Repaying the principal and interest by installments, only for investors who are due, 65,438+00% at first, and 65,438+00% every three months thereafter (calculated to take 27 months). 2. Pay for physical assets, including houses, apartments, office buildings, shops and parking spaces. Third, to offset the balance of the house, you can offset the balance of yourself or others. Among them, the operating rules of Scheme II and Scheme III have to wait for further notice.

However, because there is no official announcement, a large number of investors are not even sure whether it has been implemented (the specific details were not disclosed before the deadline)

Investors don't recognize this redemption plan and demand the implementation of the "Du Liang Plan".

(pictures uploaded online)

Investors from all countries actively carry out rights protection activities. However, Evergrande's so-called "regional head" did not show up for a long time, and adopted the "three noes" policy of "ignoring, not showing up and not making a sound" to appoint representatives to negotiate with defenders, which made defenders dissatisfied and questioned whether they really wanted to solve the problem.

Affected by this negative impact, Evergrande's share price once fell.

On September 13, China Evergrande (03333.HK) plunged 6.9 1% to HK$ 3.37 per share; On the morning of September 14, China Evergrande continued to plummet by 9.79%, and fell below HK$ 3 in intraday trading, reaching a minimum of HK$ 2.98 per share.

Du Liang (legal person), the general manager of Evergrande Wealth, finally admitted to investors that he redeemed Evergrande wealth management products on May 3rd1and redeemed them in advance because there was an emergency at home.

5. Is Evergrande in danger? What's the temperature this autumn?

"Reputation bankruptcy" is bound to be a blow to Evergrande. It is difficult for Evergrande to repay its wealth, hand over the house in advance and pay the final payment, and the situation is heading for a worse start. Evergrande, which is troubled by negative factors, will inevitably affect housing sales and cash flow, thus making the already pessimistic situation worse. How Evergrande solves the current problems will directly affect its survival.

When the news of "Evergrande's bankruptcy" was rampant, it didn't respond, but when it did, it changed its old attitude.

On September 13 (the day when the latest redemption plan of Evergrande Wealth was announced), Evergrande officially responded that such remarks were completely untrue, and said that the company did face unprecedented difficulties, but it would still fulfill its responsibilities and fully resume work and production to ensure the delivery of the building.

"High growth, scale control and debt reduction" is still in my ears! In any case, Evergrande should actively assume corresponding responsibilities, and the problem should not be passed on to any individual or organization.

We also call on the auction house and investors of Evergrande Wealth to protect their rights rationally and legally, and at the same time avoid being used, distorting their legitimate rights and interests and disturbing the public's audio-visual.