Supply chain private placement from the big red to the cold supervision
Every time reporter Yang Jian and editor Wu Yongqiong, the filing of supply chain private equity funds reached a peak in 2017, but since the second half of 2017, listed companies involved in the supply chain have begun to explode, and these private equity products that substitute supply chain financing have begun.Large areas of risk.
Along with the explosion of supply chain projects, the Fund Industry Association released the “Private Records of Private Equity Investment Funds” on January 12, 2018. The investment income of private equity funds is a lending activity, which clarifies the areas that are not within the scope of private equity funds: among them,Nominal loans are private loans, small loans, factoring assets and other assets that are loans in nature.
Recently, the supervisory authorities issued a new proposal, and announced the due diligence work specifications of three types of basic assets, such as PPP projects, corporate receivables, and financial lease claims, and put forward a request for private placement.
A few listed companies have stepped on the mines Since the second half of 2017, listed companies have begun to explode in large numbers. These private equity products that are directly financed by the supply chain have begun to have a large area of risk, and they are still continuing.What “ghost” is the fund?
The supply chain private equity fund itself is not new, but the popularity of supply chain finance in the past two years has entered the public’s sight.
: The official website of the Fund Industry Association, enter the keyword “supply chain”, and a total of 193 related products appear.
According to the data of the Fund Industry Association, as of July 9, a total of 193 private equity funds that included the word “supply chain” in the name of the private equity product, of which 97 were advised by the association to be in operation, 20 were deferred and liquidated in advance.A total of 31, a total of 45 normal liquidation.
From the perspective of the operating institutions, most of them are private equity companies such as Shanghai Gopher Assets, Shanghai Rongxi Investment, Shenzhen State Investment Capital, Shenzhen Likai Fund, etc.
Among the many types of private equity funds, supply chain private equity funds are only a very small category in the face of large categories such as securities private equity and equity private equity.
And it is such an inconspicuous type of private placement that has developed rapidly in 2017.
It is said that the information of the fund industry association shows that in 2015, the supply chain private equity funds registered and established had only one value, and only 6 funds were registered.
In 2016, 34 supply chain private placement products were put on record.
By 2017, the record of supply chain private equity funds reached a peak, and more than 98 supply chain private equity products were established that year.
The earliest is that by 2018, only 53 supply chain private equity products were registered for record. Why is the supply chain private equity foundation in an outbreak abruptly abrupt?
According to the reporter of “Daily Economic News”, on January 12, 2018, the China Foundation issued the “Practical Instructions for Recording of Private Equity Investment Funds”, which was proposed by the Fund Industry Association. The investment amount of private equity funds is a lending activity, and it is clear that they are not private equity funds.Essence of scope: This includes the right to the asset income (receivable) of the borrowing type mentioned in the “Private Fund Registration and Recording Related Questions (VII)”, including private loans, small loans, and factoring assets.The effective date is February 12, 2018, and the filing of supply chain private equity funds has gradually disappeared.
During the analysis, some private equity analysts said that the so-called supply chain private equity fund, also known as supply chain finance, is to make financial arrangements around the company and its upstream and downstream, mainly related to the company’s upstream and downstream receivables.
Many companies have too many upstream and downstream accounts receivables and urgently need to improve their financial situation. The supply chain financial services provided by traditional banks are relatively rough, and many private placements believe that this is a good time for them to do financial management.
And companies lack money, private equity can quickly raise funds, invest in the supply chain financial business of some large enterprises, the returns are relatively high.
However, there are also private equity fund-raising chiefs who told reporters that investors still need to look at assets clearly and manage risks when investing.
Supply chain finance private equity funds are equity or other types of private equity funds. Unlike secondary market private equity funds, supply chain finance private equity products do not have an effective fund supervision system.
In fact, in terms of risk control, the business originally belonged to the bank, and private equity managers were not as robust and sound as the bank’s risk control system, and the bank’s huge 合肥夜网 capital advantage.
So this is the situation encountered in the development of supply chain finance to a certain extent.
The China Foundation issued the self-discipline rules to launch the commercial factoring business. A large number of private equity fund institutions use supply chain finance as a financing method and invest funds raised in listed companies and even ordinary SMEs. Supply chain private equity funds were launched in 2016.Suddenly broke out around the year, reaching a peak in 2017, when nearly a hundred supply chain private equity products were registered and established that year.
However, since the second half of 2017, listed companies have begun to explode, and these private equity products financed by direct supply chains have begun to face large-scale risks.
Military, Huaye Capital Investment’s 合肥夜网 accounts receivable claims, and supply chain financial products such as the annual wealth supply chain of Ningbo Dongli (right protection) have all exposed problems.
These supply chain financing products invested in SMEs have no collateral. After problems such as overdue, a large amount of assets is basically equivalent to a high-risk credit loan.
Assets with a higher risk level, and on the product side, most of them are in the form of fixed income products.
And the “thunder-mining” launched this time is Noah Wealth. As a private equity fund manager, what does Gofer Assets do as a private fund manager?
How to ensure the authenticity of accounts receivable in investment?
Regarding the problems in the development of supply chain private equity funds, the supervisors recently released due diligence work scales on three types of basic assets, such as PPP projects, corporate receivables, and financial lease claims, and proposed that private equity refer to the implementation ofRegulations.
It is understood that on June 24, 2019, the China Foundation issued a notice on the official website of a series of self-regulatory rules, such as the “Rules for Due Diligence on Asset Securitization Business of Government and Social Capital Cooperation (PPP) Projects”.
”Daily Economic News” reporters learned that the release of PPP projects, corporate receivables, financial lease debt and other three types of basic assets due diligence work rules, and subsequently developed in accordance with the “mature one-class development one-class” principle,Publish detailed rules on due diligence for other major assets.