ghostarcade| Wanhe Securities was executed again in a 120 million case

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Source: Securities industry experts

Wanhe Securities, the "only two" brokerage registered in Hainan, seems to be involved again.GhostarcadeThere was a major lawsuit. The amount of money executed is 1.Ghostarcade0.2 billion yuan, more than double the net profit of 2023.

A huge sum of money is put on file for execution

More than a year later, experts still remember the "restriction order" that Wanhe Securities once received. Although the original link may have disappeared because of the "oolong", it also left a deep impression on the expert.

Now, a latest piece of lawsuit-related information has once again drawn the attention of experts to this boutique brokerage that is determined to become a characteristic of the Greater Bay area.

According to the enterprise investigation information, the Haikou Intermediate people's Court of Hainan Province (Haikou Intermediate people's Court) filed a case against Wanhe Securities Co., Ltd. (Wanhe Securities) on May 8 this year. The case number is: (2024) Qiong 01 holds 1074, and the object of execution is 121.5276 million yuan.

However, there is no further information on who is the applicant in this case.

According to Qixinbao information, since 2022, Wanhe Securities has 2 "historical final cases", 3 "historical limit information" and 4 "historical executive information".

Affect three-year performance

120 million, it doesn't seem to say much. Han Fei, then vice president of Great Wall Securities, was banned for 10 years for illegal stock trading, and the total amount of fines was close to that amount, according to the CSRC's website.

But if you say less, I'm afraid it's not necessarily true. After all, the size and performance of Wanhe Securities are obvious.

Wanhe Securities 2023 Annual report quoted the preliminary statistical ranking of 145 securities companies conducted by the China Securities Association in 2023: total assets, net assets, operating income and net profit ranked 85th, 84th, 100th and 99th respectively.

According to the consolidated income statement, Wanhe Securities's operating income in 2023 was 499 million yuan, an increase of 175.54% over the same period last year, while the net profit of its mother was 59 million yuan, from negative to positive. Among the main business, proprietary business performed most prominently, surging from-32 million yuan to 285 million yuan. The investment banking business collected 79 million yuan, an increase of 85.67% over the same period last year. The income from the asset management business was 13 million yuan, an increase of 27.72% over the same period last year. The brokerage business collected 88 million yuan, down 14.58% from the same period last year. In terms of net interest income, credit business collected 28 million yuan, down 9.47% from the same period last year.

From this point of view, the 120 million yuan executed this time is equivalent to 2.07 times the net profit of Wanhe Securities in 2023. Considering that Wanhe Securities suffered a loss of 215 million yuan in 2022, the overall performance in the past three years has also been greatly undermined by this expenditure.

Seriously involved in the subject matter of action

Earlier, experts learned through the "210000 and 02" announcements that Wanhe Securities had five major litigation cases in 2023, four of which were used as plaintiffs. And the only case as a defendant, the target is also close to a "small goal."

The concise and illegible list shows that Xinzhou Rural Credit Cooperative Union (Xinzhou Rural Credit Cooperative) sued Wanhe Securities (on behalf of Wanhe Securities Zhenhe No. 5 asset management plan, hereinafter referred to as "Zhenhe No. 5") bond repurchase transaction dispute. (hereinafter referred to as the Xinzhou Rural Credit Cooperative case)

In 2023, the China International Economic and Trade Arbitration Commission ruled on the Xinzhou Rural Credit Cooperatives case: Wanhe Securities paid 90.5825 million yuan of due funds to Xinzhou Rural Credit Cooperatives with its own property "Zhenhe No. 5" and related compensation, penalty interest, arbitration fees and other fees. By the end of the reporting period, "this case is in progress".

So, is the execution information of Wanhe Securities a new case or a continuation of the Xinzhou Rural Credit Cooperative case? As for the inside information of the case, experts failed to find out the information through public channels.

The president is still not in place.

In March this year, Yang Qi, former president of Wanhe Securities, resigned for personal reasons. During the absence of the president, Ms. Wan Chunlan, vice president of Wanhe Securities, acted as president.

According to public information, Ms. Wan Chunlan once served as Deputy General Manager of Beijing Research and Development Department of Guotai Junan, Assistant General Manager and Deputy General Manager of Great Wall Securities Investment Bank, Deputy General Manager and Managing Director of fixed income Division of Ping an Securities. Huarong Securities (now Guoxin Securities, the same below) Investment Bank Innovation Division and other positions. She registered with Wanhe Securities in June 2019 and became vice president in September of the same year.

In addition, according to the China Securities Association brokerage information, Wanhe Securities added Liu Yueping as vice president in March this year. The position of president is still vacant.

According to the official website, Liu Yueping has a doctorate degree in engineering, and has served as a section member and deputy director of the inspection team of the Securities Regulatory Commission; deputy head, compliance director and secretary of the board of directors of Guoxin Securities Public offering Fund subsidiary; chief compliance officer of the preparatory group of Standard Chartered Global Business Services Co., Ltd. (referred to as: standard Chartered Global) Securities Company; Deputy General Manager of Shanghai Lupu Investment Management Group Co., Ltd. (referred to as: Lupu Investment). He is currently vice president and secretary of the board of directors of Wanhe Securities. Experts learned through the information of employees of the China Securities Association that Liu Yueping worked in Jutian Securities in his early years, so it is speculated that his resume should be more than 20 years.

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