Objection – Spress

Original Suning.com disclosed details of Zhang Jindong’s share freeze: Mortgage of 3 billion from Huaneng Trust, has applied for execution objection

editor — Mon, 21 Jun 2021 06:05:08 +0000

Produced | Sohu Finance

Author | Zhang Ying

On the evening of June 15, Suning.com issued a supplementary announcement on the freezing of shares, disclosing the reasons for the judicial freezing of 540 million shares of the company held by Zhang Jindong.

According to the announcement, Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan. Zhang Jindong and others provide guarantees for this trust loan. Recently, Huaneng Trust transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied for compulsory execution. Suning Real Estate has filed an enforcement objection to the Beijing Second Intermediate People’s Court, and the court has accepted the enforcement objection.

On the morning of June 15th, Suning.com issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings.

The supplementary announcement discloses that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

Huaneng Trust applied for an enforcement certificate to the notary office with the letter of commitment issued by Suning Real Estate on February 1, 2021 that it did not carry out the notarization that conferred enforcement effect and did not waive its litigation rights.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

The supplementary announcement stated that Huaneng Trust recently transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied to Beijing No. 2 Intermediate People’s Court for compulsory enforcement of notarized debt documents (Case No. (2021) Jing 02 No. 837 ), Beijing No. 2 Intermediate People’s Court ruled to freeze 540 million shares of the company held by Mr. Zhang Jindong.

Suning Real Estate believes that since the execution certificate on which the relevant notarized creditor’s rights document is enforced does not meet the requirements of the Supreme People’s Court on several issues concerning the enforcement of notarized creditor’s rights documents, it has filed an execution objection to the Beijing No. 2 Intermediate People’s Court, and Beijing No. 2 The Intermediate People’s Court accepted the aforementioned enforcement objection on June 11, 2021.

On June 9, Sohu Finance inquired from the China Enforcement Information Disclosure Network that Suning Appliance Group Co., Ltd. added a piece of information about the person subject to enforcement, case number (2021) Jing 02 Zhi No. 837, and the enforcement subject was over 3.082 billion yuan. The enforcement court was Beijing Second Intermediate People’s Court.

According to the China Enforcement Information Disclosure website, Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. are all persons subject to enforcement, and the time for filing the case is June 4. Suning Real Estate and Suning Appliance are actually controlled by Zhang Jindong, the founder of Suning.

According to an enterprise search, Yingming Yuansheng was established on November 12, 2015, with a registered capital of 100,000 yuan, 60% of which was funded by Guizhou Taijia Investment Management Co., Ltd., and 40% by Guizhou Chuangming Investment Management Co., Ltd..

It is worth noting that the registered addresses of Yingming Yuansheng, Guizhou Taijia and Guizhou Chuangming are all located in the administrative office building of the People’s Government of Guanshanhu District, Guiyang City, Guizhou Province. The Development and Reform Bureau of Guanshanhu District of Guiyang City indirectly holds Yingming Yuansheng 43.86% shares.

Since the beginning of this year, Suning.com has been “turbulent.”

On February 28, Zhang Jindong and his concerted actor Suning Holding Group and others planned to transfer 23% of Suning Tesco to Shenzhen International and Kunpeng Capital to introduce state-owned capital.

On the evening of June 2, Suning.com issued an announcement stating that Suning Appliance intends to transfer its 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) to the new retail fund. The total transfer price is 31.82. 100 million yuan.

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

Original Suning.com disclosed details of Zhang Jindong’s share freeze: Mortgage of 3 billion from Huaneng Trust, has applied for execution objection

editor — Thu, 17 Jun 2021 09:18:08 +0000

Produced | Sohu Finance

Author | Zhang Ying

The supplementary announcement disclosed that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

Since the beginning of this year, Suning.com has been “turbulent.”

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

Northern Currents 2 – Cards to Defuse Eastern Ukraine Tensions?

Thu, 15 Apr 2021 06:04:43 +0000

The North Stream 2 – the node point in trans-Atlantic relations and Russia-U.S. tensions, could become a card to be negotiated to defus current tensions in eastern Ukraine.

Northern Currents 2 and the situation in eastern Ukraine

Escalating tensions in the Donbass region of eastern Ukraine and the construction of the gas pipeline project from Russia to Germany are the most de disagreements in the security policy of Europe – the Atlantic today. Each issue has its own stalemate. However, contacting these two issues together will expand the negotiating space and create opportunities for stakeholders, as well as can lead to a solution that is in the interests of all parties.

The pipelines are used for the construction of the Northern Flow 2 project at Mukran Port. Photo: Reuters

Russia has now strengthened its forces on its border with Ukraine, accusing Kiev of conducting “not one but many provocative acts.” Meanwhile, Ukraine urged Russia to withdraw its troops from the border area and end what Kiev called “military fallacies and misinformation.” NATO and the US also demanded that Russia stop gathering troops near its border with Ukraine and called the current situation “deeply concerning.”

Efforts through the Minsk agreement and the progress of the Normandy Quartet (made up of Germany, France, Russia and Ukraine) to resolve the conflict between the parties in eastern Ukraine failed.

U.S. sanctions on The North Stream 2 delayed the construction of the project but “everything has its price.” The gas pipeline project was a source of tension between the U.S. and Germany at a time when the relationship needed to be strengthened. Of course, the sanctions on the North Stream 2 also deepen the rifts in Russian-American relations.

According to The Atlantic Council, the new approach when linking these two issues together can bring many opportunities. Therefore, Northern Flow 2 can be used as a bargaining card to ensure a more important goal: It is to address the current escalating tensions in eastern Ukraine.

Russia will not ignore if conflict breaks out in eastern Ukraine. Moscow will not withdraw its troops from the border area until it sees the benefits of this action. Therefore, putting The Northern Flow 2 on the negotiating table can bring the possibility of changing the current situation.

Cards that change the situation in eastern Ukraine?

The Northern Flow 2 is an important project for Russia and Germany but it is still an agreement that has not been finalized even though the work has been completed by 95%. Even if construction can be completed by the end of the year as planned, U.S. sanctions in December 2020 when it comes into effect will prevent insurers and inspection companies from carrying out the necessary procedures for this pipeline to actually come into operation.

Recently, the European Parliament also called for an end to this project. France’s Minister for European Issues even suggested it was possible to end the Northern Flow project as a response to the poisoning of opposition figures Navalny.

With these developments, observer Colin Cleary suggested that Russia would likely bring an end to the strengthening of its forces on the border with Ukraine in exchange for ensuring the Northern Flow agreement would continue to operate.

The Covid-19 epidemic and falling energy prices have increased the financial burden on Russia. However, sanctions alone will not be able to persuade Russia to withdraw from eastern Ukraine. Only the mitigation of sanctions related to the North Stream 2 can make Russia make concessions because the move can be understood as part of an effort to bring about more normal economic relations between Russia and the West.

The U.S. has repeatedly opposed the North Stream 2. However, the moment decided it all. If the former Trump administration is really serious about ending the North Stream 2, it should have stopped the project from the summer of 2017, when the Anti-Enemy of America through Sanctions (CAATSA) bill became law and the construction of The Northern Flow 2 has not yet begun. The U.S. missed that moment.

Until December 2019, the U.S. Congress passed mandatory sanctions related to ships constructing the Northern Flow 2. Swiss pipeline installation company Allseas immediately withdrew from the project, but by this time the Northern Flow 2 had largely been completed.

Meanwhile, Russia demanded that Ukraine respect the “special status” with the Eastern region but that would destroy Ukraine’s status as a country. Unless something is placed on the negotiating table, such as turning on the green lightor the North Stream 2 or economic and trade prospects for Russia, otherwise the Kremlin will not make concessions in this regard.

Observer Colin Cleary, who served as Director of European Energy Diplomacy in the U.S. State Department, said the agreement to bring the Northern Flow 2 in exchange for targets in Donbass would serve the interests of all parties. If the Kremlin rejects the offer, the path of “many sticks, fewer carrots” will open./.