Source: Visual China

Reporter丨Chen Jing

The sensational Everbright Securities MPS incident has the latest developments.

On June 11, Everbright Securities issued an announcement to disclose the MPS matters and follow-up situation of the wholly-owned subsidiary Everbright Capital.

The announcement shows that JINXINNC. (Cayman Baptist), the subject of overseas project transactions of Shanghai Baptist Fund, filed fraudulent false statements and breach of tax commitments with individuals and institutions such as RICCARDO SILVA ANDREA RADRZZANI, the original seller shareholder of MPS, in the High Court of England and Wales. The litigation claims that the amount involved is approximately US$661 million (approximately RMB 4.2 billion).

Everbright Securities said that the company’s business operations are currently normal.

Originating from MPS, China Merchants Bank and Huarui Bank invested 3.2 billion in total

What is the MPS project? How did Everbright Securities step on the thunder?

The matter dates back to four years ago. This series of disputes are all related to the “Storm” of the British sports copyright company MP&Silva (the “MPS” project) acquired by Baptist Fund, the executive partner of Everbright Baptist in 2016.

Everbright Baptist, a subsidiary of Everbright Capital, serves as the executive partner of Baptist Fund.

In 2016, Everbright Baptist and Baofeng Investment and Shanghai Qunchang launched the Baptist Fund with a fund size of 10 billion and a total maturity of 5 years. According to Tianyan Check, Baptist Fund has a total of 14 investors, of which China Merchants Wealth holds 53.82%, and Everbright Capital holds 1.15%. The executive partners of Baptist Fund are Shanghai Qunchang Financial Services Co., Ltd. and Everbright Baptist Hui, Baofeng (Tianjin) Investment Management Co., Ltd. Huarui Bank and Shenzhen Hengxiang are also partners of Baptist Fund.

In May 2016, Baptist Fund raised 5.2 billion yuan to complete the acquisition of 65% of MPS. MPS used to be the world’s top sports media company, with business covering more than 200 countries and regions around the world, with more than 90 global event property rights, and more than 30 event rights agency partners. LeTV Sports is its largest partner in China. Against LeEco, the Storm Group at the time also aimed at the sports sector, hoping to formally enter the sports industry.

Among the 5.2 billion yuan raised by the Baptist Fund, Everbright Capital contributed 60 million yuan as an inferior investor. The priority investor China Merchants Bank invested 2.8 billion yuan, and Huarui Bank invested 400 million yuan through Aijian Trust; other investors included Zhaoyuan Yongjin invested 600 million yuan, Shenzhen Hengxiang, Baofeng Department and Everbright Capital jointly invested billions .

In October 2017, MPS lost to rival IMG in the Serie A international copyright bid. In the same year, BeIN Sports took away the Ligue 1 copyright from MPS. Since then, MPS has been losing ground in the sports copyright market. Due to the inability to pay copyright fees, some major copyright owners terminated their contracts with MPS early and even took them to court. In October 2018, with the bankruptcy and liquidation order of the High Court of the United Kingdom, MPS became history. The 5.2 billion yuan investment was “flooded” and the investors encountered Waterloo.

Since then, many partners of the Baptist Fund have demanded compensation from the Everbright Department and the Baofeng Department.

In July 2019, Feng Xin, the actual controller of Baofeng Group, was arrested. Baofeng was in deep crisis and could not protect itself. Everbright Capital has become the main claim target of all investors. Everbright Securities’ 2018 annual report shows that the stakeholders of the Baptist Fund’s priority limited partners have presented a letter of replenishment stamped by Everbright Capital, promising that if the priority limited partners cannot exit, they will be funded by the inferior ones. People Everbright Capital assumes the corresponding obligation to make up the difference.

Everbright Capital was sued or arbitrated by China Merchants Bank, Zhaoyuan Yongjin and Huarui Bank, and Shenzhen Hengxiang, and the amount of “debt collection” involved exceeded 4.1 billion yuan. Among them, the amount involved in China Merchants Bank’s lawsuit against Everbright Capital is approximately 3.489 billion yuan, and the amount involved in arbitration applications for Huarui Bank and Shenzhen Hengxiang is 452 million yuan and 168 million yuan respectively. The arbitration initiated by Zhaoyuan Yongjin involved an amount of 100,000 yuan.

On May 31, 2019, Everbright Securities disclosed that the case was at the stage of filing and acceptance, and the impact on Everbright Capital could not be accurately estimated for the time being.

After the MPS incident, Everbright Securities also experienced a series of executive changes.

In April 2019, Xue Feng resigned as chairman and director of Everbright Securities, and Party Secretary Yan Jun replaced Xue Feng as chairman of the company. In January 2020, Liu Qiuming, the original chairman of CM Investment, was newly appointed as the president of Everbright Securities. The former president Zhou Jiannan resigned due to personal reasons. Several senior executives, including the chief risk officer, compliance director, business director and directors of Everbright Securities, have also changed.

Everbright Securities is also constantly trying to hold Storm Group responsible. In April 2020, Everbright Securities disclosed the result of the first instance of the MPS case. The Shanghai Financial Court ruled that Everbright Capital, a wholly-owned subsidiary of Everbright Securities, should pay approximately 3.116 billion yuan to China Merchants Bank and interest from May 6, 2019 to the date of actual settlement. Loss, and bear part of the litigation fees, property preservation fees and other expenses; pay the investment principal of 400 million yuan to Huarui Bank, pay the investment income from January 1, 2018 to the date of actual performance, and bear litigation fees, preservation fees, etc. Currently, Everbright Capital has filed an appeal, and the relevant litigation is still in the process of performing judicial procedures.

MPS risks are fully accrued, and China Everbright is stepping out of the haze

Following a sharp rebound in performance in 2019, Everbright Securities has achieved a three-fold increase in net profit in 2020.

According to the company’s annual performance report released on March 25, the company achieved a total of 15.866 billion yuan in operating income in 2020, an increase of 58% year-on-year, and a net profit of 2.334 billion yuan attributable to the parent, an increase of 311% year-on-year.

However, dragged down by the MPS incident, Everbright Capital has suffered three consecutive years of performance losses in 2020, with losses of 1.634 billion yuan and 2.909 billion yuan in 2018 and 2019, respectively. As of December 31, 2020, Everbright Capital had total assets of 2.980 billion yuan, net assets of 2.442 billion yuan, and losses of 2.069 billion yuan.

Everbright Securities accrued a liability of 1.55 billion yuan for MPS matters in 2020. In the past two years, it has accrued liabilities of 3.011 billion yuan. Up to now, Everbright Securities has accrued liabilities of 4.565 billion yuan for MPS. In the MPS incident, the largest amount of funds contributed by the stakeholders of the two priority partners-China Merchants Bank and Huarui Bank. According to the announcement on the judgment of the first instance disclosed by Everbright Securities, in addition to the priority principal, a certain amount of interest must be paid. However, as far as the current situation of Everbright Securities’ accrued accrual is concerned, Everbright Securities has made a full accrual for this matter.

Everbright Securities stated that since the occurrence of the MPS incident, the company has deeply analyzed the problems reflected in the risk event, focusing on comprehensively recreating the style from improving the risk management system, achieving full coverage of risk management, implementing the responsibilities of relevant personnel at all levels, strengthening professional management and expert decision-making, etc. Control compliance system. The company has carried out a series of risk investigations and rectifications, comprehensively strengthened the management and control of subsidiaries, further built a sound and prudent risk culture, improved the risk compliance system, and improved risk prevention and resolution capabilities. Judging from the 2020 annual results announcement disclosed by Everbright Securities, the company has stepped out of the haze of MPS risk events, the risks have been basically cleared, and the company’s development will become more healthy.

1. Ground meat Instead of wasting time chopping, many women after work often stop by the market to buy some pre-ground meat to process quickly and conveniently. Everyone thinks that the ground meat outside the store looks so red and fresh, how can it be silly. But in fact, that’s just the real feeling, you don’t know what they include in it. Maybe it’s made from a lot of shredded meat, fat, part of the animal, even rotten or rancid meat… that you can’t predict. So to be sure, the sisters do not want to buy cheap ground meat from the market, lest it harm the whole family. 2. Pig’s heart If you ask 10 people, 8 people will love old pig’s intestines because of the delicious taste. However, the old intestine of pigs is where the animals defecate, so they are often infected with many bacteria. If not properly cleaned, they will affect human digestion when eaten. In restaurants, due to limited time, this part is not carefully processed. They “shortcut” by using some deodorant chemicals, all kinds of spices to cover the smell. So, if you like to eat this dish, you should buy it and cook it yourself, but it’s bad luck in the store. 3. Duck head People quizzes who can ignore this duck head dish. The duck head is fragrant, the brain is sweet, crispy and soft to eat. However, ducks are animals that like to eat dirt and eat food on the ground, so their heads accumulate a lot of heavy metals, even filled with worms. So if you do not know how to prepare, the duck head is very dirty. Like an old pig’s heart, the time in the queue is limited, so the preliminary processing is often omitted, so no one can guarantee that the duck head is both delicious and clean “offering” for you to enjoy. So if you are still passionate, you should buy it yourself and prepare it for safety. 4. Ready-made braised meat, spring rolls or spring rolls Many women are too busy or simply … lazy, so they often buy braised meat, spring rolls or rolls available from the store to enjoy. The delicious meat taste, rich color, soft melt in the mouth makes so many people fascinated, but there are many potential risks of harm. Because they can be made from bad meat, stored for too long in the refrigerator, rancid and then processed by the seller, using additives to eliminate odors. So if you eat it, you will only harm your body, not gain any fat.

In the past 2 years, across forums and groups of online markets, many small traders are selling butterfly pea flowers at prices ranging from 450 to nearly 700 thousand VND/kg. It is worth mentioning that despite being sold at a price as high as that of precious medicinal herbs, many people are still willing to pay for it. On the internet market, butterfly pea flower tea is sold a lot. Screenshots. In the early days of May of the solar calendar, Ms. Tran Thu Minh, 29 years old in Kim Ma, Hanoi started selling butterfly pea flower tea. According to Ms. Minh, this is the second year she sells this flower tea and is interested by many people. This type of climbing flower has purple-blue, dark blue-white flowers, but the most common is purple-blue. Illustration. This 29-year-old woman said: “ Butterfly pea flower is no stranger to many people. Because this type of climbing plant is grown as a fence in many countryside. Or many families plant them as a flower bed in front of the porch or in the corner of the garden to keep cool. This type of climbing flower has purple-blue, dark blue-white flowers, but the most common is purple-blue. When I was a child, my house in Nam Dinh also had a fence of butterfly pea flowers and their flowers fell all over the path, but no one picked them up because they didn’t know its use was so great. That day, only occasionally at home with her mother’s five-color sticky rice, she sent her children out to get butterfly pea flowers to create a beautiful purple-blue sticky rice. Or sometimes mom cooks jelly on summer days with butterfly pea flowers to feed “. It was not until 2 years ago, when many people discovered the wonderful health benefits of butterfly pea flowers, that Ms. Minh’s family began to collect wild purple-blue flowers that were not mixed with branches and stalks and were recruited. These are carefully selected to dry in the sun and then dry. Many people use fresh flowers to dry in the sun and then dry them to make butterfly pea flower tea. Illustration. Because of selling natural, safe and reasonable flowers, this woman gradually gained the trust of women: “ Usually my house has a lot of regular guests. They also know that this flower does not keep fresh for long, so they often have to dry it and then dry it. In fact, every 7-8kg of fresh flowers is 1kg of dried flowers. Due to being so sophisticated, the price of this flower tea is quite expensive “. It is known that 100g of butterfly pea flower tea is being sold by Ms. Minh for 106,000 VND. Customers who buy 200gr cost 177 thousand VND. Buying 500gr costs 360 thousand VND. And customers who buy 1 kg will get a discount of 680 thousand VND: “ Last year, there was a time when I also sold dried butterfly pea flower tea for 800-900 thousand VND/kg. But this year the epidemic is like this, so the price of butterfly pea flowers is also very affordable so that any customer who needs it can buy it. “, said Ms. Minh. Customers buying butterfly pea flower tea are mainly office women. Illustration. This small trader also shared, the buyers are mainly office ladies. They usually buy 1-3 ounces to dye sticky rice, jelly, cakes, jams or brew tea to drink. A few customers often order a kilogram to brew tea to drink daily to nourish and support health. As an office woman with 2 children, Ms. Nga, 40 years old (Thuong Dinh, Hanoi) loves to make cakes and drinks. Therefore, every year she buys half a kilo of dried butterfly pea flowers to color the cakes and drinks. “ I buy half a kilo and it’s enough for a whole year to make cakes and drinks because there are quite a few. The rest, I also bought 1 kg separately for my grandmother to drink every day. 1kg is a lot, use it for a whole year. Because mixing water, just 1 flower is enough for 1 cup of water to drink. As for making cakes or sticky rice, I just bring 3-5 flowers to create color.” , Ms. Nga shared. This person also shared, the market currently sells 2 types of fresh flowers and dried butterfly pea flowers. But buyers should buy dried flowers because they are easy to store and use. The price per kilogram of dried butterfly pea flowers is quite expensive. Illustration. In addition, these topics for sale of flowers that used to be fences attract a lot of attention from online users and online markets. Many people think that, with 1 kg of dried flowers that cost from half a million to nearly a million, it is also reasonable because to earn 1 kg of dry is not easy, must go to many places to collect and be dried according to the standards. However, many people do not believe their eyes when the flower that grows in full fence is sold at such a high price.

This huge tender is to supply hundreds of active defense systems. It is unclear whether Israeli companies will participate in the competition.

The picture shows the Russian T-90A tank with the “Curtain-1” active defense system on the front

The Israeli “Trophy” active defense system on the US Army M1A2C. “Trophy” is the leading product of Israel’s active defense system.

The Indian Army has invited companies to provide 818 active defense systems for its T-90/SK main battle tank. The military clearly stated in the document that 50% of the system planning and development must cooperate with local industries and will allow potential suppliers to “reach arrangements” with foreign companies on equipment development.

According to Jane’s website, Indian regulations require defense systems to include “soft kill” and “hard kill” capabilities. “Soft kill” includes smoke release, infrared jamming devices, and audio-visual warnings when tanks are attacked. “Hard kills” include (intercept) rocket-assisted grenades (RPG-7), anti-tank missiles, and explosive anti-tank bombs (HEAT, also known as armor-piercing bombs) and other anti-tank ammunition. The system should include defense against kinetic energy ammunition.

India’s own T-90 is not equipped with an active defense system, but is supplemented with explosive reactive armor. The small piece on the right of the turret prevents the driver from getting on and off the vehicle. In the tank two items, Russia’s own competition T-72 page such.

This competing T-72B3 removed a piece of explosive reaction armor on the right side of the turret to facilitate the driver to get off the car quickly.

To be honest, the early “Curtain-1” active defense system had poor effect, high power consumption, and could not interfere with more advanced or upgraded missiles (such as the Red Arrow-73C/D missile with a TV CCD goniometer) , It is expected that two useless “red eyes” will occupy the defensive position in vain. It is better to dismantle and replace it with explosive reactive armor. When India just bought the T-90S tank, this choice was no problem.

However, with the continuous advancement of offensive and defensive technology, the active defense system of tanks has continued to mature, and the pressure on anti-tank missiles faced by India is also increasing, and traditional tank armor hard defense alone cannot prevent it.

Due to the size of the country, the number of armored forces in Pakistan is far less than that of India. Therefore, it has chosen to purchase a large number of anti-tank missiles, including Pakistan’s authorized production version of “Red Arrow-8” anti-tank missile “Green Arrow” (Baktar-Shikan, literally translated in fact) It does not mean “Green Arrow”) and the US-made “Tao” anti-tank missile.

Pakistan has produced a large number of “Green Arrow” anti-tank missiles. As of 2015, the total number of production has reached at least more than 22,000. The production has not stopped. Not only is it more than sufficient to equip the entire Pakistani army, but it can also be exported. In the frontline areas of the confrontation between India and Pakistan, Pakistan often uses “green arrows” to attack Indian military bunkers and conduct “cold guns and guns” operations.

This situation is very common at the India-Pakistan border

In addition, Pakistan has more than 4,000 “Tao” anti-tank missiles. It should be said that the Pakistan Army’s anti-tank missile firepower is still very sufficient. Although both models are second-generation/second-generation semi-anti-tank missiles, they are also sufficient for India. The T-90S poses a threat.

In addition, Pakistan is likely to purchase more advanced anti-tank missiles, such as the Red Arrow-12. It is not impossible to use hard armor for this kind of top offensive anti-tank missile, but the accumulation of a large amount of explosive reaction armor on the roof will cause the weight of the tank to increase significantly and affect the layout of the equipment. It is more cost-effective to use an active defense system.

And the firepower of another imaginary enemy anti-tank missile in India…does it need to say more?

Not only has a long range, but its power is currently beyond the armor of any main battle tank.

Indian tanks have to face the threat of a large number of anti-tank missiles, so active defense systems must be considered.

At the same time, compared with the early days, after technical iteration and actual combat experience and lessons, the active defense system of the tank has now made considerable progress, and its performance has been greatly improved. It not only has a good interception effect on anti-tank rocket launchers and anti-tank missiles, which are low-speed armor-piercing weapons, but can even intercept kinetic energy ammunition fired by tank guns to a certain extent, but the interception rate is not as high for low-speed targets.

There is even discussion about whether the future main battle tank can completely delegate the task of defending armor-piercing ammunition to the active defense system. The main armor of the tank only needs to consider the defense of armor-piercing ammunition.

Therefore, it is justified for India to purchase an active defense system now, and wait until it is ripe before picking the fruit.

India currently has two better options.

One is Israel’s “trophies” system, which is currently one of the best-selling active defense systems in the world. In addition to the United States mentioned above, Germany has also purchased a batch of Leopard 2A7 tanks and Israel’s own Merkava tanks. It is also widely equipped. Moreover, the “trophies” system has been tested in actual combat. Israeli tanks equipped with the “trophies” system intercepted more than 300 missiles and RPG rockets. It can be said that the Trophy Active Defense System is the world’s first active defense system that has been tested in actual combat, which has greatly reduced the casualties of the Israeli army.

On February 22, 2021, the Israeli Ministry of Defense announced an intergovernmental agreement with the German Ministry of Defense. The German Leopard 2A7 tank was equipped with the Israeli Rafael Company’s “Trophy” active defense system.

The other is Russia’s “Afghanistan” stone system, which is Russia’s latest active defense system. Used on the T-90M and T-14 “Amata” tanks, Russia is very confident in its performance, and even on the T-14 “Amata” tank, it has partially achieved the above-mentioned “completely smashing defenses.” The task of ammunition is handed over to the active defense system”-the turret of the T-14 “Amata” tank is a shell that can defend against shrapnel and small-caliber weapons, and the defense depends entirely on the “Afghan stone” system.

The “Afghan Stone” system on the “Amata” tank

Moreover, India has confirmed that the T-90MS purchased by India, that is, the foreign trade model of T-90M (in fact, foreign trade came out first) has the “Afghan Stone” system, which shows that it has good compatibility with the T-90 series, and Russia can be used as The upgrade kit is sold to Indians.

The two “black spots” on both sides of the T-90MS tank turret are the radar of the active defense system.

However, the installation of the active defense system is not the same as building blocks. It requires a lot of other work, such as an independent power supply system (this is especially important, the M1A2 tank installs an independent generator for the’trophy’ system), installation angle and walking Line problems and so on.

India’s bidding will definitely attract various manufacturers, including Israel and Russia, to participate in the bidding. India may delay and may spend a lot of money, but it will definitely purchase.

Pakistan and his “weapon outfit providers” also need similar equipment.

GL5 active defense system

2021 is the year when almost every family in the United States is familiar with the term “short seller”.

Correct GameStop (NYSE: GM) The short-term squeeze, driven to a certain extent by greed and dissatisfaction, has become an unforgettable cultural moment. For many people who bought GME stock in this populist clamor, this is the first time they have heard the term “short seller.” No one is more enthusiastic about putting shorts on his knees than Elon Musk. Elon Musk saw a storm of support in the process of pushing GameStop higher. Musk runs Tesla, one of the most controversial companies, and has been the focus of short sellers for many years.

Now, after losing tens of billions of dollars, Tesla’s short sellers seem to have given up. Although this stock is still controversial (Bloomberg data shows that among the 41 analysts studying Tesla, 15 are buying, 14 are holding, and 12 are selling-the number of recommendations for buying and selling The difference is very small), but most of the short positions have disappeared.

According to “Barron’s Weekly”, even David Einhorn, who is short on Tesla’s Greenlight Capital (Greenlight Capital), seems to have changed from a large-scale short to a small short (“Barron” Wrote that Greenlight Capital did not respond to reporters’ request for comment on its position).

Today, Tesla’s short-term interest rate is about 6%, which is higher than the average, but far below the astonishing level of 25% three years ago. However, although the bears may have taken a winter break, some people say that given Tesla’s valuation, the negators who bet on Tesla’s share price will not disappear.