实控人“循环借款”购股 瑞尔集团陷“自借自还”疑云

Core Viewpoint - The announcement of a mid-term performance delay and trading suspension by Rier Group has revealed a long-standing "circular borrowing" transaction involving a $11 million loan to a company wholly owned by the founder, which raises concerns about potential financial misconduct [1][10]. Group 1: Loan and Financial Transactions - Rier Group provided a $11 million loan to Beier Holdings Limited, a company controlled by founder Zou Qifang, with the loan's repayment timeline and amounts closely matching several suspicious payments made by Rier Group [1][4]. - The loan was initially set for 9 months at a 4.5% interest rate, but it has been extended multiple times, with the latest extension pushing the maturity to 30 months and increasing the interest rate to 5.5% [4][6]. - As of June 27, 2025, Beier Holdings Limited had repaid a total of $3.5 million, with further repayments scheduled but not fulfilled, leading to additional extensions [3][6]. Group 2: Impact on Stock and Market Position - Rier Group's stock price has significantly declined from a peak of HKD 16.020 in March 2023 to HKD 1.830 before the trading suspension, reflecting a total market capitalization of HKD 1.029 billion [5][6]. - The collateral for the loan has also diminished in value due to the stock price drop, raising concerns about the adequacy of the guarantees provided by Zou Qifang [5][10]. Group 3: Audit and Investigation - The auditing firm PwC has raised questions about the timing and nature of certain payments made by Rier Group, suggesting the need for an independent investigation to clarify the situation [4][11]. - Rier Group has acknowledged the need for further investigation and has suspended trading until the mid-term performance report is published [3][11]. Group 4: Historical Context and Corporate Governance - The borrowing arrangement dates back to 2017 during a critical financing round, where Zou Qifang used funds from Rier Group to acquire shares, creating a cycle of borrowing and pledging shares [9][10]. - The company has faced significant operational challenges, with a net loss of CNY 1.52 billion from 2021 to 2023, and only recently achieved profitability in the 2024 fiscal year [12][11].