七侠网5年业绩对赌失败 创始人被判决赔偿投资人1500万
The founder of Qixia.com's 5-year performance failed the bet against investors was sentenced to compensate15 million yuan as promised.
2021年12月底，中青旅控股股份有限公司（600138.SH，下文简称“中青旅”）发布一则股权诉讼进展公告。
At the end of December 2021, CYTS Holding Co., Ltd. (600138. SH, hereinafter referred to as "CYTS") issued a notice on the progress of equity litigation.
公告显示，中青旅收到广东省广州市中级人民法院的一份终审判决书，判决如下：撤销广东省广州市天河区人民法院（2020）粤0106民初36301号民事判决；被上诉人广州七侠企业管理咨询中心（有限合伙）（下文简称“七侠网”）、丁卫军、莫人开自本判决生效之日起十日内向上诉人中青旅控股股份有限公司返还投资款1500万元并支付资金占用费。驳回上诉人中青旅控股股份有限公司的其他诉讼请求（二〇二一年十一月三十日）。
According to the announcement, CYTS received a final judgment from Guangzhou Intermediate People's Court of Guangdong Province, which states as follows: Revoke the civil judgment of Tianhe District People's Court of Guangzhou City, Guangdong Province (2020) Yue 0106 No.36301 at the beginning of the People's Republic of China; The Appellee Guangzhou Qixia Enterprise Management Consulting Center (Limited Partnership) (hereinafter referred to as "Qixia Network"), Ding Weijun and Mo Renkai shall return the 15 million yuan ,which used to be thr investment, and pay a capital occupation fee to the Appellee CYTS Holding Co., Ltd. Within 10 days from the effective date of this judgment. Other claims of the appellant CYTS Holding Co., Ltd. Were rejected (November 30, 2011).
中青旅何以与创业者对簿公堂？中青旅是否能如终审判决所言拿回1500万元投资款及资金占用费？面对新冠疫情这种百年不遇的黑天鹅事件，投资机构能否与创业者共渡难关？
Why does CYTS confront at court with entrepreneurs? Can CYTS get back the investment 15 million yuan and capital occupation fee as stated in the final judgment? Face with the new crown epidemic, a once-in-a-century black swan incident, can investment institutions get through difficulties with entrepreneurs?
新旅界（LvJieMedia）就以上业者关心的问题分别向投资人和创业者进行调研，发现自2020年因新冠疫情而导致的经营停摆，以上官司并不是个案，大量股权纠纷正在诉讼中，法院压力巨大，两年进入终审状态已经算快速，大量案件停在终本阶段，难以执行到财产。
LvJieMedia conducted research on investors and entrepreneurs respectively on the above issues with the industry concern , It is found that the above lawsuits are not individual cases since 2020, when the operation was suspended due to the new crown epidemic, . A large number of equity disputes are under litigation, which made the court under great pressure. It has been relatively fast to enter the final state within two years with a large number of cases trapped at the final stage and it is difficult to implement the property.
对此，一位已签署上市对赌协议的创业者感叹，“在这个不确定的时代，又怎能确定自己公司到时候有能力回购，看到丁卫军创业团队被索赔不过是‘兔死狐悲’”；甚至有文旅投资人表示，跨省游停摆还将持续两年，4年经营停摆对任何一个行业都是毁灭性打击，奉劝各位趁早转行；另一位与投资方签有对赌协议的创业者再三强调，不要提及他们与投资方的对赌信息，“就盼着咱们这个行业的人能够稳稳地经历过去，能坚守在这个行业的业者都太不容易，一起努力扛过去！”
In response, an entrepreneur who has signed a listing and gambling agreement lamented, "In this uncertain era, how can one be sure that his company will be able to counter purchase when the time comes, and seeing Ding Weijun's entrepreneurial team become claimee is just the" really same sad feeling "; Some cultural travel investors even said that the inter-provincial travel suspension will last for another two years. A four-year business suspension will be a devastating blow to any industry, which advise you to change your career as soon as possible. Another entrepreneur who has signed a gambling agreement with the investors has repeatedly stressed not to mention their gambling information with the investors. "I just hope that the people in our industry can experience this difficult period steadily. It is not easy for anyone who stick to the business in this industry. We can only work hard to overcome this hard time together!"
七侠网何以与中青旅签下年化达15%的投资协议？
Why did Qixia Network sign an investment agreement with CYTS at an annual rate reaching 15%?
该起官司肇始于2015年8月4日，中青旅向七侠网支付投资款312500元；2015年9月6日，中青旅向七侠网支付增资款14687500元。同日，七侠网向中青旅出具一份《七侠网出资证明书》，证明中青旅对七侠网已完成增资1500万元，持有公司20%股权。
The lawsuit began on August 4, 2015, when CYTS paid 312,500 yuan to Qixia as an formal investment. On September 6, 2015, CYTS paid 14,687,500 yuan to Qixia as a capital increase . On the same day, Qixia.com issued a "Qixia.com Investment Certificate" to CYTS, proving that CYTS has completed a capital increase of 15 million yuan to Qixia.com and thus holds 20% of the company's equity.
而就在7月17日，甲方中青旅、乙方丁卫军、丙方莫人开、丁方广州七侠企业等共同签订了《投资协议》，其中约定：以下任一回购事件（回购触发事件）发生后，投资方有权在任何时间要求公司和/或创始股东回购投资方所持有的部分或全部股权：（i）公司自交割日起5年内未能以投资方认可的条件上市或被并购……
However, Party a's CYTS, Party B's Ding Weijun, Party C's Mo Renkai and Party D's Guangzhou Qixia Enterprises jointly signed the Investment Agreement on July 17, in which they agreed that after any of the following repurchase events (repurchase trigger events) occurs, the investor has the right to require the company and/or founding shareholders to repurchase some or all of the equity held by the investor at any time: (i) the company fails to be listed or merged under the conditions approved by the investor within 5 years from the date of delivery...
（图源：摄图网）
(Source: Photo Network)
同时，各方同意，若上述原因导致投资方要求回购的，回购价格应包括：（1）投资方所主张的赎回股权对应的增资款；（2）相应增资款自交割日起至公司或创始股东支付赎回价款之日止的回报，该等回报以相应增资款为基数按每年15%的复利计算；（iii）投资方赎回股权对应的，自交割日起至赎回交割日止的累计未分配的股息及红利。
At the same time, all the 4 parties agreed that if any of the above reasons lead the investors to request repurchase, the repurchase price should include: (1) the capital increase corresponding to the redemption equity claimed by the investor; (2)The return of the corresponding capital increase from the closing date to the date when the company or the founding shareholder pays the redemption price. Such return is calculated based on the corresponding capital increase at a compound interest of 15% per year; (iii) Corresponding to the investor redemptions equity, from the day of delivery to the redemption date of delivery of the accumulated undistributed dividend and bonus.
时光不等人，岁月不饶人，转眼5年过去。2020年9月，中青旅与北京大成律师事务所、北京大成（广州）律师事务所签订《委托代理协议》；2020年10月21日，中青旅诉至一审法院，提起诉讼。起诉书显示，由七侠网提交的相关财务报表可知，七侠网2018年及2019年公司的净利润分别为-1371729.45元、-543603.01元，即使2020年净利润超过人民币3000万元，也无法满足《上市管理办法》中规定的发行人条件，无法申请上市。由此可见七侠网未能上市成功与疫情发生没有任何联系。
Time and tide wait for no man, in an instant, five years have passed.CYTS signed the Agency Agreement with Beijing Dacheng Law Firm and Beijing Dacheng (Guangzhou) Law Firm In September 2020. On October 21, 2020, CYTS filed a lawsuit with the Court of First Instance. According to the indictment, the relevant financial statements submitted by Qixia.com showed that the net profits of Qixia.com in 2018 and 2019 are-1371729.45 yuan and-543603.01 yuan respectively which means even if the net profits in 2020 exceed 30 million yuan, ithe issuer conditions stipulated in the Listing Management Measures cannot be met, and thus it cannot apply for listing. It can be seen from this that the failure of Qixia Network coming into market has nothing to do with the epidemic outbreak .
故而中青旅主张已触发回购，核心起诉请求是：丁卫军、莫人开、广州七侠企业向中青旅支付股权回购款本金及投资回报暂计30706481.22元[计算公式：15000000元×（1+15%）n次方，N=实际付清之日与2015年8月4日之间的天数÷之间的；以本金1500万元为基数，按照每年15%的复利自2015年8月4日起计算至实际付清之日止，暂计算至2020年9月17日的股权回购款本金及投资回报之和为30706481.22元]。
Therefore, CYTS 's claim had already triggered the buybackand the core lawsuit request was: Ding Weijun, Mo Renkai and Guangzhou Qixia Enterprises paid CYTS 30706481.22 yuan as the principal and ROI of the share buyback [calculation formula: 15000000 yuan × (1 +15%) n power, N = the number of days between the actual payment date and August 4, 2015 ÷the days between; Based on the principal of 15 million yuan and the compound interest of 15% per year from August 4, 2015 to the date of actual payment, the sum of the principal and investment return of the equity repurchase payment temporarily calculated to September 17, 2020 is 30706481.22 yuan].
对于“每年15%的复利”辉耀资本执行合伙人余良兵对新旅界表示，中青旅之所以索要如此高额赔偿，是基于双方签署的《投资协议》。而丁卫军等创始团队之所以愿意接受如此高的年化率，而不是正常的单利5-8%，是因为彼时七侠网在市场上竞争力不足。“如果市场上有抢购七侠网份额的投资者，创业者完全可以不引入条件苛刻的中青旅，选择其他投资方。”一位拿到中青旅投资，已进入B轮融资的文旅企业CEO兼投融资负责人江左（化名）亦表示，“问题是当企业特别需要外部投资时，如果创业者不签署苛刻条款，投资就进不来，可能企业早就死了……”
For the "15% of Deli," Yao Yao Capital Executive Partner Yu Liang Bing said to the new brigade, the reason why Zhongqing Travel is so high is based on the "investment agreement" signed by both parties. The reason why Ding Gui and other founding teams are willing to accept such high annual rates, rather than 5-8% of normal single rhodes, because Harden.com is less competitive in the market. "If there is investor who sells the share of Qixia.com, the entrepreneurs can do not introduce the crowded Chinese Youth Lead, choose other investors." A venture company that has been investing in Zhongqing Travel, has entered the CEO of B-round financing. The Legal Left (pseudonym) of financing is also said. "The problem is when enterprises require external investment, if the entrepreneur does not sign the harsh terms, investment will not come, maybe the company will die ...
让我们将时针拨回到2015年前后，彼时，在线境外当地玩乐类项目颇为火热，除了七侠网，还有海玩、我趣、途风、番茄旅行、懒猫旅行等公司都获得融资。但好景不长，一方面，2016年下半年中国进入资本寒冬，大量在线旅游企业清盘，越来越多创业者退出在线旅游市场；另一方面，恰好完成行业兼并的携程开始进军出境游市场，七侠网这类出境当地玩乐项目本身“投资大，风险高，难以建立竞争壁垒”的商业模式弊病迅速暴露。就连曾经的出境签证业务老大，经营20年的老公司百程旅行网也早在2020年2月29日已启动清算程序。而前文提到的诸多获得融资的出境当地游玩项目如今在市场上几乎销声匿迹。
Let us timer when you turn back to 2015, at each other, the local playful projects in the line are quite hot, except for the seven people, there are also sea play, I am interesting, traveled, tomato travel, lazy cat travel and other companies Financing. However, the good view is not long, on the one hand, China enters the capital cold winter in the second half of 2016, a large number of online travel enterprises, and more and more entrepreneurs withdraw from the online tourism market; on the other hand, the work of the industry has begun to enter the exit market, Qi Huanwang This kind of exported local play project itself "has a high investment, high risk, difficult to establish competition barriers", rapid exposure. Even the old boss of the exit visa business, the 20-year second-year vectors travel network also launched the liquidation program on February 29, 2020. The many of the above-mentioned exported local tour projects mentioned in the foregoing are now almost in the market
（图源：摄图网）
(Source: Photo Network)
一位定制游创业者颇为乐观，“如果不是新冠疫情，或许七侠网还可以撑更长时间。”但余良兵（曾参与投资旅悦集团）则颇为谨慎，在他看来，除了七侠网难以建立竞争壁垒外，至2016年底整个旅游业除了酒店住宿市场有大资本发挥空间外，其他细分市场因为非标化和难以复制，留给资本的投资机会甚少。
A custom-made entrepreneur is very optimistic. "If it is not a new crown epidemic, maybe the Qixian.com can still have a longer time." But Yu Liangbing (Has participated in investment travel group) is quite cautious, in his opinion, in addition to seven In addition to the competitive barriers, the whole tourism industry has a large capital in addition to the hotel's stay in the hotel, and other subsets are small in the investment opportunities for capital.
判决是否公允？创业者赔得起吗？
Is the judgement fair? Does the entrepreneur compensate?
让我们再把时针拨回到公堂之上。2021年3月9日，一审法院广州市天河区人民法院驳回了中青旅的所有诉讼请求，核心理由是：根据约定“公司自交割日起5年内未能以投资方认可的条件上市或被并购”，中青旅作为投资方，在七侠网筹划挂牌新三板上市时，并未明确告知其所“认可的条件”，对七侠网筹划挂牌新三板上市时也未明确提出异议，而是在2017年3月2日商谈有关挂牌和对赌解除的事宜。因此，一审法院对中青旅主张“公司自交割日起5年内未能以投资方认可的条件上市或被并购”而触发回购事件的主张，不予认定。中青旅提出的上述各项诉讼请求，一审法院不予支持。
Let us turn it back to the court. On March 9, 202, the first instance court Guangzhou Tianhe District People's Court dismissed all the litigation requests of Zhongqing Travel, the core reason is: According to the agreement, "the company has not been listed or acquired by the investor within 5 years," , China Youth Traveling As an investor, when she was planned to list the new three boards in Qixian.com, I did not clearly informed the "recognized conditions", and I didn't clearly put forward dissent when I was launched for the new three boards in Qi Xia.com, but in 2017. On March 2nd, discuss the issuance of the listing and gambling release. Therefore, the court of the court, which triggers the replay of the repurchase event, which is not recognized by the company's self-taxation date of 5 years from the investment in the date of investment. The above-mentioned proceedings asked by the Zhongqing Travel, the first instance court did not support it.
对于一审法院判决，余良兵表示有“和稀泥”之嫌疑，但的确《投资协议》中“以投资方认可的条件上市或被并购”表达模糊不清，对中青旅不利，而应该直接约定合格上市的定义，如“在XX证券交易所公开上市”。而在江左看来，“新三板确实不是所谓的‘上市’，而只是‘挂牌’概念”。很快，中青旅再上诉，2021年7月23日，广州市中级人民法院组成合议庭进行审理。
For the judgment of the first-instance court, Yu Liangbing said that there is a suspicion of "and rare mud", but it is indeed the "Investment Agreement", "the conditions recognized by the investment party" or acquired "expression is unclear, and it is unfavorable for the middle and green travel, but it should directly agree to be launched. Definition, such as "Listed on the XX Stock Exchange". And in the left of Jiang, "The new three plates are really not the so-called 'listing', but only 'listing' concept. Soon, Zhongqing Brigade appealed again, July 23, 2021, Guangzhou Intermediate People's Court formed a heritage.
终审判决要点有三：首先，丁卫军、广州七侠企业、莫人开主张新三板上市即为中青旅认可的上市方式有事实和合同依据，一审法院予以采信并无不当；其次，自中青旅支付完毕投资款1500万元至中青旅提起本诉，自交割日起计算已满5年，七侠网未能实现上市或并购，故投资协议所约定的回购条件已经成就，中青旅有权要求七侠网回购其所持有的七侠网的全部股权；
The final judgment must be three: First, Ding Weijun, Guangzhou Qi Xia Company, Mo people, the new three board listing is a factual and contractual basis for the listing methods recognized by Zhongqing Travel, and the court will be unwitched; second, second, self-study, payment, payment 15 million yuan to Zhongqing Travel Prosecution The full equity of the Qixi.com of the Handshand;
再次，对于七侠网未能在五年内上市或并购中青旅亦存在过错，故本院对其请求广州七侠企业等以投资协议的约定向其支付股权回购本金、投资回报及违约金不予支持。综合考虑投资协议的履行、各方的过错程度等，本院酌定广州七侠企业、莫人开、丁卫军应向中青旅返还投资款1500万元并支付资金占用费（以1500万元为本金，从2015年8月4日起至2019年8月19日止按照中国人民银行同期同类贷款利率计算，从2019年8月20日起至实际清偿之日止按照全国银行间同业拆借中心公布的贷款市场报价利率计算）。人民银行发布的《2020年第四季度中国货币政策执行报告》显示，2020年12月，1年期贷款市场报价利率为3.85%，5年期以上LPR为4.65%。
Again, for the Qixian Net failed to be available in five years, there is also a fault, so the court will ask Guangzhou Qi Xia enterprises to pay the equity repayment of the investment agreement, return, return and default Support. Comprehensive consideration of the implementation of the investment agreement, the degree of fault of the parties, etc. From August 4, 2015 to August 19, 2019, according to the same loan interest rate in the same period of the People's Bank of China, from August 20, 2019, from the actual default, according to the national bank inter-office disassembly center Calculation of loan market quotation interest rates). The People's Bank issued "2020th Quarter China Monetary Policy Executive Report", December 2020, the price of the loan market in the 1-year loan market was 3.85%, and the 5-year LPR was 4.65%.
（图源：天眼查截图）
(Source: Screenshot of Eye of Heaven)
对于该份终审判决书，一位拿过青旅体系资金的创业者表示，“很明显，这份判决有倾向性，是基于国有资产保护，国有资产不流失角度来判决的。”但在江左看来，终审判决总体公允，法院虽然支持了对本金的保护，但没有保护超额利润。
For the final judgment, a entrepreneur who took the capital system funds said, "It is obvious that this judgment is tendency, based on state-owned asset protection, the state-owned asset is not lost," but in the left It seems that the final judgment is generally fair, although the court supports the protection of the principal, but does not protect excess profit
余良兵则表示，在股权投资中无论是国企还是民资在种子期、天使期包括A轮前，投资人通常不会在回购条款上做要求，但到了A轮之后往往有回购条款安排。“因为股权投资本身风险大，如果不设计回购条款等安全保障措施，一旦投资出问题，基金管理人要承担责任，被LP要求索赔。”
Yu Liangbing said that in terms of state-owned enterprises in equity investment, the angel period includes a round, investors usually do not do requests on the terms of repurchase, but they often have repo to the terms arrangement. "Because of the risk of equity investment itself, if there is no security measures such as repo terms, the fund manager must pay a responsibility once it is investing in problems, and is claimed to be claimed by LP."
同时余良兵还表示，投资机构起诉也是走正常法律程序，产业基金一般都有期限，不可能无限期产生账面亏损，所有投资项目都要做了结，否则基金无法清盘；如若是优质项目，双方可以一起寻找接盘者（部分非产业基金可能由自己旗下的其他基金接盘），比如2021年10月祥源控股从中信产业基金手上接盘中景信，但是没有交易价值的项目就只能启动法律程序来进行索赔。
At the same time, Yu Liang Bing also said that the investment institution prosecute is also normal legal proceedings, the industrial funds are generally deadline, and it is impossible to have a book loss. All investment projects have to be made, otherwise the fund cannot clear the plate; if it is a quality project, both parties can Looking for a pick-up (some non-industry funds may be connected by other funds), such as October 2021, Xiangyuan Holdings from the CITIC Industry Fund in the mobile phone, but there is no transaction value that can only start the legal procedure. Claim.
江左亦表示，“愿赌服输，如果在预期之内上不了市，创始人应该尽快物色新投资人接盘；但如果企业经营不好，创业本就是九死一生的事儿，创业者必须去承担。”显然，丁卫军、莫人开没有找到接盘者。
Jiang Zuo also said, "I hope to gamble, if you don't have the city within the expectation, the founder should look at the new investors as soon as possible; but if the business is not good, venture is a nine death lifetime, and the entrepreneur must be borne. "Obviously, Ding Wei, Mo people did not find the pickup.
（图源：摄图网）
(Source: Photo Network)
那么中青旅能否如终审判决拿回本金和资金占用费？余良兵表示，广州七侠企业管理咨询中心是“有限合伙”制企业结构，追责可追到合伙的自然人，作为创始人股东的丁卫军、莫人开更要承担主要的赔偿责任，但作为创业失败的年轻创业者很可能没有可执行的财产，法院也只能将他们列入失信人名单，“但中青旅必须要走‘起诉’这一程序，否则就是没有尽到责任”。截至本文截稿，中青旅相关人士和莫人开未就相关问题回复。
So whether the Chinese Youth Travel can take back the principal and fund occupancy fee such as final judgment? Yu Liangbing said that the Guangzhou Qi Xia Enterprise Management Consulting Center is a "limited partners" system structure, and the natural persons who can be chased from the partners. As the founder's shareholders, the Ding Guijun, Mo people, must bear the main compensation responsibility, but as entrepreneurial failure The young entrepreneur is likely to have no executable property, and the court can only include them in the lost sterile, "But the Chinese Youth League must go 'for this program, otherwise it is not the responsibility." As of this article, the relevant questions and Mo people have not responded to the relevant issues..
