Why is it said that Boss Zhang Jinzhang is the second person? Because the first person is evergrande's Xu family boss, since Evergrande moved its headquarters to Shenzhen in 2017, Boss Zhang's Cedar Holdings has become a fortune 500 private enterprise in Guangzhou, which is the origin of Boss Zhang as the second person!
On February 10, the Tenth Day of the Lunar New Year, Cedar Holdings Guangzhou headquarters was gathered and surrounded by a group of investors, due to the default of the payment of wealth management products, deep in the redemption crisis, the initial estimate involved more than 20 billion yuan, involving 8,000 people, an average of 0.025 billion per person, that is, 2.5 million, the proper middle class was harvested. Simply put, it's thunderstorms! Back to the point, let's take a look at how Boss Zhang became the second person in Guangzhou.
According to the results of Tianyan's investigation, the shareholders of Cedar Holdings Group Co., Ltd. (hereinafter referred to as "Cedar Holdings") are Guangzhou Hongsong Investment Co., Ltd. and Zhang Jinzhang Boss:
The data comes from the network
Guangzhou Hongsong Investment Co., Ltd. has only one shareholder, Zhang Jin, that is to say, Cedar Holdings is a private enterprise of Boss Zhang, without any other shareholders!
First, dare to gamble and dare to fight, relying on stock speculation and real estate to start
In November 1971, Boss Zhang was born in Guangzhou, a native of Guangzhou. In the 1980s, Zhang Jin was admitted to Shenzhen University, and the person who graduated from Shenzhen University that year was Ma Huateng of Tencent. Zhang Jin came into contact with stocks when he was in college, and after graduation, he borrowed 600,000 yuan with his family to speculate in stocks, and bought a lot of domestic housing stocks at that time, which were later listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, and Zhang Jin successfully earned the first bucket of gold. It can be said that Zhang Jin showed a business acumen and the courage to gamble and fight different from ordinary people at that time. At that time, the person who could lend his children 600,000 stocks was probably not an ordinary family, a good family background, and Zhang Jin had been working in the financial market for many years, making him have a deep understanding of finance and the economy, and accumulated a lot of financial resources.
After that, Zhang Jin went to the Hong Kong Polytechnic University to pursue a master's degree. The Asian financial crisis in 1997 woke up Zhang Jin, making him realize that the pure financial model is dangerous and needs to be supported by industry, with the outbreak of the financial crisis in 1997, the capital market bubble burst in large quantities, and Zhang Jin, who graduated with a master's degree, decided to leave the stock market. In 1997, at the age of 26, Zhang Jin set his sights on the real estate business, founded Meritus Group, the predecessor of Cedar Holdings, and took advantage of the opportunity of the Asian financial crisis that led to the bursting of China's first real estate bubble. Catching up with the golden age of China's real estate development, the commercial housing market ushered in development opportunities due to the cancellation of welfare housing and the implementation of mortgages, and Meritus Group also rose rapidly. Among them, the rotten tail building Huada Villa was revitalized into a "Jiangnan Shijia" villa area, which created a new era of pure villa area in Guangzhou. Zhang Jin also quickly became famous in the industry with this move. At present, the "Jiangnan Shijia" villa is nearly 60,000 / square meter, and the market price is nearly 20 million sets.
Catching up with the golden decade of real estate, Zhang Jin achieved the accumulation of wealth through real estate development, and in 2002, Zhang Jin entered the chemical trade industry with the huge wealth accumulated by real estate, and initially formed a situation of comprehensive development of real estate, commerce and venture capital. One of the most proud of them is that in 2002, it spent 90 million yuan to participate in the restructuring of Shenzhen Zhongkerong Venture Capital Consulting Co., Ltd., which is owned by Shenzhen State-owned Assets, and renamed it Shenzhen Zhongkerong Venture Capital Co., Ltd. (after restructuring in 2004, it was renamed "Shenzhen SME Venture Capital Co., Ltd." with the special approval of the Shenzhen Municipal Government, hereinafter referred to as "Small and Medium-sized Venture Capital"). At that time, the registered capital of small and medium-sized venture capital was 150 million yuan, Meritus Group spent 90 million yuan to account for about 60% of the equity, and the other two shareholders were Shenzhen Science and Technology Foundation and PZ International Holdings Co., Ltd., holding 6% and 34% of the shares respectively, and invested in a number of high-tech industrial companies. In 2003, the 32-year-old Zhang Jin debuted on the rich list, ranking 266th with 380 million yuan. It can be said that the scenery of Zhang Jin at that time was infinite.
Second, low-key stealth, a blockbuster
In the second half of 2008, based on the judgment of oversupply of real estate, Zhang Jin decided to turn again: shrink the general real estate business, lay out consumption, finance and other industries, and gradually form the seven major industrial sectors of Cedar Holdings. Since 2009, Meritus Group has not purchased a new piece of land, and the land developed is all in the past inventory.
After 8 years of new layout, Cedar Holdings' three major business segments have taken shape: the emerging service sector, including Renguan (property operation group and community ecological service platform "Great White Butler"), Car Steward (automotive industry chain integrated service platform "before and after the car" and "Hippo Cloud") and Cedar Cultural Tourism; public service sector, including general real estate, affordable housing and PPP model government services; financial sector, including the creation of a fully licensed financial group Cedar Finance and focus on supply chain finance "supply and communication cloud" As early as 2009, its subsidiary Cedar Financial participated in the restructuring of Guangzhou Rural Commercial Bank and is one of the major shareholders of Guangzhou Rural Commercial Bank and Bank of Guangzhou. “
In 2010, Cedar Holdings' revenue exceeded 10 billion yuan; in 2014, Cedar Holdings' revenue exceeded 33.8 billion yuan; in 2015, its revenue was 59.3 billion yuan, and its revenue rose steadily.
In 2016, Cedar Holdings suddenly became high-profile. First, it spent 4.8 billion yuan to acquire the listed company Qi Xiang Tengda, and then spent nearly 4.2 billion yuan to acquire another listed company, Xinur (now known as Cedar Development). In 2017, Cedar Holdings' assets reached US$20.7 billion and operating income reached US$32.7 billion, equivalent to about RMB 221 billion, and it was this 221 billion yuan of revenue that sent it into the world's top 500. It was also this year that Xiong'an New District was established! At that time, Zhang Jin's net worth also reached 62.5 billion yuan, which can really be described as "not sounding, a blockbuster".
Third, the supply of cloud to achieve a big leap forward in development
From 2015 to 2017, how did Cedar Holdings achieve a wealth leap?
The answer lies in the "supply and cloud supply chain". Cedar Holdings described Tongyun Supply Chain as" "one of The largest commodity market makers and intelligent supply chain leaders in China, with products covering non-ferrous metals, ferrous metals, coal, raw materials, petrochemicals, agricultural products and many other varieties, while laying out supply chain assets such as logistics, warehousing, and wharves, providing one-stop supply chain system services for thousands of enterprises upstream and downstream of the industrial chain." ”
In short, it is the "Alibaba" of the commodity world. Commodities are different from consumer goods, the unit price is extremely high, and they are all transactions between enterprises, with complex transaction processes, long decision-making processes and strong financial attributes. This is a simple information display platform, not enough to make customers dependent, need to have a complete one-stop service platform.
For example, each transaction of commodities involves tens of millions or even hundreds of millions of dollars, customers have extremely high requirements for capital security, similar to "Alipay" is difficult to solve mutual trust between the two sides, and even customers' trust in the platform is very limited, which requires the introduction of a banking system to solve the transaction credit.
Warehousing and logistics is a very important part of the mass commodity trading, if the platform will take over this link to a third party, it is difficult to ensure timely delivery, safety and overall cost, and it is difficult to have a good user experience, therefore, self-built expensive warehousing and logistics, become a necessary means for the platform to retain customers.
People with commodity procurement rights are often the top management of enterprises, this part of the people will not be easily attracted by online advertising, it is also difficult to be reached by the platform push team, the platform side if there is no deep network resources, it is difficult to contact them, the platform if there is no long-term deep cultivation in the field, it is difficult to understand their needs. Therefore, the routine of consumer goods platforms burning money to buy traffic is useless in the field of commodities, and circles, understanding and service capabilities are the way to win.
For example, the unit price of consumer goods is low, and the vast majority of consumers do not need loans to shop, but commodity transactions are almost impossible to leave financial support. Commodity financing methods are various, the cost is different, which platform can provide customers with the most convenient and lowest cost financing solutions, which platform can produce real stickiness. This requires the platform to have a deep understanding of finance and have a wide range of financial resources.
All of the above determine the high threshold for creating a commodity trading platform. B-end customers have no loyalty to speak of, each order speaks with practical interests, and the platform must invest heavily in service capabilities, not only to solve the transaction link, but also to solve all the problems of the entire supply chain with deep industry background, financial capabilities and resources.
Cedar Holdings was able to create Tongyun precisely because it had all the above conditions.
In addition, Cedar Holdings has accumulated 16 years of experience in the field of commodity trading, and these 16 years of circle, network and industry understanding are beyond the ability of others to surpass. In 2002, Cedar Holdings entered the field of commodity trading and established Supply Cloud. Cedar Holdings summarized the three transformations of The Cloud:
"Before 2008, Supply Tongyun was mainly engaged in the traditional trade of bulk commodities, when commodities belonged to the seller's market, and as long as supply and communication cloud got the goods, it could make money."
"In the second half of 2009, almost all of Tongyun's customers in the copper rod market adopted the point price trading model. With the help of this, The Cloud has broken through the simple peer-to-peer trade and begun to upgrade to commodity trading service providers. ”
"In 2015, Supply-Supply Cloud seized the opportunity of supply-side structural reform and expanded significantly in the South China market; then entered the East China and North China markets in a big way, and the scale was rapidly expanded. After the expansion of multiple categories and multiple markets, relying on the dividends of the Internet and information technology reform, Supplycom Cloud has also gradually completed the leap to a one-stop service provider in the bulk commodity supply chain. ”
The huge wealth accumulated by finance and real estate, rich financial experience and resources, and solid industry background, this is the foundation for Cedar Holdings to take off together. But even so, the advantages of supply cloud can only be concentrated in a few metal categories, in 2017, copper, zinc and aluminum together accounted for more than 80% of the total sales of supply cloud. This explains the threshold and operational difficulty of the commodity trading platform.
Tianshi also helped Gong Tongyun a lot. Cedar Holdings said, "It is precisely by virtue of the transformation at a critical moment that when commodity prices have dropped sharply and traders have been forced to withdraw from the market, Supply Tongyun has jumped up, filling the market gap left by other enterprises after the exit, and many upstream large smelters have come to the door to seek cooperation, and Supply Cloud has rapidly expanded its business scale." ”
Fourth, defeat the China River Trust
In 2019, Cedar Holdings spent 20 billion yuan to acquire 71.3% of the equity of "Tomorrow Series" China River Trust, which was later renamed Cedar International Trust, that is, the thunderstorm! After "China River Trust" was renamed "Cedar International Trust", Zhang Jin not only got a coveted trust license, but also jointly undertook the 8 billion yuan of overdue financial management left by China River Trust.
Three large-scale acquisitions, coupled with the 8 billion yuan of bad debts left by China River Trust, Cedar paid nearly 30 billion yuan for this.
Don't think that Cedar Holdings is the world's top 500 companies, and can easily come up with 30 billion.
In fact, although Cedar Holdings has a turnover of more than 260 billion yuan, its profits are extremely low.
From 2017 to 2019, Cedar Holdings' net profit was only $1.068 billion, $844 million and $122 million, respectively, declining year after year.
Cedar Holdings can't make the money for the acquisition, so where does the money come from?
Money did not fall from the sky, but borrowed.
Zhang Jin used almost all the financing channels that could be used, and the two A-share listed companies acquired were all pledged for financing.
The borrowed money must not only be repaid, but also pay high interest, which is the fundamental reason for the continuous decline in the net profit of Cedar Holdings.
Jiang Trust 8 billion thunderstorms, Cedar Holdings took over, two years, successfully turned into 20 billion thunderstorms, more funds overdue.
The original 2,710 investors have now become 8,000 investors, and more rich people have been pitted in.
In 2021, it is rumored that Guangzhou's local state-owned assets will take over the Cedar Trust, and the consideration is expected to exceed 10 billion, whether it is for the deeply troubled Cedar Trust, or the implicated Cedar Holdings, or the Guangzhou State-owned Assets that will soon become the owner, it can be said that each takes what it needs, killing three birds with one stone. But at present, the reality has punched Cedar Holdings hard, and although the trust license is scarce, it is not worth spending tens of billions of yuan on State-owned Assets in Guangzhou.
V. Afterword
All capital operations should be based on industry, this is the most reasonable quote of Boss Zhang, which shows the importance of industry in its mind, 20 years old with 600,000, rushed into the stock market, 26 years old with the help of real estate to achieve wealth accumulation, only 32 years old on the rich list, and then with the help of the supply chain to achieve the peak of life, it can be said that Boss Zhang's vision is unique, different from ordinary people's business acumen, from the very beginning of the stock market, to real estate, to the supply chain, each strategic turn is just in time, decisively established. It's just that whether Boss Zhang can dismantle the thunder trust this time is not yet known, we will wait and see.