2.31 million per capita! The mess of the "godfather of trust" has changed, and there is no pay myth in the financial circle
After the death of the chairman last year and the "disappearance" of the chairman's daughter, the news of the name change now also means that Anxin Trust, which once created the myth of salary in the financial circle, officially withdrew from the stage. What's going on here?
Text | Financial gossip female author: Deng Biluo Xiaowaist Zong
· · ·
I heard that the average annual salary of top investment banks dropped from 1.16 million in 2021 to 820,000 in 2022, although we are still envious, but they shouted "one night back to the pre-liberation period".
But in fact, it was neither the top investment bank "Three China and One China" nor the bank nor the insurance that created the salary myth in the financial circle.
After the death of the chairman last year and the "disappearance" of the chairman's daughter, the news of the name change now also means that Anxin Trust officially withdrew from the stage. What's going on here?
1.
/Renamed! There is no more Anxin Trust /
Back in the summer of 2017, the melon-eating artifact "No Secret" had not yet been removed.
A well-known brokerage's year-end bonus was delayed until June and still not paid, so an employee posted a poetic version of the article complaining about salary on Wusecret:
Some people even wrote a hidden poem, calling on the company to hurry up and send money:
What is the real self that comes when you recruit it? SenseTime's momentum is not easy to come by.
It is difficult to raise some of them, and money is a home.
I have been recruiting your company for several years, and I am less happy in business.
The hairline gradually receded and appeared snowy, and the money box was the most helpless in the early air.
······
The brokerage company is so sad, but the trust circle next door is stealing pleasure, not only did not delay the payment of money for half a year, but the amount was much higher than that of the brokerage.
The employees of Anxin Trust are the most beautiful, with an average annual salary of 2.31 million yuan in 2016.
In those years, the offer of Anxin Trust was a show-off capital in the financial circle.
But just a few days ago, ST Anxin issued an announcement that the company has changed its name to Jianyuan Trust.
Since then, there has been no Anxin Trust in China, and only the myth of its time has been left in the circle.
2.
/ From glory to fall, the man behind Anxin Trust /
From glory to fall, behind Anxin Trust is a "high-ranking person" operating, which is Gao Tianguo, the former actual controller of Anxin Trust.
Boss Gao's history is a legend, with the help of nobles at the beginning, and then with "witty" means, he played financial institutions around.
He joined the army at the age of 18 and went to the Seventh Engineering Bureau of Henan Central Construction to become deputy director, but he did not rest on his laurels and went to sea in 1992.
Boss Gao went straight to Hong Kong, registered the Hong Kong Chuangan Group Company, and registered "Hainan Shitong" in Hainan under the name of "Gao Feng", doing the most profitable business in Hainan at that time - speculating in houses and land.
At this time, Boss Gao's first nobleman appeared, he was Wu Qingwu, the first secretary of Cheng Weigao, the former governor of Hebei Province.
Legal documents show that in October 1992, Wu Qingwu had China Oriental Leasing Co., Ltd. borrow 10 million yuan from the Hebei Provincial Office (East Leasing Office) to Hainan Shitong through a relationship operation, and these funds were not repaid until the East Leasing and Hebei Office was abolished in 1994.
Of course, 10 million is not enough, and Boss Gao hitched a second nobleman: Yan Jianhong, a female corrupt official known as the "First Lady of Guizhou", who was a member of the Standing Committee of the Guizhou Provincial Committee of the Chinese People's Political Consultative Conference and chairman of Guizhou Trust.
Yan Jianhong's judgment shows that in December 1992, Yan Jianhong borrowed 20 million yuan from Gao Tianguo's Hainan Shitong through Guizhou Trust. After that, Yan Jianhong also lent a number of funds to Gao Tianguo with Guizhou Trust. Gao Tianguo and Hainan Shitong sent a lot of money to Yan Jianhong or his designated subordinates in the name of "guarantee fees" and "lump sum profits".
In the end, Wu Qingwu was given a suspended death sentence, but there was no report of execution, Yan Jianhong was directly sentenced to death, and what is more, she used the money she greedy for her life to let her son and daughter-in-law take abroad, and as a result, the daughter-in-law abandoned her son and remarried Xue Manzi with the money.
And Gao Tianguo, who did things for the nobles, was unscathed, and the first pot of gold was saved enough, and began to gallop into the business world.
He went to Zhengzhou to register "Hainan Dachang Industry" to take a stake in Zhengzhou Asia Group. Young people may not have heard the name "Zhengzhou Asia", but in the early 90s, this mall caused a sensation throughout the country, much more than today's SKP.
CCTV has shown advertisements: "Where is the trip to the Central Plains?" Zhengzhou Asia! ”
Not only did the building have momentum, but Asia also formed an honor guard with more than ten "Miss Asia".
First sent them to the Tiananmen National Flag Class in Beijing for "further study", and after returning, every morning in front of the main entrance of Asia Shopping Mall, they played the national anthem, raised the national flag, and then took all employees out of the exercise activities, which became a scene in Zhengzhou at that time and a sensation.
Henan Leasing, the former major shareholder, not only gave up 18% of the shares, but also gave Gao Tianguo a loan of 18.59 million yuan, without even needing a guarantee, and these two funds have not been repaid for 10 years.
Finally, Zhengzhou Asia was forced to close its doors due to poor management and problems such as this payment, which caused shareholder conflicts.
When Asia and Gao Tianguo went to court, the scene was very magical, Zhang Chunjing, the deputy general manager of Henan Leasing, who previously led the transaction, had already become the chairman of Gao Tianguo's company, and responded to the lawsuit on behalf of the defendant company, explaining why he wanted to lend money to Gao Tianguo that year.
Asia has not yet finished processing, Gao Tianguo started the Tongcun Department Store again, not only eating equity, but also inventing a new way to make money: dealing with "non-performing assets".
How does it work?
In 1996, Hong Kong Chuangan Group (registered in the early years of Gao Tianguo) invested 18 million yuan to buy the 1-5 floors of Kunming Meiya Building as the business site of Kunming Qicun Department Store.
After several years of operation, Kunming Qicun Department Store owed a number of loans to financial institutions such as Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China and Yunnan International Trust Co., Ltd., with a total amount of more than 304 million yuan. The collateral for these loans is the property of Meiya Building, which was taken away after the money was not paid, which is equivalent to exchanging 18 million for 304 million, which is cost-effective.
This is not over, the 300 million yuan of loans of financial institutions have become non-performing assets, and they have to be stripped out and auctioned, and how much can be sold. Boss Gao is here again, around 2005, the kingdom controlled by Gao Tianguo is a little bit west, spending 76.1 million to buy back these 300 million debts and mortgaged properties!
As soon as it enters and exits, the more than 200 million of these institutions are gone.
To summarize the pattern:
Buy a house at a low price - take the building as a mortgage - do not pay back the bank to take the property - the bank auctions, buy it back at a low price.
After all, the company is a limited company, and they will not find someone to pursue it, and Boss Gao really exploits the loophole.
On this routine, he did the same in Shanghai, using the 2-3 floors and 6-7 floors of the building where Shanghai Holiday Department Store is located, mortgaged and lent 268 million yuan, which became a non-performing asset, and the house was auctioned out for 117 million, and the buyer is still the master of the high heavenly kingdom.
Although Boss Gao's hand-to-hand move is very profitable, the time period is still too long, and he is still not satisfied, so he has his eyes on the financial industry.
3.
/ After entering finance,
The pay myth emerged at that peak /
The company that Gao Tianguo sees is called Anshan Trust.
At its peak, there were more than 620 trust companies in China, and now there are only 67 licensed trust institutions (the original 68, Xinhua Trust went bankrupt a few days ago).
The reason is that the business of trust is risky, and many projects are to help banks do off-balance sheet business, which is strongly related to the credit cycle, making wild profits in good times and ending when they are bad.
In 2002, Boss Gao used Guozhijie Company to buy 20% of the equity of Anshan Trust with 172 million yuan, becoming the largest shareholder, and in 2004 changed its name to Anxin Trust and moved to Shanghai.
Since 2012, the environment has become better and better, interest rate cuts and water release, credit is loose, trust has gone through a five-year rise cycle, by the end of 2017, 68 trust companies with an asset management scale of more than 26 trillion yuan, what a concept, much more than securities, insurance, only worse than banks.
Anxin Trust embarked on the fast track with a high growth rate for five consecutive years.
▲Data source: Oriental Wealth Choice
However, the general environment is good, and the performance and salary growth rate of Anxin Trust are much stronger than those of its peers, what is the reason?
The mystery accounts for a proportion of its business type.
Trusts earn money by two hands:
First, the inherent business is to use one's own money to issue loans for investment;
Second, trust business, divided into two types, one is called passive management, channel business, can only collect a sum of tolls, the rate of return is between 0.1%-0.35%, can not earn much. The other is active management, the work is more risky, from the planning and control of the project are their own, but earn more, the rate of return is as high as 1.5%.
In 2017, Anxin Trust's asset management scale was 232.6 billion yuan, 68% of which was active management, reaching a record high, and the main investment direction was real estate and some industries.
▲Note that the time in the figure is in reverse order
The industry is very optimistic, from 2014 to 2017, buy-side analysts issued 63 research reports, a praise, saying that Anxin is "the most profitable trust company", "cash cow" and "dark horse of the trust industry", highly recommended.
Therefore, from 2013 to 2017, Anxin's stock price also rose nearly 10 times.
The salary myth came out at that peak, not only the per capita salary reached 2.31 million, but the executives also received tens of millions of annual salaries:
Chairman Wang Shaoqin, whose annual salary was 129,000 in 2012 and rose to 5.13 million in 2018;
President Yang Xiaobo, with an annual salary of 157,100 in 2012 and more than 10 million in 2018;
Vice President Liang Deqing, whose annual salary was 110,300 in 2012 and reached 6.886 million in 2018;
Yang Xiaobo's salary in 2018 hit a new high, winning 10.988 million, and the personal income tax paid was enough for a two-color ball jackpot.
In the past six years, the three people received a total salary of 82.1127 million yuan.
4.
/ Myths busted after thunderstorms:
Chairman dies, daughter "loses contact" /
However, in the good years, with the release of new regulations on deleveraging and asset management, the real estate downturn, and several heavy punches down, real estate developers began to shout "live", and Anxin Trust also ushered in the first blow.
Since the beginning of 2018, Anxin Trust's operating income has fallen off a cliff, from 5.6 billion yuan to 205 million yuan, and there has been no improvement in the following years. The net profit is even more impossible to see, from 2018 to 2020 -1.834 billion, -3.994 billion and -6.739 billion, respectively, more than 10 billion losses, pants are lost.
However, in this thunderous year, the executives of Anxin Trust are still raising their salaries across the board:
Gao Chao, the vice chairman in the table, is the only daughter of Gao Tianguo, who worked for Ernst & Young in the 80s and then joined Anxin Trust.
She doesn't pay much attention to her own company, "I drive a Porsche to work and I don't get involved in much management." "In 2017, among the 13 meetings of the board of directors of Essence Trust, Gao Chao was absent as many as 7 times, but the money was not missing.
After the lightning explosion, those executives who received millions of annual salaries quickly patted their butts and left, dissociating themselves from Anxin Trust:
Soon, several projects of Anxin Trust were overdue, and lawsuits were received one after another, especially the projects signed in the crazy expansion stage, there were many drawer agreements behind them, some were the bottom of Anxin Trust, and some were the major shareholder Guozhijie.
But the regulations also came in time, and on November 14, 2019, the Supreme People's Court officially issued the Minutes of the National Court Civil and Commercial Adjudication Work Conference (Fa [2019] No. 254). Article 92 of Part VII, "On the Trial of Business Trust Dispute Cases", clearly states that "the guarantee or just redemption clause is invalid".
As a result, in 2020, Anxin Trust became the "leading big brother" - the first trust company to break the rigid exchange.
In December 2020, the final judgment of Hunan High-Speed Group Finance Co., Ltd. v. Anxin Trust Business Trust Dispute was released, and the Hunan Provincial High Court found that Anxin Trust's back-up letter was invalid.
As a result of the judgment, the plaintiff not only temporarily received 400 million yuan, but also had to bear more than 5 million yuan in the first and second instance acceptance fees, while Anxin Trust only had to pay more than 9,000 yuan in acceptance fees, 490,000 yuan in lawyer agency fees, 30,000 yuan in lawyer consultation fees and 45,115 yuan in travel expenses.
When the judgment comes out, future lawsuits will also refer to this precedent, and the circle will immediately fry the pan.
In addition to the payment problem, the investment business of Anxin Trust has also frequently stepped on the thunder:
The first thunder is Inji Media. In January 2018, Anxin Trust spent 1.361 billion yuan to buy 100 million shares from the boss Xiao of Yinji Media, and four days after the agreement was signed, Yinji Media suspended trading, and after resuming trading, it ate 7 consecutive drop stops, and quickly delisted, and the money was lost.
The second ray is the debt of Zhonghong shares. Anxin Trust had a debt of 550 million yuan from the shareholders of Zhonghong Shares, and the collateral was the shares of Zhonghong Shares, however, a few days before the debt matured, Zhonghong Shares was terminated from listing, and the money was not repaid, and it was included in the impairment provision.
In addition, more than ten stocks such as Meijin Energy, Hongda Shares, and Haitong Securities held by Essence Trust all lost money.
Just this risk control, and give such a high salary, is also drunk.
Fortunately, the supervision did not let them go, and in response to various illegal operations before Anxin Trust, those executives who left with high salaries were punished one by one:
The company was also fined: On April 3, 2020, the Shanghai Banking and Insurance Regulatory Bureau disclosed that after investigation, Anxin Trust had a number of violations in the trust business, and required Anxin Trust to order corrections and impose a total fine of 14 million yuan.
Don't let this amount be small, this is the largest fine in the history of the trust industry.
In June 2020, Gao Tianguo was detained by the Shanghai Municipal Public Security Bureau on suspicion of illegally issuing loans, and was released on medical parole.
On April 5, 2022, Anxin Trust announced that Gao Tianguo died of illness on April 4.
Soon, Anxin Trust found that Gao Tianguo's daughter Gao Chao was also missing, and the first page of the semi-annual report emphasized:
In this way, no one can solve the mess of Anxin Trust, and finally the state-owned capital paid for it.
On April 12 this year, the Shanghai Banking and Insurance Regulatory Bureau disclosed that Anxin Trust's capital increase to 9.8 billion yuan was approved. According to the approved non-public offering plan, Anxin Trust issued shares to Shanghai Essence Investment Management Co., Ltd. non-publicly, and after the completion of the capital increase, Shanghai Essence Investment Management Co., Ltd. will hold 50.30% of the shares, and will become the largest shareholder of Essence Trust.
The management has also changed smoothly, the chairman of Anxin Trust is Qin Yi, the head of Shanghai Electric Finance Company, and the general manager is Zeng Xu, a former star analyst.
There are about 4,200 natural person investors in Anxin Trust, and most of them have accepted the discount payment plan, but more than 200 natural person investors have not signed up. On May 12, those who signed the contract received the first batch of "discounted payment".
On the first working day after the official name change, Jianyuan Trust immediately contacted the investors who had not signed the share transfer agreement to find out whether they could accept the discount payment now.
The new company is called "Jianyuan", which means the beginning of the annual calendar, and everything seems to enter a new track.
Resources:
"Anxin Trust stepped on the thunder annual executive salary increase, the original president has an annual salary of 10.99 million and retired dashingly", China Economic Network
"Anxin Trust Capital Increase Approved, 7 Companies Obtained Capital Increase Permits in the Past One Year The registered capital of Minmetals, Ping An, CITIC Trust and other registered capital exceeds 10 billion", Cai Lian News
"Publicly condemned! The details of Anxin Trust's violation were exposed, and it was all blamed on the Kingdom of High Heaven! , Caitong