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Once upon a time, Lu Zhiqiang, chairman of Oceanwide Holdings, sought the wind and the wind, and asked for the rain.
As the mainstay of domestic entrepreneurs, Lu Zhiqiang once served as the chairman of Guangcai Business Investment Group Co., Ltd., the secretary, chairman and president of China Oceanwide Holdings Co., Ltd., the vice chairman of China Minsheng Bank, the vice chairman of Minsheng Life Insurance Company, the chairman of China Minsheng Trust Co., Ltd., the director of Haitong Securities Co., Ltd., and the director of Fudan University.
However, a few days ago, Lu Zhiqiang, chairman of Oceanwide Group, was forced to exceed the execution of 4.9 billion yuan, the subject of enforcement was 4.999 billion yuan, the case number was (2021) Jing 02 Zhi 855, and the enforcement court was the Beijing Second Intermediate People's Court.
In fact, Lu Zhiqiang, chairman of Oceanwide Holdings, is not the first time that he has been listed as an executor, as early as April 2021, Oceanwide Holdings was listed as an executor by the Wuhan Intermediate People's Court, and the subject of enforcement was 1.3 billion yuan.
In 2009, the Hurun Research Institute released the "2009 Hurun Rich List", and Lu Zhiqiang ranked fifth in the Hurun Rich List with a wealth of 30 billion yuan, along with Huang Wei and Li Ping.
However, in 2020, the founder of the Oceanwide System did not have the opportunity to be listed on the Hurun Wealth List.
The ranking of the Hurun wealth list reflects from the side that the ocean-wide system is going downhill.
<h2>The reef behind the fall</h2>
Looking back at the history of Oceanwide Holdings' share price, Oceanwide Holdings turned into a downward trend after reaching its peak in 2015, and after 2016, the stock price took a sharp turn for a long time and experienced a five-year decline.
As of July 11, the share price of Oceanwide Holdings has fallen from 19.49 yuan to 2.18 yuan, a decline of 89%.
Judging from the decline of A-share listed companies, the decline of Oceanwide Holdings is definitely one of the companies with the largest decline in the industry.
The reason for the decline in the share price of Oceanwide Holdings has long been revealed in the financial reports of listed companies.
From 2012 to 2016, the operating income of Oceanwide Holdings rose from 4.445 billion yuan to 24.671 billion yuan, and the turnover income increased by 5.6 times, and the increase in operating income made the share price of Oceanwide Holdings have a rise for up to 4 years.
However, the growth of Oceanwide Holdings in revenue has not been implemented in the net profit, according to the non-net profit of Oceanwide Holdings from 2012 to 2016, which rose from 771 million yuan to 1.889 billion yuan, deducting non-net profit by 2.4 times.
The growth of operating income and deduction of non-net profit is not proportional, laying a dark mine for the huge Oceanwide Holdings.
In fact, the reason behind the rapid rise in oceanwide holdings revenue in that year should be from high leverage.
In the balance sheet of Oceanwide Holdings, the illiquid liabilities in 2012 were 14.746 billion yuan, and in 2016, the illiquid liabilities reached 88.821 billion yuan, an increase of 6 times.
And the increase in liabilities and revenue is about the same, while the net profit is only half of the increase in revenue and liabilities of Oceanwide Holdings.
2020 was the darkest hour for Oceanwide Holdings, when the thunder that had been buried in 2012 finally exploded.
Since 2016, Oceanwide Holdings has been in full decline, and in 2020, the net profit of Oceanwide Holdings reached negative for the first time, and the net profit reached -4.497 billion, a decline of more than 500%.
From the chart, Oceanwide Group's debt road reached the peak of financing in 2015 from 2012, but in 2016, the capital chain of Oceanwide Holdings began to have problems, and in 2020, Oceanwide Holdings had a major financial crisis.
For the loss in 2020, Oceanwide Group said in the financial report: Oceanwide Holdings said that it was affected by many factors, including an impairment provision for U.S. real estate projects, Indonesian power plants and related goodwill, the settlement income of the Wuhan Central Business District project did not meet expectations, and the Minsheng Trust made an impairment charge for individual risk projects.
Oceanwide Holdings' U.S. subsidiary, Named Oceanwide International, is a wholly-owned subsidiary of Oceanwide Holdings, which sold the San Francisco land project to Hony Investment in 2020, and Oceanwide International held related overseas assets located on First Street and Mission Street in San Francisco, USA, with a total transaction amount of US$1.2 billion (about 8.508 billion yuan).
In addition to the sell-off of foreign real estate by Oceanwide Holdings, the assets of the wuhan business district in China have also been sold by Oceanwide Holdings.
On January 5, Oceanwide Holdings announced that Wuhan Central Business District Co., Ltd., a subsidiary of the company, intends to sell the land plot in Wuhan Central Business District for 3.066 billion yuan.
What is more embarrassing is that soon after, there was an announcement in the announcement of Oceanwide Holdings about the wuhan business district being seized by the Wuhan Intermediate People's Court due to difficulties in repaying debts.
<h2>Funding "giant pit"</h2>
In 2020, the debt of Oceanwide Holdings exploded, not only Oceanwide Holdings, but also the entire Oceanwide Department was affected to varying degrees.
In fact, before the thunderstorm, the Oceanwide Department had many doubts and pointed out that Minsheng Trust and Minsheng Wealth belonged to Oceanwide Holdings, so how did these two companies do their due diligence in mutual financing?
Such fears are justified.
Odd-even found in Tianyancha that Oceanwide Holdings has repeatedly pledged its shares 133 times, many of which have reached the liquidation line.
In the pledge report, China Oceanwide Holding Group Co., Ltd., a large number of pledges are in their own Minsheng Securities and Haitong Securities.
In August this year, the Beijing No. 2 Intermediate People's Court will conduct a public auction of 6 Minsheng Bank shares totaling 388.8 million A shares on the Alibaba auction platform, with a total starting price of 1.368576 million yuan.
According to the Tianyancha App, the company has been frozen by the court for many times, and the amount of frozen equity is hundreds of millions of yuan, and there are many final cases and legal proceedings, and the total amount currently enforced by the Beijing No. 2 Intermediate People's Court exceeds 8.9 billion yuan.
As a large and large financial institution in China, Oceanwide Holdings has well-known subsidiaries, such as Minsheng Trust Co., Ltd., Minsheng Securities Co., Ltd., Asia-Pacific Property and Casualty Insurance Co., Ltd., Minsheng Futures Co., Ltd., Minsheng Insurance Brokerage Co., Ltd., Beijing Minsheng Pawnshop Co., Ltd., and Minsheng Wealth Investment Management Co., Ltd.;
However, with the financial financing of Oceanwide Holdings, the Minsheng Company under Oceanwide Holdings has also appeared in Waterloo, and the Minsheng Trust has also been called the "Pit King" by industry insiders.
At the beginning of last year, Minsheng Trust urgently requested the Beijing Third Intermediate Court to apply for compulsory enforcement of the 2.68 billion yuan trust loan of Xinhualian that had not yet matured, but Xinhualian was unable to repay the loan due to the debt crisis.
In June 2020, the 8 billion yuan fake gold incident of Wuhan Jinhuang Jewelry broke out, and a number of trust companies such as Minsheng Trust, Dongguan Trust, and Anxin Trust were involved, and the financing scale provided by Minsheng Trust reached 4 billion yuan.
At the end of July 2020, an internal email from Oceanwide Group, titled "Special Report on the Disposal of Portfolio Investment Assets," which was supposed to be from Oceanwide Group, seemed to point to this as well.
The report shows that the Minsheng Wealth Capital Pool is one of the largest private capital pools in the current market, and measures must be taken to resolve it, otherwise the actual controller will bear legal responsibility.
In addition, the scale of minsheng wealth fund is required to fall below 14 billion yuan by the end of 2020, to less than 6 billion yuan in June 2021, and to be liquidated in 2021.
In the last three months of 2020, a number of trust projects of Minsheng Trust were postponed, including Zhixin No. 516 Securities Investment Collective Fund Trust Plan, Zhixin No. 681 CIMC Vehicle IPO Investment Collective Fund Trust Plan, and Zhixin No. 828 Platinum First Commercial Real Estate Collective Fund Trust Plan.
The report also said that according to incomplete statistics, the amount of litigation disputes or initiated by Minsheng Trust as the plaintiff reached 15.6328 billion yuan.
In 2021, the thunderstorm of China Oceanwide Holdings' minsheng financial products intensified.
On the evening of January 5, 2021, Oceanwide Holdings announced that Wuhan Central Business District Co., Ltd., a holding subsidiary of the Company, intends to sell to Wuhan Ruikun Real Estate Development Co., Ltd. (the buyer) the right to use the state-owned construction land of the wuhan central business district real estate title certificate number "E (2019) Wuhan Jianghan Real Estate Property No. 0008198" parcel, showing that the above plot is located in Jianghan District, Wuhan City, which is a commercial service, residential, public facilities and public building. The land use right covers an area of 83,700 square meters.
The total price of the transfer of the land is 3.066 billion yuan, and the takeover party is Greentown, and after preliminary calculations, the transaction is expected to generate an asset disposal income of about 1.251 billion yuan.
At the end of January this year, minsheng wealth zunyi no. 9 investment fund was overdue again, and minsheng wealth also said that "half a year of postponement, oceanwide international is disposing of assets."
But crazy investors do not buy it, in 2019, the overdue pressure of minsheng wealth was about 24 billion, and although it was reduced to 17 billion at the end of 2020, it did not meet expectations.
In June this year, crazy investors directly rushed into the Nanjing branch of Minsheng Wealth, and Minsheng Wealth, whose assets were overdue again, began to smash and vent madly.
In the face of the overdue incident of 24 billion yuan of minsheng wealth, the founder of Oceanwide Holdings had to stand up and calm the storm.
Recently, Lu Zhiqiang, chairman of Oceanwide Holdings, issued an apology announcement for Minsheng Wealth and Minsheng Trust.
Lu Zhiqiang mentioned in the "Letter to Investors" that due to the problem of overdue repayment of corporate financing, Minsheng Wealth is accelerating the introduction of war investment, and plans to complete the payment at three nodes in July, October and December 2021.
<h2>The gathering and dispersion of the Tarzan Society</h2>
The reasons behind the frequent problems of giant ships that have been sailing for 33 years in the Ocean Ocean are also thought-provoking.
Lu Zhiqiang, the helmsman of the Oceanwide Department, is a member of the Taishan Club, the top rich club in China.
According to public information, Taishan will have 16 members, namely Lenovo Liu Chuanzhi, Sitong Duan Yongji, Wantong Feng Lun, Fanhai Lu Zhiqiang, Fosun Guo Guangchang, Broad Zhang Yue, Xinyuan Holdings Lin Rongqiang, Giant Shi Yuzhu, Baidu Li Yanhong, BBK Duan Yongping, Kehai Chen Qingzhen, Kerui Zheng Yuewen, Star Wang Yuansi, Hengdian Group Xu Wenrong, Heguang Business Wu Li, Huayi Brothers Wang Zhongjun.
However, the members of the Tarzan Society are not fixed.
In October 1993, Duan Yongji initiated a proposal to establish a platform for entrepreneurs with assets of more than 100 million yuan to communicate and develop the living environment of private enterprises.
Tarzan will set sail.
The first batch of members of the Taishan Association has a total of 15 enterprise leaders, and its members have not changed much, and the number has remained within 20 people for many years.
The internal operating mechanism of Taishan has not been known to the outside world, but the operation mode of Zhejiang Chamber of Commerce and Jinshang has been made public on the Internet.
The Zhejiang Chamber of Commerce is a small circle of mutual aid resources, and those who join the circle of the Zhejiang Chamber of Commerce in the introduction can get more contacts.
It is reported that Taishan will, as a high-end domestic chamber of commerce, in addition to getting more contacts, can also help member companies integrate resources, exchange industry information, judge market trends and get life-saving assistance in times of crisis.
Many times, it is a glory.
For example, after Experiencing a Debt Crisis, In November 2015, Century Cruises resumed trading, ushering in 20 consecutive boards, and Shi Yuzhu's net worth soared by 28 billion.
When Shi Yuzhu borrowed Century Cruises, Century Cruises purchased the equity of all shareholders of Giant Network by issuing shares, and released specific investor supporting funds to The Minsheng Bank of the Oceanwide Department.
From a historical point of view, when Shi Yuzhu's giant network collapsed, it was the relationship between the Taishan Society, and the Oceanwide Department pulled Shi Yuzhu, and the giant network was pulled back from the edge of debt settlement.
However, with the development of the times and society, the Taishan Society is no longer the Taishan Society of the year.
And these big guys of the Taishan Society, in recent years, seem to have a little bad life.
On July 12, Shi Yuzhu was forced to abandon the five-year-old gambling giant Playtika. Previously, Shi Yuzhu had always wanted to merge Playtika through the A-share listed giant network he controlled, and let the tens of billions of funds bundled in Taishan friends unwind as soon as possible.
This defeat is already the fourth time that Shi Yuzhu has failed to inject assets.
In the past few years, he has planned three times to load the overseas game asset Playtika into the Giant Network, but all of them have failed. A month ago, Giant Investment again wanted to "save the country" by way of a stock grant, and the result was once again folded.
Earlier, in order to acquire Playtika, Shi Yuzhu joined forces with Liu Chuanzhi's Hony Investment, Lu Zhiqiang's Oceanwide Capital and other institutions to form a consortium, spending 30.5 billion yuan to win it.
The reason why Shi Yuzhu was so anxious to put Playtika into the Giant Network was that when he first formed a consortium to acquire Playtika, the big brothers who bundled a vote of Tarzan would come in.
As a result, the four capital injections failed, and the dream of the Taishan brothers to unwind the assets and even increase the investment value was basically shattered.
Giant Network's stock price has also been falling from a high of 77.41 yuan to 12.36 yuan today, plummeting 84.03%
In addition to Shi Yuzhu, the Huayi brothers of the Wang brothers are also in turmoil.
After experiencing yin-yang contracts and the fierce storm in the film and television circles in the past few years, Huayi Brothers was seriously injured. Although after the robbery, he luckily escaped delisting, but there are still frequent financial problems.
In May 2021, Huayi Brothers announced that according to the actual situation and actual needs of the company's development, the company submitted the "Application of Huayi Brothers Media Co., Ltd. for Issuing Shares to Specific Targets and Suspending the Review of Listing on the Growth Enterprise Market" to the Shenzhen Stock Exchange on May 11, 2021, and received a reply from the Shenzhen Stock Exchange agreeing to suspend the review on May 11, 2021.
This means that the Huayi Brothers blood replenishment process is terminated.
Just a day before the announcement, the Huayi brothers and Huayi Brothers (Tianjin) Investment Co., Ltd. were exposed to be forced to 300 million yuan.
In addition, Fu Jun of Xinhualian and Guo Guangchang of Fosun were once deeply suspected of funds. At the end of June, Fu Jun was even reduced to the point where the court auctioned off the 126 million shares of Changsha Bank held by Xinhualian.
There are problems in the capital chain of the capital spectrum controlled by many core members of the Taishan Society, and the Taishan Society itself has already reached the twilight of the Western Mountains.
In January this year, after the Taishan Association continued to operate for 27 years, it completed the relevant registration procedures for the Cancellation of the Taishan Association with the relevant departments, and the regal chamber of commerce that had been operating for 27 years collapsed.
There are some "one loss and one loss", "tree upside down and scattered" posture.
<h2>Write at the end</h2>
Lu Zhiqiang, the former controller of Oceanwide Group, as the first person in the Chinese mainland capital control list, controlled assets of up to 260 billion yuan.
But even if the strongest giant ship has been driving at great speed in the most dangerous seas, there will be times when the shelves will sink.
The Oceanwide System uses the leverage effect to rapidly expand its capital, moving forward in the market, and at the same time, with the help and integration of a group of Taishan brothers, it is almost rapidly expanding and winning every battle.
However, when the country squeezes the financial and physical bubbles more and more intensely, the basis for Oceanwide to quickly obtain resources, quickly harvest assets, and sell arbitrage in the capital market has undergone fundamental changes. The success of Lu Zhiqiang's expansion has also been shown to be completely ineffective in the current socio-economic environment.
The leverage operation of the Oceanwide system is like a gambler who is about to burst his position in futures, desperately selling assets for a return, but once the leverage enters the opposite direction of himself, no one can know the next outcome.
I just hope that Lu Zhiqiang's ocean-pan system will end at this time, and it is not too late. (This article was first published on the Titanium Media APP)