On September 15, an announcement by the Shanghai No. 1 Intermediate People's Court showed that Meijin Energy Group Co., Ltd., the family of Shanxi's richest man, Yao Junliang, applied through the court to enforce a reward to find the executor who was jointly and severally liable for the company's debts, Li Zhaohui, the former richest man in Shanxi.
According to the reward announcement, whistleblowers can receive up to 21 million yuan in bounties.
One of the executors of the announcement, Li Zhaohui, is the former chairman of Shanxi Haixin Group, who was born in 1981 and was the youngest richest man in Shanxi Province, but now he owes huge debts and his whereabouts are unknown.
Li Zhaohui
<h1 class="pgc-h-arrow-right" data-track="9" > up to more than 21 million yuan! </h1>
<h1 class="pgc-h-arrow-right" data-track="10" > the reward for the controlling shareholders of Meijin Energy</h1>
According to the announcement, in the case of the dispute between Meijin Energy Group Co., Ltd. and Shanghai Haibo Xinhui International Trade Co., Ltd. and Li Zhaohui in the case of the right of recourse between Shanghai First Intermediate People's Court, Shanghai Haibo Xinhui International Trade Co., Ltd. should pay Meijin Energy RMB216 million and interest, and Li Zhaohui will bear a quarter of the outstanding part of the above payment obligations.
Because the person subject to enforcement has not yet performed the obligations set forth in the effective legal documents, in order to effectively safeguard the legitimate rights and interests of the right holder, according to the application of the applicant for enforcement, Meijin Energy Group Co., Ltd., in accordance with relevant laws and regulations, the court publicly issued an enforcement reward announcement to the public.
The bounty period is one year from 10 September 2021 to 9 September 2022.
The execution of lead conditions and bonuses are as follows:
1. The whistleblower provides the whereabouts of Li Zhaohui and successfully finds Li Zhaohui, and Meijin Energy Group Co., Ltd. promises to reward the whistleblower with a reward of RMB 100,000, and the reward amount is paid to the whistleblower within three working days from the date of finding Li Zhaohui.
2. The informant provides a true and valid clue about the property under the name of the person subject to enforcement that the court has not yet grasped, and once it is found to be true, has the conditions for enforcement and the actual enforcement is in place, Meijin Energy Group Co., Ltd. undertakes to reward 10% of the actual amount of execution in place.
Where two or more informants report the same clue, the bounty bonus is obtained by the party who reports first; where the joint report is made, the joint party shall jointly obtain and distribute it by itself. Where the agent of the person applying for enforcement, the person who is obligated to provide clues to the judgment debtor's property, the staff of the people's court and his close relatives, or other circumstances where a reward bonus should not be issued, the reward bonus must not be received.
In other words, if the whistleblower is successfully provided with a tip-off clue and helps the court to execute all the funds involved in the case, the whistleblower can get a reward of up to 21.62 million yuan.
At the same time, the Shanghai First Intermediate People's Court said that the identity of the person providing the property clue and the relevant circumstances of the clue provided by him shall be kept confidential, except that the applicant for execution needs to be informed in order to issue the reward bonus.
It is worth noting that the applicant executor Meijin Energy Group Co., Ltd. (hereinafter referred to as "Meijin Group") is a listed company Meijin Energy (000723. SZ), the controlling shareholder, ranked 413th in the "2020 China Top 500 Private Enterprises List" released by the All-China Federation of Industry and Commerce in September 2020. According to public information, meijin energy currently has a total market value of 55.6 billion yuan, and Meijin Group's latest shareholding is 2.027 billion shares, accounting for 47.48% of the total share capital.
<h1 class="pgc-h-arrow-right" data-track="35" > once the richest man in Shanxi faded out of the public eye</h1>
According to the information of the executor released by the court, it can be determined that Li Zhaohui is the former richest man in Shanxi and the chairman of Haixin Group, born in 1981. Haixin Group was once the largest private enterprise in Shanxi and the second largest steel enterprise in Shanxi after TISCO Group.
Shanghai Haibo Xinhui International Trade Co., Ltd. (hereinafter referred to as "Haibo Xinhui") is also associated with Li Zhaohui. According to previous public reports, Li Zhaoxia, chairman of Haibo Xinhui Company, is the sister of Li Zhaohui, and the company's legal representative Zhang Yamin was once the director of the office of Haixin Group.
Li Zhaohui, born in 1981, may have been one of the happiest "little young" people in Shanxi Province. In 2008, he became the richest man in Shanxi with a net worth of 12.5 billion yuan; in 2010, Li Zhaohui ranked 85th in Hurun With a wealth of 10 billion yuan; in 2012, he ranked 3rd in the list of young and strong people with a wealth of 12 billion yuan.
At a young age, he served as the chairman of a local pillar enterprise, proud of the province with tens of billions of wealth, and high-profile marriage to actress Che Xiaochuan as a good story, all of which happened in Li Zhaohui's 20s. However, just like his success, his failure also caused a sensation, and after waving goodbye to the heroism of the teenager, the bankruptcy of the enterprise and the breakdown of the marriage followed.
The turning point of all this also returns to the bankruptcy of Haixin Iron and Steel Group (hereinafter referred to as "Haixin Group"), which caused a sensation in the country in 2014.
"China News Weekly" reported that as the largest private enterprise in Shanxi Province, when Li Zhaohui's father Li Haicang was at the helm of Haixin Group, the group's total assets reached 4.036 billion yuan, becoming a local pillar enterprise. But just before the Lunar New Year in 2003, Li Haicang was suddenly shot dead in his office. Under the auspices of his grandfather, Li Zhaohui, who was only 22 years old, became the chairman of Haixin Group in a "yellow robe", and the youngest richest man in Shanxi became the young man's new title. According to the 2008 Hurun China Rich List, Li Zhaohui topped Shanxi's richest man with assets of 12.5 billion yuan that year.
The public is more familiar with the expensive wedding of Li Zhaohui and female star Che Xiao in 2010, and in the news photo reports at the time, the wedding scene was surrounded by stars, and the wedding car reached hundreds of cars, which looked very lively.
However, Haixin Group, which grew up with Li Zhaohui, did not become firmly rooted, and under the action of multiple factors, together with other enterprises of the "Haixin Family", it went bankrupt.
According to a report by WeChat at the end of 2017, when the collapsed enterprise intended to make a comeback, Li Zhaohui slowly faded out of the public eye, but at this time, the news came out again - because of a overdue 216 million yuan of debt, Li Zhao, who was jointly and severally liable, would be restricted from leaving the country. What is even more lamentable is that the court's enforcement ruling shows that he once had no property to enforce under his name, which was once worth tens of billions.
News extension
<h1 class="pgc-h-arrow-right" data-track="58" > from tens of billions to debt</h1>
<h1 class="pgc-h-arrow-right" data-track="59" > what happened to Li Zhao, the richest man in Shanxi in the past? </h1>
Li Zhaohui, a 22-year-old li Zhaohui who inherited the tens of billions of family property of Shanxi Haixin, was famous for making billions of dollars at the age of 26 because of the heavy warehouse minsheng bank, and was once considered one of the representative figures of the "second generation of the rich" who successfully succeeded, and was the youngest richest man and the first billionaire in Shanxi.
However, Li Zhaohui's Haixin went bankrupt in 2015, and he himself was involved in a dispute over the right of recourse involving a total of 216 million yuan, and was listed as a dishonest person and restricted from leaving the country. What was it that made this former "proud son of heaven" fall here? How did Shanxi Haixin go to a ruined situation?
The Taiyuan Intermediate Court announced a list of 200 "Lao Lai" on the 6th, and Li Zhaohui, the former richest man in Shanxi, was listed among them
New officials take office
Work hard to produce results
In January 2003, Li Zhaohui took over Haixin Iron and Steel Group from his father Li Haicang as the chairman and general manager of the group. In the early days of the succession, Li Zhaohui was like a new person, changing the habit of greedy play in the past and devoting himself to his work.
According to a director of Haixin Steel, Li Zhaohui learned the knowledge of the steel industry desperately after taking office, and quickly understood the internal operations of the enterprise, and understood the role of the "chairman" with great insight: 30% of the time was considered from the perspective of the decision-maker, and the remaining 70% of the time was spent dealing with friends and dealing with some trivial matters.
Li Zhaohui's first year in office coincided with the SARS epidemic, high coal prices, limited electricity consumption, and tight transportation. In order to solve these problems, he was in a state of continuous rotation for several months, traveling frequently and deploying endlessly when he returned.
In 2003, the total asset value of Haixin Iron and Steel reached more than 5 billion yuan, and the profit tax paid exceeded 1 billion yuan, which was the fastest and best year in history.
In 2004, the total asset value of Haixin Steel reached more than 7 billion yuan, paid profits and taxes of 1.2 billion yuan, and became the "first large taxpayer" among Chinese private enterprises that year. In August of that year, Haixin Iron and Steel also won the bid for raw materials for the upcoming cross-sea bridge - Hangzhou Bay Cross-sea Bridge.
With this brilliant performance, Li Zhao will make the doubters inside and outside the company dumbfounded, and even frighten himself and his family. After only a year in office, he stabilized the situation and won praise from all sides, after which he began to imitate the appearance of a "young lord" to build his own dynasty.
Management imbalances
Infighting became commonplace
Li Zhaohui, a young man under 22 years old, although he runs the Haixin Group, does not seem to like industry.
In the early days of Li Zhaohui's succession, in order to prevent Li Zhaohui from making blank or chaotic decisions due to lack of experience, Haixin Iron and Steel set up a "general dispatching room" to implement collective decision-making and collective leadership. General Manager Li Tianhu and Vice Chairman Xin Cunhai have the actual decision-making power. However, this situation lasted for a very short time, and Li Zhaohui successively transferred Xin Cunhai, the entrepreneurial elder, vice chairman of Haixin Group and secretary of the party committee, away from the core of power.
After Li Zhaohui became the chairman, he rarely saw him inspecting the factory, but Li Tianhu, the fifth brother of Li Haicang, showed his ability in enterprise management. After the conflict between the uncle and nephew, Li Tianhu was driven away, and the situation in Haixin deteriorated even worse. Subsequently, Li Zhaohui invited Li Wenjie, the "sixth uncle" who had been closest to him since childhood, and Li Wenjie was the actual helmsman of Haixin Steel for a long time thereafter. After 2009, Li Wenjie gradually disappeared from Haixin's management.
What is even less optimistic is that in the last year or so before the shutdown, Li Zhaohui no longer trusted his uncles, but arranged for his sister Li Zhaoxia to manage the Haixin Group. But Li Zhaoxia is currently married and has children in Shanghai, and has very little time to return to the company, only appearing when there are major problems.
In fact, during the decline of Haixin, many "close" people were busy making money for themselves, and no one cared about the interests of the enterprise, and eventually Haixin Group fell, becoming a typical case of the failure of family business inheritance.
Mismanagement
Suspected counterfeiting problems followed
Market analysis believes that Haixin, once the largest private enterprise in Shanxi, has multiple reasons for its closure.
First of all, Li Zhaohui is too young, and when he takes over, he claims that he is too stressed. Li Zhaohui once said when he took over, "The company is my father's, and we can't let it fail in my hands." Ten years later, he finally lost at his hands. As Li Zhaohui himself said: "Now wealth is a kind of pressure for me, I understand that Haixin has more than 9,000 people waiting for me to cook, and my decision-making mistake will smash the jobs of many people." The pressure was too much for me. ”
Li Zhaohui's father, Li Haicang, also had good connections during his lifetime, which was also broken in the hands of Li Zhaohui. Li Haicang, the founder of Haixin Group, is shrewd and capable, has a long-term vision, and is good at interacting with various people. During his lifetime, Li Haicang often interacted with local officials, handled the relationship between government and business well, and contributed, sweat, and money for local government taxation, employment, and government face projects.
The successor, Li Zhaohui, who has a background in overseas study and was born with a golden key, often looks down on local government officials, and local government officials can't find anyone to see him.
The suspected counterfeiting also shows that there are many crises within haixin group. According to the accounting statements and other information obtained from the taxation, industry and commerce departments, Haixin Group is suspected of falsifying accounts, evading taxes and transferring assets to affiliated companies. Among them, the allegation of "fraudulent accounting" is based on two accounting statements of Shanxi Haixin International Wire Co., Ltd., and there are huge differences in the data. Taking April 2013 as an example, the average selling price of the high line on the accounting statements of Haixin International Wire Company was 2934 yuan per ton, while its market quotation was between 3550 yuan and 3620 yuan; The average selling price of the bar on the accounting statement is 3097 yuan, but its market quotation (Datong area) is between 3550 yuan and 3580 yuan.
Haixin's bankruptcy cannot now be ruled out of the suspicion of human intention, which has long sold products to its affiliates at prices below the cost price, suspected of evading taxes and transferring assets, and ultimately becoming unsustainable. This debt problem is probably just the tip of the iceberg.
Stay away from the main business
The overall situation has deteriorated, and the bank loans have worsened
The company's core management is shaking and the crisis of suspected counterfeiting appears, and Li Zhaohui himself does not care, but rarely appears in the company. He is far from the main steel industry and is frequently active in the capital market. In 10 years, Haixin's steel business has been declining, but outside the steel circle, Li Zhaohui has "played" a lot.
In November 2004, Shanxi Haixin Industrial Co., Ltd., a subsidiary of Haixin, acquired 160 million shares of Minsheng Bank held by CNMC for 590 million yuan, and sold it at the high point of the bull market in the first half of 2007, cashing out more than 1 billion yuan. This move pushed Li Zhaohui to the 78th place in the Hurun Rich List that year, becoming the youngest man in Shanxi.
After that, Li Zhaohui successively bought the stocks of Shanxi Securities, Industrial Securities, Yinhua Fund, China Aluminum, Yimin Commerce, Luneng Taishan and many other listed companies in the capital market, but most of them were fast-forward and fast-out, and they could not reproduce the success of Minsheng Bank. After the suspension of production, Haixin Group also tried to resume production several times, but in the end it was fruitless.
In addition, the deterioration of the economic environment of the steel industry has also become the reason for accelerating the closure of Haixin Group. The steel industry has entered a cold winter in 2014 and will remain so in 2015. According to the statistics of China Steel Association, from January to April, member steel companies achieved a 15.76% drop in sales revenue, and enterprises suffered large-scale losses, and even some private steel companies were difficult to sustain. Haixin Group, which is in business difficulties, is no exception.
In the case of a bad market, banks still have to take out loans, and the situation of enterprises is even worse. Banks, because the steel industry absorbed too much money, first began to draw loans from steel traders, and later from producers. Since the complete suspension of production of Haixin Group, it is difficult to fill the capital loopholes.
Haixin has more than 4,000 creditors, including Ping An Bank Nanjing Branch, China CITIC Bank Shanghai Branch, Bank of Jiangsu Shanghai Branch, Bank of Hangzhou Shanghai Branch, etc. on the one hand. On the other hand, there are large and small construction teams, engineering companies, suppliers, etc. that have engineering cooperation with Haixin. In the face of the debt pressure of Haixinbing's defeat, it is strange that the bank does not take out loans.
Heavily indebted
The last straw crushed the Haixin Group
For the real liabilities of Haixin Steel, Xinhua News Agency quoted public data that Haixin Steel's existing liabilities and external guarantees are about 10.459 billion yuan, while the book assets of the entire group are only 10.068 billion yuan, which means that its debt ratio is more than 100%.
In fact, as a capital-intensive industry, due to the failure to return a 3 billion yuan overdue loan in early 2014, the "Pandora's box" was quietly unveiled, and the 6 blast furnaces of Haixin Steel were finally forced to turn off all of them.
The "10,000 mu steel mill", which once had more than 9,000 employees and paid 60% of the county's tax payment, is currently desolate, with multiple announcements of the court on the wall outside the group's door, and the group building is empty, and various documents and reports about Haixin's bankruptcy can be seen everywhere in the open office. The 10,000-mu steel mill opposite the group building is even more dead.