Qingliu | Dai Zhikangs Crime and Punishment: The Origin and End of P2P Mine Explosion in Zhengda Department

category:Finance
 Qingliu | Dai Zhikangs Crime and Punishment: The Origin and End of P2P Mine Explosion in Zhengda Department


In the first week of September, when the weather in Shanghai was rainy and sunny, investors gathered at the headquarters of Shengda Golden Clothing, 185 Fangdian Road, were lost.

On September 1st, the news that Dai Zhikang, the founder of Zhengda Group, surrendered himself, frustrated many investors who thought that the platform would exit benignly as planned. Xu Wen, an investor, started a fever on the same day after hearing the news, and did not really accept the facts until two days later. What is unacceptable is Hao Li, a sales employee of Shengda Golden Clothes. She invested more than 700,000 yuan in the P2P platform of Shengda. After the accident, she almost lost sleep at night.

Dai Zhikang, a generation of Chinese financial market heroes. Four years ago, he withdrew from the real estate industry, focusing on Internet finance, cultural investment and the big health industry, until the East Window incident. During the interview, many investors admitted that it was taking Dais resume into account that they chose a more trustworthy P2P platform.

But the developments were unexpected to everyone. Cleanup Studio learned that in the ebb tide of P2P, Dai Zhikang surrendered himself or the result of multi-game with investors and regulatory authorities. As a well-known entrepreneur in Shanghai did not want to be named for his analysis of Cleanup Studio, an important factor in the current situation may be Dai Zhikangs unwillingness to go to the bottom under the situation of continuous tightening of P2P regulation.

The beginning and end of detonation

The explosion of P2P in Zhengda Department is an early warning.

A treasure-hunting investor recalled that one month before the incident, the sales manager who met him suddenly asked him to cash in all the funds of the projects that had expired and not let him put them on the platform again. Thats exactly what happened. The investor has now unloaded half of his capital, but still has more than 700,000 on the platform.

According to China Securities Daily, rumors in the investment circle suggest that Dai Zhikang had been frontier-controlled (border-controlled) long ago. The aforementioned Shanghai entrepreneurs also told Qingliu Studio that they had heard the relevant statements.

An investor recalled to the Cleanup Studio that on August 12, after hearing the news, hundreds of investors gathered at the headquarters of SGD Jinfu to ask for their opinions.

On August 13, Dai Zhikang sent his first open letter to the investors of Save the Treasure saying, He has the ability to realize the benign exit of the platform.

On Aug. 26, Dai Zhikang said in his second open letter to investors in salvaging treasures that the focus of his future work would be on repayment management and collection of creditors rights and assets, and said that he was confident that we can manage the stock of creditors rights and assets to the end.

Unexpectedly, only three days later, on August 29, Dai Zhikang chose to surrender to the police.

On September 1, the Pudong Branch of Shanghai Public Security Bureau announced that Dai Moukang, the legal representative of Zhengda Group, and Dai Mouxin, the general manager, had surrendered to the police on August 29. They said that there were illegal and irregular acts such as setting up a pool of funds and misappropriating funds in the operation of the company, and that they could not be paid for. Accordingly, the Pudong Branch of Shanghai Public Security Bureau investigates the case of large certified companies on suspicion of illegally absorbing public deposits, and takes criminal compulsory measures against 41 suspects in accordance with the law to seize the relevant assets.

(Securities and Exchange Golden Clothing Headquarters is now full of reporting notices)

Dai Moukang is Dai Zhikang, and Dai Mouxin is Dai Weixin, Dai Zhikangs nephew. A widely circulated saying among investors and employees is that Dai Zhikang did not voluntarily surrender, but that the Financial Services Bureau of Pudong New Area had talked to Dai Zhikang and asked him to pay all the money to investors in a certain period of time. However, Dai Zhikang insisted on docking the creditors rights and compensating part of himself after collection. Seeing the stalemate, there is a later plot.

If youve ever been with Dai, you know hes very conceited and stubborn. Thats what Holly said. Another card employee said, Nearly 10 billion creditors rights, let him all bottom out, he must be difficult to accept.

The above statements of investors and employees are basically consistent with the earlier reports of the International Finance Daily. The report quoted Daijin employees as saying that Dai Zhikang had gone to the Financial Regulatory Authority to request an increase of 500 million yuan for the record, but the Financial Regulatory Authority demanded a liquidation if the consequences were not borne by itself.

General Dai later asked the Financial Regulatory Authority if it could give policy. The Financial Regulatory Authority said that it was an enterprises behavior and handled it by itself, but it could not make trouble and do a good job of maintaining stability. As long as there is a problem, there is no room for manoeuvre in the detection. The report also said that Dai Zhikang had contacted his classmates at the Beijing Municipal Financial Regulatory Bureau in the hope of incorporating Zhengda into the JET-Vietnam alliance, but was told that it was impossible.

In addition, Xu Wen, an investor, recalled to Qingliu Studio that on August 29th, the day Dai Zhikang surrendered himself in the police notice, about 600 investors signed collectively and sent representatives to the Shanghai Municipal Government to defend their rights. Some investors suspect that it was this move that prompted the economic investigation to finally decide to intervene in the case.

I feel that the way he handled it was wrong or reluctant. The aforementioned Shanghai entrepreneur analyzed to Qingliu Studio, He only said that the big group would support, not that the big group would go to the bottom. In fact, the government hopes to have a bottom line. For example, Lu Jinsuo has a bottom line. The police can also cooperate to collect, but first you have to go to the bottom and be stable. If this statement is not properly handled, it will also lead to panic among investors, who are sure to want to go to the bottom.

On September 5, Qingliu Studio came to the office building of the Financial Services Bureau of Pudong New Area, Shanghai, and was informed by the front desk that advance booking was required to enter. Qingliu Studio tried to dial the telephone number provided by Pudong New Area Administrative Service Center, but could not contact Pudong New Area Financial Services Bureau to comment on this statement. On the same day, Qingliu Studio followed investors to the Economic Investigation Detachment of Pudong Branch of Shanghai Public Security Bureau to learn the details of the case, and a case handler who came out to receive refused to disclose the case information.

Qingliu Studio informed Zhengda staff that on September 2, more than 10 people including Dai Weixin had been released. At present, Dai Weixin is presiding over the platform, and Dai Zhikang is still under investigation by the police. In addition, the Lender Committee was set up on 4 September and will meet with the Financial Reporting Platform on 9 September to discuss the payment plan.

The Great Loss of a Generation of Ouxiong

In 1992, Dai Zhikang started his own business again and set up Fudao Fund Company, the first public fund company in China, which ended in failure. Subsequently, he founded the Certificate Group and served as chairman.

By 1995, Dai Zhikang, who was over 30 years old, had made millions in the 327 National Debt Incident and dug up the first barrel of gold in his life. Subsequently, Dai Zhikang made a big profit in stocks such as Su Changchai and Sichuan Changhong. The reputation of Chinas Private Godfather began to spread.

After 1999, Dai Zhikang began to enter the real estate industry in the Yangtze River Delta. He has developed many famous real estate projects in Shanghai, Hangzhou and other places, such as Zhengda Thumb Square, Zhengda Wudaokou Square, Zhengda Himalayan Center and Jiujiantang Hall. Dai Zhikang once took the Bund plot radically, refreshing the land King record of Shanghai at that time; he also aspired to acquire more than 20 square kilometers of land in Johannesburg, South Africa, and boasted of building into Lujiazui, South Africa. Later, however, due to the layout of cultural real estate, the cash flow of Zhengda Group became increasingly tense, Dai Zhikang resigned, so he quit the real estate business in 2015 and transferred all the shares of Shanghai Zhengda (00755.HK).

Thats when he began to invest wholeheartedly in Internet finance. In many public occasions, Dai Zhikang has repeatedly emphasized his optimism for micro-finance and P2P business, saying that in all directions of development in the financial system, I like P2P best and micro-finance is the best industry.

A person from Shanghais financial circle lamented to Qingliu Studio that Dai Zhikang had been in the business circle for more than 20 years, but it was unexpected that he had not survived.

Guo Shiliang, a financial commentator, told Qingliu Studio that the case reflects the current situation of online lending platform in the P2P industry under the increasingly stringent regulatory environment. The orientation of regulation is to let P2P return to the essence of information intermediary, but at present, many platforms want to make money. Considering the cost of capital, they are actually credit intermediaries in essence. Guo Shiliang analyzed that not only Zhengda, but also many P2P platforms involve the problem of fund pool, and there is the possibility of mismatching deadlines. Once the platform decides to withdraw benignly or (regulators) take measures to withdraw the platform, there may be a risk of capital payment.

In January this year, the Office of the Leading Group for Internet Financial Risk Regulation and the Office of the Leading Group for P2P Network Credit Risk Regulation issued the Opinions on Classified Disposal and Risk Prevention of Internet Credit Institutions, and put forward that the main direction of work should be institutional withdrawal, except for some strictly compliant operational opportunities. Outside the structure, the rest of the institutions can retreat, should close the door, increase the intensity and speed of the rectification work.

According to the data of online lending home, as of the end of August 2019, the number of normal operating platforms in the P2P online lending industry continued to show a downward trend, dropping to 707, and the cumulative number of closed and problematic platforms reached 5914.

Wei Xing, general manager of Shanghai Zhixin Shichuang Intelligent Systems Integration Co., Ltd. and director of the Shanghai Business Federation, who has several affinities with Dai Zhikang, regrets this. He believes that as an innovative financial model, P2P, due to the relatively backward construction of the industry system and the lack of early supervision, has led to the explosion in the later period, and Dai Zhikang is also a member of the Shanghai Business Federation. One of the victims.

Game and Rescue

After Dai Zhikang surrendered, several investors interviewed told Qingliu Studio that they had been hesitant to go to the public security registration. According to Zheng Da Jinfus employees, it was the overwhelming number of reported cases that led to the intervention of economic investigation in the case at first, and also made the promised benign withdrawal of Zheng Da variable.

Others believe that whether or not to register with the police, Dai Zhikangs surrender has become a reality and should not affect the results of the investigation.

An investigative officer denied that investors reported too many cases before they intervened in the case. He said that if the police put the case on file, it must have found out the problem. He suggested that investors register with the public security organs as soon as possible.

For the employees of Zheng Da Jinfu, the days after Dai Zhikangs surrender are also very difficult. An employee who has invested more than 800,000 in Cleanup Workshop, like ordinary investors, didnt know his boss had surrendered until they saw a police announcement. I wish he would come out right now and give me an explanation before I pay him back. The employee said.

After the incident, a group of investors will gather at the door of SGDs headquarters every day. At present, headquarters staff work as usual, but the front desk has nearly 10 security guards to maintain order every day, and an investigator checks the situation on the spot every day. Several employees of Golden Clothes of Certificate Daily told Qingliu Studio that at present, the companys collection department is working overtime under the chairmanship of Dai Weixin to speed up the repayment.

(On September 4, 2019, investors gathered at the entrance to the headquarters of SFC Golden Clothing.)

Xiao Hao, director of the Law Research Association of the Bank of China, told the liquidation studio that there are several key elements for the benign exit of the P2P platform: first, the clear source of payment funds, i.e. the major shareholdersbottom-up repayment or the borrowers gradual repayment; second, grasping the repayment opportunity, controlling and grasping the borrowing enterprises; third, pacifying the borrowers well; Fourthly, we should grasp the local policies and decisions well.

But whether Dai Zhikang will pay back the money after that is still unknown.

After the police report came out, Shanghai Securities and Exchange University (00755.HK), Himalaya and Shanghai Securities and Exchange Capital Management Co., Ltd., which had previously intersected with Dai Zhikang, clarified that they had no ownership relationship and business contacts with the Securities and Exchange Department.

Nevertheless, a document on the Certificate Case issued by Shanghai New Shanghai Business Federation has recently begun to be widely disseminated on the Internet. Documents show that Dai Zhikang is the founding rotating chairman of Shanghai New Shanghai Chamber of Commerce. The Chamber of Commerce sent a letter to Wang Zhixiong, the chairman of Shanghai Federation of Commerce and Industry, requesting the government to take bail measures against Dai Zhikang. Once Dai Zhikang comes out to preside over the work of Certificate Group, all member enterprises of the Chamber of Commerce are willing to launch a 500-1 billion yuan assistance fund to support the Group u3002

As mentioned in the above documents, the principal amount of the debtor receivable of the Zhengda Online Credit Platform is 11.3 billion yuan, involving 266 million borrowers nationwide; the total amount of principal to be paid is 7.6 billion yuan, involving 266 million borrowers nationwide; the total amount of principal to be paid is 7.6 billion yuan, totaling about 30,000 lenders, 70% of which are in Shanghai and its surrounding provinces and municipalities.

Shanghai New Shanghai Business Federation confirmed the authenticity of the document to Qingliu Studio. It is understood that besides Dai Zhikang, the presidium members of Shanghai New Shanghai Business Federation also include Zheng Yonggang, Liang Xinjun, Xu Ziwang and other business leaders. There are more than 1000 member enterprises of the Chamber of Commerce, including Fuxing Group, Shanshan Group, Zhengda Group, Yashang Group, Greenbelt Group, Sequoia Capital, etc. Two members of the Chamber of Commerce said to the Cleanup Studio that the request was made after a meeting of the Presidium of the Chamber of Commerce.

Zhu Shengjie, chairman of Renhe Group and executive vice chairman of the New Shanghai Chamber of Commerce, told Qingliu Studio that all members of the Chamber of Commerce were surprised and regretted to know that Dai had happened. We have known him for many years and often have tea with him. We all believe that Mr. Dai Zhikang is an entrepreneur with a sense of family and integrity. We will work together to help him survive this crisis. Zhu Shengjie said.

In Zhu Shengjies view, the reason why things have developed to this point may be due to the communication problems between Dai Zhikang and the supervisory level, on the other hand, it has something to do with the environment of P2P platform rectification.

According to Qingliu Studio, Dai Zhikang currently holds 80% of the shares of Certificate Group (Shanghai Certificate University Cultural Creative Development Co., Ltd.), 66.4% of the shares of Salvage Treasure (Shanghai Certificate Da Aite Financial Information Service Co., Ltd.) and 46.8% of the shares of Certificate Da Thumb Wealth Management Co., Ltd. Shares, and Shanghai Securities Investment Consulting Co., Ltd. 80% of the shares. It is reported that the assets of offline wealth management stores under the Zhengda Fortune line are about 5 billion, and the official information of the treasure salvage shows that by July, its cumulative transaction volume has reached 29.6 billion, and the loan balance is 5 billion.

At the same time, Dai Zhikangs collection of art is of great value. According to economic reports in the 21st century, Dai Zhikang purchased from the auction market Wen Zhengming Landscape Scroll, Gong Xians Jingbi Feiquan Picture and Ren Ma Tu, Xu Beihongs Awakening Lion Picture, Li Kerans Shaoshan, a 64-page set of Qianlong calligraphy, Huangdao Zhou, Dong Qichang, Wang Yuanqi, Ren Bonians fine calligraphy and paintings, with conservative valuation. Not less than one billion. Liang Yaodan is the author of Qingliu Studio and resides in Guangzhou. Liu Pei and Zhang Weixi have contributed to this article. Netease Cleanup Studio (Wangyiqingliu) products, unauthorized prohibition of reprinting. Qingliu Studio is the original financial investigation team of Netease Finance and Economics. Welcome to pay more attention to the Wechat Public Number. Source of this article: Clearance Responsible Editor: Yang Bin_NF4368

At the same time, Dai Zhikangs collection of art is of great value. According to economic reports in the 21st century, Dai Zhikang purchased from the auction market Wen Zhengming Landscape Scroll, Gong Xians Jingbi Feiquan Picture and Ren Ma Tu, Xu Beihongs Awakening Lion Picture, Li Kerans Shaoshan, a 64-page set of Qianlong calligraphy, Huangdao Zhou, Dong Qichang, Wang Yuanqi, Ren Bonians fine calligraphy and paintings, with conservative valuation. Not less than one billion.

Liu Pei and Zhang Weixi have contributed to this article.

Netease Cleanup Studio (Wangyiqingliu) products, unauthorized prohibition of reprinting. Qingliu Studio is the original financial investigation team of Netease Finance and Economics. Welcome to pay more attention to the Wechat Public Number.