Guo Xiangdongs dishonesty crisis in the old part of Guangxia: 3000 risks of executives leaving the surrounding areas

category:Finance
 Guo Xiangdongs dishonesty crisis in the old part of Guangxia: 3000 risks of executives leaving the surrounding areas


01

Some executives leave, 3000 peripheral risks

According to the official website, Dongzhao Changtai group has been among the top 500 private enterprises in China for five times, ranking 15th among the top 100 private enterprises in Beijing in 2017. Its industries cover construction, real estate development, financial investment, industrial introduction, medical health and longevity, mining and other fields, with total assets and operating revenue exceeding 20 billion yuan. Dongzhao Changtai once operated several well-known properties, such as palm beach project in central villa area of Capital International Airport, Tianjin water area future city, Chongqing Chaotianmen center, etc.

Not long ago, Guo Xiangdong, chairman of the group, was also elected as the new rotating president of Zhejiang chamber of Commerce in Chongqing. He is a business man in Chongqing, from a mathematics teacher in Dongyang county middle school in Zhejiang Province to the director of Economic Development Zone, and then resigned. His first business is to participate in the restructuring of state-owned enterprises of Chongqing No.1 Construction Group (hereinafter referred to as Chongqing No.1 Construction), helping Zhejiang Guangxia (4.580, - 0.02, - 0.43%) gain a controlling position.

In 2012, the total revenue of Dongzhao Changtai group has exceeded 19 billion yuan. Guo Xiangdong told Chongqing Daily: in the next five years, cultivate 10 listed companies that participate in or hold shares, and form a listed company cluster that includes multiple businesses.

However, people close to Dongzhao Changtai told Fengyun real estate that since June last year, the group has been unable to pay full wages above the middle level, and then middle-level executives began to leave. At present, Dongzhao Changtai is in debt, and the litigation fee alone is already a lot.

Tianyan inspection shows that from August to September 2019, Dong Zhao Changtais senior supervisory team changed frequently, and 7 people withdrew successively, including directors Kang Fangzhen, Zhang Hanwen, chairman of the board of supervisors Lou Jinsheng, etc.

(provided by respondents)

At the same time, Guo Xiangdong was restricted from consumption by the peoples Court of Chaoyang District in Beijing in May last year due to his arrears to Li Qiong, a former employee. Before that, Dongzhao Changtai group said that Li Qiong had embezzled his position and asked him to pay a deposit of 2 million yuan. If he found out that there was no embezzlement, he could return it. At last, it is found that Li Qiong did not invade, while Dongzhao Changtai did not intend to pay back the money. For this reason, Dongzhao Changtai and Guo Xiangdong have also been issued a consumption restriction order, which has not yet been lifted.

Qi Zheng, a lawyer from Beijing Hanhua law firm, said: there is generally no time limit for restricting high consumption, which will last until the implementation is completed. That is to say, unless Li Qiong and Dongzhao Changtai group reach a settlement and agree to lift Li Qiongs high consumption restriction order, or Dongzhao Changtai group performs the judgment and pays the money owed to the court, Guos high consumption restriction order will be lifted.

(source: China executive information disclosure network)

Interestingly, two years ago, Guo Xiangdong also publicly called for comprehensive use of various means to punish Lao Lai.

For such a situation, Fengyun real estate industry contacted the headquarters of Dongzhao Changtai group, but no reply was received.

Tianyan information also shows that Guo Xiangdong, Dongzhao Changtai group and their five companies in Beijing and Chongqing are all included in the list of dishonesty, with 3000 peripheral risks.

What happened to such a famous large enterprise?

02

Guangxia old department reform expert

For a long time, Dongzhao Changtai has been regarded as a member of Lou Zhongfus Guangxia system of capital family.

Dongzhao Changtai was founded in 2006 with a registered capital of 50 million yuan. It is mainly engaged in project investment and management, project contracting and real estate development and sales. Guo Xiangdong, the legal person, was a senior figure of Guangxia holding, and previously served as the chairman of the first construction company of Guangxia Chongqing.

At the beginning of its establishment, Beijing Chongde Guangye Investment Management Co., Ltd. (hereinafter referred to as Chongde Guangye) and Beijing Jiatai Hesheng Investment Management Co., Ltd. (hereinafter referred to as Jiatai Hesheng) respectively held 66% and 34% equity of Dongzhao Changtai.

Among them, Wang Ruiyun, Lou Zhongfus inner brother, holds 90% of Chongde Guangye, while Jiatai and Sheng are controlled by Guo Xiangdong.

In the capital operation of Guangxia department, the figure of Dongzhao Changtai is also flashing. When the first subsidiary was established, Dongzhao Changtai invested 76.5 million yuan to take 51% of the shares of the old enterprise Beijing First Construction Engineering Co., Ltd. The acquisition was considered by media such as zheshang.com as the result of Guangxia holdings regional decentralization management.

Since then, Beijing Erjian and Chongqing Yijian have been restructured and acquired by Dongzhao Changtai, and Dongzhao Changtai, a private enterprise, has controlled three large state-owned enterprises.

In the next two years, Dongzhao Changtai began to be active in the secondary market, preferring restructuring.

On October 8, 2007, St Aji (000922. SZ now Jiadian shares (7.820,0.00,0.00%)) issued a public announcement that Harbin Electric Group, a major shareholder, intends to transfer the controlling right of the listed company to Dongzhao Changtai investment group. Due to the opposition of Shenzhen Stock Exchange, CSRC and SASAC, the transfer of equity ended, and the listed company received a regulatory penalty for misrepresentation.

In 2008, he Yuliang, head of St Beisheng (600556. Sh now St Huiqiu (13.060,0.31,2.43%), passed away and left his daughter to Lou Zhongfu. Guangxia Department participated in the restructuring of Beisheng group. Wang Gongxin, then vice chairman of Dongzhao Changtai group, was the main player.

At the beginning of 2008, Dongzhao Changtai acquired 28% of the pre IPO share capital of Fuling mustard by increasing capital and acquiring the shares of Fuling mustard (26.170, - 0.33, - 1.25%) (002507. SZ) held by the state owned assets supervision and Administration Commission of Fuling District of Chongqing, becoming the second largest shareholder. Around this time, the registered capital of Dongzhao Changtai increased to 200 million yuan.

Although the equity transfer was completed in the form of bidding, auction and listing, its registered capital of 200 million yuan, more than three successful cases of restructuring of large state-owned enterprises and other restrictions were criticized by the outside world. After Fuling pickles went public, Guo Xiangying, Guo Xiangdongs sister, served as the companys director.

Guangsha sways, East signs money is tight

However, Guangsha is not always a shelter for the worlds poor. In March 2015, after Lou Zhongfu was taken away for investigation, his brother-in-law Wang Ruiyun quietly withdrew from the list of shareholders of Chongde Guangye. Hundreds of billions of Guangxia empire are in the wind and rain. In September last year, Chongde Guangye withdrew from the list of Dongzhao Changtai investors. All its equity was transferred to Beijing Dongzhao Huazhang Investment Co., Ltd. controlled by Guo Xiangdong. Now, Dongzhao Changtai is controlled by Guo Xiangdong.

In fact, the capital crisis of Dongzhao Changtai started several years ago.

In January 2008, Dongzhao Changtai invested 48.59 million yuan to acquire the shares of Fuling pickle. According to the Chongqing state owned property right transfer contract, it was agreed that the buyer needs to invest more than 500 million yuan in the target enterprise within five years. In 2010, Dongzhao Changtai, the second largest shareholder of Fuling pickles, gained 429% of its investment income according to the issuing price.

However, the 21st century economic report questioned that the above terms in the Fuling mustard tuber prospectus (application draft) are hard to find, and Dongzhao Changtai is hidden from reporting, and as of the listing of Fuling mustard tuber, Dongzhao Changtai has not yet fulfilled its commitment.

Instead of breaking the promise to inject capital, Guo Xiangdong also frequently borrowed money from Fuling mustard tuber.

In July 2012, Dongzhao Changtai transferred 11.59 million shares of Fuling pickle to Beijing Yijian, the holding subsidiary, at a discount of 2.7% of the market price. The Securities Times published a comment that on the one hand, Dongzhao Changtai delivered book profits to related companies; on the other hand, when Beijing Yijian reduced its holding of this part of the equity, the tax amount of the equity part held by Dongzhao Changtai will be greatly reduced.

Guo Xiangying, the sister of Guo Xiangdong and director of Fuling pickle, told the securities times that the transfer of equity to Beijing Yijian based on net assets per share is to give Beijing Yijian a low-cost opportunity to participate in the equity investment field.

From April to may 2015, Dongzhao Changtai successively reduced 7.07% (more than 5%) shares of Fuling pickle through the secondary market, in violation of the provisions of Xinpi. The CSRC issued a fine of 9.5 million yuan to Dongzhao Changtai, 400000 yuan to Guo Xiangying and 60000 yuan to Zhou Yaping, the person in charge. Therefore, Guo Xiangying resigned as a director of Fuling pickle.

Knowing that he committed the crime and illegally cashed out 150 million yuan, we can imagine the tension in the capital chain of Dongzhao Changtai.

In May last year, Dongzhao Changtai reduced its stake in 178300 shares of Fuling pickle in Shenzhen Stock Exchange, with a total amount of 4.6929 million yuan. After this equity change, Dongzhao Changtai and its concerted actors, Beijing No.1 Construction and Beijing No.1 Construction Engineering Co., Ltd., jointly held shares of Fuling pickle as low as 5%. As of September 30, Beijing No.1 Construction Co., Ltd. and Beijing Construction Engineering No.1 Construction Co., Ltd. jointly held 4.36% shares in Fuling pickle, and Dongzhao Changtai was no longer among the top ten shareholders.

Fengyun real estate industry also noted that Li Ruicheng, the former president of Beijing New Development Group, who was punished by the CSRC for his participation in the insider trading of St Xiahua (2.980,0.05,1.71%) (600870. SH) last year, has served as the executive director of new Dongzhao Changtai. New development group covers four major industries: real estate development and sales, hotel investment and management, real estate industry and financial investment. Although Fuling pickled mustard has cashed over 1 billion yuan from the listed company before and after, Dongzhao Changtai is still unable to fill the hole of the group itself, so that the group is seriously discredited. As an unlisted company, the whereabouts of its funds are unknown. Will Guo Xiangdong hope to punish Lao Lai? Source: NetEase Finance and economics general responsibility editor: Zhang Mei Yu nf2100

Fengyun real estate industry also noted that Li Ruicheng, the former president of Beijing New Development Group, who was punished by the CSRC for his participation in the insider trading of St Xiahua (2.980,0.05,1.71%) (600870. SH) last year, has served as the executive director of new Dongzhao Changtai. New development group covers four major industries: real estate development and sales, hotel investment and management, real estate industry and financial investment.

Although Fuling pickled mustard has cashed over 1 billion yuan from the listed company before and after, Dongzhao Changtai is still unable to fill the hole of the group itself, so that the group is seriously discredited. As an unlisted company, the whereabouts of its funds are unknown. Will Guo Xiangdong hope to punish Lao Lai?