Founder group is on the verge of Bankruptcy: more than 300 billion yuan of debt has experienced multiple internal struggles

category:Finance
 Founder group is on the verge of Bankruptcy: more than 300 billion yuan of debt has experienced multiple internal struggles


On February 14, Bank of Beijing applied to the court for bankruptcy and reorganization of Founder group because Founder group failed to pay off its debts and was obviously unable to pay off its debts. On February 21, Founder Group announced that the first intermediate peoples Court of Beijing had ruled to accept the application of Bank of Beijing.

Relying on Peking University, Founder group is known as Chinas best school enterprise. It has 6 listed companies, including Founder Securities and Peking University Pharmaceutical. As of the end of the third quarter of 2019, the total assets of Founder group exceed 360 billion yuan, and the total liabilities are 302.951 billion yuan.

Why does Founder group fall into the position of bankruptcy reorganization?

The most competitive place in IT enterprises

According to the official website of Founder group, Founder group is a large state-owned holding enterprise group invested and established by Peking University in 1986. Academician Wang Xuan is the technical founder of Founder group, whose invention of Chinese character information processing and laser phototypesetting system laid the foundation of Founder group.

After the 1970s, Western computer technology developed rapidly. Since computers are based on English, if Chinese character information processing cannot be realized, China will undoubtedly be excluded from the world information trend. However, compared with the Latin alphabet, Chinese characters not only have a large number of characters, but also change thousands of times. Therefore, some people even proposed that if we want to keep up with the pace of information technology, we should abolish Chinese characters and take the road of Pinyin.

Wang Xuan realized the importance of information processing of Chinese characters, and chose the Chinese character phototypesetting system, which is more difficult and more urgent for social needs, and adopted the laser output scheme to directly develop the fourth generation of laser phototypesetting system which has no commodity in the world.

Finally, Wang Xuan successfully invented laser Phototypesetting Technology, which made Chinese printing industry bid farewell to the era of lead and fire and ushered in the era of light and electricity. Wang Xuan himself was hailed as contemporary Bi Sheng.

Wang Xuan believed that the application of technological achievements must be tested in the market, and the establishment of a development company is a bridge between technology and market. His idea was also supported by Ding Shisun, then president of Peking University.

In 1985, Peking University formally established Peking University Science and Technology Development Corporation, whose main product is phototypesetting system.

In 1987, lecturers Zhang Yufeng, Zhang Zhaodong, Yan maoxun and others in the Department of physics of Peking University established the Technical Service Department of Peking University. At that time, the technology of Chinese laser phototypesetting system developed by Wang Xuan was very advanced. With the help of Peking University, the two teams met.

In 1988, Beijing University Science and Technology Development Corporation changed its name to Beijing University New Technology Corporation, and started the production and sales of Huaguang IV type phototypesetting system.

In 1989, the order amount exceeded 100 million yuan, which laid a good foundation for the development of Founder group.

In 1991, the company officially changed its name to founder of Peking University and successively launched founder series of new products.

In 1995, founder was listed in Hong Kong. Wang Xuan was invited to be chairman of the board of directors of founder (Hong Kong), and became founders soul and flag, even called founders father by the media.

Founder series Phototypesetting products shorten the publishing cycle of books and periodicals in China from 300 days to about 100 days. Chinese character laser Phototypesetting Technology occupies more than 90% of the domestic newspaper industry and Book (black and white) publishing industry market, and is widely used in overseas Chinese newspaper market.

With the rapid development of the company, founders internal personnel changes frequently. Founder group changed four presidents like a horse lantern, only Wang Xuan and Zhang Yufeng remained unchanged, but they were different because of their business philosophy.

In September 1999, the forced palace opera was staged. On September 16 of that year, the second largest shareholder of founder of Hong Kong asked Wang Xuan, chairman of the board of directors of founder of Hong Kong, to resign. On September 20, some middle and senior managers of Founder Group jointly asked Wang Xuan to remain chairman of Founder group and director Zhang Yufeng of Hong Kong to resign.

According to media reports, Fang Zheng is considered to be the most fierce place in Chinas IT enterprises.

Meanwhile, founders performance declined. In 1999, founder Hong Kong Limited lost more than 200 million yuan.

As for the disputes between the two sides, the University of Peking University plays 50 major boards respectively. In October 1999, Zhang Yufeng and Wang Xuan withdrew from the board of directors of the group at the same time. Zhang retained the chairman of Shanghai founder Yanzhong science and Technology Industrial Co., Ltd., while Wang Xuan retained the position of chairman of the board of directors of Hongkong founder.

The board of directors of Founder group was adjusted to be composed of Wang Xuan, Xiao Jianguo, min Weifang, Zhang Zhaodong, Zhang Xuanlong, Tang Yaofu and Wei Xin. Min Weifang, deputy secretary of the Party committee and vice president of Peking University, is the chairman of the group.

In November 2001, min Weifang no longer served as the chairman of the group. Wei Xin stood out and was promoted to the chairman of the group. At the same time, he is also the chairman and President of Founder Technology.

According to the public information, Wei Xin has successively served as the executive vice president of the school of education of Peking University, the executive vice director of the Institute of educational economics, the vice chairman of Founder group of Peking University, the chairman of Founder investment company, and the consultant of the world banks education development project.

On July 29, 2002, founder holdings announced that Wang Xuan resigned as chairman of the board of directors of the company and Fang Zheng bid farewell to the era of Wang Xuan.

Wei Xin introduces Kaidi Li you

After Wei Xin became the leader of Founder group, founders internal fight did not stop.

In 2001, Zhu Jianqiu of Founder Technology intended to control Founder Technology, while Kaidi department, as a foreign aid, helped Founder group to preserve its control over Founder Technology. As one of the key figures of Kaidi department, Li you was able to enter Founder Technology.

2003 is the key year for Founder group to carry out the equity restructuring, and Li you is the protagonist of this restructuring. After evaluation, the net assets of Founder group at the beginning of 2003 were 150 million yuan, and the total assets were 10 billion yuan. According to this evaluation, the Zhaorun investment held by Li you and others obtained 30% equity of Founder group with 44.8 million yuan.

This restructuring has caused great controversy. Some media and outsiders questioned that the restructuring led to the loss of state-owned assets.

Li you entered Founder group and received great assistance from Wei Xin. According to media reports, Wei Xin once advised Li you that Founder group is the platform for Li you to exert his talents. Li you is the CEO of Founder group. There are serious differences within Founder group. Some people are worried about Li yous fund running away. For this reason, Wei Xin wrote a long letter to Wang Xuan, the soul of founder. In the end, Li you successfully became CEO of Founder group.

Li you is quite legendary. According to public information, Li you was admitted to Zhengzhou Institute of Aeronautics in 1982, during which he was suspended for one year due to illness and graduated in 1986. Li you has accumulated many lineages through his study experience in Zhengzhou Institute of Aeronautics. Since then, most of the alumni of Zhengzhou Institute of Aeronautics in 1985 and 1986, known as Zhengzhou Institute of Aeronautics.

After graduating in 1986, Li you entered the Audit Office of Henan Province. In 1994, Li you entered the capital market and got to know Zhang Hai. Together, they established and operated Henan Xinzhi, Henan meisai real estate and other companies. Later, they established Kaidi Department. Zhang Hai and Li you became the core figures of Kaidi Department.

At the age of 14, Zhang Hai claimed to have special functions, such as turning leaves from big to small, using his mind to turn back time, and letting terminally ill patients get rid of diseases by hand At the age of 28, Zhang Hai became the leader of Jianlibao. On March 23, 2005, Zhang Haiyin was detained by Foshan police in Guangdong Province on suspicion of misappropriating funds. After he was jailed, Zhang Hai bribed the relationship and reduced his sentence twice, from 10 years to 8 years for the first time and to 6 years for the second. At the beginning of 2011, Zhang Hai was released from prison ahead of time, and immediately went abroad. His whereabouts are unknown.

After entering Founder group, Li you and Zhang Hai parted ways and led Founder group to realize a series of expansion.

Among them, the main M & A includes: in 2002, it invested 230 million yuan to buy Zhejiang securities; in 2003, it invested 200 million yuan to buy Suzhou iron and Steel Group; in the same year, it invested 300 million yuan to take charge of Southwest synthetic pharmaceutical; it invested 400 million yuan to buy Wuhan Zhengxin investment

By 2013, Founder group had a total revenue of 68 billion yuan, total assets of 96 billion yuan and net assets of 33.9 billion yuan.

Deadly fighting method

In 2013, Li you met Guo, the rival of destiny.

At first, the relationship was close. In May 2013, Zhengquan department under guomou was short of funds when it invested in ethnic securities. It raised 8 billion yuan through founder East Asia Trust under Founder group, most of which was used to increase capital in ethnic securities.

Li you hoped that Zhengquan holdings could help to hold some shares of Peking University Pharmaceutical.

The cooperation between the two sides is calculated as follows: Founder eats national securities through Founder Securities, making the asset scale of Founder Securities step into the first echelon of the industry; while Zhengquan holdings tries to borrow the shell of national securities through share exchange acquisition, so as to obtain financial assistance from founder.

In October 2013, founder East Asia Trust transferred 4.9 billion yuan of creditors rights of Zhengquan to Beijing Branch of Bank of Shanghai for two years, and Zhengquan holdings failed to repay within the deadline, which led to the crisis of Zhengquan system being triggered.

Guo confirmed that Li you deliberately wanted to force Zhengquan holdings to break the capital chain. Founders executives claim that Zheng Quan wants to control the board of directors of Founder Securities.

On November 2, 2014, Zhengquan holdings issued 5 consecutive announcements, reporting that senior executives of Founder group were suspected of insider trading.

On November 5, 2015, Founder Group announced on its official website that three directors, Wei Xin, Li you and Yu Li, were chairman, chief executive officer and President of Founder group to assist in the investigation at the request of relevant departments.

After Zhengquan holdings reported, Li yous network and peripheral companies began to surface. Yu Li, a director and President of Founder group who assisted in the investigation, is a classmate of Li yous zhenghang department; the senior vice president of the group was Li yous brother in the upper and lower branches when he was in school.

In addition, Li Guojun, vice president of Founder group and legal representative of Peking University pharmaceutical, is Li yous younger brother, and Guo Xuguang, another vice president of Founder group, is Li yous nephew. In addition to Li you, Li Guojun and Guo Xuguang were also involved in the holding of Peking University medicine, according to the report from Zhengquan holdings.

However, an employee of Zheng aviation department told radar finance that Li you was not a cronyist himself, but arranged his position according to his personal ability. Some employees of Zheng aviation department left due to lack of ability.

After Li you was jailed, Peking University Department immediately arranged a new Founder Group Executive to regain control.

On November 25, 2016, Dalian intermediate peoples Court released a news that the first instance of the insider trading case of Li you and others was publicly sentenced. The court found that the defendant, Li you, committed the crime of insider trading, the crime of obstructing official duties, the crime of concealing accounting vouchers, accounting books and financial accounting reports, and imposed a combined punishment for several crimes. The court decided to execute a fixed-term imprisonment of four years and six months and a fine of 750.2 million yuan.

On May 9, 2017, Founder Securities announced that it had received the letter of decision on administrative punishment from the CSRC. Because of the false information disclosure, the CSRC imposed a fine of 600000 yuan on Founder group, Founder Securities and other four enterprises.

At the same time, Li you was banned from the securities market for life, and Yu Li was banned from the securities market for 10 years.

Business hall grabs official seal

Li you is not willing to lose the control of Founder group. According to the information of judgment document network, in December 2017, when the founder staff of Peking University took the Zhaorun investment license to go to Shangdi industrial and commercial hall of Haidian District, Beijing to handle the five certificate integration, Yu Li, Feng Zhidan, Li Limin and others seized the official seal, business license, organization code certificate and other certificates of Zhaorun company.

After receiving the industrial and commercial information of Zhaorun company, in 2018, Beijing Zhaorun filed three lawsuits against Founder group in Haidian District Court of Beijing. The causes of the lawsuits are: the right to know of Zhaorun company, the small shareholder of Founder group, the return of financial information and other property deposited by Zhaorun company in Founder group, and the validity of the resolution of the shareholders meeting of Founder group in March 2018.

And Peking University has also taken legal measures. The restructuring of Beijing University assets company in 2004 was invalid. 100% equity of Founder group shall be returned to Peking University asset company. On June 14, 2019, the first Chinese Academy of Sciences of Beijing formally filed a case.

The core points of asset prosecution in Peking University are as follows:

2u3001 In the subject of equity transfer, fraud and deception. Beijing Zhaorun is not a platform for employee motivation and talent orientation, but a stock holding tool used to defraud 35% of Founder Groups equity.

3u3001 Take Founder Groups own money and buy Founder group. Wei Xin, Li you, Yu Li, take advantage of your position , illegally obtaining huge funds of Founder group to pay for the transfer of their illegally acquired interests of Founder group .

In the first three quarters of 2019, Founder Group achieved revenue of 91.77 billion yuan, net profit loss of 2.469 billion yuan and net profit loss attributable to the parent company of 3.19 billion yuan.

As of the end of the third quarter, Founder Groups total assets were 365.712 billion yuan, total liabilities were 302.951 billion yuan, including 87.237 billion yuan of bonds payable, 112.222 billion yuan of non current liabilities, 190.730 billion yuan of current liabilities, and the asset liability ratio was 82.84%. In addition to the defaulting 19 founder scp002, Founder Group has 23 outstanding RMB bonds with a balance of 34.5 billion yuan. On February 14 this year, Founder group received a notice from the first intermediate peoples Court of Beijing. The reason why Bank of Beijing applied to the court for restructuring Founder group is that Peking University Founder Group Co., Ltd. failed to pay off the debts due and obviously did not have the ability to pay off, but it has restructuring value. On February 21, a Chinese court in Beijing ruled to accept the bankruptcy and reorganization application of Founder group and appointed the liquidation group of Founder group as the administrator. The best school enterprise is on the verge of bankruptcy and reorganization? Life? Inside fight? Source: Financial Editor of Radar: Yang bin_nf4368

As of the end of the third quarter, Founder Groups total assets were 365.712 billion yuan, total liabilities were 302.951 billion yuan, including 87.237 billion yuan of bonds payable, 112.222 billion yuan of non current liabilities, 190.730 billion yuan of current liabilities, and the asset liability ratio was 82.84%.

In addition to the defaulting 19 founder scp002, Founder Group has 23 outstanding RMB bonds with a balance of 34.5 billion yuan.

On February 14 this year, Founder group received a notice from the first intermediate peoples Court of Beijing. The reason why Bank of Beijing applied to the court for restructuring Founder group is that Peking University Founder Group Co., Ltd. failed to pay off the debts due and obviously did not have the ability to pay off, but it has restructuring value.

On February 21, a Chinese court in Beijing ruled to accept the bankruptcy and reorganization application of Founder group and appointed the liquidation group of Founder group as the administrator.

The best school enterprise is on the verge of bankruptcy and reorganization? Life? Inside fight?