In the past, Shanxis richest mans 2.2 billion assets were sold at a discount of 0.2percent for four times, but no one paid attention to them

 In the past, Shanxis richest mans 2.2 billion assets were sold at a discount of 0.2percent for four times, but no one paid attention to them

The book value of the asset is about 2.22 billion yuan, which has been auctioned for four times since May 22. The starting price has also shrunk from the initial 140 million yuan to the latest 60 million yuan, only 2.7% of the book value.

According to Alibaba judicial auction platform, the estimated value of the receivables is about 120 million yuan.

Photo source: Alibaba auction judicial website

According to the list of accounts receivable, many of these accounts occurred before 1998, the latest in 2006 and 14 years to date.

An industry insider, who asked not to be named, told the interface news reporter that after so many years, whether the third party on the accounts receivable still exists is not certain, who will take over the old account?

The manager of Haixin Group, who is in charge of the auction, also pointed out the risks in the bidding announcement. The possible risks of the above-mentioned accounts receivable include the defects of authenticity, the expiration of the limitation period of litigation and execution, the unknown whereabouts of the executor, and the absence of property for execution.

Haixin Group used to be the largest private enterprise in Shanxi Province, the second largest iron and steel enterprise after TISCO group.

In March 2014, Haixin Group was forced to suspend production in an all-round way and was adjudicated bankrupt and reorganized in November of that year due to the industry overcapacity crisis, financial lending and internal management problems.

In 2015, Beijing Jianlong group (hereinafter referred to as Jianlong group) took over Haixin Group and changed its name to Shanxi Jianlong Industry Co., Ltd. (hereinafter referred to as Shanxi Jianlong).

According to the interface news reporter, the above auction assets belong to the original Haixin Group, not included in Shanxi Jianlong.

In addition to the above-mentioned accounts receivable, the assets of the above-mentioned Haixin Group five company also include a dividend, which is the undistributed profit enjoyed by a subsidiary of the five company, which is 15.9479 million yuan. However, this dividend only obtained the courts judgment not to offset, and there is no other evidence for claiming rights.

A person familiar with Haixin Group told the interface news reporter that Haixin Groups bankruptcy was a business case of the second generations poor management of hastily taking over the shift and catching up with the bad environment that caused the industrial collapse.

In 1987, Li Haicang founded Haixin Group and was shot dead in 2003. His father, Li Chunyuan, decided that Li Zhaohui, a grandson in his early 20s, would return to China to take over the post of chairman.

Li Zhaohui preferred the capital market, invested in Minsheng Bank, Minsheng life insurance, Industrial Securities (5.900,0.12,2.08%), Shanxi securities (6.390,0.00,0.00%), and also expanded the field of childrens business.

In 2008, at the age of 27, Li Zhaohui was worth 12.5 billion yuan, becoming the richest man in Shanxi and the youngest in China.

In 2010, Li Zhaohui held a grand wedding to marry chexiao, a female star, at a cost of 50 million yuan, which made a great sensation, but the marriage lasted only one year.

Since 2014, the capital chain of Haixin Group has been broken, falling into crisis until bankruptcy and reorganization. As of August 2019, Li Zhaohui has been listed as the dishonest executor by courts in Shanghai, Zhejiang, Beijing, Shanxi and other places, for a total of ten times, and has been restricted from leaving the country.

The restructuring case of Haixin Group has been concerned by the industry. Because the company has a huge amount of debt, it has spread more than 3 billion yuan, 10 billion yuan, 24 billion yuan and other versions.

According to the judgment document issued by Yuncheng Intermediate Court on August 11, 2015, the total amount of debt of Haixin Group was confirmed to be about 14.3 billion yuan. The groups book assets announced by the company in July 2014 are 10.068 billion yuan, which is insolvent.

In September 2015, Yuncheng intermediate court made a ruling that Jianlong group carried out bankruptcy reorganization and merger of Haixin Group.

According to the report of China Metallurgical news on September 29, 2015, Jianlong group took its subsidiary Jilin iron and Steel Co., Ltd. as the main body of merger and acquisition, held 100% equity of Haixin iron and Steel Group Co., Ltd., and took the company as the main body, absorbed and merged the other four companies, and then changed its name to Shanxi Jianlong.

At present, Shanxi Jianlong has become an enterprise group with steel as its main business, integrating resources, finance, real estate, childrens education, etc., with a total assets of 13.3 billion yuan and more than 9000 employees.

The company has an annual production capacity of 5.6 million tons of iron, 6 million tons of steel, 2.6 million tons of steel and 2.6 million tons of slab. It is the second largest steel enterprise in Shanxi after TISCO group. It is the same as the founder Li Haicang when he ran Haixin Group.

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