The boss of a private enterprise in Cixi, Zhejiang Province, has a debt of more than one billion yuan, and evades the debt openly and honestly?

category:Finance
 The boss of a private enterprise in Cixi, Zhejiang Province, has a debt of more than one billion yuan, and evades the debt openly and honestly?


Editor Zhou pengfeng

Hangzhou Bay Hotel nestles next to the famous Zhishan scenic spot in Cixi City, Zhejiang Province. The hotel built in the 1990s is one of the few five-star hotels in the region. It is hard to imagine that a Lao Lai who has been listed by the court as the person to be executed for breaking his promise, is living in this hotel in a dignified way.

The 21st century economic reporter came to the hotel in late November. Some local creditors disclosed that there was evidence to prove that Shen Dingkang, 55, the former chairman of China Kangxin group and the chairman of Ningbo Kangxin Chemical Fiber Co., Ltd., lived in the suite on the fourth floor of the hotel all the year round (the room was opened under the name of others. Since the crisis of Kangxin chemical fiber appeared, the real estate of Shen was disposed of and his wife He has been staying in the hotel since he moved to Shanghai with his children), driving a range rover with a driver.

The 21st century economic report reporter inquired the China court website and found that Shen Dingkang himself had 10 records of persons subjected to execution for breach of faith from May 17, 2017 to August 3, 2020. The enforcement courts include Ningbo City, Cixi City and Changning District of Shanghai. The specific situation of the person who has broken his promise is he who has the ability to perform but refuses to perform the obligation to determine the effective legal document and the illegal property reporting system.

Several local financial institutions told reporters of the 21st century economic report that Kangxin chemical fiber had raised nearly 1.4 billion yuan in eight financial institutions from the time of its risk exposure to September 2016. Except for a few mortgage assets that were recovered by the bank after the disposal of a few mortgage assets, the loan of more than 800 million yuan has become a bad debt. According to the inquiry of qixinbao, Kangxin chemical fiber has been deeply involved in 33 financial loan disputes since 2015.

The reporter inquired about qixinbao and learned that Kangxin chemical fiber had 16 records of restricting high consumption, 12 of which directly pointed to Shen Dingkang. Since 2016, the applicants include Cixi branch of ICBC, Cixi sub branch of BOCOM, Hangzhou Bay New Area sub branch of ABC, Cixi sub branch of Bank of Shanghai, Hangzhou Bay New Area sub branch of ICBC, Ningbo Branch of Industrial Bank of China, Cixi sub branch of Bank of Ningbo and Ningbo Branch of Bank of Hangzhou Ningbo Branch of Everbright Bank, etc.

In Cixi City Peoples courts consumption restriction order (2019) zh0282hui 58, it is clearly mentioned that according to the provisions of Article 1 and Article 3 of several provisions of the Supreme Peoples Court on restricting the high consumption and related consumption of the executed person, Shen Dingkang, the legal representative of Kangxin chemical fiber and the unit, the person in charge directly responsible for affecting the debt performance and the actual controller shall not be allowed Implement high consumption and consumption behaviors not necessary for life and work, including high consumption in hotels and other places above star level.

Even in the face of eight banks personal application for high consumption restriction order, Shen Dingkang, the person who was executed, still took a luxury car and stayed in a five-star hotel. What is more chilling to the local financial institutions is that Kangxin chemical fibers liabilities soar to the clouds, but the actual controller is suspected of starting a new business in a different place, and is suspected of buying back his own assets at a low price through others, so as to fake bankruptcy and real life.

If you start a new business after bankruptcy, its entrepreneurship. But its too much to evade debts so openly. If other enterprises follow suit, the trust relationship between banks and enterprises will be completely destroyed. A local big bank in Ningbo said.

Shen Dingkangs experience, from the founder of a leading chemical fiber enterprise to being burdened with more than a billion debts and limited high consumption, is lamentable. However, the debt mire left by Kangxin chemical fiber, as well as the suspicion of debt evasion or abolition, are still hanging over the heads of local financial institutions.

From prosperity to decline

The story has to start more than a decade ago.

As one of the county-level cities with the strongest economy in Zhejiang Province, Cixi is located on the coast of the East China Sea, the center of Shanghai, Hangzhou and Ningbo, and the Hangzhou bay new area adjacent to the sea, so it has a location advantage that can not be ignored. In the local industrial structure, there are not only export-oriented small household appliances industry, but also mature textile industry chain. Before 2015, Kangxin chemical fiber was an important leading enterprise in Cixi local chemical fiber industry, and was once one of the top ten enterprises in Cixi, making important contributions to the local economic development.

Kangxin group was established in 2003 and Ningbo Kangxin Chemical Fiber Co., Ltd. was established in 2007, both of which are enterprises established by Shen Dingkang. Shen Dingkang is the legal representative and largest shareholder of Kangxin chemical fiber, accounting for 59.7% of the total shares, and its son Shen Xin is the second shareholder, accounting for 20.4%. Although Kangxin group had a capital chain crisis in 2007 due to the withdrawal of loans from some banks, after the situation of chemical fiber industry improved, Kangxin chemical fiber, as the main loan subject, became the favorite of local banking industry. It often obtained loans of more than 100 million yuan from various banks and the credit line of 500 million yuan from local branches of major banks.

After finishing high school in 1982, Shen Dingkang went to work in Meishan resin factory in Beilun District of Ningbo City under economic pressure. He started his own business four years later. Like many Zhejiang businessmen with business brains, he has successively set foot in glass fiber reinforced plastics, air conditioning equipment, bicycle parts and motorcycle accessories, and finally chose chemical fiber as the main business. He acquired 680 mu of land in the Hangzhou Bay New Area of Cixi, and invested 700 million yuan in the early stage to establish Zhejiang Kangxin Chemical Fiber Co., Ltd.. In 2008, the annual output value of Kangxin group was more than 2 billion yuan, becoming the big taxpayer in Cixi City and Hangzhou Bay New Area, the top 10 enterprises in Cixi City and the top 20 enterprises in Ningbo City.

Since 2005, Shen Dingkang has set foot in real estate, setting up Cixi Jinqiao Real Estate Co., Ltd. and Fanshi Real Estate Development Co., Ltd., with sales exceeding 1 billion yuan in that year.

The real estate industry will become the real estate industry, and the real estate industry will be destroyed.

In my impression, there were problems in the economic crisis in 2008, which had been supervised by several banks. Later, the property form became better. The first batch of land was collected and transferred by the government, and the kangxinfanshi project was developed to make money. Later, the chemical fiber industry recovered and got out of the predicament. Then, the situation of the continuous development of real estate and chemical fiber went bad, and the business operation turned bad and almost bankrupt. Zhejiang a familiar with the situation of the city commercial bank said to reporters.

isasters pile up on one another. In September 2015, the court judgment on the bribery case of Zhang Dingwei, former vice mayor of Cixi City, was exposed. According to the judgment, when Zhang Dingwei was the leader of the local agricultural bank, the heads of many enterprises, including Kangxin and other local enterprises, had bribed Zhang Dingwei for the loan credit.

According to the judgment, from 2006 to 2007, Zhang Dingwei was entrusted by shen Mou Jia, the person in charge of Cixi Kangxin Motorcycle Co., Ltd. (formerly Cixi Zongshen Motorcycle Co., Ltd.), Kangxin Group Co., Ltd. (former Zhejiang Kangxin Chemical Fiber Co., Ltd.), Ningbo Kangxin Chemical Fiber Co., Ltd., and made use of his position to make profits for the above-mentioned enterprises in terms of bank loan credit approval Before the Spring Festival in 2006 and in the first half of 2007, Yi received 1 yuan of Hetian Yupei and 200000 yuan in cash from Shen at his home at No. 51, Cixi villa, Cixi City.

Although the full name of Shen was not disclosed in the judgment, the creditors and local people told reporters that the greater probability was Shen Dingkang himself.

As an old Cixi entrepreneur, Shen Dingkang has rich social resources and has a close relationship with previous government officials. A local bank executive said.

Due to Kangxins excessive expansion and expansion, its bank loans are also rising. From 2007 to 2017, the total amount of Kangxins loans increased from less than 700 million yuan to 1.5 billion yuan at its peak.

According to the peoples Bank credit report of Kangxin chemical fiber in September 2016 obtained by 21st century economic report, the companys financing balance in 11 banks totaled 1.5 billion yuan, the non-performing and default of financial institutions was 915 million yuan, and the concerned loan was 407 million yuan. The largest loan credit balance of the company in various banks is CCB, with 531 million yuan, which is included in non-performing loans; Agricultural Bank of China, 243 million yuan, included in non-performing; Industrial Bank of China, 100 million yuan, included in non-performing; ICBC, 93.09 million yuan, included in non-performing. In addition, Bank of Shanghai, Linshang bank, Bank of Hangzhou, Bank of Dalian, Ping An Bank and other banks are involved in non-performing loans; Bank of communications has 397 million loans.

The most seriously damaged should be CCB and bocom, a local asset management (AMC) institution told reporters. At that time, some big banks had collateral, but CCB and bocom guaranteed loans in the majority, so it was most impacted by the Kangxin chemical fiber case.

However, the two sets of statements show that the companys financial affairs are fishy.

There is a difference in profit margin and asset liability ratio between 2010-2014 corporate tax report and financial statements provided to banks by 21st century economic report. Among them, Kangxin chemical fiber had a net profit of 64.84 million yuan and an asset liability ratio of 84.1% in the tax report of 2010, but the statement provided to the bank showed that the net profit was 83.49 million yuan, with a difference of 18.65 million yuan, and the asset liability ratio was only 64.8%; in the tax report of 2011, the net profit was 59.64 million yuan, and the asset liability ratio was 87.4%, while the statement provided to the bank showed that the net profit was 118 million yuan, the difference was 58.73 million yuan, and the asset liability ratio was only 58.73 million yuan In 2012, the net profit was 81.75 million yuan, and the asset liability ratio reached 92.7%, while the statement provided to the bank showed that the net profit was 53.4 million yuan, and the asset liability ratio was only 68.5%; in 2013, the enterprise tax report loss was 121 million yuan, and the asset liability ratio was 98.3%, while the report provided to the bank showed that the net profit of that year was 109 million yuan, and the asset liability ratio was 66.4%; in 2014, the enterprise tax report showed that the net profit was 109 million yuan, and the asset liability ratio was 66.4% The loss was 75.63 million yuan, and the asset liability ratio was as high as 101.65%, which was more than 100%. However, the annual report provided to the bank showed a loss of 139 million yuan. Although the asset liability ratio was higher than that in previous years, it was only 85.5%.

In addition, just before the outbreak of the crisis, Kangxin chemical fiber increased bank loans by 417 million yuan in 2013 and 2014.

One is to cheat bank credit by forging statements;

The second is to increase the cost through fiction, reduce the companys profits and pay less income tax.

A person involved in the bank told reporters that this has touched on the scope of fraudulent loans by forging enterprise statements.

Another person from a local city commercial bank said that ten years ago, there was a very common discrepancy between the true statements of Cixi enterprises and those provided to banks and tax authorities. Taking the Kangxin chemical fiber case as an example, it can be seen that many large state-owned banks were affected by this.

Whose quandy?

Just before Kangxin chemical fiber risk exposure, on August 14, 2015, an enterprise named Jiangsu Xinbo polymer materials Co., Ltd. was registered in Suqian City, Jiangsu Province. The registered capital was initially 300 million yuan, and has been changed to 183 million yuan. At the beginning of its establishment, the legal representative, chairman and general manager of the enterprise was Shen Jingjing, who was the 21-year-old daughter of Shen Dingkang. Shen Dingkang himself was the director of the company (later retired), and his son Shen Xin was the employee director (later retired). However, according to local people in Cixi, her daughter was studying abroad at that time, and the actual manager was Shen Dingkang himself.

The companys business scope includes the R & D, production, purchase and sales of polyester and chemical fiber products, which is more consistent with Kangxin chemical fiber.

In April 2017, the Economic Observer reported the case of Kangxin chemical fiber loan default and the establishment of Xinbo company. After several industrial and commercial changes, the companys largest shareholder changed from Shen Jingjing, who holds 80% of the shares, to Daichang trading partnership (general partnership) of Ningbo Meishan free trade port area, which holds 47.27% of the shares. The legal representative is Shi Kejun, and Shen Jingjing holds personal ownership of the latter partnership 14%.

In October 2017, Ningbo intermediate peoples Court of Zhejiang Province took a public auction of the subject matter No. 476 Binhai 2nd Road, Hangzhou Bay New Area, Cixi City, south side of Binhai No. 3 Road, west side of Xingci No. 4 road, etc., which is the factory building of Kangxin chemical fiber.

A person familiar with the auction at that time said that in fact, many local enterprises were interested in the hundreds of acres of land in Hangzhou Bay New Area. However, because the land and factory equipment were auctioned together, other interested companies were also deterred: the purchase and depreciation of equipment are only known to the original factory owner. It is very important to package and sell chemical fiber equipment and land together The company that is more interested has no idea, so it gives up.

Finally, an enterprise named Ningbo Quandi International Trade Co., Ltd., which was registered and established in December 2016 after the outbreak of Kangxin chemical fiber crisis, successfully took over the land and factory equipment of Kangxin chemical fiber at a price of 516 million yuan, and renamed Ningbo Quandi Chemical Fiber Co., Ltd. in January 2018, it changed its name from a trade agency to a chemical fiber weaving and processing enterprise.

At present, the legal representative of the enterprise is Feng zheding, who holds 40% of the shares as the largest shareholder; Shanghai Shuanglu Shangling Enterprise Group Co., Ltd. holds 31% of the shares, which is the second largest shareholder. After the equity penetration, there are two natural persons, of which Chen quanmiao, a Cixi businessman, holds 60.6% of the shares, which is the actual controller; and the third largest shareholder is Zhejiang Antai Holding Group Co., Ltd., holding 29%.

But many creditors still think that the actual manager of the company is Shen Dingkang himself, and the front desk is just the holders.

The boss is still the boss, and the employees are still those employees. Everything is the same as before. The difference is that Quandi chemical fiber has offset the debt of Kangxin chemical fiber by only 500 million yuan. Said creditor.

Even if we know that boss Shen is in charge of Quandi chemical fiber, there is no way for the financial institutions to get back the loans they once had, the state-owned bank said to reporters. Whats more, after four or five years, many banks have disposed of the loans with collateral, and the loans without collateral have also been written off. The local bank managers have rotated a number of them, and the bad debts have been forgotten gradually.

In order to verify this statement, in late November, 21st century economic reporter came to Quandi chemical fiber factory located in Binhai No.2 Road, Hangzhou Bay New Area. The words Quandi chemical fiber stand in the original position of Kangxin group. The factory area is large, equivalent to several football fields. It needs to drive through several long factories between the front and rear doors. The gate was crowded with cars. It is a working day afternoon, factory chimneys lined, emitting smoke, many workers shuttle among them.

Quandi chemical fiber factory entrance, reporter Zhou Yanyan shot

The other side responded: today.

Reporter asked: does boss Shen often come?

Once in a while, said the other

Reporter asked: is boss Shen your biggest boss?

The other side said, yes.

Later, the other party was alert and did not continue to answer the reporters questions.

The reporter then contacted Chen quanmiao, the actual controller of Shanghai Shuanglu Shangling Enterprise Group Co., Ltd., the companys second largest shareholder. Chen, now 51, is also an industrialist born and developed in Cixi. He once acquired the ownership of all four categories of products, including refrigerators, freezers, small household appliances and electric self driving vehicles.

Chen quanmiao: its me, not Shen Dingkang.

Reporter asked: but the companys largest shareholder is called Feng zheting, not you.

Chen quanmiao: Feng zheting is helping to hold it on behalf of others.

The reporter asked: who will hold it for you? Do you or Shen Dingkang

Reporter asked: but this companys staff said Shen Dingkang is the big boss.

Chen quanmiao: its not him, its me. Well, if you have something to do, follow the process

With that, Chen quanmiao hung up.

Through the inquiry of qixinbao, the reporter found that Quandi chemical fiber and Kangxin chemical fiber left the same landline telephone in the process of industrial and commercial registration.

Whether it is through the way of others holding on behalf of others, the regulatory authorities can find out by checking the fund transfer records of all parties. Said the creditor.

Reporters repeatedly called Shen Dingkangs mobile phone to verify, but the other side did not answer.

Kill back the loan market

In the latest list of top 100 counties in China in 2020, Cixi City ranks sixth in China and the first in Zhejiang Province, surpassing the more famous Yiwu City. Under the current brilliance, it is hard to imagine the pains that local banks encountered just three or four years ago.

According to the economic observer, in 2016, the non-performing rate of Cixi City was 6.08%, which was higher than that of 4.85% in 2015.

Surprisingly, the hardest hit areas are not city commercial banks, but big banks. Among them, the non-performing rate of CCB was 19.44%, that of CCB was 12.07%, that of CMB was 11.09%, that of ICBC was 9.25%, that of Ping An Bank was 10.83%, and that of Industrial Bank was 10.67%.

The main reason for the large amount of non-performing loans in Cixi in the past few years is that a large number of banks put in a large amount of mutual guarantee loans in the early years, which led to the debt crisis in the guarantee circle after the decline of traditional industries. Subsequently, there were a large number of malicious debt evasion and cancellation behavior, together with the low real estate price, which led to a large number of bad loans and clearing losses of the bank. A local city businessman said.

A Shanghai judge who has been engaged in financial cases trial for many years said that the situation of debt evasion and cancellation similar to Kangxin chemical fiber was quite common in the previous years. Due to concealed means, early layout and transfer of assets, and even through auction, which is a public transaction, it is difficult for creditors to obtain strong evidence and is in a disadvantageous position in the contest between the two sides. In this case, it is difficult for the creditor to gain the upper hand in the litigation process, unless the relevant departments intervene and let the actual controller of Kangxin chemical fiber participate in the auction of his own factory by means of account backcheck, and participating in the auction means that the assets are hidden at that time and should be enforced.

Local big banks told reporters that with the digestion of the banking industry year by year, the recovery of financial ecology and the rise of real estate prices, the financial situation is stable. It is expected that the overall non-performing rate of Cixis banking industry will drop to less than 1% this year.

People close to Quandi chemical fiber told reporters that the production of Quandi chemical fiber has only entered the right track this year. In the previous years, there was a loss. In this year, when the epidemic spread all over the world, there was a turning point. Originally, due to the disappearance of demographic dividend, many orders were lost to overseas. But during the outbreak, a lot of overseas orders have returned to Cixi this year, because other big manufacturing countries, such as India, have stopped work. Small household appliance enterprises and chemical fiber clothing enterprises in Cixi are all working overtime. The only pity is that the transportation capacity is insufficient, and the goods are stored in the port waiting to be sent to the world.

At present, some local banks take history as a mirror and claim that they dare not lend money to Quandi chemical fiber, which has Shen Dingkang behind her back. However, some small and medium-sized banks still maintain cooperative relationship with Quandi chemical fiber. They told reporters that Quandi chemical fibers current shareholder background is normal, and there is a background of listing, and the shareholders intervene (Shuanglu shares were listed), so there is no negative side effect.

The 21st century economic report learned from a financial institution in Ningbo that a city commercial bank has granted a loan of 250 million yuan to Quandi chemical fiber, but the news has not been verified. It is worth noting that on November 21, the member of the Political Bureau of the CPC Central Committee, the vice premier of the State Council, and the financial stability and Development Commission of the State Council (hereinafter referred to as the financial commission) held the 43rd meeting of the financial committee, requiring the financial supervision departments and local governments to resolutely safeguard the authority of the legal system, fulfill the regulatory and territorial responsibilities, and urge all kinds of market entities to strictly perform their main responsibilities and establish a sound system Local financial ecology and credit environment. Uphold the zero tolerance attitude and maintain market fairness and order. We will severely punish all kinds of evasion and cancellation of debts and protect the legitimate rights and interests of investors. Although the above meeting is aimed at the bond market, it also has a deterrent effect on bank enterprise loans. Source: editor in charge of economic report in the 21st century: Zhong Qiming_ NF5619

It is worth noting that on November 21, the member of the Political Bureau of the CPC Central Committee, the vice premier of the State Council, and the financial stability and Development Commission of the State Council (hereinafter referred to as the financial commission) held the 43rd meeting of the financial committee, requiring the financial supervision departments and local governments to resolutely safeguard the authority of the legal system, fulfill the regulatory and territorial responsibilities, and urge all kinds of market entities to strictly perform their main responsibilities and establish a sound system Local financial ecology and credit environment. Uphold the zero tolerance attitude and maintain market fairness and order. We will severely punish all kinds of evasion and cancellation of debts and protect the legitimate rights and interests of investors.

Although the above meeting is aimed at the bond market, it also has a deterrent effect on bank enterprise loans.