Author Hu Meng

Editor Lang Ming

Recently, behind the swallowing of Guojin Securities by Guolian Securities, Wei Dong, a "financial wizard" who has passed away, was once again pushed into people's field of vision.

When it comes to Wei Dong, perhaps young people have rarely heard about it now, but more than a decade ago, Wei Dong was a trendsetter in the capital market. In just a few decades, he held several listed companies and his wealth reached 7 billion. However, this high-profile capital darling jumped from the ninth floor of his home in April 28 and left the world where he had been nostalgic for 41 years.

At that time, Wei Dong's suicide became a mystery, and the takeover of the financial empire "Yongjin Department" was also controversial many times. After a lapse of 12 years, the only company controlled by Yongjin Department is Guojin Securities. After the cooperation of 1 billion brokers, the Yongjin Empire created by Wei Dong will also lose its last symbol.

Wei Dong was born in 1967. Compared with the hardships of that era, his family was quite well off, and his parents were knowledgeable.

It is understood that Wei Dong's father is Wei Zhenxiong, a well-known figure in the accounting field. He used to be a professor at the Central University of Finance and Economics and the chairman of Zhonghui Certified Public Accountants. He participated in the formulation of a series of accounting systems in China and cultivated many accounting professionals for China. My mother is also an employee of Zhongcai Insurance Department.

On the one hand, Wei Dong also learned from childhood and cultivated a keen sense of finance. On the other hand, the low-key family atmosphere also runs through his whole life. According to media reports, Wei Dong had never been interviewed before his death. Even in the most glorious moment of his life, his own head portrait rarely flowed out on the Internet.

In the early 199s, Wei Dong, 24, graduated from the Department of Economics and Management of the Central University of Finance and Economics, and then worked in China Economic Development Trust and Investment Company (hereinafter referred to as "Zhongjingkai"), where he was once the head of the securities department of Zhongjingkai, ranking among the top four futures companies in Shanghai at that time.

The establishment of Wei Dong's Jianghu status is based on the 327 national debt incident in 1995. At that time, it was the economic transition period in China, and the various systems of the capital market had not yet been established. Wei Dong followed the opening of China Economics and made more than 327 treasury bonds, successfully pushing back the short-selling Liaoguofa and Wanguo Securities, and profited a lot from it. Some people say that Wei Dong made a profit of 2 million yuan from it.

that is, in the first half of 1994, Wei Dong established Beijing Yongjin Financial Consultant Co., Ltd., a Sino-foreign joint venture. In 1995, Wei Dong successively established Shanghai Leopard Industry Co., Ltd. and Shanghai Yongjin Financial Consulting Company. The former was renamed Yongjin Group Company around 1996.

Although the profit of Wei Dong's first large sum of 2 million yuan has not been confirmed. Then, in 1999, Wei Dong founded Hunan Yongjin Company with a registered capital of 18 million yuan, which was also the key point for the establishment of the "Yongjin" capital kingdom, and then started the ups and downs in the capital market.

In fact, before 23, many financial supervision fields were in a vacuum, and there was also a lack of risk control and supervision for private capital to enter the financial field. With the establishment and improvement of the separate supervision system of one line, three meetings, and the standardized development of the equity trading market, it is difficult to replicate the successful model of capital predators.

Because of this, Yongjin Department is regarded as the last "department" of A shares, and Wei Dong himself is also called "the last big shot in China capital market".

Ba Shusong, an economist, divided the Yongjin system founded by Wei Dong into two stages with 22 as the boundary. In his description, the Yongjin system before 22 seized the policy opportunity of China's economic transition and carried out arbitrage with the help of policy blind spots.

"At that time, the stock market was still in the exploratory stage, and the information was asymmetric. Investors with information channels or well-informed information were often able to take the lead." Ba Shusong thinks.

It is understood that Yongjin Department led by Wei Dong only participated in equity investment at first, and then left quickly after holding shares for a period of time, thus making profits. For example, Yongjin cashed in 15 million yuan in 2 by investing in Minfufa, with an annualized rate of return of 577.8%.

In 1996, Yongjin successively acquired the legal person shares of Jinli, Precision Fuen and Haci, and the investment in these three companies ended in losses. Its legal person shares, such as Galaxy Power, Zhongbao and Tianhua, earned 15 million yuan, and the return on investment exceeded 1%.

In 1999, Yongjin participated in the IPO of Sanjiu Medicine, BTG, Chengzhi, Silk and Bird, and made a profit of about 14 million in two years.

At the end of 1999, Yongjin Department used Zhijin Technology as a platform to incubate a number of start-up enterprises, such as Qingdao Soft Control, Beiqing Media, wanfang data, Zhongke Software and other enterprises, which made a lot of profits.

after 22, its investment gradually took shape, mainly turning to the industry-finance model of medicine and finance. In January, 22, Yongjin Department gradually took control of Jiuzhitang, a traditional national brand, and the holding ratio once increased to 59.5%. And before Qianjin Pharmaceutical went public, it became its second largest shareholder, accounting for 17.32% in the end.

In 25, Yongjin Group held Chengdu Securities, which is now Guojin Securities, through a series of manipulations. In March 27, after the backdoor of Guojin Securities, Chengdu Jiantou resumed trading, which made the market value of Wei Dong's shares soar to more than 1.3 billion yuan.

It is worth noting that Yongjin is a series of operations that manipulated the listing of Guojin Securities at the beginning, and there are many discussions about its irregularities in the industry.

Later, Yongjin Department caught up with the shuttle bus of securities company's restructuring and listing, and its share-holding Bank of Communications successfully returned to the A-share market from the Hong Kong capital market, with a book profit of 15 million in two months. In addition, Yongjin also shares in Yunnan International Trust and Investment Co., Ltd., and actually holds Yunnan Trust through Yongjin Industry and Nano Venture.

at that time, "Yongjin Department" was in its heyday, holding several listed companies, and many shareholding companies were queuing up for listing. Based on this, it was also the highlight moment of Wei Dong.

In April 28, Wei Dong jumped down from the 9th floor of his home, leaving many reverie for the public. Then Wei Dong's wife Chen Jinxia took over the "Yongjin Department".

In recent 12 years, judging from the number of listed companies holding and participating in shares, Yongjin seems to be constantly subtracting, gradually getting rid of the image of "crocodile" in capital operation in the past.

In May 215, Chen Jinxia's "Yongjin Department" sold the control of Jiuzhitang for 1.53 billion yuan. Li Zhenguo of Northeast Youbo Pharmaceutical Company listed on Jiuzhitang, replacing Chen Jinxia as the new actual controller. The shareholding ratio of Jiuzhitang Group, a "Yongjin Department", fell below 5%.

At the same time, "Yongjin Department" also reduced its shareholding in Qianjin Pharmaceutical to 2.3% several times.

At this point, among the core financial equity assets left over from the Wei Dong period, only Guojin Securities is a listing platform. Now, the controlling stake of Guojin Securities is about to be lost.

It is worth noting that behind the gradual fading out of the "Yongjin system" is Chen Jinxia's expanding investment empire. The city has previously reported that at present, Yonghua Investment under Yongjin Group has been deployed in 56 enterprises in high-end manufacturing, IT, medical health, education and culture, and large consumption.

Among them, high-end manufacturing includes a number of listed companies, including Dahua Co., Ltd. and Qin 'an Electromechanical Co., Ltd. and 16 enterprises. New energy and new materials include 7 enterprises including Jingrui Chemical. The field of medicine and health includes 11 enterprises including Qianjin Pharmaceutical; The field of environmental protection includes three enterprises, including Bishuiyuan; Education and culture include nine enterprises including Hujiang and Dada English. The big consumption field includes 8 companies including Dongyi Risheng.

It is worth noting that Chen Jinxia's Yongjin Department is as low-key as herself. Different from her husband's insistence on controlling the company, she prefers fast-forward and fast-out. In the specific investment, the "Yongjin Department" seems to control the shareholding ratio skillfully. Generally, after the investment project is listed, the shareholding ratio is mostly below the regulatory red line of 5%, and it avoids the position of the top ten shareholders.

However, judging from the scale of wealth, Chen Jinxia himself did not live up to her husband's trust, and in just 12 years, he developed the assets left by her husband from 7 billion to more than 3 billion today. As of February 26th, 22, Chen Jinxia ranked 555th in Hurun Global Rich List with a wealth of RMB 32 billion.