Editor | Wan Jiali
Source | Discovery Finance (ID: teccj 6)
In September 2003, Mao Amin recorded the album Happy. A year ago, Mao Amin, a Shanghai girl, met Xie Zhikun, a native of Yichun, Northeast China. After that, their relationship quickly warmed up and they got married in 2003. Mao Amin was filled with joy. "Happiness is the happiness of the left hand, and happiness is the loneliness of the right hand." (happy)
After marriage, Xie Zhikun's career flourished and began an amazing wealth life. In the past 20 years, she has built a trillion-dollar empire.
There are unexpected events in the sky. On 200211218, official website, the enterprise group of Cizhi, issued an obituary, and Xie Zhikun, the founder of the company, died in Beijing at 9: 40 on the same day at the age of 6 1.
Less than a month after Xie Zhikun left Mao Amin forever, Cizhi Enterprise Group announced the merger of its four fund sales companies. This means that the median line with four fund sales licenses has now become 1.
Galloping in the capital market for decades, the establishment of Chinese flora is closely related to the Xie family, among which Xie Zhikun's nephew Liu Yang followed for many years. From the initial entry into the capital market, to the development of real estate, and then to the transformation of Zhongrong Trust, Liu Yang proved himself and came to the stage after Xie Zhikun's death; On the other hand, Xie Zhikun's eldest daughter and nephew Xie Zizheng also participated in it, pushing the family forward and establishing an empire that incited trillions of funds through internal cooperation or external alliances.
The industry made a fortune, and Zhongzhi Department turned losses into profits for the first time in 2008, focusing on the financial investment sector. The usual game in the market of Zhongzhi Department is called "X+ Zhongrong Trust+Listed Company" operation mode, in which the X part is original assets such as artworks and shares of listed companies, that is, raising funds through Zhongrong Trust, acquiring original assets, and further participating in the capital operation of listed companies. Judging from the investment characteristics, Zhongzhi Department mostly sneaked into listed companies through fixed increase, and would not fight for the boss.
However, under the risk factors such as stock market fluctuation, in recent years, Zhongzhi's style of play has been locked up many times; At the same time, its largest wealth platform, Hengtian Wealth, has frequent problems in selling products, and some products are overdue. In addition, Zhong Shi also stepped on companies such as LeTV, Kangdexin, and Changsheng Bio, and suffered a lot of losses.
Financial supervision has become stricter, capital operation has become more difficult, and the risk of leverage game has increased dramatically. This time, Zhongzhi Department was forced to turn around and return to industry, devoting itself to the dual drive of industry and asset management.
However, without its founder, Zhong Shi is facing challenges such as landslides and tsunamis. How far is it for Yang, Xie and others to lead China's flora?
0 1
Family characteristics
Wuying District, Yichun City, Heilongjiang Province, a small mountain village with only 19 households, is the hometown of Xie Zhikun.
Born in a poor family, 196 1 year, Xie Jia's fifth child was born, named Xie Zhikun (formerly known as Xie Zhikun). In front of Xie Zhikun, there are three sisters and 1' s brother-Xie Zhichun, the future general manager of Central Huijin Company. Zhichun Xie kept a low profile and rarely made public appearances. Its network resources are rich and long.
Having a good brother is Xie Zhikun's blessing. In his hometown, the young Xie Zhikun completed the initial accumulation of his life. In the 1980s, Xie Zhikun was only a worker in a printing factory in Wuying District. In the 1980s, many state-owned and collective enterprises had problems. At the end of 1980s, the state promoted the separation of the two rights and implemented various forms of contract management responsibility system. At that time, when many people stood out, Xie Zhikun, who had outstanding ability, was appointed as the factory director and contracted to operate Wuying Printing Factory when it was difficult.
Under the leadership of Director Xie, the printing business in Wuying District has improved. Director Xie, who tasted the sweetness of reform, began to operate pasta factories, wood storage factories, cement factories and so on. Wood is a good business, and forest resources are abundant, so many people jump on it.
In a few years, the director Xie realized the accumulation of wealth, so that he could go all out. At that time, Heilongjiang was a hot land. Zhongzhi can be traced back to Zhongzhi Enterprise Group Co., Ltd. established in 1995. The predecessor of CIIC Enterprise Group Co., Ltd. is Wuying District Local Enterprise Joint Development Company, registered in 1989, with a registered capital of10.4 million yuan.
In April 2000, according to the requirements of the Reply of Yichun Municipal People's Government on Relevant Matters Concerning the Restructuring of Heilongjiang Zhongzhi Enterprise Group Company, Xie Zhikun and the Trade Union Committee of Heilongjiang Zhongzhi Enterprise Group Company jointly initiated the establishment of Heilongjiang Zhongzhi Enterprise Group Co., Ltd. From the perspective of equity, Xie Zhikun invested 65.438+78 billion yuan in this restructuring, accounting for 80% of the shares; The Trade Union Committee of Heilongjiang Zhongzhi Enterprise Group Company invested 40 million yuan, accounting for 20% of the shares.
On May 20, 2000, Heilongjiang Zhongzhi Enterprise Group held a general meeting of shareholders and decided to change its name to Zhongzhi Enterprise Group Co., Ltd. (hereinafter referred to as Zhongzhi Group). The registered capital of CIIC Enterprise Group increased by 278 million yuan.
At the end of 1990s, the flora of China gradually expanded to Beijing and Shanghai, and there were also Zhikun in Beijing and Shanghai. With the expansion of the middle strain, family members gradually joined.
Liu Yang, born in 1975, is Xie Zhikun's nephew, and Zhichun Xie, who also graduated from Heilongjiang University, is still an "alumnus". 1998, Liu Yang resigned from the bank, followed Xie Zhikun, and gradually became his right-hand man.
Liu Yang participated in the establishment of Jinzhi Investment Co., Ltd. in Shanghai from 65438 to 0998, and set foot in the capital market. As early as 1997, Jie Zhikun aimed at the real estate industry, and its leading industry involved real estate development. In 200 1 year, 26-year-old Liu Yang became the chairman of Monk Real Estate Development Co., Ltd., and more than 30 properties were completed one after another.
Resumes of Xie Zhikun's family members
In 2008, Xie Zhikun changed his strategy and led Zhongzhi Department to focus on financial investment business, focusing on developing capital market business. In this context, in 2009, Liu Yang served as the chairman of Zhongrong Trust, committed to changing the business model of bank-trust cooperation. In the first half of 20 10, the company's self-operated collective trust business income accounted for 70% of the company's total income.
Liu Yang proved himself by his actions. On June 30th, 2009, 65438+20091October 30th, Zhongzhi Group held a shareholders' meeting, at which it was deliberated and agreed that Xie Zhikun would transfer all 80% equity of Zhongzhi Group to Liu Yang. On the same day, the two signed an equity transfer agreement.
The transfer, the more strange thing happened two years later, Liu Yang transferred his equity to another family member-Xie Zhikun and his ex-wife's daughter Xie. 20 1 1 In February, Liu Yang transferred 80% of the equity of Zhongzhi Group to Xie, and the trade union committee of Heilongjiang Zhongzhi Enterprise Group Company transferred 20% of the equity of Zhongzhi Group to Xie Zhikun, a fellow villager in Yichun, one of the key figures of Zhongzhi. At this point, Xie subscribed 400 million yuan, accounting for 80% of the shares; Liu Yiliang contributed 654.38 billion yuan, accounting for 20% of the shares. In this process, Liu Yang became a setter.
After another round of changes, the equity structure of Zhongzhi Group basically settled: China Shipping Shengfeng (Beijing) Capital Management Co., Ltd., which Xie Zhikun actually controlled, subscribed for 3.8 billion yuan, accounting for 76% of the shares; Liu Yiliang subscribed 800 million yuan, accounting for 65,438+06% of the shares; Xie contributed 400 million yuan, accounting for 8% of the shares.
Xie, also known as Xie Rutong, focuses on art-related fields. She holds a master's degree in museum management from Harvard University and a doctorate in art history from Peking University. Jiacheng Zhongtai Culture and Art Investment Management Co., Ltd. (hereinafter referred to as "Jiacheng Zhongtai") was established on 20 10 and is wholly owned by Xie. Its business scope includes investment management, undertaking exhibitions and selling handicrafts.
Jiacheng Zhongtai is not that simple.
Xie participated in the capital operation of the Chinese factory system through Jiacheng Zhongtai. For example, on 20 19, CIIC Enterprise Group joined forces with Jiacheng Zhongtai and Jiacheng Zhongtai Holding Company-Tibet Nuoxin Capital Management Co., Ltd. (hereinafter referred to as "Nuoxin Capital") to acquire Daming City (600094. Sh) 2.5 billion yuan. At present, gan jiehui is the actual person in charge of the medium-range leasing co., ltd.
Letv Building was accused of selling the building and buying a farce, and Xie Hui was also involved. 202165438+On February 3, Taoyun Capital issued a statement saying that the funds of Beijing Hengying Property Management Co., Ltd., the bidder of Lerong Building, the headquarters of LeTV, actually came from Zhongzhi Company. In this auction, Zhejiang Zhongtai, hiding behind the shell company, is both an auctioneer and a bidder. Zhejiang Zhongtai is one of the core companies of China Plant Department, and Xie is a key figure.
In addition, Xie Zi, Xie Zhikun's nephew, is working in Zhongzhi Department, serving as the director of Zhongzhi Enterprise Group and the chairman of China Shipping Rong Sheng (Beijing) Capital Management Group Co., Ltd., and China Shipping Rong Sheng is one of the top five asset management companies in Zhongzhi Department; Xie Zizheng is also a director of Gansu Northwest Mining Group Co., Ltd. and a legal person of Northwest Mining. Northwest Mining currently controls seven mining companies.
02
Capital platform
Zhongzhi is the core hub of capital operation and the Zhongrong Trust.
Zhongrong Trust, formerly known as Harbin International Trust and Investment Company, was established in 1987. In 2002, Zhongzhi Group invested10.2 billion yuan, accounting for 36.92% of the shares, and became the largest shareholder in one fell swoop. Since then, it has increased its holdings to 67.69%. 20 10, when Liu Yang was at the helm, Jingwei Textile Machinery (000666. SZ), controlled by China Hengtian, a central enterprise, became the largest shareholder by acquiring 36% of the shares of Zhongrong International Trust. At this point, Zhongrong Trust has the background of central enterprises.
From the perspective of equity institutions, Zhongrong Trust's 2020 annual report shows that the largest shareholder is Jingwei Textile, holding 37.47%; The second largest shareholder is Zhongzhi Group, holding 32.99%.
The ability of Zhongrong Trust should not be underestimated. By the end of 2020, Zhongrong International Trust had its own assets of 28.558 billion yuan, and the total assets entrusted by the company and its subsidiaries were 889.883 billion yuan, and the company realized an accumulated operating income of 5.5 billion yuan.
Founder Securities Research Report shows that Zhongzhi raised funds through Zhongrong Trust, acquired the original assets, and then participated in the capital operation of listed companies to obtain equity. Zhongrong Trust cooperates with other financial platforms in the system to sustain capital, amplify leverage and spread risks.
At the same time, it is worth paying attention to the four wealth platforms of China's plant system.
On 20 1 1 year, CIIC established four wealth management companies: Hengtian Fortune, Xinhu Fortune, datang wealth and Goldman Sachs Fortune. Among them, Hengtian Fortune and datang wealth shareholders all have the background of central enterprises, the major shareholder of Hengtian Fortune is Zhongzhi Company, holding 45% of the shares, and the second shareholder is Jingwei Textile Machinery (000666. SZ)； The structure of datang wealth is similar to that of Hengtian Fortune. The major shareholder is CIIC, and the second shareholder is Datang International Power Generation Co., Ltd., with the background of central enterprises.
In terms of sectors, as of the first half of 20021,the new asset allocation scale of Hengtian Fortune was nearly105.5 billion yuan, and the accumulated asset allocation scale was 14 168 billion yuan; Datang wealth has accumulated assets of nearly 820 billion yuan; By the end of 20021,the accumulated assets allocated to customers by Xinhu Fortune reached 1.4 trillion yuan; Goldman Sachs Fortune's plate is relatively small. The Top 20 Independent Wealth Management Companies in China in 2020 shows that the accumulated assets of Goldman Sachs are 654.38 billion yuan. Among them, Gaosheng Fortune is in the operation of cinema assets under the Star Group. Hengxing Cinema once wanted to go public through Yushun Electronics controlled by Xie Zhikun, but it failed in the end.
Of course, mesophytes have built up their comprehensive abilities. In 20 13, Zhongzhi Group implemented a comprehensive business transformation, forming four business sectors, namely finance, merger and acquisition, wealth management and new finance, including trust, Public Offering of Fund, private placement, insurance, futures and pawn. In 20 14, asset management companies such as China Shipping Rong Sheng, CIIC International and Shoutuo Rong Sheng were established one after another. Counting Zhongzhi Capital and Zhongxin Sunac, which were established on 20 1 1, the layout of the five major asset management companies has basically taken shape.
Ciic is a financial enterprise with holding or equity participation.
In terms of capital operation mode, from the perspective of Zhongrong Trust, Zhongzhi Department is good at using the pyramid operation mode of "X+ Zhongrong Trust+Listed Company", in which X part is original assets such as minerals, artworks and shares of listed companies. That is, through financing of Zhongrong Trust, we will acquire the original assets and further participate in the capital operation of listed companies to reduce their holdings and cash out.
Zhongzhi Department generally sneaked into listed companies through fixed increase, mostly the second largest shareholder, and provided ammunition for a series of capital operations through its trust and other platforms.
For example, Gansu Northwest Mining Group Co., Ltd. (hereinafter referred to as Northwest Mining) was established in 2007. In 2008, Beijing Xingjiaying Commercial Investment Co., Ltd. (hereinafter referred to as "Xingjiaying Company") entered the company, with a capital increase of 65.438+25 billion yuan, holding 20.00% of the shares. By 20 12, Beijing Xingjiaying Commercial Investment Co., Ltd. increased its capital to 4 10/00000 yuan, holding 65.6% of the shares, and the person in charge of Northwest Mining was changed to Song Lina, a member of China Plant Department.
In this process, in June 2008, Zhongrong Trust established the Northwest Mining Equity Income Right Trust Plan, with a financing scale of 6,543.8+billion yuan, which was used to transfer the Northwest Mining Equity Income Right held by Xingjiaying Company. Since then, Zhongrong Trust has set up a number of similar trust plans to accumulate capital through the financing of equity income rights of Northwest Mining.
Entering a listed company is the next goal. In 20 13, Xingye Mining plans to raise funds by non-public offering 10 billion yuan, of which Northwest Mining subscribed for 800 million yuan. The annual report of that year showed that Northwest Mining became the second largest shareholder in one fell swoop, holding 5.44% shares of Xingye Mining/KLOC-0, and then looking for opportunities to get away with it.
With the help of capital operation, Zhongzhi has made a lot of profits. However, due to changes in the environment and other factors, the past way is unsustainable.
03
The risks are hard to understand.
Wind data shows that in the A-share market, Xie Zhikun actually controls eight listed companies, including Kane (0020 12. SZ), prospective friend (002207. SZ), Yushun Electronics (002289. Shenzhen), Kang Sheng (0024 18. SZ) and mygym (.
Zhongzhi is a listed company that actually controls or shares more than 5%.
Nearly half actually controlled the company's losses. Zhunyou, Yushun Electronics and Kang Sheng all suffered losses as of the third quarter of 2002/KLOC-0, and the net profit attributable to shareholders of listed companies was-22,875,500 yuan; Yushun Electronics is-163 1. 1.7 million yuan, and ST Tianshan is-21.75.1.6 million yuan.
Zhongzhi, who has always been willing to be the second shareholder, has no intention of becoming a major shareholder. For example, in February 20 19, Kane Group had a creditor-debtor relationship with CIIC. Kane Group did not fully fulfill its obligations, and transferred its shares in Kane to CIIC to pay off its debts.
In addition, in recent years, Zhongzhi has successively stepped on LeTV, Kangdexin, Changsheng Bio, Kangmei Pharmaceutical and other companies, and suffered huge losses.
There are also hidden risks in the financial sector of Zhongzhi Department. From the perspective of trust platform, Zhongrong Trust is an important capital hub, which transfuses blood for the Chinese plant system. For example, Zhongrong Trust once launched the "Huixin" series of trust plans, in which Huixin No.4 product was transferred with the income right of all shares of Liaoning Pacific Pawn held by Zhongtai Chuangzhan, and Beijing Zhongronghui Investment Guarantee Co., Ltd. issued a letter of commitment, promising to make up the principal and overdue income if the trust was terminated. In fact, Zhongtai Chuangzhan and Beijing Zhongronghui Investment Guarantee Co., Ltd. were both affiliated to Zhongzhi Department at that time.
From the perspective of financial management platform, two series of private placement products, Jin Jia and Jiaxing, which were actively managed by the asset management platform of Hengtian Wealth Agency, failed to pay 202 1 on schedule, with a total scale of more than 2 billion yuan, and were accused of dereliction of duty in post-investment management; In 20 19, the product of "Year-old Blue Thousand Miles Asset Management Plan" sold by Hengtian Wealth was overdue, and it was accused of selling equity investment products as fixed income products.
65438+1On the evening of 7 October, Zhongzhi Group announced that the integration of its four independent fund sales companies, namely Beijing Hengtian Mingze Fund Sales Co., Ltd., Beijing Zhixin Fund Sales Co., Ltd., Tang Dinghua Key Fund Sales Co., Ltd. and Beijing Shi Sheng Tianxia Fund Sales Co., Ltd., was completed.
After the four-in-one integration, all the original standardized products of the four wealth management companies of Zhongzhi Department will be transferred to the name of Zhongzhi Fund, which will be jointly held by Zhongzhi Fortune, Hengtian Fortune, Xinhu Fortune, datang wealth and Goldman Sachs Wealth.
This means that the long-rumored merger of the four major wealth management companies has now made progress. At present, there are only 1 piece of the four fund sales licenses held by Zhongzhi Department in the past, and the room for funds to move is reduced.
Zhongzhi Department has moved from industry to finance and is returning to industry in recent years. Liu Yang, the temporary successor, said that in the next step, the Group will continue to follow the development strategy determined by Xie Zhikun, adhere to the dual-wheel drive of industry and asset management, further highlight the development of physical industries, and strengthen and improve asset management.
"Don't be a lamb driven away by silence, but be a fearless pioneer in the battle", which was Xie Zhikun's favorite poem before his death. This is a poem from the poet Longfellow's Ode to Life, which is very similar to a song sung by Mao Amin, "Don't live in vain": "To live is to gain, and to live is to taste."
Without the head of the company, the current Zhongzhi Department has reached a crossroads. Can the second generation of Xie Jia persist?
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