Author | Four Elephants
Editor | Wan Jiali
Source | Caijing (ID: teccj6)
In September 23, Mao Amin recorded an album "Happy". A year ago, Mao Amin, a Shanghai girl, met Jie Zhikun, a native of Yichun in Northeast China. After that, their feelings quickly warmed up and they got married in 23. Mao Amin was full of happiness. "Happiness is the happiness of the left hand, and happiness is the loneliness of the right hand." ("Happiness")
After marriage, Jie Zhikun was prosperous and started an amazing wealth life. In the past 2 years, she has built a trillion-dollar empire.
it's unpredictable. On December 18th, 221, official website of Zhongzhi Enterprise Group issued an obituary. Jie Zhikun, the founder of Zhongzhi Enterprise Group, died in Beijing at 9: 4 on the same day at the age of 61.
Less than a month after Jie Zhikun left Mao Amin forever, Zhongzhi Enterprise Group announced a news that its four fund sales companies had merged. This means that in the past, there were four fund sales licenses, and now there is one.
After galloping in the capital market for several decades, the establishment of the Zhong Zhi line is closely related to the Xie family, among which Jie 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 walked to the stage after Jie Zhikun's death; On the other hand, Jie Zhikun's eldest daughter, Xie Huigan, 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 alliance.
the industry made a fortune, and the Chinese plant department turned around for the first time in 28, focusing on the financial investment sector. Zhongzhi Department's usual way of playing in the market is called "X+ Zhongrong Trust+Listed Company" operation mode, in which X part is original assets such as works of art and equity of listed companies, that is, raising funds through Zhongrong Trust, acquiring original assets, and further participating in the capital operation of listed companies to reduce their holdings and cash out. Judging from the investment characteristics, the Zhongzhi Department mostly sneaked into listed companies through fixed increase, and won't fight for the boss.
However, under the risk factors such as stock market fluctuation, the play style of Zhongzhi has been locked up many times in recent years. At the same time, its largest wealth platform, Hengtian Wealth, has frequent problems in selling products, and some products are overdue. In addition, Zhongshi has stepped on companies such as Leiletv, 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 games has increased dramatically. This time, Zhongzhi Department was forced to turn around, return to industry, and devote itself to dual drive of industry and asset management.
However, without its founder, Zhongshi is facing a challenge like a landslide and tsunami. How far can Liu Yang, Xie Huigan and other second generations lead the Chinese flora?
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Family characteristics
Wuying District, Yichun City, Heilongjiang Province, a small mountain village with only 19 families, is the hometown of Jie Zhikun.
The family was poor. In 1961, Xie Jia's fifth child was born, named Xie Zhikun (formerly known as Xie Zhikun). There are three sisters and one brother in front of Jie Zhikun-Zhichun Xie, the general manager of central huijin in the future. Zhichun Xie, a low-key person, rarely makes public appearances. Its network resources are rich and long.
having a good brother is a blessing to Jie Zhikun. In his hometown, young Jie Zhikun completed the initial accumulation of his life. In the 198s, Jie Zhikun was only a worker in a printing factory in Wuying District. In the 198s, many state-owned and collective enterprises ran into problems. At the end of 198s, at the national level, the separation of the two rights was promoted, and various forms of contract management responsibility system were implemented. Just as many people stood out at that time, Jie Zhikun, with outstanding ability, was appointed as the factory director and contracted to operate when Wuying Printing Factory was in trouble.
under the leadership of factory director Xie, the operation of the printing factory 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 with abundant forest resources, and many people have made a leap by it.
In a few years, the factory director Xie realized the accumulation of wealth, so he could go all out. At that time, Heilongjiang was a hot land. Zhongzhi can be traced back to Zhongzhi Enterprise Group Co., Ltd., which was established in 1995. The predecessor of Zhongzhi Enterprise Group Co., Ltd. was Wuying District Local Enterprise Joint Development Company registered in 1989 with a registered capital of 1.4 million yuan.
in April, 2, Jie Zhikun and the trade union committee of Heilongjiang Zhongzhi Enterprise Group Co., Ltd. jointly initiated the establishment of Heilongjiang Zhongzhi Enterprise Group Co., Ltd. according to the requirements of Yichun Municipal People's Government's Reply on Relevant Matters Concerning the Restructuring of Heilongjiang Zhongzhi Enterprise Group Co., Ltd. From the perspective of equity, Jie Zhikun invested 178 million yuan in this restructuring, accounting for 8% of the shares; The Trade Union Committee of Heilongjiang Zhongzhi Enterprise Group Company invested 4 million yuan, accounting for 2% of the shares.
on may 2th, 2, Heilongjiang zhongzhi enterprise group held a shareholders' congress and decided to change its name to zhongzhi enterprise group co., ltd (hereinafter referred to as zhongzhi group). Zhongzhi Enterprise Group increased its registered capital with a capital of 278 million yuan.
At the end of 199s, the flora of China gradually expanded to Beijing and Shanghai, and Jie Zhikun also appeared in Beijing and Shanghai. With the expansion of the middle plant line, family members gradually joined.
Liu Yang, born in 1975, is Jie Zhikun's nephew and an "alumnus" with Zhichun Xie, who also graduated from Heilongjiang University. In 1998, Liu Yang resigned from his bank job, followed Jie Zhikun and gradually became his right-hand man.
in 1998, Liu Yang participated in the establishment of Jinzhi Investment Co., Ltd. in Shanghai, and entered the capital market. As early as 1997, Jie Zhikun targeted the real estate industry, and its leading industry involved real estate development. In 21, 26-year-old Liu Yang became the chairman of Mengke Real Estate Development Co., Ltd., and more than 3 properties were completed one after another.
Resume of Jie Zhikun's family members
In 28, Jie Zhikun changed his strategy and led Zhongzhi Department to focus on financial investment business and focus on developing capital market business. In this context, in 29, Liu Yang served as the chairman of Zhongrong Trust, committed to changing the business model of bank-trust cooperation. In the first half of 21, the company's self-managed collective trust business income accounted for 7% of the company's total income.
Liu Yang proved himself by his actions. On October 3, 29, Zhongzhi Group held a shareholders' meeting, at which it was deliberated and agreed that Xie Zhikun would transfer all 8% equity of Zhongzhi Group to Liu Yang. On the same day, the two signed the Equity Transfer Agreement.
This transfer, even more curious, happened two years later, when Liu Yang transferred his equity to another family member, Xie Huigan, the daughter of Jie Zhikun and his ex-wife. In February 211, Liu Yang transferred 8% of the equity of Zhongzhi Group to Xie Huigan, and the trade union committee of Heilongjiang Zhongzhi Enterprise Group Company transferred 2% of the equity of Zhongzhi Group to Liu Yiliang, a fellow villager in Yichun, Jie Zhikun, and one of the key figures in Zhongzhi Department. At this point, Xie Huigan subscribed 4 million yuan, accounting for 8% of the shares; Liu Yiliang contributed 1 million yuan, accounting for 2% of the shares. In this process, Liu Yang became a setter.
After another round of changes, the ownership structure of Zhongzhi Group was basically settled: Zhonghai Shengfeng (Beijing) Capital Management Co., Ltd., which is actually controlled by Jie Zhikun, subscribed 3.8 billion yuan, accounting for 76% of the shares; Liu Yiliang subscribed 8 million yuan, accounting for 16% of the shares; Xie Huigan contributed 4 million yuan, accounting for 8% of the shares.
Xie Huigan, 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 in 21, and its business scope includes investment management, undertaking exhibitions and selling arts and crafts.
jiacheng zhongtai is not so simple.
Xie Huigan participated in the capital operation of Zhongzhi through Jiacheng Zhongtai. For example, in 219, Zhongzhi Enterprise Group, together with Jiacheng Zhongtai and Jiacheng Zhongtai Holding Company-Tibet Nuoxin Capital Management Co., Ltd. (hereinafter referred to as "Nuoxin Capital"), acquired the medium-range leasing co., Ltd. under Daming City (694.SH) for 2.5 billion yuan. At present, Medium-range Leasing Co., Ltd. is actually in charge of Jiehui Gan.
Letv Building was accused of selling and buying itself, and Xie Huigan was also involved. On December 3, 221, 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 Zhongzhi Department, and Xie Huigan is the key figure.
In addition, Jie Zhikun's nephew, Xie Zizheng, works in Zhongzhi Department, serving as the director of Zhongzhi Enterprise Group and the chairman of Zhonghai Shengrong (Beijing) Capital Management Group Co., Ltd., and Zhonghai Shengrong is one of the top five asset management companies in Zhongzhi Department. Xie Zizheng also served as a director of Gansu Northwest Mining Group Co., Ltd. and served as a legal person of Northwest Mining. Northwest Mining currently controls seven mining companies.
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Capital Platform
Zhongzhi is the core hub of capital operation, and it is Zhongrong Trust.
Zhongrong Trust, formerly known as Harbin International Trust and Investment Company, was established in 1987. In 22, Zhongzhi Group invested 12 million yuan, accounting for 36.92% of the shares, and became the largest shareholder in one fell swoop. Since then, it has gradually increased its holdings to 67.69%. In 21, when Liu Yang was at the helm, Jingwei Textile Machinery (666.SZ), controlled by China Hengtian, a central enterprise, became the largest shareholder by acquiring 36% of the shares in Zhongrong International Trust. At this point, Zhongrong Trust has the background of central enterprises.
From the perspective of equity institutions, Zhongrong Trust's 22 annual report shows that Jingwei Textile is the largest shareholder, 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 22, Zhongrong International Trust had its own assets of 28.558 billion yuan, the total assets entrusted by the company and its subsidiaries were 889.883 billion yuan, and the company realized a total operating income of 5.5 billion yuan.
Founder Securities Research Report shows that Zhongzhi Company raised funds through Zhongrong Trust, acquired original assets, and then participated in the capital operation of listed companies to obtain equity. Zhongrong Trust cooperated with other financial platforms in the system to continue capital and amplify leverage, thus dispersing risks.
at the same time, it is worth paying attention to the four wealth platforms of the Chinese plant system.
In 211, Zhongzhi Group established four wealth management companies, namely Hengtian Fortune, Xinhu Fortune, datang wealth and Gaosheng Fortune. Among them, Hengtian Fortune and datang wealth shareholders 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 (666. SZ); The structure of datang wealth is similar to that of Hengtian Fortune, with Zhongzhi Company as the major shareholder and Datang International Power Generation Co., Ltd. as the second shareholder, with the background of central enterprises.
From the perspective of the plate, as of the first half of 221, the new asset allocation scale of Hengtian Fortune was nearly 15.5 billion yuan, and the accumulated asset allocation scale was 1,416.8 billion yuan; Datang wealth has accumulated assets of nearly 82 billion yuan; By the end of 221, Xinhu Fortune had allocated 1.4 trillion yuan of assets for customers. The dish of Gaosheng Wealth is relatively small. The "TOP2 List of Independent Wealth Management Companies in China in 22" shows that the accumulated assets of Gaosheng Wealth are 1 billion yuan. Among them, Gao Sheng Wealth is in the operation of cinema assets under Stellar Group. Stellar Cinema once wanted to go public by Yushun Electronics controlled by Jie Zhikun, but it failed in the end.
Of course, the mesophyte has already constructed its comprehensive ability. In 213, Zhongzhi Group implemented a comprehensive business transformation, forming four business segments: finance, mergers and acquisitions, wealth management and new finance, including trust, Public Offering of Fund, private placement, insurance, futures, pawn and other financial formats; In 214, asset management companies such as Zhonghai Shengrong, Zhongzhi International and Shoutuo Rongsheng were established one after another. Counting Zhongzhi Capital and Zhongxin Sunac, which were established in 211, the layout of the five major asset management companies basically took shape.
In terms of capital operation methods of financial enterprises controlled or shared by Zhongzhi Department, from the perspective of Zhongrong Trust in the hub, 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, works of art, and equity of enterprises to be listed. That is, financing through Zhongrong Trust, acquiring original assets, and further participating in the capital operation of listed companies to reduce their holdings and cash out.
zhongzhi company generally sneaks into listed companies through fixed increase, mostly the second largest shareholder, and provides 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 27. In 28, Beijing Xingjiaying Commercial Investment Co., Ltd. (hereinafter referred to as "Xingjiaying Company") entered the company, with a capital increase of 125 million yuan and holding 2.% of the shares. By 212, Beijing Xingjiaying Commercial Investment Co., Ltd. had increased its capital to 41 million yuan, holding 65.6% of the shares, and the person in charge of Northwest Mining was changed to Song Lina, who was a member of China Plant Department.
In this process, in June 28, Zhongrong Trust established the Northwest Mining Equity Income Right Trust Plan with a financing scale of 1 million yuan, which was used to transfer the Northwest Mining Equity Income Right held by Xingjiaying Company. Since then, Zhongrong Trust has set up several similar trust plans to accumulate capital through financing the Northwest Mining Equity Income Right.
entering a listed company is the next goal. In 213, Xingye Mining plans to raise 1 billion yuan in non-public offering, of which Northwest Mining subscribed for 8 million yuan. The annual report of that year showed that Northwest Mining became the second largest shareholder in one fell swoop, holding 15.44% shares of Xingye Mining, and then sought to retreat.
the middle planting system has made great profits by capital operation, but the past way is unsustainable due to factors such as changes in the overall environment.
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