Text/Liu Gongchang
On the evening of April 19, 2024, Haitong Securities, the lead brokerage of Xinwei Group, issued a risk warning announcement. According to the announcement, the manager of Xinwei Group has received the "Civil Ruling" from the Beijing No. 1 Intermediate People's Court on April 11 this year, and the court ruled to declare the company bankrupt on April 9.
According to the announcement, Beijing No. 1 Intermediate People's Court ruled on December 17, 2021 to accept the bankruptcy liquidation case of Xinwei Group. On August 15, 2022 and December 1, 2023, the court issued civil rulings, ruling to confirm the claims of creditors such as Beijing Jinling Capital Management Co., Ltd., with a total amount of 6.877 billion yuan.
On March 29, 2024, the court received an application from the administrator, which showed that the liquidation value of Xinwei Group's total assets as of December 31, 2021 was approximately $500 million. According to the audit, as of December 31, 2021, Xinwei Group had assets of 563 million yuan, total liabilities of 9.53 billion yuan, and net assets of -8.967 billion yuan, which was insolvent.
The announcement mentioned that Beijing Jinling Capital Management Co., Ltd. applied to Beijing No. 1 Intermediate People's Court for bankruptcy liquidation of the company on the grounds that the company could not pay off its due debts and obviously lacked solvency. Xinwei Group said at the time that it would continue to promote the acquisition of Ukrainian aero engine assets and strive to eliminate the bankruptcy liquidation factor as soon as possible, but it failed to do so. ①
In September 2022, the manager of Xinwei Group launched the pre-recruitment of investors who intend to be liquidated in bankruptcy. But with such an asset situation, no one wants to be wronged, so they can only go bankrupt.
The Beijing Securities Regulatory Bureau decided to order Xinwei Group to make corrections, give a warning, and impose a fine of 9 million yuan, give a warning to Wang Jing, the actual controller of Xinwei Group, and impose a fine of 15 million yuan, and Yu Rui, then director, vice president and chief financial officer, and Liu Yun, then vice president, and impose a fine of 1.5 million yuan respectively. In addition, Wang Jing was banned from the securities market for life, and Yu Rui and Liu Yun were banned from the securities market for 10 years.
At this point, Xinwei, which was once a well-known company, will completely disappear.
So, what kind of company is Xinwei, and what happened in the process of Xinwei's entry into the capital market?
Shinwei meets the owner of the foot bath shop
In 1995, Datang Telecom, a state-owned enterprise, established Xinwei with several overseas students. It is said that the name of Xinwei is intended to "promote the prestige of the mainland in the field of telecommunications".
Xinwei also showed such potential at one time: it has 6 of the 14 core patents under the TD-SCDMA technical standard. As a global technical standard in the 3G era, TD-SCDMA is the first mobile communication system with independent intellectual property rights that can compete with Europe and the United States in the century-old communication history of the mainland. Its first chairman, Li Shihe, was also known as the "father of China's 3G".
However, it is a pity that so many leading technologies, but have not been transformed into real commodities and profits, has been limited to losses, as a subsidiary of the State-owned Assets Supervision and Administration Commission of the State Council under the jurisdiction of the central enterprise Datang Telecom Technology Industry Group, around 2007 had planned to go public separately, but was rejected. In 2009, Datang Telecom, the former telecom giant, lost money year after year due to poor management and could not even pay the water and electricity bills, and Datang was ready to get rid of the burden of Xinwei. On December 31, 2009, the State-owned Assets Supervision and Administration Commission of the State Council approved the restructuring plan of Beijing Xinwei.
Xinwei's restructuring attracted the attention of many parties, and a mysterious prince in white came with a large order of 3 billion yuan. This prince in white is Wang Jing. Born in Beijing in 1972, his parents were ordinary workers. When I was a child, I didn't believe in reading, I bragged badly, and I took the college entrance examination to a general Chinese medicine university. Later, he dropped out of school and started a business, rented a store in Beijing and opened a foot massage shop, and he also started a "health" project in the store, and also hung up the name of "health school", which seemed to be up to grade all of a sudden.
Soon the store became famous. After all, it is the capital, and there are all kinds of people who come. Wang Jing, who could blow and speak, quickly climbed with them, and soon the store opened bigger and bigger, and Wang Jing finally set up his own bathing club. This club allowed Wang Jing to bring the first pot of gold, and at the same time, it also accumulated a wide range of network resources for him.
Later, Wang Jing said in an interview with a number of media that he went to Hong Kong in the late 1990s to study international finance and investment, and then returned to Beijing to found Dingfu Investment Company. From January 1997 to December 1999, Wang Jing served as the legal representative and chairman of Beijing Dingfu Investment Consulting Co., Ltd., which was cancelled two years later in September 2001. In this company with a registered capital of 10 million yuan, Wang Jing contributed 7 million yuan as a natural person shareholder, and from December 1999 to October 2003, Wang Jing served as the chairman of the board of directors of Hong Kong Dingfu Investment Group.
From October 2003 to December 2006, he served as the chairman of Beijing Yingxi Construction Engineering Consulting Co., Ltd. Yingxi Consulting Co., Ltd. has a registered capital of 1 million yuan, Wang Jing invested 700,000 yuan, and the company has also been cancelled in April 2007. From December 2006 to February 2011, Wang Jing also served as the chairman of the board of directors of Hong Kong Baofeng Gold Co., Ltd., and in December 2006, he was appointed as the chairman of the Asian Agricultural Development Group of the Kingdom of Cambodia.
The acquisition of Xinwei Communications was undoubtedly a major turning point in Wang Jing's business career. In 2010, Wang Jing, who started with a foot bath shop, bought 88 million shares of the high-tech Xinwei Group at a price of 95 million, obtained 41% of the shares of Beijing Xinwei, became the company's largest shareholder, became the actual controller of the company, and officially took charge of Xinwei Company. Since then, Beijing Xinwei has transformed from a state-owned holding company into a private holding company.
But the question is, where did Wang Jing, who opened a foot bath shop, get so much money, and how did he complete the acquisition of Xinwei Group, a 3G communications giant with a grand state-owned background, as a low-level trader in society. It was only revealed by the media many years later - July 7, 2010: Wang Jing, who was actively invited by the shareholders of Xinwei Company, successfully acquired 120 million shares of Xinwei Group through "Bernard Investment". Of the 120 million shares, 88 million shares were held by "Bernard Investment" instead of Wang Jing. Wang Jing's acquisition is basically a typical "white wolf with empty gloves". But why "Bernard Investments" chose him and invested heavily in holding shares on his behalf is still a mystery.
However, soon, after Wang Jing's acquisition, Xinwei, who was originally dying, was suddenly reborn, and one by one thunderous plans were constantly concocted. However, just when the group's development was the most brilliant in the world, the media suddenly broke out that all of Xinwei's things were a scam, which caused Xinwei's stock market to plummet, and then a large number of media followed up, and its continuous losses, negative net assets, and financial reports were issued with audit reports that could not express opinions.
A mega project that shook the world
To this day, many Chinese are still talking about the Nicaragua Grand Canal project in which the Chinese participated, the Kra Isthmus Canal project in Thailand linking the Pacific and Indian Oceans, and the large-scale acquisition of the Ukrainian company Madasich, but in fact these projects are just fake projects used by Wang Jing to create influence.
Xinwei's first big move was a project in Myanmar. In 2011, Xinwei announced that it had obtained a 4G full-service license in Cambodia. Subsequently, Xinwei announced that it had signed an order of 3 billion yuan with a company in Cambodia. In order to quickly recover the transaction money, Xinwei used shares and property as collateral to borrow 3 billion yuan from China Development Bank. The Cambodian company used the money to pay Xinwei for the goods. For Chinese who are eager to go global, winning the Myanmar 4G order is not a big deal.
But later a closer look revealed that the Cambodian customer was actually a subsidiary of Xinwei, and the whole deal was purely fictitious. IN SEPTEMBER 2010, CHONGQING XINWEI, A SUBSIDIARY OF XINWEI, INVESTED IN THE ESTABLISHMENT OF XINWEI IN CAMBODIA, AND IN NOVEMBER 2011, XINWEI CAMBODIA SIGNED A MASTERAGREEMENT WITH XINWEI (HONG KONG) COMMUNICATION INFORMATION TECHNOLOGY CO., LTD. (A WHOLLY-OWNED SUBSIDIARY OF BEIJING XINWEI), STIPULATING THAT XINWEI HONG KONG WOULD SELL EQUIPMENT, TECHNOLOGY AND SERVICES TO XINWEI IN CAMBODIA, WITH A TOTAL CONTRACT AMOUNT OF US$460 MILLION. In May 2012, Xinwei Cambodia and Xinwei Hong Kong signed a Supplementaryagreement, stipulating that the shipper was Beijing Xinwei and its subsidiaries.
According to the (2023) No. 10 administrative penalty decision issued by the Beijing Supervision Bureau of the China Securities Regulatory Commission, Beijing Xinwei has implemented control over various related activities of Cambodian Xinwei since 2011. Xinwei Cambodia relies on credit funds guaranteed by Beijing Xinwei and Chongqing Xinwei Communication Technology Co., Ltd. (also a holding subsidiary of Beijing Xinwei) to pay for goods and carry out operations. Beijing Xinwei's subsidiary, through Novatel Investment Co., Ltd., directly or indirectly provides funds to SIFTelecomCambodia Limited, one of the buyer's credit borrowers, and an indirect shareholder of Cambodia Xinwei and its controlling shareholder, SIFTelecomCambodia (Project) Limited. From 2011 to 2013, Beijing Xinwei recognized a total of 2036.7784 million yuan of revenue from Cambodia projects at the consolidated statement level, and Xinwei Group recognized a cumulative revenue of 395.8133 million yuan from 2014 to 2017 from 2014 to 2017 from Cambodian projects.
In 2011, Wang Jing announced that in cooperation with Tsinghua University, a satellite would be successfully launched at the Jiuquan Satellite Launch Center. With the launch of this small satellite, he announced a plan called the "Aerospace Information Network", which aims to build China's own independent satellite network system, and is expected to launch at least 32 satellites by 2019, achieving global coverage of Xinwei Group's satellite network and providing communication services to 95% of the world's population. This plan was comparable to Musk's Starlink at the time, but to date, only one of Wang's satellites has been launched, but Musk's Starlink is already serving customers around the world.
In 2013, Xinwei came out with a terrifying news. Its boss Wang Jing and Nicaraguan leaders held a press conference together, announcing that they would invest 50 billion yuan to dig up the Grand Canal of Nicaragua and win the right to operate it for 100 years. If this plan is successful, Xinwei Group will not only help China break the pattern of global maritime trade, but also continue to make profits for 100 years.
Wang Jing claimed that thousands of people were involved in the construction of the canal project every day, but in fact, domestic reporters flew to Nicaragua to visit the site, and there were less than 30 workers working on the entire project. Just a few workers, or the income level of Nicaragua. ②
In December 2013, Nicaraguan Xinwei signed a "MASTERAGREEMENT" with Beijing Xinwei, with a total contract value of US$192.9 million; IN JULY 2016, NICARAGUA XINWEI SIGNED A "PURCHASEANDSALESCONTRACT" WITH CHONGQING XINWEI TO CONTINUE TO PURCHASE EQUIPMENT FROM CHONGQING XINWEI.
According to the (2023) No. 10 Administrative Penalty Decision issued by the Beijing Supervision Bureau of the China Securities Regulatory Commission, Xinwei Group participated in the construction and operation of the Nicaragua Project and was able to implement decision-making, and implemented control over the activities related to Nicaragua Xinwei in terms of determining personnel in key positions, recruitment plans, salary payments, work plans, etc. The relevant documents of Beijing Xinwei show that "Nicaragua Project: Determine the Equity Holder" and "Propose to Hold the Shares through Hong Kong Lamericom". Nicaraguan Xinwei relied on credit funds guaranteed by Beijing Xinwei to pay for the goods and conduct operations, and Beijing Xinwei's subsidiaries provided funds to Lamericom International Co., Limited, the controlling shareholder of Nicaraguan Xinwei and the borrower of the buyer's credit through Novartis Investments. From 2015 to 2017, Xinwei Group recognized a total of 132,273.19 million yuan of revenue from the Nicaragua project at the consolidated statement level.
After the high-profile announcement of the canal plan, Wang Jing announced that he would invest up to $10 billion to build a deep-water port in Ukraine. For this reason, the famous British financial media "Financial Times" included Wang Jing in the list of "25 most noteworthy Chinese" and gave him the title of "the most mysterious Chinese businessman". But in fact, the start of the Nicaragua Canal has been delayed again and again, and no one has mentioned it later, and the son of Nicaraguan President Ortega even went to the headquarters of Xinwei Group to collect debts.
In 2013, Wang Jing announced that Xinwei Group planned to acquire a Ukrainian company with an important position in the global aviation field - Madasic Engine Company. Because this project is too motivating to the Chinese people, many people still talk about it and criticize the Ukrainian government that vetoed the merger, which has profoundly affected the good impression of Ukraine among Chinese.
None of the above grand plans have been realized except for a small satellite into the sky, but they have earned them all the eyeballs, and they have convinced the public, as well as investment institutions and banks, that Wang Jing's Xinwei is a company with strength and background that is worth investing in. For Wang Jing, all of this is just a purpose, that is, to speculate on concepts, deceive shareholders into shares, deceive institutional investment, and defraud bank loans.
Seeing this, I believe that many people have this question like me, almost none of what Xinwei said and did from head to toe is true, why do so many people still believe it?
How does Wang Jing tell stories and make packaging?
The owner of the foot bath shop has turned into the CEO of a high-tech enterprise, and the turn is gorgeous enough. According to the investigation by the Beijing Supervision Bureau of the China Securities Regulatory Commission, Wang Jing mainly took two steps. The first step is to tell a good story and make a big plan, and the second step is to switch left hand to right hand to create a false profit and then borrow money from a financial institution.
Xinwei's earliest packaging started from the direction of the company's "military-related", and due to the complexity of the procedures, the Chinese media generally did not report military-related incidents, thus leaving a gap for Wang Jing. According to Southern Weekly, in 2010, Xinwei quickly obtained the qualification to contract weapons and equipment, the national second-class confidentiality certificate, and the license for scientific research and production of weapons and equipment, and was qualified to sell products to special industries. At that time, on some forums or BBS, there were rumors that Wang Jing was the son of a certain founding general, and later because the general's family was interviewed by the media to refute the rumors, Wang Jing came out to refute the rumors that he had no background.
Since 2010, Xinwei has obtained the Cambodian 4G project event, and through the loan of China Development Bank, it has created revenue of 992 million yuan and 828 million yuan respectively for Xinwei in 2011 and 2012, accounting for 84.70% and 90.47% of its total revenue in the same period, respectively, and has achieved a turnaround for two consecutive years.
But since then, Xinwei under the leadership of Wang Jing has embarked on the road of relying on local governments to cash out. In 2010, Wang Jing announced plans to build an automobile production base in Ningxia to achieve the goal of industrial upgrading in the region. After learning of this plan, the local government immediately expressed its willingness to provide 1 billion financial support. Wang Jing fled quickly after receiving the coal mine provided to him by the government, resulting in the project not being completed. Wang Jing has done the same in a similar way in Inner Mongolia, Guizhou, Zhejiang, and elsewhere, and he has always been able to easily spot the huge funding and industrial upgrading needs of local governments, and has earned the government's trust by promising to "help China avoid detours."
June 2011: Beijing Shunyi District Government and Xinwei Communication Industry Group signed a cooperation framework agreement to build Xinwei National Wireless Broadband Industrial Park project in Guomen Business District, with an investment of 12 billion yuan and an area of 1,000 acres.
In August 2012, covering an area of 1,500 acres, Beijing Xinwei (Zhenjiang) Industrial Park jointly built by the Zhenjiang Municipal Government and Beijing Xinwei also started construction in Zhenjiang, Jiangsu, the project is ready to be built in three phases within 5-8 years, the investment amount is expected to be no less than 10 billion yuan, and the annual output value of the industrial park is expected to exceed 20 billion yuan, including 300 acres of land for the first phase of the project, with an investment of 4 billion yuan.
In July 2013, Xinwei Group will invest 15 billion yuan to build the "Tianjin Xinwei Broadband Wireless Communication and Beidou Application Industrial Park" in Beichen Economic and Technological Development Zone. In the same month, Xinwei Communications plans to invest 5 billion yuan in Xuzhou.
In 2013, Xinwei took on a US$940 million guarantee for the Ukraine project, and CDB gave a loan of RMB5 billion, in exchange for RMB1.887 billion in revenue, accounting for 88% of its total revenue in the same period.
September 4, 2014: China's first smart communication test satellite cooperated by Xinwei Group and Tsinghua University was successfully launched in Jiuquan. Wang Jing released the "Aerospace Information Network" plan, and in the same year, a number of securities firms carried out seriously false boasting and propaganda about Xinwei. Guotai Junan's research report is "Xinwei Communication: Demonstrating the National Will, the First Share of China's Communication Standard Output" - Xinwei cannot be copied, Xinwei occupies the oligopoly position of aerospace communication in advance, and there is no domestic company comparable to it. The research report of Soochow Securities is "Xinwei Group Group Comment II: The Side of the Rise of a Great Power, the Dragon and Phoenix among the People", buying Xinwei Group is to buy China's belief in realizing the rise of a great power, and Wang Jing is "the dragon and phoenix among the people".
According to the company's announcement, Zhang Jixiang, who became vice president of Xinwei Group in September 2014, has a military career for many years, serving as a staff officer and director of the communications department of the Beijing Military Region, and from 1998 to 2013, he served as the deputy commander of a training base of the Beijing Military Region. On this basis, Xinwei Group's cooperation partners are further centralized and internationalized.
In 2014, Chongqing Xinwei, a subsidiary of Xinwei Group, registered and established a wholly-owned subsidiary, Luxembourg Aerospace Communications Company, in Luxembourg, which is mainly engaged in overseas satellite operations and is responsible for coordinating satellite orbit resources and frequency network resources with the International Telecommunication Union (ITU).
July 30, 2014: Gezhouba Group signed a cooperation agreement with Wang Jing's HKND company.
June 12, 2015: Xinwei Group announced that the company signed a strategic cooperation agreement with the Hainan Provincial People's Government, and the two sides will carry out close cooperation in the fields of information industry and information construction.
The scam was uncovered and the thunderstorm began
When we saw Xinwei reveal its background one by one, I believe that even the most critical skeptics fell silent.
As a company with the bloodline of a state-owned enterprise, Xinwei has the weapons and equipment manufacturing qualification and the national second-class secrecy certificate issued by the most authoritative institutions in the country, the satellite launch with which the best universities in China cooperate, the royal family and nobles of China's friendly countries as its platform, the top banks in China have a large number of loans for it, the top securities institutions in China have waved their flags and shouts for it, and finally there are a large number of local governments that have invested real money in front of and after the saddle.
But after in-depth investigation and research by media reporters, Wang Jing's true colors as a liar were finally revealed.
In December 2016, NetEase Finance released a blockbuster report "Xinwei Group's Shocking Situation: Hiding Huge Debts, Mysterious People Cashing Out and Leaving the Market" after three months of in-depth investigation in Cambodia, Hong Kong, Beijing and Shanghai.
Netease Finance's report revealed the truth about Xinwei's exchange of revenue through guarantees: Cambodia Xinwei was originally a branch of Xinwei's subsidiary Chongqing Xinwei established in Cambodia in 2010. In August 2011, Cambodia Xinwei obtained the Cambodian 4G full service license. Subsequently, Chongqing Xinwei transferred it to a company and three natural persons in Cambodia. Then the two sides had this big order of 3 billion. The actual controller of the company that took over Cambodia Xinwei is only an agent of a leather bag company in Vietnam.
The report pointed out that Xinwei has been weaving all kinds of lies and financial fraud in the past few years, and the entire company has been heavily indebted and has huge risks, and most of the mysterious shareholders who participated in Xinwei's backdoor listing have cashed out huge wealth by reducing their shares at a high point.
In the face of NetEase's report, Xinwei was quite strong at that time, not only mobilizing the media to cheer for it, claiming that NetEase's report was "fabricated", but also issuing a statement claiming to issue an announcement and a lawyer's letter. However, in the end, it was all gone.
In December 2023, the administrative penalty decision of the Beijing Securities Regulatory Bureau showed that Xinwei Group had committed financial fraud for many years. Among them, in 2014, the inflated income was 78.5597 million yuan, in 2015, the inflated income was 2.11 billion yuan, and the total inflated profit was not less than 1.83 billion yuan, in 2016, the inflated income was 2.7 billion yuan, and the total inflated profit was not less than 2.2 billion yuan, and in 2017, the inflated income was 71.43 million yuan. In 2018 and 2019, Xinwei Group overstated asset impairment losses and credit impairment losses by 1.44 billion yuan and 1.54 billion yuan respectively.
That is, inflating income every year. As a result of such an inflated consequence, as of June 30, 2016, Cambodia's Xinwei had a debt of 1.957 billion, a Ugandan project operator had a debt of 370 million, and a Russian project operator had a debt of 2.4115 billion......
Since 2017, Xinwei's performance has been thunderous for three consecutive years, with losses of 1.75 billion yuan, 2.9 billion yuan, and 18.4 billion yuan respectively, with a cumulative loss of more than 23 billion yuan in three years. The reason for the performance thunderstorm is that more than 10 billion external guarantees in the past few years cannot be recovered.
After the thunderstorm, it was abandoned by shareholders and investment institutions, and banks would not issue loans again, and Xinwei, which had no revenue capacity of its own, could only lose money.
At this time, Xinwei's projects that had been thunderous naturally died unexpectedly:
According to the announcement of the Shanghai Stock Exchange on May 25, 2021, *ST Xinwei has five main violations in terms of information disclosure and standardized operation:
The first is the failure to timely disclose the risk of business changes and the risk of a huge amount of funds being deducted from the buyer's credit guarantee object; second, the company and the performance commitment party fail to complete the impairment test of the restructured target assets on time; third, the disclosure of the performance forecast is inaccurate; fourth, there are major deficiencies in internal control; and fifth, the material information on the freezing of the equity of the restructured target assets is not disclosed in a timely manner.
Wang Jing himself, as the actual controller of the company and the then chairman and general manager of the company, failed to ensure that the company operated in accordance with the law and compliance, and was primarily responsible for the company's above-mentioned violations. The Shanghai Stock Exchange publicly condemned him: he is not suitable to serve as a director, supervisor and senior manager of a listed company for 10 years.
▲Screenshot source: Shanghai Stock Exchange (involving internal control defects, etc., *ST Xinwei was publicly condemned, and the stock was terminated on June 1 Zhongxin Jingwei 2021-05-25)
But for Wang Jing, it has no major impact: all the Xinwei shares he personally holds have already been pledged and cashed out, and the responsibility for Xinwei's external guarantees at the beginning cannot completely fall on him. Despite this, he chose to run away. It is said that it disappeared after the suspension of Xinwei. He did not attend the 2019 general meeting of shareholders and the board meeting was also attended by correspondence. The regulator immediately issued a fine, fined Wang Jing 15 million yuan, and banned him from the capital market for life. But the fine may no longer be found.
It's just pity for those stockholders. In July 2019, after the resumption of trading, Xinwei raised 42 down limits, creating a record of continuous falling limits for A-shares. The average loss of 150,000 shareholders was nearly 230,000 yuan, which is equivalent to an Audi A3.
On June 1, 2021, *ST Xinwei, which once had a market value of up to 200 billion, was delisted, and more than 100,000 shareholders were deeply involved. It was once touted as the "side of the rise of a great power", and what was left in the end was: net assets attributable to shareholders of listed companies - 14.711 billion yuan.
And the institutions that once pursued it are now silent. Life is mostly difficult. Like Western Securities, which was miserable by Wang Jing's 70 million stock pledges, after Xinwei's thunderstorm, Wang Jing was sued in court and asked for enforcement, but Xinwei's current situation can be enforced, so there is no update so far.
However, during this period, Wang Jing did not completely stop.
On November 7, 2019, *ST Xinwei also announced that it intends to participate in the establishment of a 5G fund in the Cayman Islands as a limited partner. At this time, the company's stock price soared 272.38% in 43 trading days, and the stock price rose from 1.05 yuan to 3.91 yuan.
Fortunately, the Shanghai Stock Exchange made timely inquiries and asked it to disclose the relevant funding sources, capital contribution arrangements, creditworthiness, operation and financial status of overseas operators, the substance and financial impact of the transaction, etc., so that the matter did not succeed. ③
[Quote]
(1) (Once with a market value of 200 billion yuan, the former giant declared bankruptcy!) 2024-04-19 Source: Company E)
(2) (Tens of billions of losses, 150,000 people, Xinwei Group declared bankruptcy, and the whereabouts of the actual controller are unknown!Baodequan2024-04-26 )
(3) (The owner of the bathing center has become the "most mysterious Chinese businessman", and another shocking scam in A-shares has come to an end Sina Finance2021-06-08 Source: China Business Taolu)