The trillion empire is "officially bankrupt", 1.14 trillion more than Evergrande!

Jiang Dongwen of the investor network

2024-06-28 23:58Creators in the field of science and technology

Evergrande's thunderstorm before made many people deeply afraid!

Those who did not step on the thunder may be glad that they were cautious at the beginning; Even if they are lucky enough to go ashore, they will begin to smell about the thunderstorm enterprises.

At the end of the day, the ups and downs of every industry giant have a profound impact on the lives and future of countless people.

Not long ago, a thunder that was more powerful than Evergrande was completely blown up!

That's right, that's Zhongzhi Group.

This giant, which once emerged in the financial world, has officially entered the stage of bankruptcy and liquidation.

Zhongzhi, a mysterious financial empire that can only be vaguely described as "trillion-level" by the outside world; Xie Zhikun, a capital predator who has sneaked behind the scenes and made the capital market restless from time to time.

The scale of assets controlled, invested and managed by the planting system through its subsidiaries reached 3.6 trillion yuan, which was 1.14 trillion more than the previous asset scale of Evergrande.

Now the middle plant system has fallen to this point, and the speed of collapse is amazing.

It's just that those investors who buy heavy money in the planting financial products may have to accept the worst result of "losing all their money".

01

Trillions of plants, the giant ship ran aground, the crew fled, and the passengers were tragic!

Just now, Zhongzhi Group issued a document saying that the company's administrator submitted an application to the Beijing No. 1 Intermediate People's Court (hereinafter referred to as "Beijing No. 1 Intermediate People's Court") on June 28, saying that "Zhongzhi" enterprises have complex related relationships, wide distribution of property, and huge debts. According to the investigation by the administrator, Zhongzhi Enterprise Group and 247 enterprises such as Zhonghai Shengfeng (Beijing) Capital Management Co., Ltd. are highly related and have a high degree of confusion of legal personality, and the cost of distinguishing the property of these 248 enterprises is too high, and "separate bankruptcy liquidation will seriously damage the fair repayment interests of all creditors". Therefore, the administrator applied to the court for substantive merger and bankruptcy liquidation of these 248 enterprises.

This is after the announcement on April 7 to extend the declaration period of creditors' claims, Zhongzhi Enterprise Group disclosed the progress of the reorganization again after more than two months.

As a capital predator that once turned the clouds and rains, Zhongzhi Group (Zhongzhi Department) has a wide range of business layouts and has achieved a huge trillion-dollar business empire.

In the course of more than 25 years of development, the planting system has built a huge comprehensive enterprise group covering the real industry, asset management, financial services, wealth management and other fields, holding more than 10 listed companies, investing in coal and minerals, and holding trusts, funds, property insurance, life insurance and other financial licenses, its internal publicity materials say that the scale of assets under management has exceeded 3.6 trillion yuan.

According to the latest balance sheet of Zhongzhi Group, as of October 31, 2023, the company's current assets, including monetary funds, were only 1.8086 million yuan.

After serious insolvency, Zhongzhi Group decided to go bankrupt and liquidate.

At the beginning of the year, the Beijing No. 1 Intermediate People's Court ruled to accept the bankruptcy liquidation application of Zhongzhi Group.

Bankruptcy liquidation also means that Zhongzhi Group has no possibility of making a comeback, and the repayment of creditors will be the most important significance of Zhongzhi Group's "life" in the future.

Of course, this is also the last thing creditors want to see.

According to the data, the total assets of Zhongzhi Group are about 200 billion yuan, and the scale of debt principal and interest is as high as 420 billion to 460 billion yuan, which is already a serious insolvency.

This means that if the company's assets can be fully realized for debt repayment, in the most optimistic scenario, investors in the planting system will probably be able to recover more than 4% of the assets.

Not long ago, in order to protect the legitimate rights and interests of creditors, the Beijing No. 1 Intermediate People's Court decided to extend the declaration period to April 20, 2024.

Now, investors can only wait helplessly for the final verdict to see how much they can recover in the end!

02

With the explosion of the Chinese planting system, the people behind this huge trillion-dollar financial empire have also unveiled the veil of mystery.

Before the explosion of the Chinese planting system, Xie Zhikun has always been a low-key and pragmatic invisible boss-like existence.

The husband of the famous singer Mao Amin, the capital predator, and the rich man on the Hurun list...... For a long time, Xie Zhikun, the founder of the Chinese planting system, has been labeled one after another.

He has never admitted or denied it. In fact, since his name was known to the capital market, Xie has never made a public appearance.

As we all know, Xie Zhikun started in the industry, and after going out of the local area, he gradually hidden, laying out a trillion-dollar financial territory, and wants to create a Chinese version of "Blackstone"!

In 1995, Heilongjiang Zhongzhi Enterprise Group Co., Ltd. was formally established, and its main business is the operation of papermaking materials, real estate development, infrastructure projects, etc.

1997 was an important turning point for Xie Zhikun, Zhongzhi Group first relied on the absorption of non-performing assets and real estate development, accumulated capital and contacts, and began to gradually implement a diversification strategy.

Then, in 2001, he extended his hand to the financial industry, became the owner of Zhongrong Trust, controlled a number of companies, and gradually completed the transformation from an industrial industry to a "full-license" financial control empire.

The operation of the planting system is much simpler, in fact, it is to raise funds, help some rich people invest in various industries, and help investors make money, to put it bluntly, it is "making money with money".

We all know the story later, with the east wind of the times, and the art of capital transfer where practice makes perfect, Zhongzhi Group has developed into a super financial empire with assets of more than 3.6 trillion yuan and a business territory covering trust, mergers and acquisitions, pawns, guarantees, third-party financial management, etc.

In the 2017 Hurun Global Rich List, Xie Zhikun ranked 834th among the world's richest people with a net worth of 17.5 billion yuan;

In the 2019 Hurun Global Rich List, data shows that his wealth is worth 21 billion, but in fact, this is only the book wealth of his company, and Xie Zhikun's personal assets earned from real estate before entering the financial capital market are astronomical.

It's a pity that at the end of 2021, Xie Zhikun died of a heart attack, and the trillion-dollar giant ship lost its helmsman, and the consequences can be imagined;

At the time of crisis, the planting system lost its backbone, the internal management of the enterprise was seriously chaotic, many senior executives and core personnel left one after another, and the building collapsed almost overnight.

03

In the middle of 2023, a large number of financial products under the once brilliant "Zhongzhi system" defaulted on payment, which attracted market attention.

In November 2023, the official WeChat message of "Ping An Beijing Chaoyang" said that the Chaoyang Branch of the Beijing Municipal Public Security Bureau filed a case for investigation of the wealth company belonging to the "Zhongzhi Department" on suspicion of illegal crimes in accordance with the law, and took criminal coercive measures against Xie Moumou and other criminal suspects.

On the afternoon of November 22, Zhongzhi Group issued an open letter to investors, apologizing to investors for the substantive default of Zhongzhi Group's related products, and disclosing the book amount of total assets, the scale of debt principal and interest and follow-up measures.

On March 16, 2024, "Ping An Beijing Chaoyang" announced that in the early stage, the Chaoyang Branch of the Beijing Municipal Public Security Bureau filed a case for investigation of the suspected illegal crimes of the wealth company belonging to the "Zhongzhi Department" in accordance with the law, and has taken criminal coercive measures against the company's executives and other main suspects involved in the case in accordance with the law, and the investigation and recovery of stolen goods and losses are in full swing.

According to incomplete combing, the number of financial institutions controlled by Zhongzhi Group and its subsidiaries is at least 33, and the number of listed companies held by it has reached 56.

Zhongzhi Wealth Company mainly focuses on fixed income products, and a large number of products may involve the "capital pool" model, that is, the funds at the fund-raising end for the group's allocation and use. These funds have also become the "ammunition" for Zhongzhi Group to conquer the city in the capital market, real estate and investment layout.

It is understood that in addition to giving investors 8%-9% of the product income, financial advisers have about 1% rebates, plus personnel, office rents and other operating costs, the comprehensive cost of funds in the plant system may reach 15%-16%.

With such a high cost of capital, it is difficult for the real industry to afford it.

The stranding of the giant ship is inevitable!

Tianyancha information shows that from June to October 2022, the affiliated companies of Zhongzhi Group also pledged the equity of its companies to Zhongrong Trust to obtain funds. This may indicate that the tension in the capital chain of Zhongzhi has been shown at this time.

In June 2023, due to the failure of a large number of receivables on the asset side to arrive in time, which led to a liquidity gap, the first product was overdue. In order to avoid the expansion of risks, since July 19, the fundraising and redemption of all products related to the creditor's rights of Zhongzhi Enterprise Group on the wealth side have been suspended. Zhongzhi was forced to enter the process of repaying investors' rights through debt restructuring.

Although Zhongzhi has further reduced the proportion of debt and costs, and increased investment in the real industry, the assets that have been acquired in large quantities have been sold one after another. However, after the loss of the founding helmsman, superimposed on the large environmental impact, the model of Zhongzhi in the past years is difficult to return.

"There are too many cups, not enough lids." A senior financial market person commented.

In the view of senior financial market insiders, behind the normal payment for many years, the hole of Zhongzhi's non-performing assets may become bigger and bigger, and it is becoming more and more difficult to cover up.

The capital operation of the planting system is like a "balloon", after operating again and again, it finally can't hold up the "explosion"!

04

In recent years, there have been all kinds of thunder in the market, and the planting system is undoubtedly the one that is quite loud!

In the case of Evergrande's thunderstorm, the total debt is as high as 2.4 trillion yuan, including not only money owed to banks, but also a large amount of debt to Evergrande's suppliers at all levels, builders and other partners. Many small and medium-sized suppliers who are dependent on Evergrande have relied on Evergrande's large orders in the past and made a lot of money in the golden age of real estate, but with Evergrande from the former big financier to the debtor, these partners in the Evergrande industrial chain have not only lost their rich sources of income, but have even been owed huge arrears by Evergrande.

Not only Evergrande, but also Country Garden, the "first real estate company in the universe", under the pressure of debt, there are also a large number of dealers who are owed huge amounts of arrears, and the wealth of these people is also facing huge shrinking pressure.

According to relevant media, the creditor's rights and interests involved in the thunderstorm of Zhongzhi Group reached 230 billion, the number of high-net-worth investors damaged was as high as 150,000 (the investment amount was more than 3 million), the maximum investment amount of a single customer was as high as more than 5 billion, and there were nearly 5,000 corporate customers.

Judging from the current situation, since the thunderstorm of Zhongzhi Group is mainly high-net-worth people, the impact on the social level is not very large. For this reason, some netizens once ridiculed: "The Chinese plant system specializes in rich people".

In short, the bottom reason for the many rotations of the fate gears of the planting system is human nature, with desire, helplessness, and selfishness.

In addition to investors, each participant chose their own optimal solution from their own perspective, and finally created a shocking thunder!

View original image 20K

• 

• 

• 

• 

• 

• 

• 

•