Beijing News (Chief Reporter Zhao Yibo) The Beijing News reporter exclusively learned that Yu Jiangbo, the successor of Xinguang Holdings Group and the richest woman in Zhejiang Zhou Xiaoguang , has stepped down from a series of positions. Shin Kong Group has debts of over 40 billion yuan, and there is still no final answer to where the debt crisis will go.
A Beijing News reporter learned from industrial and commercial information that Xinchen Holdings Co., Ltd. has recently changed its legal representative. Yu Jiangbo resigned and Zhou Pingrong took over. According to statistics from a reporter from the Beijing News, this is the fifth time that Yu Jiangbo has resigned since the end of last year.
html On December 27, relevant personnel from Shin Kong Holdings Group told the Beijing News reporter that the matter would be reported to the top. The interview email sent by the Beijing News reporter has not yet received a reply.successor Yu Jiangbo
Corporate credit information inquiry system Qichacha shows that since the outbreak of the Shin Kong Group’s debt crisis last year, the young Yu Jiangbo, the successor of Shin Kong Group, has stepped down from multiple positions.
On October 24, 2018, Yiwu Doufu Jewelry Co., Ltd. underwent industrial and commercial changes. Yu Jiangbo resigned as the legal representative and Zhao Wenlong took over.
On October 31, 2018, Tianxia Liangpin Supply Chain Management Co., Ltd. underwent industrial and commercial changes. Yu Jiangbo resigned as the legal representative and Zhou Pingrong took over.
On November 7, 2018, Zhejiang Xinguang Commercial Co., Ltd. underwent industrial and commercial changes. Yu Jiangbo resigned as the legal representative and Zhao Longxin took over.
On December 14, 2018, Shanghai Jiazhidao Real Estate Brokerage Co., Ltd. underwent industrial and commercial changes. Yu Jiangbo resigned as the legal representative and Zhou Pingrong took over. The latest case of
was in February this year, when the legal representative of Xinchen Holdings Co., Ltd. changed. Yu Jiangbo resigned and Zhou Pingrong took over.
According to a report in 2012, Yu Jiangbo, male, born in 1985, is the general manager of Zhejiang Xinguang Jewelry Co., Ltd., chairman of Zhejiang Taoqu Network Technology Co., Ltd., chairman of Zhejiang Wangcang Technology Co., Ltd., and Zhejiang Taoci Technology Chairman.
Compared with these positions, Yu Jiangbo's other identity attracts more attention: the eldest child in the second generation of Zhou Xiaoguang's family. The Zhou Xiaoguang family is at the helm of Xinguang Holding Group, a large private enterprise in Zhejiang.
According to reports, Zhou Xiaoguang was born in Zhuji, Zhejiang in 1962. He got involved in business in 1978 and founded Xinguang Jewelry Company in 1995. After years of entrepreneurship, Shin Kong has developed into a large-scale private enterprise group with certain influence in the industry across the country and around the world, with total assets of nearly 80 billion yuan. In 2017, on the Hurun Rich List, Zhou Xiaoguang and his wife Yu Yunxin ranked 65th with a net worth of 33 billion.
Yu Jiangbo began to participate in the family business very early.
According to reports, Yu Jiangbo returned from studying in the UK in 2008 and returned to the family business as the assistant to the general manager in charge of marketing and sales. Two years later, 25-year-old Yu Jiangbo officially took over the family's jewelry business and was appointed general manager of the company, replacing the professional managers whose employment contracts had expired. Since the family group began to diversify its operations, there have been three main core businesses, namely the commercial and tourism investment fields, which are handled by Zhou Xiaoguang, the real estate field, which is handled by Yu Yunxin, and the jewelry field, which is handled by Yu Jiangbo. Zhou Xiaoguang designed this to reduce management conflicts and maximize Yu Jiangbo's capabilities.
reported that in Zhou Xiaoguang’s view, she hopes to give her successor’s son a greater responsibility, “He is now in charge of accessories, and I hope he will slowly participate in the group’s business, manage a larger platform, and gradually let him take over. "
Some media said that in addition to Shin Kong, Yu Jiangbo also initiated the creation of the Yiwu New Generation Entrepreneurs Association, which has now attracted nearly a hundred "second generation" entrepreneurs. He was also elected as a representative of the 17th National Congress of the Communist Youth League to attend the Yiwu New Generation Entrepreneurs Association. Beijing to attend the event.
In December 2017, Zhejiang Yiwu Shangri-La Hotel ushered in "Yiwu's richest wedding of the century". Yu Jiangbo, son of Zhou Xiaoguang, chairman of Xinguang Group, and Yu Tianyi, daughter of Senyu Group chairman Yu Qiaoxian, tied the knot.
Where will the future go with a debt of 46.8 billion?
However, Xinguang Group, where Yu Jiangbo is located, suffered a heavy setback in 2018.
On September 25, 2018, Xinguang Holdings Group announced that its 15 Xinguang 01 corporate bonds should be redeemed on September 25 with a resale principal of 1.7 billion yuan and a third annual interest payment of 130 million yuan.As of the date of this announcement, the company has failed to repay the repurchase principal and interest due on the bonds on time. It is reported that Shin Kong Holdings Group has liquidity problems due to multiple factors such as macro-leverage reduction, contraction of bank credit, and financing difficulties for private enterprises.
html On September 25, the rating agency United Ratings announced that it would lower the rating of Shin Kong Holdings Group from AA+ to CC, and adjust the rating outlook from stable to negative.United Ratings said that Shin Kong Holdings Group is "currently very strapped for funds." United Ratings will continue to pay attention to the company's operations, financial status and implementation of debt repayment funds.
According to media reports, Shin Kong Group spokesperson Xu Jun said that since the beginning of this year, the company has paid approximately 9 billion yuan in principal and interest on various debts as scheduled, resulting in a sharp increase in short-term payment pressure and insufficient liquidity as the biggest dilemma currently faced.
A Beijing News reporter learned that since the outbreak of the bond default crisis, Shin Kong Holdings Group has continued to shrink its front line and seek self-rescue by selling assets, involving Shanghai Ruien Investment Co., Ltd., Shanghai Baohu Investment Management Center (Limited Partnership), etc.
Judging from the debt situation, the pressure on Shin Kong Group is not easy.
According to disclosures, as of the end of 2015, the end of 2016, the end of 2017 and the end of June 2018, Shin Kong Group’s total liabilities were 21.537 billion yuan, 39.955 billion yuan, 44.867 billion yuan, and 46.898 billion yuan respectively.
Judging from public statements, Shin Kong Group is still seeking external support.
According to the latest announcement of Shin Kong Group on the Shanghai Clearing House, it has coordinated the resources of all parties and made every effort to formulate an overall plan to resolve the company's debt risks.
“Maintains close and regular communication with various regulatory authorities at all levels, and reports relevant situations to various regulatory authorities in a timely manner through daily reports, weekly reports, meetings, etc.; actively maintains close contact and communication with the government and relevant departments, reports in detail on the company’s relevant situations, and seeks Find support from the government," Shin Kong Group said.
Xinguang Group stated that the company has actively responded to the asset preservation cases that have received legal documents, and on the other hand, it has also worked hard to negotiate, reconcile and withdraw the lawsuit with the plaintiff. The company is currently operating basically normally and is still actively carrying out self-rescue. Once significant progress is made, the company will make a timely announcement.
Beijing News chief reporter Zhao Yibo editor Liu Xiaoyang proofread Li Ming
reporter contact information: [email protected]
