Steel Shrimp: ( You are only away from Steel Shrimp by paying attention to )
Once belonged to Haixin Group, the former richest man in Shanxi Li Zhaohui . Its five companies had accounts receivable worth a total of 2.219 billion. On June 9, the auction failed again. The starting price this time was 66 million yuan, which was more than half the price of 140 million yuan in the first auction on May 22. However, there was still no interest in this price, and no one signed up to bid within 24 hours.
According to the auction information displayed on the Ali auction page, the subject matter of this auction is the five companies of Haixin Group (Haixin Steel Group Co., Ltd., Shanxi Haixin International Steel Co., Ltd., Shanxi Haixin International Wire Co., Ltd., Shanxi Haixin Industrial Co., Ltd., Shanxi Haixin International Coking Co., Ltd.) as of November 12, 2014 (the date of bankruptcy acceptance), 843 receivables and 1 dividend. Accounts receivable include accounts receivable, prepaid accounts and other receivables, with a book amount of 2.219 billion yuan and an estimated value of 124 million yuan; dividends are dividends and undistributed profits of 15.9479 million yuan to a subsidiary of Haixin Group .
"The next step may be to lower the price again, because our goal is definitely to sell." An insider close to the manager of Haixin Group told China Business News about today's failed auction, with a rather helpless tone.
The person familiar with the matter told reporters that Haixin Group’s reorganization plan was actually passed as early as 2015. Six years later, the new group’s business has already begun normal operations, but the final project of accounts receivable has not been disposed of. , this auction actually has no impact on the group's reorganization.
▲External receivables and dividends enjoyed by the five companies of Haixin Group
However, in just 11 years, Haixin Steel , whose assets once reached 7 billion, went bankrupt. Since 2012, there has been obvious overcapacity in the steel market, and the market has turned cold. Haixin Steel has completely suspended production since March 2014, and sold itself to Jianlong Steel Group in September 2015, completely withdrawing from the market.
In August 2014, Shanghai Haibo Xinhui International Trading Co., Ltd. applied to the court to reorganize Haixin Steel on the grounds that the respondent Haixin Steel was unable to repay the futures payment of 208 million yuan. The legal representative of Haixin Steel The person is Li Zhaohui.
9 major reasons why Haixin Group went bankrupt, the richest man in Shanxi fell...
Shanxi Haixin Group, located in Wenxi County, Yuncheng, Shanxi, is known as the "Ten Thousand Mu Steel Plant". It was once the second largest steel company in Shanxi and also the The largest private enterprise in Shanxi. In 1987, the founder of Haixin Group, Li Haicang, used 400,000 yuan of capital raised to start a business. After hard work, he continued to expand at a rate of almost one new factory a year, forming a large steel group covering an area of 3.6 square kilometers. Gradually build a diversified "steel empire".
The turning point began on January 22, 2003, when Li Haicang, the 48-year-old helmsman of Haixin Group, was assassinated in his group office. 28 days later, Li Haicang's son, Li Zhaohui, who was under 22 years old, was forced to interrupt his studies abroad and return to China to take over the Haixin Group, which has assets of more than 4 billion yuan.
"Li Zhaohui took charge of Haixin Group at such a young age, and it was entirely his grandfather's decision." A local business person said. There are 6 Li brothers, and Li Haicang ranks third. It was Li Haicang's father, Li Chunyuan, who made the final decision. The reason was that "the son inherited the father's business", and the huge enterprise was handed over to Li Zhaohui.
However, many years later, the once prosperous Haixin Iron and Steel went from prosperity to bankruptcy in the hands of Li Zhaohui. Haixin Steel once contributed more than half of Wenxi County's fiscal revenue. After encountering difficulties, the local government provided assistance to it, but in the end it was difficult to reverse its decline.
Because the son is very different from his father, the ending and fate of the company he manages are also different. Let’s decipher nine reasons why Haixin Group, once the largest private enterprise in Shanxi, collapsed. Its leader was also the richest man in Shanxi.
First, Li Zhaohui was too young and claimed to be under too much pressure when he took over.
Li Zhaohui once said when he took over, "The company belongs to my father, and we cannot let it fail in my hands." Ten years later, it finally failed in his hands.As Li Zhaohui himself said: "Now wealth is a kind of pressure for me. I understand that Haixin has more than 9,000 people waiting for me to serve dinner. If I make a wrong decision, many people's jobs will be destroyed. This pressure is too much for me."
Second, good political and business relations were also interrupted in the hands of Li Zhaohui.
According to people who have worked for Haixin Group for many years, the group’s founder Li Haicang is smart and capable, has a long-term vision, and is good at interacting with all kinds of people. During his lifetime, Li Haicang often interacted with the local political circles, handled political and business relations in an orderly manner, and contributed hard, sweat, and money to local government taxation, employment, and government-favored projects. The successor, Li Zhaohui, had an overseas study background and was born with a golden key. He often looked down on the local government. The local government could not find anyone to meet him.
Third, Li Zhaohui, a young man under 22 years old, has a background of "study abroad". Although he is in charge of Haixin Group, he does not seem to like industry, but he is not good at managing enterprises, resulting in corporate management chaos.
Some local Haixin Group workers said that after Li Zhaohui became chairman, he was rarely seen inspecting the factory. However, Li Haicang's fifth brother Li Tianhu showed his talent in corporate management. After the conflict between the uncle and nephew, Li Tianhu was driven away, and Haixin's situation worsened.
Fourth, in the ten years when the steel industry has turned from "hot cakes" to "cabbage", Li Zhaohui has stayed away from the main steel industry and frequently been active in the capital market. He has been controversial for "abandoning steel and playing investment".
In November 2004, Shanxi Haixin Industrial Co., Ltd., a subsidiary of Haixin, acquired 5.16 billion shares of Minsheng Banking held by China National Nonferrous Metals Corporation for 590 million yuan, and sold them at the high point of the bull market in the first half of 2007. More than 1 billion yuan was cashed out. This move pushed Li Zhaohui to No. 78 on the Hurun Rich List that year, making him the youngest richest man in Shanxi.
After that, Li Zhaohui successively bought stocks of Shanxi Securities , Industrial Securities , Yinhua Fund, Chalco , Yimin Commercial, Luneng Taishan and other listed companies in the capital market, but he was unable to reproduce the original people's livelihood. Bank's success.
Fifth, relatives and friends are busy making money and having fun without caring about the survival of the company. The fate of Haixin's collapse is inevitable.
In the last year or so before the shutdown, Li Zhaohui no longer trusted his uncles and instead arranged for his sister Li Zhaoxia to manage Haixin Group. Some people said that in fact, during the decline of Haixin, many people "close to" were busy making money for themselves, and no one took the interests of the company into consideration. This situation was unimaginable when Li Haicang and Li Tianhu were in charge.
In the end, Haixin Group collapsed and became a typical case of failed family business inheritance. Many local business people lamented that if Haixin Group had been passed on to Li Haicang's brother instead of his inexperienced son, the fate of the company might have been rewritten.
Sixth, in addition to the family-style management of Haixin Steel, the deterioration of the economic environment of the steel industry has also become the reason for accelerating the collapse of Haixin Group.
The steel industry has already entered a cold winter in 2014, and it will still be the same in 2015. According to statistics from the China Iron and Steel Association, from January to April, sales revenue of member steel companies fell by 15.76%. Companies suffered large-scale losses, and even some private steel companies were unable to survive. Haixin Group, which is in operational difficulties, is no exception.
Seventh, when the market is not good, banks still have to withdraw loans, which is simply adding insult to injury.
According to industry analysts, Haixin’s collapse was also due to banks’ withdrawal of loans. Because the steel industry was absorbing too much funds, banks first began to withdraw loans from steel traders, and later to manufacturers.
Since Haixin Group ceased production, it has been difficult to make up for the financial loopholes. Haixin has more than 4,000 creditors. On the one hand, these creditors are financial institutions, including Ping An Bank Nanjing Branch, CITIC Bank Shanghai Branch, Jiangsu Bank Shanghai Branch, Hangzhou Bank Shanghai Branch, etc. On the other hand, there are large and small construction teams, engineering companies, suppliers, etc. that cooperate with Haixin Engineering. Facing the overwhelming debt pressure of Haixin's defeat, it would be strange for banks not to lend money.
Eighth, according to accounting statements and other information obtained from taxation, industrial and commercial departments and other departments, Haixin Group is suspected of falsifying accounts, evading taxes, and transferring interest transfer assets to affiliated companies.
The accusation of "falsifying accounts" comes from two accounting statements of Shanxi Haixin International Wire Co., Ltd., and there are huge differences in various data. Taking April 2013 as an example, the average selling price of high-end wire rods on the accounting statements of Haixin International Wire Rod Company is 2,934 yuan per ton, while its market quotation is between 3,550 yuan and 3,620 yuan; the average selling price of bars on the accounting statements is The price is 3097 yuan, but its market price (in Datong area) is between 3550 yuan and 3580 yuan. The bankruptcy of
Haixin cannot be ruled out as intentional. It has been selling products to its affiliated companies at prices lower than cost prices for a long time, and is suspected of evading taxes and transferring assets, which ultimately makes it unsustainable. This debt problem is probably just the tip of the iceberg.
Ninth, heavy debt became the last straw for Haixin Group.
Regarding the real liabilities of Haixin Steel, Xinhua News Agency cited public data and stated that Haixin Steel’s existing liabilities and external guarantees are approximately 10.459 billion yuan, while the entire group’s book assets are only 10.068 billion yuan, which means that its liabilities The rate exceeds 100%.
In fact, as a capital-intensive industry, due to the failure to repay an overdue loan of 3 billion yuan in time in early 2014, "Pandora's box" was quietly opened, and all six blast furnaces of Haixin Steel were finally forced to shut down.
This "10,000-acre steel factory" that once had more than 9,000 employees and accounted for 60% of the county's tax revenue has become desolate since then. The prosperity of the past has gone forever. A long sigh, leaving us with more It's thinking.
Later, Haixin Group was reorganized into Shanxi Jianlong Industrial Co., Ltd. It currently has an annual output of 5.6 million tons of iron, 6 million tons of steel, 3 million tons of hot-rolled coils, 2.6 million tons of high-quality building materials, and 1.6 million tons of special tapes. Comprehensive steel production capacity; the main products cover more than 20 varieties and 130 specifications such as high-strength construction steel, high-quality carbon structural steel, and alloy structural steel; the main equipment for iron-making and steel-making has reached the equipment level of national large-scale steel enterprises, and steel rolling The equipment has reached the domestic advanced level; it has a dedicated railway line connected to the national railway, and it is the second largest steel enterprise in Shanxi Province.
Source of information:
reported by China Business News, Ali Auction, Phoenix Finance Comprehensive China Business News, China Times, Xinhuanet and other media
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