article produced by Phoenix.com's "Eye of the Storm" | Zhang Woruo
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, On the evening of May 20, news came out that Shen Guojun, the founder and chairman of Yintai Group, was restricted in height. This business tycoon with capital involvement in many fields has a lot of controversies. The most well-known among them is undoubtedly In the business war with fellow countryman Wu Yunqian, "Eye of the Storm" discovered that this time The " high-limit order " that caught Shen Guojun off guard was suspected to come from Wu Yunqian;
, who had a grassroots background and loved "big chip betting". His fortune was legendary. As his "old enemy" Wu Yunqian said: "Although the A-share capital market is barbaric, it still maintains a tacit understanding that 'the tiger's butt cannot be touched' for listed companies controlled by state-owned assets. But Xiao Shen not only dares to touch, but also takes on In the following more than ten years, he repeatedly touched upon "
. Shen Guojun, who started a major equity war and made Intime bigger, was once ranked among the "Top Ten Mergers and Acquisitions Figures in China in 2006". There are many current giants who are also nominated, but at that time, it was still difficult to compare with Shen Guojun, who was in the limelight;
, nicknamed "Wu Sangui" by Jack Ma , "allied" Alibaba , and took the lead in the industry to embrace the new In retail, Shen Guojun has always had a strategic vision. However, after switching to industry, a series of capital operations eventually caused him to "turn against" his fellow villagers, and now he is finally "counterattacked" by them.
html On the evening of May 20, news came out that Shen Guojun, the founder and chairman of Yintai Group, was restricted from height.
This business tycoon whose capital territory involves commercial retail, real estate development and operation, mineral resources, tourism investment and operations, investment and finance, etc. has a lot of controversy - he is the "leader" of Zhejiang businessmen, and he is also the leader of the retail industry. "Wu Sangui", who led Yintai to complete the transformation first and has a strong strategic vision, is a typical "ruthless person" in the business field.
Assets moved, stocks and bonds changed, and enemies and friends changed positions in an instant. The complexity of Bo Yun's treacherous business war in China over the past twenty years was vividly reflected in him. Back then, he teamed up with Wu Yunqian to revitalize China's industry, but now he has turned against him and started fighting in court. .
Ifeng.com's "Eye of the Storm" discovered that behind Holsworthy Co., Ltd., which applied for the "height restriction order" this time, was his former comrade Wu Yunqian.
Shen Guojun's "height restriction order"
"turned against" Wu Yunqian, but now he is being "calculated"
The time is set back to 4 years ago.
On September 5, 2018, under the leadership of Zhejiang Chamber of Commerce , Zhijiang New Industrial Company was established with a registered capital of 50 billion. Shen Guojun, president of the Zhejiang Chamber of Commerce in Beijing, served as chairman and general manager, and vice president Wu Yunqian served as Vice President in charge of fundraising and investments.
Wu Yunqian's reason for joining the game was very interesting. Shen Guojun told him that he had already earned more money than he could spend in his lifetime, and now he just wanted to do a major thing to revitalize China's industry and become a bigger investment platform than "China Minsheng Investment".
In order to revitalize China's industry together, Wu Yunqian resolutely invested his Dalian Centenary Mall under Zhijiang New Industrial, and brought in a total of 5.7 billion yuan of funds from multiple state-owned assets.
Dalian Centenary Mall
But facts have proved that Shen Guojun may have the intention to revitalize the industry, but it is definitely not as important as competing for "new finance".
In October 2018, when the salute of the founding of Zhijiang New Industrial was still ringing, Shen Guojun changed the name of his "China Haidish Technology and Trading" company to "China Lianhe Industrial" Investment Company (hereinafter referred to as "Zhongshi"). cast").
Although China Real Investment does not have any shares in Wu Yunqian, it actually lets Wu Yunqian work for it.
In 2018, Wanda Group was preparing to sell its equity in Dalian Centenary Life Insurance Company in order to reduce its debt ratio. In order to obtain this high-quality asset, entrusted by Shen Guojun, Wu Yunqian went to personally discuss the acquisition intention with Wanda Jinhe.
What Wu Yunqian didn't expect was that the acquisition intention was reached, but the subject of Shen Guojun's contract was not their Zhijiang New Industrial, but the China Industrial Investment mentioned above.
The only connection between this transaction and Jiangxin Industrial is that the 3.9 billion yuan used for the acquisition was an interest-free loan provided by Zhijiang New Industrial to the three shareholders of China United Industrial - this money came from Wu Yun's previous joining of Zhijiang New Industry. 5.7 billion yuan of state-owned capital brought by the industry.
Shen Guojun used Wu Yunqian's "people" and the "money" he brought to do his own "things".
Wu Yunqian
In addition, Wu Yunqian's Dalian Century Mall has also become a "tool" used by Shen Guojun to mobilize capital.
In 2019, Zhijiang New Industrial increased its capital by 3.58 billion yuan and subscribed for 69.19% of the equity of Dalian Centennial Mall Company, becoming the largest shareholder of Dalian Centennial Mall.
After that, Minsheng Trust reissued the trust plan that originally issued loans to Centennial Mall as the "Zhijiang No. 1" trust plan. Dalian Centennial Mall provided relevant assets as collateral, Wu Yunqian provided a personal joint liability guarantee, and Zhijiang New Industrial also provided This product issues a liquidity support letter.
But by March 2021, due to the operational difficulties of Dalian Mall and Zhijiang New Industrial’s failure to fulfill its commitment to Minsheng Trust, it directly led to the capital chain crisis of Dalian Centenary Mall.
After the product extension, Zhijiang New Industrial shareholders directly requested to withdraw from the equity and filed a judicial reorganization application with Dalian Intermediate People's Court in the name of the major shareholder of Centennial Mall, because Dalian Centennial Mall Co., Ltd. could not pay off its due debts. And it applied for bankruptcy reorganization of Centennial Mall Company on the grounds of obvious lack of solvency.
According to Wu Yunqian's description: In July 2021, Shen Guojun filed an application for judicial reorganization with the Dalian Intermediate People's Court through Zhijiang Company in the name of the major shareholder of Centennial Mall. Once the court rules on the judicial reorganization of Centennial Mall, the financial institutions will first be suspended and the principal will be discounted, and complex bankruptcy cases usually take several years. Only then did Trust A realize that Shen Guojun wanted to evade debt.
At a public hearing on February 25, 2022, Centennial Mall Company also responded to Zhijiang Company’s bankruptcy and reorganization application and argued that Centennial Mall Company could resolve temporary difficulties and pay off debts through normal operations. As the controlling shareholder of Centenary Mall Company, Zhijiang Company applied for bankruptcy and reorganization as a creditor and had subjective malicious intentions to evade the debts of financial institutions. This not only harmed the legitimate rights and interests of creditors, but also caused new social conflicts.
Is the previous investment from Zhijiang New Industrial going away?
According to Wu Yunqian, of the previous capital increase of 3.58 billion yuan, 2.7 billion yuan was invested by the financial institution creditors of Dalian Centennial Mall as shareholders in Zhijiang New Industrial, while Zhijiang New Industrial only provided 900 million yuan in cash.
At the same time, Zhijiang New Industrial previously paid a consideration of 3.58 billion yuan to subscribe for the equity of Dalian Centennial Mall Company. Centennial Mall Company insisted that there was still 2.33 billion yuan that was not fully funded.
Shen Guojun actually did not invest too much "real money" in this business.
However, on March 25, 2022, the Dalian Intermediate People’s Court ruled on the case: it would not accept the bankruptcy reorganization application of Zhijiang New Industrial Co., Ltd. against Dalian Centennial Mall Co., Ltd.
Zhijiang New Industrial has not yet been able to escape this debt. While
was locked in a tug-of-war with Wu Yunqian, Shen Guojun's capital moves continued.
In May 2020, Shen Guojun, together with his family, cronies and other persons acting in concert, occupied 25.22% of the issued shares of New World through continuous placards and became the largest shareholder of New World.
Shanghai "New World"
finally had to give up the battle for the actual control of New World that lasted for several months because the Huangpu District State-owned Assets Supervision and Administration Commission refused to give in. However, a professional told "Eye of the Storm" that although Shen Guojun failed to gain control of New World, judging from his past equity competition cases, Shen Guojun may have succeeded in arbitrage in the secondary market.
has only been in the world for decades, and Shen Guojun also "failed" sometimes.
On May 20, 2022, the China Execution Information Disclosure Network showed that Zhijiang New Industrial Co., Ltd. (hereinafter referred to as "Zhijiang New Industrial") and its units failed to perform the payment obligations specified in the effective legal document within the period specified in the execution notice. Legal representative Shen Guojun is restricted from spending too much.
It is worth mentioning that during the fourth session of the 13th CPPCC National Committee a year ago, Shen Guojun submitted a "Proposal on Courts Should Be Cautious in the Use of "Height Restriction Orders"".
Shen Guojun responded to Tianmu News reporters after the "height limit" was exposed, saying that he was "set up by a villain and is applying to withdraw the ruling."
The person he said "plotted" against him might be Wu Yunqian, who he had cheated.
"Eye of the Storm" found that the applicant for execution, Hallsworthy Co., Ltd., is the second largest shareholder of Dalian Centennial Mall Co., Ltd., and controls a number of "Centennial-type" companies. The company's listed residence is the Hong Kong Special Administrative Region. He has a close relationship with director Wu Yunqian.
Judgment documents regarding Wu Yunqian and Holsworthy Co., Ltd.
On May 24, 2022, Zhijiang New Industrial issued a statement stating that the Beijing No. 3 Intermediate People's Court had revoked the "height limit" imposed on Zhijiang New Industrial Co., Ltd. in accordance with the law. "measure. Relevant information on the "China Execution Information Disclosure Network" has also been withdrawn.
Passionate about "gamble", the history of "ruthless man" Shen Guojun's fortune
In 2016, Shen Guojun gave a lecture on "Business" at Hupan University "Law of the Jungle" said: "You will encounter many, many opportunities throughout your life. As long as you seize one or two very important opportunities, it will be easy in the future. You must be steady and ruthless, and bet with big chips." "This is indeed a true portrayal of his twenty-year business career.
In 1962, Shen Guojun was born in Ningbo .
was born into a fisherman's family. He lost his father at the age of 14 and his mother at the age of 20. The experience of growing up in hardship gave Shen Guojun a radical and decisive character.
Today's "buy a BMW as a freshman and earn one million a month" is just some crude campus entrepreneurship scam, but during Shen Guojun's college career, earning one million was not a lie.
Shen Guojun, who worked in nurseries and sold building materials and was still in college, relied on his natural business acumen to save his first sum of money - more than 1.8 million yuan in the 1980s.
But can this astronomical amount of assets at the time allow Shen Guojun to be content with the status quo?
After graduating from college, Shen Guojun was assigned to work at the Zhoushan Branch of China Construction Bank. Due to his outstanding performance, he was transferred to Hainan within a few years and served as the vice president of the Hainan Branch.
The rapid promotion within the system has not satisfied Shen Guojun, who loves "gamble" by nature.
In January 1997, Shen Guojun resolutely resigned and went into business. According to Shen Guojun, he founded China Yintai Investment Company in a Beijing hotel suite with borrowed 200,000 yuan.
But in fact, when Intime Group was founded, its registered capital was 100 million yuan, the state-owned share was more than 80%, and the major shareholder was China Construction Bank . Shen Guojun was appointed as the first president of Yintai Group as CCB .
The following year, the Asian financial crisis broke out, with corporate debts burdened and banks with bad debts. In the midst of the turmoil, a large number of companies and individuals chose to sell off their assets and respond conservatively.
However, Shen Guojun bucked the trend and exhausted his family wealth just to get a piece of valuable land in Beijing city.
This land was later used by Shen Guojun, who was determined to build a high-end hotel line for Intime, to build the tallest building on both sides of Chang'an Street - Intime Center (the main building is 249.9 meters high, and the height limit was 250 meters at the time).
Since then, Yintai has become Shen Guojun’s main platform for his every effort, and has frequently launched mergers and acquisitions battles in the secondary market, including even A-share listed companies controlled by state-owned assets, such as Top 100 Group .
Wu Yun once described Shen Guojun: "At that time, although the A-share capital market was barbaric, there was still a tacit understanding of 'the tiger's butt cannot be touched' for listed companies controlled by state-owned assets. But Xiao Shen not only dared to touch, but also in the next ten years He touched it repeatedly over the years. "
But he may not have thought that Shen Guojun would be so obsessed with old feelings that one day he would also stare at his butt.
won the battle for the top 100 equity and made Intime bigger
Among the "Top Ten Mergers and Acquisitions Figures in China in 2006", there is htm, which is now in full swing l1 Huawei Ren Zhengfei, HNA Chen Feng who is in jail, and Shagang Shen Wenrong known as China's " Mittal ", but their limelight cannot overshadow Shen Guojun, who once dominated the top 100.
In early December 2005, Shen Guojun launched his first move into the Top 100 Group - acquisitions through the secondary market and legal person shares agreement, making the "Intime Group" shareholding ratio of the Top 100 Group as high as 8.76%, totaling approximately 23.62 million shares. .
At that time, the equity of the top 100 groups was dispersed. Except for the major shareholder "Hangzhou Investment Holdings" with a state-owned background, which held 29.93% of the shares, most of the other shareholders held no more than 5% of the shares.
Under Shen Guojun’s continuous efforts, Yintai Group gradually took control of 29.88% of the shares of Baida Group, and even sent a letter to Hangzhou Holdings, the largest shareholder of Baida Group, proposing to repurchase all 29.93% of its shares. .
The picture shows the Hangzhou Hotel
owned by Baida Group. Until 2008, Baida Group transferred several of its core business district assets to assets It was entrusted to Zhejiang Yintai for management for a period of 20 years. Every year, Yintai had to pay custody fees which accounted for nearly 60% of the net profit. Only then did Shen Guojun let go of the third share reform plan - Yintai added 29.1574 million shares and added Received a cash consideration of RMB 50.77 million.
Half a year later, Shen Guojun reduced his holdings of Baidu Group in a large amount in the short term, selling 18.812 million shares of Baidu Group, accounting for 5% of the company's total share capital, and cashed out about 200 million yuan.
In the comments of "China's Top Ten Mergers and Acquisitions in 2006", it was commented that Shen Guojun "frequently made efforts in the secondary market, purchasing large quantities of circulating shares of G Wushang and Baida Group, and once became the nominal shareholder of these two listed companies. The largest shareholder became the subject of two equity bidding wars. Market highlights in the 2006 China Securities Market share split reform process. "
Although Yintai did not ultimately gain control of Ewushang, it still made a profit of 135 million yuan by selling shares of Ewushang at a high price. Bowls full.
Prior to this, Shen Guojun had just transformed Intime from a state-owned enterprise into a private enterprise through a series of capital transfers.
In 2002, Beijing Guojun Investment Co., Ltd., with 80% of the shares held by Shen Guojun, purchased 30% of the shares of Yintai Group at a low price of 30 million yuan. Based on the net profit of Yintai Group's 2001 sales of 31.8 million yuan, this transaction was too much. Affordable.
In August 2003, Beijing Jianyu Investment Management Co., Ltd. transferred its 20% stake to Beijing Guojun for a price of 60 million yuan, allowing Shen Guojun to obtain 50% of the equity and absolute control of Yintai Group. . At the same time, in just one year, the equity transfer price of Yintai Group was three times the price transferred to Shen Guojun in 2002.
In early 2005, Intime Department Store Co., Ltd., which was controlled by Shen Guojun and held more than 70% of the shares, was established and merged two core assets of " Intime Co., Ltd. " (formerly known as Ningbo Hualian) previously controlled by Intime Group. Split off and transferred to Yintai Department Store at a low price - Ningbo No. 1 store was priced at 18 million yuan and the annual guaranteed rent was 10 million yuan per year and leased to Intime Department Store, while the second store was transferred to the Yintai Department Store at a guaranteed annual rent of 26 million yuan. and leased to Intime Department Store.
According to Ningbo Hualian's 2004 annual report, Ningbo No. 1 and No. 2 stores contributed about 120 million yuan in main business profits - this year's profits were almost enough for Shen Guojun to pay one for three.
In 2007, Intime listed its main department store and shopping mall businesses on the Hong Kong Stock Exchange. On the eve of the public offering, it raised the offer price range and set the price at the upper limit of the offer price of HK$5.39. A total of 450 million shares were sold, raising 2.4255 billion yuan. billion Hong Kong dollars.
In 2013, Intime Department Store changed its name to Intime Commercial. Shen Guojun has since been worth more than one billion, and has transformed from a professional manager to the head of Intime Group.
The 2021 Hurun Rich List shows that Shen Guojun’s family wealth is 57.5 billion yuan, ranking 99th.
Allied with Jack Ma to introduce the Internet to the retail industry
"Jack Ma said I am Wu Sangui."
In 2014, Shen Guojun participated in the 2014 Chinese Economic Forum co-sponsored by Phoenix.com, Phoenix TV , Central People's Broadcasting Station Economic Voices Said this at the leadership awards ceremony.
It is widely speculated that this is because Yintai took the lead in aligning with Jack Ma’s “new retail” and introduced the Internet to promote the transformation of physical retail, similar to Wu Sangui’s introduction of Qing soldiers.
But Shen Guojun’s choice is obviously the right one.
In 2013, the online retail survey team led by Morgan Stanley analyst Scott Devitt published a report on global e-commerce and named 16 companies that have revolutionized the retail industry, in addition to Amazon , Walmart , eBay In addition to international giants, Intime Department Store is also on the list.
The foundation of Intime Department Store's transformation into the Internet physical retail industry lies in Jack Ma's Alibaba .
In 2010, Shen Guojun participated in the establishment of Zhejiang Online Commerce Bank and was one of the founders of the Jack Ma Yunfeng Fund;
In 2013, Cainiao Network was established. Intime held 32% of the shares, ranking as the second largest shareholder, and Shen Guojun became CEO. ;
In 2015, Intime announced a comprehensive integration with Alibaba. Ali increased its holdings of Intime shares to 74% and became Intime's largest shareholder. Zhang Yong became the chairman of Intime Commercial's board of directors;
In 2017, Shen Guojun and Jack Ma jointly privatized Intime Commercial. Officially delisted, Intime has become a template for Alibaba to implement new retail concepts.
After Shen Guojun "sold" Yintai Department Store, an industrial investment platform was established led by the Zhejiang Entrepreneurs Association and participated by private enterprises, state-owned enterprises and foreign-invested enterprises in and outside Zhejiang Province. This became Shen Guojun's new position - the company's The name is none other than Zhijiang New Industrial.
The story is back to the beginning.
Shen Guojun's great ambitions and bold words attracted Wu Yunqian, but he used the name of revitalizing industry to engage in "new finance", which almost caused the bankruptcy of Wu Yunqian's "hard work" Centenary City.
Wu Yunqian naturally couldn't swallow this breath. In addition to the long-lasting court battle, his private account serialized "Uncovering the Capital Diversion Techniques of Capital Boss Shen Guojun" which has already attracted the attention of the market.
Now, the "enemy" has returned and the war has begun again. I wonder how the "big boss" Shen Guojun, who has been in the business arena for decades, will deal with this "calculation."
Reference material:
"Yintai boss Shen Guojun's "capital bureau": swallowing up Baidu, fighting against Hubei, and grudged fellow countryman Wu Yunqian", business reference
"90 Days of Shock!" 56 billionaire "sniped" at a century-old shopping mall and came back defeated", Yema Finance
"Zhejiang businessman Shen Guojun's wealth secret: bought state-owned assets at low prices and became a billionaire selling "toxic assets" to state-owned enterprises", "Finance"
"Secret War in Shanghai Tan century-old store: Yintai's Shen Guojun challenged the State-owned Assets Supervision and Administration Commission, and New World's equity changed 》, city boundary
""Hunting" failed! How Shen Guojun lost control of the New World", China Real Estate Report
"Yintai Group's license ambitions and financial offensive techniques", 21st Century Business Herald
