This is a line from the TV series "Chicken Feathers Fly into the Sky". There was once a gust of wind that created the richest woman in Zhejiang, Zhou Xiaoguang, the female head of Xinguang Group.
She is also the prototype of the protagonist in "Chicken Feathers Flying to the Sky". However, what Zhou Xiaoguang has to face now is a dilemma.
According to reports, as of March 22, 2019, Shin Kong Group and its consolidated subsidiaries had failed to repay more than 12.2 billion yuan in debt balances from financial institutions, and had failed to repay a balance of 10.31 billion yuan in maturing bonds. The total of the two is as high as 22.5 billion yuan, and may continue to increase.
From being the richest woman in Zhejiang to being in debt of more than 20 billion, Zhou Xiaoguang is a tragic woman with a story.
01
In November 1962, Zhou Xiaoguang was born in a small mountain village in Zhejiang Province. She is the first child in the family, with 5 younger sisters and 1 younger brother.
As the eldest child, Zhou Xiaoguang started her entrepreneurial career at the age of 16. At such a young age, she was selling embroidery wreaths, embroidery needles and embroidery patterns on the street. The capital was 20 yuan saved by her mother through frugality.
Whether he was setting up a stall or selling food along the street, he always had to hide from the urban management. Zhou Xiaoguang lived in fear and anxiety all day long. This was not a solution. Gritting his teeth, Zhou Xiaoguang followed a group of people to explore the Northeast.
It was my first time to travel far away. I walked more than 6 hours on the mountain road to Yiwu Railway Station . I finally bought a standing ticket without seats and squeezed into the northbound train. I stood at the junction of the carriages during the day and curled up with others at night. He slept under a chair and was driven away by the conductor as a "blind streamer".
only eats one meal a day. In the winter of minus 40 degrees in the Daxinganling Mountains, I wore thin clothes and carried more than 100 kilograms of bedding to do business.
years later, Zhou Xiaoguang shed tears when recalling this unforgettable entrepreneurial experience.
When she got home, her mother could hardly recognize the dark and thin little girl in front of her. The mother and daughter hugged each other and cried.
In 1985, 22-year-old Zhou Xiaoguang married Yu Yunxin, a small businessman of embroidery products who was one year older than her and also from Zhejiang.
After getting married, the two used all their savings to buy a stall in Yiwu small commodity market and run an jewelry business. Her husband went to Guangdong to purchase goods, while she practiced stall sales in Yiwu.
Over the past few years, they bought a house in the best neighborhood in Yiwu and opened a store in the city center. Hard work brings happiness.
In 1995, Zhou Xiaoguang spent 7 million yuan to build his own jewelry processing factory, and named it Xinguang Jewelry Co., Ltd. after taking a word from the couple's names. At first, she only wanted to open a factory with 200 employees, but in less than 2 years, it developed into a factory with 700 or 800 employees.
In 1998, Shin Kong Jewelry continued to double its development rate and became the leading enterprise in the domestic jewelry industry. The company develops more than a hundred new products every day. As soon as the products are put on the market, companies will follow suit and imitate them.
But all this did not satisfy Zhou Xiaoguang.
In May 2000, at the International Jewelry and Accessories Exhibition held at the Hong Kong Convention and Exhibition Center, Shin Kong Jewelry's products attracted more than 70 customers from more than 50 countries. Some customers were unable to place orders at the exhibition and had to go to Yiwu for interviews.
At this time, Zhou Xiaoguang has drawn a bigger dream blueprint in his heart, and wants to build his new light into a brand like Swarovski .
A few years later, she received an invitation from the Austrian headquarters of Swarovski Crystal and enjoyed the highest courtesy: she flew on a special plane sent by Swarovski, accompanied by the Asia-Pacific manager, and was personally received by the head of Swarovski.
In 2004, Zhou Xiaoguang and his wife discovered that a diversified business model could accumulate wealth in a short period of time.
As a result, they had the idea of shifting the company from a single jewelry business to a diversified business, and established Xinguang Real Estate Development Co., Ltd. to acquire Zhejiang Wansha and officially cross-border real estate.
In April 2016, Xinguang Group achieved listing of its real estate sector through backdoor support from Fangyuan.
In 2017, Zhou Xiaoguang and his wife ranked 65th on the Hurun Rich List with a net worth of 33 billion yuan. In March 2018, Zhou Xiaoguang ranked 26th on the "Hurun Global Self-Made Rich Women List", becoming the richest woman in Zhejiang.
Social honors also come one after another, including China's top ten economic women of the year in 2004, one of the top ten Zhejiang businessmen in 2005, one of the top ten women in the country in 2007, a meritorious entrepreneur in Zhejiang's 30 years of reform and opening up, and an outstanding Chinese businessman in 2010. Enterprise cutting-edge, 2010 National March 8th Red Flag Bearer Model, 2011 Asia-Pacific Economic Cooperation (APEC) International Women's Innovation Award...
Wealth and honor come together, but unexpectedly, the great wealth suddenly turned into The dark and difficult burden of debt.
On September 26, 2018, Shin Kong Holdings defaulted on bonds of 2.23 billion and was issued a letter of concern by the Shenzhen Stock Exchange. The founder Zhou Xiaoguang was listed as the person subject to execution by the court.
On April 3, 2019, Shin Kong Group and three subsidiaries applied to the local court for reorganization. Shin Kong Group holds 62.05% of ST Shin Kong's equity, and bankruptcy and reorganization may cause the listed company to change ownership.
A bolt from the blue, facing all this, everyone was shocked.
In fact, when Zhou Xiaoguang was intoxicated with real money and silver in his hand, a shadow was already hidden.
02
Zhou Xiaoguang, with the halo of a well-known entrepreneur in the country, went from being the richest woman in Zhejiang to being at the end of his rope, and was finally reduced to relying on judicial restructuring to pay off debts. In less than 3 years, what caused the sudden collapse of the Shin Kong business empire was the diversified management of the past. ideas.
In 2004, the originally humble real estate industry rose across the country.
Zhou Xiaoguang thought this was the door to greater wealth, but he didn't expect that he was actually putting a noose around his neck.
The real estate industry requires huge capital investment, and mergers and acquisitions in the capital market require a large amount of funds to support. The high-speed operation of
company is like a spinning top, which cannot be slowed down even if it wants to.
Zhou Xiaoguang had no idea that the company's rapid development had already laid hidden dangers. Years ago, his mother's words of "Have a plan, don't be blind, and be brave when you see the opportunity." may have already fallen on deaf ears.
Starting in 2011, relying on Xinguang Group's glamorous appearance and Rilong's reputation, Zhou Xiaoguang used the "customary action" of issuing bonds to repay the old and repay the new, which failed repeatedly. He repaid loans from banks and other financial institutions while replenishing liquidity.
By 2018, the company was already heavily in debt, but Shin Kong Group still issued 710 million yuan of short-term financing bonds "18 Shin Kong CP001" to repay the principal and interest of "17 Shin Kong CP001".
However, with the default of a 1.7 billion yuan bond payment, Shin Kong Yuancheng's controlling shareholder Shin Kong Group was in financial crisis. Zhou Xiaoguang's financial crisis revealed the tip of the iceberg. Issues such as asset restrictions, equity pledges, and freezes were exposed one after another, rapidly eroding Shin Kong's business. reputation.
Zhou Xiaoguang tried his best to sell assets, shrink the front line, and solicit strategic investment from all over, but the 46.9 billion yuan debt is still overwhelming and lingers.
Its only listed platform, Shin Kong Yuan Cheng, has serious problems with illegal guarantees and capital misappropriation by major shareholders, and has attracted the attention of regulatory authorities.
ST Xinguang issued an announcement on the evening of March 29. The company received the "Investigation Notice" from the China Securities Regulatory Commission on March 28: Because the company failed to disclose external guarantees and capital occupation by major shareholders as required, according to the " Securities Law of the People's Republic of China" ", it was decided to launch an investigation into the company.
03
At that time, the well-known Zhou Xiaoguang accepted the invitation of Swarovski, the world's leading precision-cut crystal manufacturer, and enjoyed the highest courtesy at Swarovski's Austrian headquarters:
took a special plane sent by Swarovski, headed by the Asia-Pacific manager Accompanying the whole process, the head of Swarovski personally received him.After being flattered, Zhou Xiaoguang developed the ambition to stand shoulder to shoulder with Swarovski.
After becoming rich, Zhou Xiaoguang spent money like water.
In December 2017, her son got married. It was hosted by Yang Lan. The successor of Swarovski Crystal gave a speech. Dong Wenhua sang. The top private entrepreneurs in the country were invited to support. Jack Ma , Zhang Jindong , , Wang Jianlin, and other big names became guests of honor.
chose the Yiwu World Trade Center, a landmark building developed by a real estate company owned by Shin Kong Yuancheng, for its wedding, which had just opened in June of that year. This is the tallest building in central Zhejiang.
Maybe all of this is nothing, but deep down it reveals the luxury of some private entrepreneurs getting rich. Money may be just a symbol to them.
But sometimes there is no way to do it without money. Impulse is the devil, but they are swayed by the devil.
If Zhou Xiaoguang had been guarding her jewelry kingdom to grow bigger and stronger, and maneuvered in the international market; if Zhou Xiaoguang did not invest in real estate rashly, and did not engage in leveraged mergers and acquisitions; if Zhou Xiaoguang did not just save face and blindly pursue the expansion of the company's industry... Then it won't be a "chicken feather in one place" right now.
Chicken feathers can fly up to the sky with good wind, but they cannot fly around.
Zhejiang's richest woman - Zhou Xiaoguang, after 40 years of hard work, is now back to where she started.
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