Source 丨 Mustang Finance
On February 11, 2018, Xiao Jianquan was acquitted of the Intermediate People's Court of Jiujiang City, Jiangxi Province and released in court.
The uproar of the AQSIQ event came to an end, many mysteries are still not solved .While the star enterprise died in the end? Huge amount of financial funds eventually flow to? On behalf of small power, Zhan Zheng, former local leaders, who The main responsibility to take up?
After a month of tracking and combing, Mustang notes that in this trick and co-existence of the game, each has its own purpose and difficulties, but the real victims, only taxpayers.
Prequel: Who's Dragon
In a series of media reports before, on behalf of small supremacy was named "Shenzhen race dragon" founder of the title, was established in 1999 Serong, also known as "race dragon group."
In fact, this seemingly insignificant timeline, as well as many different subtle corporate name behind, contains a not simple story.
In 1999, Celon International and China Electronics Information Industry Group set up a joint venture with Dragon Power, and Shenzhen Sailong was established in 2003. In other words, Shenzhen Sailong at that time was only a subsidiary of CEL Dragon, The enviable descriptions of China Mobile's flagship enterprise, one of the world's largest mobile phone design houses, and its customers including companies such as Intel, Philips Semiconductors, Microsoft, Motorola, Siemens, Haier, etc. Electric race dragon.
On behalf of one of the top executives on behalf of the small, naturally contributed to the brilliant company, but the crisis ensued.
In the industrial upgrading and other industry trends under the persecution, Siemens, Philips and other companies have to withdraw from the cell phone business stripped, the loss of serious loss of CLP Dragon large customers, orders fell sharply, coupled with rapid expansion of a short time makes the capital chain extremely tight, In 2007, CLP Dragon is unsustainable.
In this case, the original Shenzhen Celon co-founder Li Zhu Jie Xu Xiaoping and others found the investment, and together with the small power won the control of Shenzhen Sai Long, and began to move the company more in line with market development direction The motherboard and even the whole manufacturing transition.
However, the restructuring requires investment, the newly formed company is not enough money.In 2011, when interviewed by the "First Financial Weekly", on behalf of the small franchise himself frankly, was (in 2007) the dragon is not in good condition , The staff's salary has almost reached the point of no hair.
Later, with its breakthrough in the Latin American market, Shenzhen Sai Long passed the storm and got a firm foothold and began to get orders from Motorola. But it really started to build its own production base and ushered in explosive growth. City cooperation.
Destiny: Coupling of Business Interests and Local Development
Gongqingcheng even younger than Shenzhen Sailong, formally set up the city in 2010. To the newly established Gongqing City, investment is listed as a top priority.
Local conditions for the settlement of enterprises set out extremely rich, among them, including the AQSIQ dragon.
Mustang Finance (WeChat: ymcj8686) to get the investment contract and a series of supplementary documents show that in order to attract investment in Shenzhen Sai Long, a total of Qingcheng in the land, taxation, financing and many other aspects are given preferential.
The picture above shows some of the preferential policies for attracting investment
According to the agreement, on behalf of small rights to 40,000 yuan / mu to get the price of 500 acres of industrial land, and the sale of these land to obtain funds, a total of Qingcheng within one month after the former access to land use rights, a one-time full return Qing Sai Long for infrastructure construction.At the same time, Gongqing City also offers 200 acres of commercial land at discounted prices, and the same technology to support enterprise funds, etc., return at least 3 million yuan.
The two sides also agreed that the AQSIQ Long put into operation within 3 years, corporate income tax by the Communist Youth League city government from the special funds to give 80% of the rewards given, after five years to halve support, while the two tax exempt for two years.
As for financing, the AQSIQ dragon only need to register, start, within six months will be able to get 200 million yuan financial supporting funds and bank loans.
From the above series of measures can be seen the urgency of attracting investment, these preferential policies, basically reflects the underdeveloped areas in order to attract foreign investment can give the maximum support.
The reason why the local area will give such generous conditions is that it is naturally hoped that the entry of Sai Long will inject new vitality into the economic development. In the "Investment Contract", it also gives a proposal of 'ensuring that the output value of 2012 will reach 8 billion yuan and strive to break 100 billion yuan 'expectations.
However, the urgency of investment, so that Gongqingcheng ignored the risk control.All the agreements, for the project after the failure of the capital recovery plan and the rigid constraints on the business side is almost none, which is now one A series of events laid a foreground.
Turning point: success or failure of Motorola
In September 2010, the AQL Dragon was formally established, acting as the chairman and chief executive officer on behalf of small rights.
As mentioned above, Shenzhen Celon, which successfully entered the Latin American market around 2009, won the favor of Motorola and began to become its important manufacturer of mobile phone design, development and product definition. After the production factory was established, Celon further cut into Motorola handset manufacturing business, the company also ushered in the peak of development.
From 2010 to 2012, the AQL Dragon respectively achieved operating income of 353 million yuan, 10.88 billion yuan and 2.017 billion yuan, which far from achieving the expected target. However, it did bring about a large number of job opportunities for the local community and led to More than 40 enterprises settled.
However, the black swan suddenly came.
Google acquisition of Motorola in 2012, announced the cessation of the production of mobile phones shortly after, this undoubtedly is a major blow to Dragon.In addition to making the small suits worse, because the company a lot of bank loans collateral for letters of credit and orders, large With the loss of customers, bank loans will be tightened and the capital chain further tightened and will be on the verge of breaking.
Rapid expansion and rapid loss of major customers, the capital chain into crisis, the crisis of the AQSIQ dragon race with the previous dragon is almost exactly the same, do not know what the feelings of the younger generation on behalf of the feelings.
At the same time, full of hope of the introduction of the star business has suddenly become so vicious, Komsurera also immediately responded.On one hand, on May 24, 2013, when he was secretary of the Communist Youth League Li Xiaogang rushed to Shenzhen for promotion, publicity On the other hand, on August 17, 2012, Gongqingcheng Government made a loan of 40 million yuan from Fiscal Investment and Management Company (hereinafter referred to as "Gong Qing Cheng Cai Tou") to solve the problem that the AQL Dragon flow Sexual issues, in August 2013, again invested 90 million yuan twice again to support the AQ Dragon.
In December 2013, Zhan Zheng, director of the finance department of Jiangxi University of Finance and Economics who is familiar with finance and capital operation, and deputy mayor of Airborne Gongqingcheng started to handle the incident related to the AQSIQ Dragon.
In order to better understand the situation, in 2014, Jiangxi Tianyu Certified Public Accountants, a third party, conducted a detailed financial audit on companies such as Shenzhen Sailong and Gongqingcheng Sailong.
Fog: why financial data face?
Mentioned earlier, in 2013, the AQSIQ dragon suddenly appeared to face the performance, huge loss of 401 million yuan.For which the reason, on behalf of the small right side, said 'a loan stop, then around 900 million yuan overseas orders can not be completed, the value of nearly 500 million yuan of raw materials paralyzed in the plant, capital chain instantly broken '.
However, judging from the audit report obtained by Bronco, things do not seem to be that simple.
On the one hand, the inventory data of 2013 (book value at the end of period) provided by Gongchengchenglong itself was 369 million yuan, but the inventory of Jiangxi Tianhua was only 129 million yuan, a difference of 240 million yuan. And the report pointed out that the formation The reason for this difference is 'less carry-over costs'.
From an accounting standpoint, less costly carry-over can result in increased profits, and good financial position can result in more loans and investments for the company, during which time the 'Serong system' did go from a local bank , Financial management investment companies and other platforms, access to a lot of money, as of the end of 2013, there are 727 million yuan loan balance.
On the other hand, even if according to the data of 369 million yuan of AQSIQ Dragon, the root cause of its plunge in profits is still its dependence on large customers.
For the 2013 inventory, AQ Dragon paid a devaluation loss of 257 million yuan of assets, the main source is the decline in value.
A responsible person of Administrative Committee of Gongchengcheng High-tech Zone once disclosed to China News Weekly that most of the raw materials in the warehouse are from Motorola. Once the order is gone, other mobile phones do not have access to raw materials.
Huang engaged in OEM business to the Mustang Financial further explained that computer, mobile phones such as these products, many brands of components can not be universal. According to the general situation, if you can not receive Motorola's orders for inventory can also be sold to others , But Motorola did not directly do their own cell phones, the basic components on the market hit the hands of the drop.
In other words, it is because of the excessive dependence on Motorola that when its mobile phone business ceased, AQ Dragon not only slumped its revenue from RMB20.17 billion in 2012 to RMB762 million in 2013, but also a large amount of There is no value for raw materials.
As mentioned earlier, after the loss of big clients, the total amount of letters of credit and orders that Ancestral Dragon used to make mortgage loans decreased and the banks chose to tighten their loans.
Asked: Who is drawing blood Athyr dragon
240 million yuan inventory in the end there is no excuse to find out is difficult to find out.However, to further sort out the capital of the city over the past few years, the capital flow, you can see at least hundreds of millions of dollars in funds through various related transactions under the entry 'Sai Long system' other companies.
Among them, as of the end of 2013, accounts receivable from related parties amounted to RMB51 million and advances amounted to RMB203 million. Other receivables from related parties that are not related to the principal business amounted to RMB344 million.
What is more interesting is that under the two projects of receivables and prepaid, the two companies of Shenzhen Sai Long and Hong Kong Sai Long are both in large amount, which means that in the chain of Sai Long system In the layout, the so-called "core" enterprise Gongchengchenglong, on the contrary, is in a weak position in the capital chain. And why the funds collected by the related parties can not be recovered in time when the loans are tightened?
For the results of the performance of the AQ Dragon and the financial data on the existence of doubt, Mustang financial agency on behalf of small rights lawyers, but as of press time, did not get the answer.
Titanium Media detonated the incident last year, Tsaron City, the relevant person in charge of the media said Broncos, the whole process is probably encountered in 2013, Motorola's difficulties, but not unsustainable, the other list continues, and later still get Huawei's orders .
At the same time, it stressed that the 2013 data had little meaning and would have been a turning-point in 2013. The core of these data was 'broken loans' and 'reorganization', which was later denied control of the company and several complicated restructurings Reorganization is a story, these are not a few financial data will be able to make it clear.
Illusion: 'should not fail' restructuring
On behalf of small rights lawyers once mentioned a detail. During her detention, she went to see the younger generation on her behalf. The low generation, on the younger generation, jumped up from her chair and said, "I've been successful in reorganization."
However, a brief combing of the AQSIQ five reorganization of the case, but far from so simple.
On the one hand, during the five reorganizations, Taiwan's Xinyi and Nei Mengnian Development (now 'Sky Development (000611.SZ)') were not operating normally at that time.
From the financial data, from 2012 to 2015, Taiwan's letter billion, respectively, achieved operating income of 39 million yuan, 42 million yuan, 108 million yuan, 468 million yuan; net profit of -65.59 million yuan, -82 million, 18.84 million yuan , -21790000 yuan, with this strength want to enter a larger amount of AQSIQ dragon, is not an easy task.
Inner Mongolia Development, January 15, 2015, the announcement of suspension of major issues, on behalf of the small one said the suspension is intended to plan the acquisition of Gongqingcheng related matters, the object of discussion for the actual controller of the development of Inner Mongolia Zhao Wei.
However, during this period, economic development in Inner Mongolia was being plunged into an economic dispute with China Railway Materials Group Xinjiang Co., Ltd. The top executives were in turmoil and financial directors, directors, supervisors and others resigned one after another, and Zhao Wei himself resigned as chairman on January 20 Post, then resigned all the company's post, and was criminal detention by the Xinjiang Railway Procuratorate.
On the other hand, the reorganization plan is also the focus of controversy.
Whether it is one of the letter billion or one of the largest Internet companies, reorganization of the fancy is only the Shenzhen Sai Long design and development capabilities, not the Aikai Sai Long this heavily indebted and there is no technical content of the processing plant. Given a number of restructuring programs, are not directly injected AQ Dragon, but to set up a joint venture company and other means.
It is also evident from the announcement of the development of Inner Mongolia that the target of the scheme is also not the AQSIQ Dragon. It is also during the reorganization that Zhan Zhengsi claimed equity. Regarding this statement, Zeng Zhengyi has also said that on behalf of the generation The rights of the government of Gongqingcheng in the scheme designed by Xiaoquan and others were discounted, and their own interests were magnified on their behalf. 'Can I agree with such a plan, and should the share be either for me or not?'
Based on the current year's plan for attracting foreign investment, after a series of operations, the liabilities of the "dragon race" mostly remain in the AQL Dragon. If they can not be revitalized, the government's financial funds still have a great risk of being uncollectible. Or consider the performance level, which is to deal with the mess of the AFC team from Zhan Zheng, apparently unacceptable.
As for the continent things more strange.
In fact, this restructuring is the most recent one from success. Apart from the interests of the smaller one, it also gives a clear and enforceable solution to the disposal of the AQL Dragon Liabilities. This is exactly what ZHENG Zheng said: 150 million yuan in place, I left 'the root cause.
After the completion of the mission of Zhan Zheng left, but suddenly there have been 150 million yuan disappeared, the former chairman of Coship Electronics (002052.SZ) Yuan Ming and even to the public security organ case .For this move, trader Zhou Minglei and one of assets reorganization plans to inject assets Beijing soft wealth lawyer Han Ruixuan all said that this 150 million yuan through layers of operation, in fact, returned to Yuan Ming himself, and as a result, this restructuring eventually died.
Of course, the ultimate truth remains to be further investigated by the relevant departments, but Yuan Ming's name should not be unfamiliar to those familiar with the capital market. In 2017, after the "cracked-up sell shell" Yuan Ming was blocked at the airport by creditors.
The story behind the AQ Dragon is so complicated that it is precisely because, apart from acting on behalf of Xiaoquan and Zhan Zheng, both parties involved in every detail of events such as Huang Bin, Zhou Minglei, Zhao Wei and Yuan Ming have their own Little abacus.
Money, morality, performance, sadness ... ... intertwined, complex.
The person in charge of the above titanium media said that the reorganization has a different dominant situation, but also has been the case of the Bureau, but still valued its (Seron) value will be reorganized.
Reflection: innocence on behalf of the small power and the sadness of Zhan Zheng
'Serong system' behind, there are still many mysteries waiting to be solved, but the whole incident complex, could not help but think of the same period Suntech and LDK.
In 2012, on the eve of Suntech's collapse, Shih Zongrong chose to reject the proposal when CDB made a guarantee with all his personal assets and secured a new bank loan for Suntech. At the same time, he refused, as did the government of Wuxi who wished him to withdraw from Suntech Shares, so that the concept of Wuxi Union joint dish.
In 2012, on the eve of the Chevrolet collapse, Jiangxi Xinyu City Government saved a total of USD22.93 million to save the XVI dimension. In 2015, the Jiangxi Provincial Government took the lead to set up a maintenance fund of RMB2 billion, However, the game eventually collapsed, leaving tens of billions of holes, Peng Xiaofeng soon rekindled the passion to continue business, Green turned out, and now caught in the crisis.
2012, the eve of race dragon collapse ...
In this extremely similar case, from enjoying the dividends of attracting investment, to the failure of the company management, to the retreat of the enterprise bankruptcy entrepreneurs, Shi Zhengrong, Peng Xiaofeng and Dai Xiaquan make full use of the rules within the red line, Has also created the envy of the government, enterprises, and all stakeholders.However, seeing him from the high buildings, seeing his high-rise, their failure is so fast and thorough, but also coerced so many can not be opened up so far Puzzle.
An analysis of these similar cases reveals the lack of a safety net to prevent failure under the well-favored olive branch that was introduced when these enterprises were first introduced, and it is this inherent lack of awareness of risk that later Efforts and remedies appear to be so weak and sad that hundreds of millions of dollars worth of land, loans and tax breaks have become resumes and capital for continuous entrepreneurship in the hands of individuals.
In the book of Jinshu, the phrase "the track of the car in front of the car, the car of the car in the back" is a well-known word in China, so many unscrupulous lessons can be truly remembered, Among the regulatory wave, how many people can risk the word into the heart?